The global green bonds market is racing toward a record year with the largest issuance ever in the first half of a calendar year.
According to Climate Bonds Initiative, the total labelled green bonds issuance between January and June 2016 reached $35 billion. This compares to $41.8 billion total issuance during 2015.
January 2016 saw probably the highest-ever monthly issuance of $9.07 billion. Total issuance between January and March 2016 was also the highest ever for a quarter at $17.5 billion.
The sharp increase in issuance has been driven by exiting market leaders as well as emerging players. World Bank, the International Finance Corporation, European Bank for Reconstruction and Development, and European Investment Bank are some of the well-known and leading issuers of green bonds this year.
Several new entrants from developing economies also issued large green bond issues this year. These include Hero Future Energies, Axis Bank from India, and China Industrial Bank, Bank of Qingdao, and Xinjiang Goldwind from China.
Some leading private sector companies also issued green bonds. These include Apple, Toyota, Hyundai Capital Services, and Iberdrola.
The Climate Bonds Initiative set a target issuance of $100 billion worth of green bonds in 2015, although it was more of an aspirational target rather than a realistic one. The CBI has the same target this year as well. However, this year’s issuance is also expected to fall much short at around $70 billion, as per estimates given by ratings agency Moody’s.
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