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Green bonds – vanilla bonds with their proceeds earmarked for green initiatives – can potentially deliver significant financial flows for climate change action. Collectively, the EU and China are the largest issuers of green bonds. Despite this attribute, the growth of green bond market in Europe is still inhibited by definitional and standardization issues. However, policy support for the green bonds is strong in the EU which suggests that there is potential for the scaling up of the market.

There is still no common standard for green bonds in the EU.© ilolab, AdobeStock
There is still no common standard for green bonds in the EU.

About the authors:

Kamleshan Pillay is a climate finance researcher at CICERO Center for International Climate and Environmental Research, Oslo.

Christa Clapp is Head of Climate Finance at CICERO.


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