Media Releasewww.climatebonds.net

2017 Green Bond Issuance Passes $100 Billion
New Global Green Finance Record Comes at Peak of COP23LONDON: 15/11/2017 19:00 GMT: The latest Climate Bonds Initiative analysis shows green
bond issuance in 2017 passing the significant $100bn benchmark, setting a new global record.
Issuance will reach USD101.4bn via the China Development Bank with a USD1.5bn+ green
bond due to settle tomorrow (16th November). This bond will take the Climate Bonds figure
on labelled green issuance from today’s USD99.79bn total to well over the USD100bn. The
new record comes just six weeks after 2017 issuance overtook the previous 2016 record of$81.6bn on 28th September.
Leading the Top 10 national green bond issuance for 2017 to date is China followed byFrance, the United States, Germany, Netherlands, Sweden, Mexico, Spain, India and Canada.
European nations have maintained their representation in the top 10, with emerging
economies of Mexico and India prominent, reflecting the growth in their green financemarkets. Full details in Table 1.
Major green bond issuers in the leading nations include China (China Development Bank,Bank of Beijing and ICBC), France (Republic of France, Engie & SNCF), United States: (NewYork MTA, Fannie Mae and Apple INC). Full details in Table 1.
Among recent announcements, the world’s biggest public company and bank, the Industrial
and Commercial Bank of China (ICBC) issuing their inaugural green bond followed by the China
Development Bank on November 10th. The moves send a strong signal to other global banks
to step up their green bond commitments.
The ICBC and CDB bonds have all been Certified by the Climate Bonds Initiative, a positive
indicator that China’s largest banks are pursuing global best practice in labelled green bondissuance.
During 2017, France became the second nation to issue a sovereign green bond and Fiji has
become the first emerging economy, Pacific Island nation and first from the Southern
Hemisphere to issue a sovereign green bond. Nigeria is expected to become the first African
nation to issue a sovereign green bond in coming weeks.
Climate Bonds estimates a final figure for 2017 of up to USD130bn in green bond issuance.

1Christiana Figueres, former UN Climate Chief, Convenor of Mission 2020
“Passing $100bn in green bond issuance shows we are moving capital flows in the right
direction. The priority is to accelerate green finance and climate investment between now
and 2020 at a scale never seen before.”“A systemic response from global finance is required. Asset owners and managers need toadjust their capital allocations. Banks and corporates need to commence large scale green
bond programs. Funding clean energy and green infrastructure to meet NDC goals is theobjective. $1 trillion in green finance by 2020 is the performance measure.”
Nick Robins, Co-Director, UNEP Inquiry"Green bonds are at the forefront of the wider shift to a sustainable financial system.
Achieving the symbolic US$100bn milestone is a tangible sign that investors are willing toallocate capital at scale for climate action.”“We now need to expand the asset pipeline of assets by working with banks on greening theircore lending books and bringing in the policy frameworks that can enable the market to growwith integrity."
Sean Kidney, CEO, Climate Bonds“Issuers, sovereigns, sub sovereigns, banks and corporations should respond positively to themany investor calls since COP21 in Paris for quality, investable green product, and enter themarket.”“We are looking for other nations to follow the lead of Poland, France, and Fiji on thesovereign issuance path. Nigeria is set to issue Africa’s first sovereign green bond. Now is thetime for G20 and OECD countries to act and signal their intentions into 2018.”“Our forecast of $130 billion in green bonds for 2017 is coming closer, but there’s a long wayto go to reach the 2020 green finance milestone. “<Ends>
Andrew Whiley,
Head of Communications and Media,
Climate Bonds Initiative+44 (0) 7914 159 838
andrew.whiley@climatebonds.net

2Notes for Journalists
About the Climate Bonds Initiative: The Climate Bonds Initiative is an investor-focused notfor-profit, promoting large-scale investment in the low-carbon economy. More informationon our website here.
Green Bonds Year on Year Growth: Labelled green bond issuance in CY 2016 reached
USD81.6bn, 92% up on the 2015 figure of USD43.2bn. The CY 2014 figure was USD36.6bn.
2016 included the world’s first sovereign green bond issued by Poland. More information canbe in our 2016 Market Highlights report here.
About the 2017 USD130bn issuance forecast: Climate Bonds forecast of $130bn was arevision and arrived at after assessment of the progress in the early months of 2017.
More information is in our Policy Highlights from Q1-Q2 2017.
About the $1tn by 2020 target: Climate Bonds identified $1trillion by 2020 as an objective
in our Green Finance Briefing Paper prepared in October 2016 for COP22 Marrakesh.
About the M2020 Project: the M2020 project identifies six critical global climate actions
needed by 2020. In April 2017 Christiana Figueres and other climate leaders called fortenfold increase in green bond investment from 2016 levels and setting a green financemilestone for 2020 of $1trillion as one of the actions.
The call was repeated in Nature Magazine in June and subsequently included as a forward
goal in the Bonds and Climate Change State of the Market 2017 annual flagship report fromClimate Bonds Initiative.

2017 Additional Information, Data, Images, Pages 4-7.

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Table 1: Top 10 Nations Green Bond Issuance 2017 YTD.
Top 10 Nations

ChinaTotal in USD, bn
01/01/201716/11/2017
16.6bnFrance15,0bn

United States

14,0bnSupranational

9,52bnGermany

8,1bn

Netherlands

4,3bn

Sweden4,1bn

Mexico

4,0bn

Spain

3,9bn

India

3,3bn

Canada2,9bn

Top 3 largest green bond issuers for each nation
including supranational
China
Development
Bank
Republic ofFrance
New York
MTA
EIBBank ofBeijing

ICBC

Engie
Fannie Mae

SNCF
Apple INC

IFC

KfW

Berlin-Hyp*

Asian
Development
Bank (ADB)
InnogyTenneTHoldings

NWB Bank

ObvionSwedbank
Mexico City
Airport
Iberdrola

Nordea BankSEB

Gas NaturalFenosa
IREDA

ADIF ALTAVELOCIDAD
Azure Power
EnergyGreenko
TD Bank

ExportDevelopmentCanada

Province ofOntario

Table 2: CY 2016 Top 11 Nations +Supranational Green Bond Issuance(Overall total for 2016, $81.6bn)
Top 11 Nations Green Bond Issuance for CY 2016, in USD amount issued
CHINA
22,438,195,762.00
UNITED STATES
15,866,421,704.04
Supranational
10,182,646,666.30
FRANCE
4,985,914,675.00
NETHERLANDS
4,965,542,200.00
GERMANY
4,403,633,000.00
SWEDEN
3,258,462,420.00
SPAIN
2,745,650,800.00
MEXICO
2,156,680,000.00
HONG KONG
1,555,546,000.00
INDIA
1,552,150,600.00
JAPAN
1,097,780,000.00
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Chart 1: Top 10 Countries + supranational, green bond issuance to $100bn at 16/11/2017

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Chart 2: Green Bond Market 2012 -2017 YTD by Issuer Type6

Chart 2 Use of Proceeds Comparison 2016-2017 YTD
Use of proceeds on the $100bn to date is 2017 is remaining broadly consistent with 2016
patterns, however we expect to see green buildings, water, waste management andagriculture/forestry increase in proportion over time.

ENDS>

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Correction: An earlier version of this communication had an error in the Top 3 Germanissuers in Table 1 and subsequently the final figure for Germany. This has now needrectified. The error did affect the relative national rankings. Our apologies.

Disclaimer: The information contained in this communication does not constitute investment advice
in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financialorganisation or debt instrument or investment product is for information purposes only. Links toexternal websites are for information purposes only. The Climate Bonds Initiative accepts noresponsibility for content on external websites.
The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits orotherwise of any debt instrument or investment product and no information within thiscommunication should be taken as such, nor should any information in this communication be relied
upon in making any investment decision.
Certification under the Climate Bond Standard only reflects the climate attributes of the use ofproceeds of a designated debt instrument. It does not reflect the credit worthiness of the designateddebt instrument, nor its compliance with national or international laws.
A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any
kind, for any investment an individual or organisation makes, nor for any investment made by thirdparties on behalf of an individual or organisation, based in whole or in part on any information
contained within this, or any other Climate Bonds Initiative public communication.
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