Media Release$1Trillion Annual Green Bond Milestone Tipped for end 2022 – New Market Survey$5Trillion Annual by 2025 is new Global Target says CEO Sean Kidney
London 28/10/2021: 11:00AM GMT +1: Green bond investment in a single year is set to double and reach the$1trillion milestone for the first time by the end of Q4 2022, according to a new Climate Bonds market survey
conducted in late October.
Climate Bonds surveyed a pool of market actors drawn from the following categories: corporates, asset owners, assetand investment managers, development banks, regulators, ratings and verification service providers.
In a range from 2022 to 2025, Quarter 4 of 2022 was selected by the largest group of respondents (25%) as thequarter when green bond investment would pass $1trillion for the first time in a single year. Quarter 4 of 2023 (13%),
Quarter 2 of 2023 (12%) and Quarter 3 of 2023 (10%) were the next most popular responses. (See Table 1)

Sean Kidney, CEO, Climate Bonds Initiative:“The long-awaited $1trillion milestone is now a market reality, whether at the end of 2022 or during 2023. But theclimate crisis grows. It’s time to lift our sights and aim higher. $5trillion in annual green investment by 2025 must be
the new mark for policy makers and global finance to achieve.”“Capital allocation towards clean energy, resilient infrastructure, green transport, buildings and sustainable agricultureneeds to accelerate into the multiple trillions, every year, rippling through both developed and emerging economies.”“The climate capital gap still remains. $5trillion in annual green investment by 2025 is a real economy investment
benchmark to judge progress in greening the financial system.”

BackgroundTotal annual green investment (green bonds, green loans & green sukuk) in 2020 reached $297bn.
Climate Bonds Market Data for H1 2021 recorded green bond issuance at a new half-year record of $227.8bn.
At end Q3 2021, green bond issuance for the calendar year stood at $354bn. Climate Bonds is forecasting green
bond issuance to reach a record half-trillion ($500bn) for CY 2021, an increase of our early January 2021 forecast of$400-450bn. (See Table 2)
Transition to a net zero global economy necessitates a huge shift in capital across all sectors. Climate Bonds
Initiative has long held the first annual trillion of green investment to be a crucial milestone in these efforts.

<Ends>For more information:
Leena Fatin,
Senior Communications & Digital Manager,
Climate Bonds Initiative (London)+44 (0) 7593320198
leena.fatin@climatebonds.net

1Notes for Journalists:
About the Climate Bonds Initiative: The Climate Bonds Initiative is an investor-focused not-for-profit, promoting
large-scale investment in the low-carbon economy.
Climate Bonds undertakes advocacy and outreach to inform and stimulate the market, provides policy models andgovernment advice, market data and analysis, and administers an international Standard & Certification Scheme
for best practice in green debt product issuance. More information on our website here.
Survey Background:
Participants to Climate Bonds annual conference of September 2021 were surveyed in from the following
categories: corporates, asset owners, asset and investment managers, development banks, regulators, ratings andverification service providers. The survey period was Thursday 21st October to COB Tuesday 26th October 353
responses were received.
From a selection of Quarters commencing Quarter 4 2022 to Quarter 4 2024, respondents were asked to nominate
the Quarter they assessed annual green issuance would first reach $1trillion in a single year. Only one choice wasallowed. No multiple choice option.
Responses aggregated by year: 2022 [25%], 2023 [35%], 2024 [20 %], 2025 [20 %].
All amounts in this communication expressed in USD.

Table 1: Survey Responses by Quarter 2022-2025

Q4 2022 Favoured by 25% for $1Trillion Annual Green Issuance Milestone:
Followed by Q4 2023 (13%) Q2 2023 (12%) Q3 2023 (10%)
30%
25%
20%
15%
10%
5%
0%
Q4 2022 Q2 2023 Q3 2023 Q4 2023 Q2 2024 Q3 2024 Q4 2024 Q2 2025 Q3 2025 Q4 2025

Q4 2022

Q2 2023

Q3 2023

Q4 2023

Q2 2024

Q3 2024

Q4 2024

Q2 2025

Q3 2025

Q4 2025

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Table 2: Annual Green Bond Market Issuance 2015 to Q3 2021:

Green Bond Issuance - 2015 to Q3 2021- USD bn
400
354.2
350
297.1

300

269.2

250

227.8

200

159.4172.1

15084.5

1005046.102015

20162017201820192020

H1 2021

Q3 2021

Green Bond Issuance (USD bn)

ENDS

Disclaimer: The information contained in this communication does not constitute investment advice in any form andthe Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation or debt
instrument or investment product is for information purposes only. Links to external websites are for information
purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites.
The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any
debt instrument or investment product and no information within this communication should be taken as such, norshould 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 of proceeds of adesignated debt instrument. It does not reflect the credit worthiness of the designated debt 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 anyinvestment an individual or organisation makes, nor for any investment made by third parties on behalf of anindividual 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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