Market Blog #38 - 23/01/20: 2019 annual GBs a record USD255bn: Strong EM issuance:
Banco Pichincha makes Ecuador’s GB debut
Climate Bonds Conference2020, 5-7th May, London – Green Transition - Opportunity of the Decade

Don’t miss the premier green finance event on the 2020 calendar. More information & registration is here.

Unlocking green bonds in Indonesia: A guide for issuers, regulators and investors provides practicalinformation on overcoming some of the main hurdles to international green bond issuance. The solutions
explored, while supportive to issuers, are applicable to a much wider range of stakeholders – particularly
government and multilateral stakeholders.

Green bond deals across the globe: 1 Jan – 31 Dec 2019

2019 marked a new record in annual issuance. Up by a third from USD171.1bn in 2018, the 2019 issuance of USD254.9bn
brings the cumulative market issuance total since inception to USD773bn in CBI definitions and closer to the cumulative
USD1tn mark.
As reflected in our Blog earlier this month, European issuance was the strongest and has seen constant growth in recent
years. The Latin America and Caribbean market is beginning to move again with an overall volume of USD4.6bn comparedto just USD1.5bn in 2018.
In general, 2019 was a strong year for Emerging Markets: the UAE (USD3.9bn), India (USD3.1bn), Chile (USD2.5bn),
Philippines (USD1.5bn), Saudi Arabia (USD1.1bn) and Brazil (USD1bn) all issued over USD1bn compared to very low
figures in 2018. Each country saw at least a year-over-year growth of 340%.

December 2019 at a glance
Overall issuance in December reached USD13.6bn, up by 13% from USD11.8bn in December 2018. However, the month
was still the second weakest in 2019 after August. Peak issuance months in 2019 were May (USD29.5bn) and October(USD28.8bn). March and November were the only months where the market didn’t grow year-on-year.

Financial Corporates comprised the largest volume in December at 38% (USD5.2bn) of the overall figures, followed by
Non-Financial Corporates (USD3.5bn) and ABS (USD2.1bn). There were no Sovereign green bonds in December 2019 andminor volume from Local Governments (USD151m).

75.7% of total issuance originated from Developed Markets: France (USD3.1bn – mainly Financial Corporates, including a
USD1.1bn green covered bond from Credit Agricole CIB), the USA (USD3bn – mainly ABS deals from Fannie Mae) and
Denmark (USD664m - Orsted).
Emerging Markets accounted 21.1% of the total including Ecuador’s first deal of USD150m coming from the country’s
largest private bank Banco Pichincha SA.

Most of the funds raised in December 2019 will finance Renewable Energy (USD6.3bn), where 35 deals dedicated at leasta portion to such projects. Low-carbon Buildings (USD4bn) were the second most popular allocation target. The Industry
sector saw issuance for the 4th month in a row with USD830.9m raised by Banco Pichincha SA (Ecuador) and Intesa
Sanpaolo (Italy) to partly finance projects and assets related to low-carbon manufacturing. This is a welcome sign of adiversifying issuer and project base in the market.
Looking at trends over recent years, the ratio of overall issuance volume going towards Low-carbon Buildings has
increased, growing closer to the share of Renewable Energy: in 2015, Low-carbon Buildings accounted for only 16% ofannual issuance compared to 53% for Renewable Energy. In contrast, 2019 saw Renewable Energy projects capture a 31%
share of the market, whereas Low-carbon Buildings inched closer and grew to 29%. Use of proceeds allocated to the ICT
sector saw their strongest year in absolute as well as relative terms with USD2bn but still only making up 1% of 2019
volume.

The largest single deal in December 2019 was a EUR1.3bn (USD1.4bn) green covered bond from Credit Agricole Home
Loan SFH, France, solely allocated to entities lending green mortgages. Intesa Sanpaolo raised EUR750m (USD831m)
dedicated to financing loans in the circular economy space. This covers for example solutions that extend the product life
or cycles of use of goods, products and services that significantly increase effectiveness and efficiency of resource
consumption. The eligible projects fall under the following categories: Renewable Energy, Energy Efficiency andenvironmentally sustainable management of living natural resources and land-use, biodiversity.

> The full list of new and repeat issuers here.
> Click on the issuer name to access the new issue deal sheet in the online bond library.

New issuers 14 December November to 31 December
Certified Climate Bonds
California State Teachers’ Retirement System (CalSTRS) (USD273m), United States, issued its inaugural Green Bond,maturing in 30 years’ time. It is Certified against the Low Carbon Buildings (Commercial) Criteria of the Climate Bonds
Standard. The proceeds will be used to finance the expansion of the CalSTRS Headquarters is located in Sacramento,
California. The new 10-storey building will add 260,000 square feet of office space to the existing building, which has a
LEED Platinum rating.
This is the first building owned by a pension fund to acquire Climate Bonds Certification for a green bond issuance.
The issuer will carry out public reporting in accordance with the Municipal Securities Rulemaking Board’s rules. The
Certification Verifier will also submit statements to the Climate Bonds Standards Board to confirm the bond’s continued
compliance with the Climate Bonds Standard. The issuer intends to also publish a report on the water and electricity
consumption of the building on an annual basis.

Ellaktor Group (EUR600m/USD666m), Greece, entered the green bond market with a 5-year senior unsecured bondCertified under the Climate Bonds Standard against the Solar Sector Criteria. The proceeds will be used to finance andrefinance solar and wind electricity generation assets in Greece.
Annual reports will be made publicly available. These reports will have information on the allocation of the proceeds, aswell as quantitative impact reporting indicators, including gas the amount of renewable electricity generated.
This is the second green bond from Greece, following the Terna Energy Finance (EUR150m/USD167m) Climate Bonds
Certified issuance from October 2019 (see Market Blog #35).

Public sector
Washington Suburban Sanitary District (USD54m), USA, issued its debut green bond with a tenor of 29.5 years and rated
E1/80 by S&P Global Ratings. The bond will finance the planning, design and construction of improvements to water
filtration facilities. The issuer has not stated any reporting commitment.
Climate Bonds view: This marks the second green Muni issuance from the state of Maryland. We welcome the third-party
review in form of a rating provided by S&P Global Ratings. Of all US green Munis, only 14 (out of a total 296) have acquireda rating so far. To enhance the transparency and credibility of the green bond market, CBI continue to strongly encourage
post issuance reporting.
More issuance in the public sector:• City Of El Dorado (USD10m), USA, 12.8Y original term, assurance provided by BAM GreenStar.
• City of Richland (USD3m), USA, 13.9Y original term, assurance provided by BAM GreenStar.
• The Metropolitan Government of Lynchburg, Moore County (USD3m), USA, 24.5Y original term, assurance
provided by BAM GreenStar.

Financial corporates
Banco Pichincha SA (USD150m), Ecuador, debuted with a 5-year green bond. The proceeds will support projects withmeasurable environmental benefits related to energy efficiency, renewable energy, clean production (manufacturing),
construction and sustainable transport and waste management.
Different sources claim that “IDB Invest’s participation includes conceptual framework design and a second-party opinion
verifying the bond” – if this is the case, reporting on the use of proceeds and likely on impacts can be expected. However,at the time of writing neither of these documents were available online.
Climate Bonds view: The addition of Ecuador to the list of countries with green bond markets is a welcome development –that is happening via a domestic bank is even more positive. Financial corporates have an enhanced ability to increase thevisibility of green investment while funding projects in diverse sectors.
It is also worth noting that the bank had previously issued a social bond (although in Peru), demonstrating its commitment
to generating positive social/environmental impacts. In both cases, IDB Invest (the private arm of the LatAm-based InterAmerican Development Bank) provided part of the financing and acted as an advisor to the bank.
IDB, mainly through IDB Invest, is becoming increasingly active within the sustainable finance space in the region, including
having its own support programme for public sector issuers. It announced a Green Bond Transparency Platform (Climate
Bonds is one of the supporting entities to the Platform) with further rollout later in 2020. We expect IDB to continue
supporting the regional market in various ways.
Finally, Latin America faces a significant green infrastructure funding gap, more so than several other regions, while also
being among the most vulnerable to the effects of climate change. The development of LatAm green finance markets is
one of Climate Bonds 2020 priorities. 2019 was a very active year for the region in this context. We hope more good things
will come in 2020!

More deals issued by financial corporates:• Bank of Nogoya (JPY10bn/USD92m), Japan, 10Y original term, SPO provided by Sustainalytics.
• Fana Sparebank (NOK300m/USD33m), Norway, 4.8Y original term, SPO provided by CICERO.
• ITOCHU Advance Logistics Investment Corporation (JPY1.5bn/USD14m), Japan, 5Y original term, rated Green 1 by
JCR.
• Sparebanken Sogn og Fjordane (NOK500m/USD56m), Norway, 10.5Y original term, SPO provided by Sustainalytics.
• Zhejiang Changxing Rural Commercial Bank (CNY300m/USD43m), China, 3Y original term, rated GB-1 by Shanghai
Brilliance Credit Rating.

ABS
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Guodian and Wind Power Development Co., Ltd (CNY560m/USD80m), China, 3Y original term, SPO provided by
The iGreen Bank.
Guodian Ningxia New Energy Development (CNY560m/USD80m), China, 3Y original term, SPO provided by The
iGreen Bank.
Guodian Power Hebei New Energy Development (CNY277m/USD40m), China, 3Y original term, SPO provided by
The iGreen BankHECIC New-Energy Co.,Ltd (CNY300m/USD43m), China, 2.8Y original term, no third party review.

These deals are backed by the feed-in-tariff of electricity which is mainly generated from solar and wind. The Feed-in Tariff(FIT) scheme is a government programme designed to promote the uptake of renewable and low-carbon electricity
generation technologies.
Climate Bonds view: These are all good examples of renewable energy asset aggregation with transparent disclosure of
the asset pool. The deals are backed by feed-in tariffs linked to wind (and solar farms). There was only one deal with thisstructure issued before (in November 2018 issued by State Power Investment Corporation).

Non-financial corporates
Nexity (EUR240m/USD267m), France, completed its debut issuance with a senior unsecured green bond maturing in 8
years. The deal benefits from an SPO by Vigeo Eiris. Eligible Green Projects include the development and construction ofresidential properties located in metropolitan areas of France. The assets must meet criteria including the level of energy
performance belonging to the top 15% of overall residential stock in France, and alignment with CBI Taxonomy
requirements.
There will be public annual allocation and impact reporting available on Nexity’s website until the proceeds have been
fully allocated. The first report will be based on data from 31 December 2020. Reporting indicators for the proceeds side
include for example eligible projects financed, allocated amounts, and the share of financing and refinancing. The impact
reporting will comprise estimated annual GHG emission reductions (tCO2e) compared to a 2015 Nexity baseline.
Climate Bonds view: France is at the forefront of green bond issuance in the real estate space after Sweden, so wewelcome another French issuer to the market. Nexity has a CSR strategy in place that is based on five commitments, oneof which is to design sustainable cities. They also aim to reduce CO2e emissions per home by 2030 compared to 2015; theassets that this bond finances directly contribute to this target. The post-issuance reporting looks to be very detailed and
we are pleased to see the CBI Taxonomy being used as a guideline in selecting eligible green assets.

More deals issued by non-financial corporates:• Alerion Clean Power (EUR200m/USD223m), Italy, 6Y original term, SPO provided by DNV GL.
• Alupar (BRL530m/USD131m), Brazil, 25Y original term, SPO provided by Sitawi.
• Huzhou Municipal Construction Investment Group (CNY520m/ USD74.3m), China, 5Y original term, SPO provided
by China Bond Rating.
• Sagax AB (SEK750m/USD80m), Sweden, 3.5Y original term, SPO provided by CICERO.
• Tess Engineering (JPY8bn/USD74m), Japan, 21Y original term, rated GA1 by R&I (Japan).
Visit our Bond Library for more details on December deals.

Repeat issuers December (not previously included)
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Acciona: EUR111.5m/USD124.6m
BNP Paribas: EUR750m/USD830.9m
CapitaLand Commercial Trust Management Limited: JPY10bn/USD91.4m
CPPIB (Canada Pension Plan Investment Board): USD500m
Credit Agricole CIB: MXN70m/USD3.7m
Credit Agricole Home Loan SFH (Credit Agricole): EUR1.3bn/USD1.4bn
Ermewa (SNCF): EUR528m/USD585m - Certified Climate Bond
Fannie Mae: USD1.1bn (35 deals)
Garanti BBVA: USD50m
Genex Power: AUD175m/USD120m - Certified Climate Bond
Genex Power: AUD17m/USD11.7m
Humlegarden Fastigheter AB: SEK250m/USD26.4m
Humlegarden Fastigheter AB: SEK500m/USD52.5m
Norske Tog As: NOK400m/USD43.9m
Renewable Japan: JPY6.9bn/USD63.2m
State Power Investment Corporation limited: CNY2.6bn/USD365.9m
State Power Investment Corporation limited: CNY2.7bn/USD384.7m
Taiwan Power: TWD5.9bn/USD193.4m
World Bank (IBRD): DKK3bn/USD444.8m
World Bank (IBRD): MXN40m/USD2.1m

Repeat issuers: January – November 2019 (not previously included)
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ADB (Asian Development Bank): NOK23.7m/USD2.6m - October 2019
Agricultural Development Bank of China: CNY2.5bn/USD356.8m - November 2019
BNP Paribas: EUR50m/USD55.1m - September2019
CapitaLand Mall Trust Management Limited: SGD200m/USD144.7m - October 2019
China Construction Bank: CNY4.4bn/USD624.2m - October 2019
Credit Agricole CIB: EUR30m/USD33.1m - September2019
Credit Agricole CIB: EUR3m/USD0.4m - November 2019
Credit Agricole CIB: PLN29.78m/USD7.9m - July2019
EBRD (European Bank for Reconstruction and Development): EUR750m/USD820.5m - September2019
Fannie Mae: USD1.7bn - November 2019 (68 deals)
Hangzhou United Rural Commercial Bank Co.,Ltd.: CNY300m/USD42.6m - September2019
Hebei Xingtai Rural Commercial Bank Co., Ltd.: CNY250m/USD35.4m - May2019
Mosaic Solar Loan Trust 2019-2: USD208.5m - November 2019
Northern States Power Company (Xcel Energy): USD600m - September2019
NWB Bank: SEK200m/USD21.2m - July2019
Wuhan Metro Group Co.,Ltd: USD300m - September2019

Pending and excluded bonds
We only include bonds with at least 95% proceeds dedicated to green projects that are aligned with the Climate Bonds
Taxonomy in our green bond database. Although we support the Sustainable Development Goals (SDGs) overall and see
many links between green bond finance and specific SDGs, in particular SDGs 6, 7, 9, 11, 13, 14 and 15, the proportion ofproceeds allocated to social goals should be no more than 5% for inclusion in our database.

Issuer Name

Amount issued

Issue dateReason for exclusion/ pending

Ahold Delhaize

EUR600m/USD672.4m

19/06/2019

Excluded (Sustainability/Social bond)Bank of Liuzhou

CNY1bn/USD149.2m

12/04/2019

Excluded (not aligned)

Beijing Enterprises Clean Energy
Group Limited
California Municipal Finance
Authority

CNY500m/USD71m
CNY500m/USD71m
USD6.4m
USD15.9m
USD26.3m
CNY280m/USD40m
CNY360m/USD51.4m

12/06/2019
12/06/2019
19/12/2019
19/12/2019
19/12/2019
20/12/2019
20/12/2019

Excluded (not aligned)
Excluded (Working Capital)
Excluded (Sustainability/Social bond)Excluded (Sustainability/Social bond)Excluded (Sustainability/Social bond)Excluded (working capital)
Excluded (working capital)

CNY5.7bn/USD648m

12/06/2019

Excluded (alignment)

CNY3bn/USD426.7m
CNY3.5bn/USD509.2m
CNY500m/USD71m

29/11/2019
05/07/2019
12/06/2019

Excluded (not aligned)
Excluded (not aligned)
Excluded (working capital)

CNY600m/USD86.1m

16/12/2019

Excluded (working capital)

EUR75m/USD83.5m
EUR50m/USD55.1m
EUR500m/USD552.4m
USD36m13/12/2019
13/11/2019
17/10/2019
19/12/2019

Excluded (not aligned)
Excluded (not aligned)
Excluded (not aligned)
Excluded (Sustainability/Social bond)Fujian Yongrong Holding Group
Co.,Ltd
Fuyang Yingquan Rural Commercial
Bank Company Limited.
GEPIC Energy Development Co., Ltd.

CNY300m/USD300m

16/10/2019

Excluded (working capital)

CNY200m/USD28.4m

12/10/2019

Excluded (not aligned)

CNY500m/USD71.5m

18/12/2019

Excluded (not aligned)

Guangxi Beibu Gulf Bank Co., Ltd.

CNY1bn/USD142.2m
CNY2bn/USD283m
CNY1.5bn/USD214.1m

29/11/2019
15/10/2019
19/12/2019

Excluded (Not aligned)
Excluded (Not aligned)
Excluded (Working capital )Guangzhou Water Investment Group
Co.LtdGuizhou Water Investment Group
Co., Ltd.
Hubei Yiling Economic Development
Group Co.,Ltd
Hunan Provincial Expressway Group
Co.,Ltd
Huzhou Zhili urban construction
investment and operation group
Co.,Ltd
Jiangsu Eastern Shenghong Co.,Ltd.

CNY1bn/USD141.9m

12/06/2019

Excluded (working capital)

CNY3.2bn/USD454.8m

27/11/2019

Excluded (Working capital)

CNY1bn/USD142.2m

12/02/2019

Excluded (Working Capital)

CNY2.1bn/USD305.6m

11/07/2019

Excluded (not aligned)

CNY700m/USD101.5m

02/08/2019

Excluded (working capital)

CNY1bn/USD1bn

30/09/2019

Excluded (not aligned)

Jiaxing Xiuhu Development
Investment Co.,Ltd
Jinneng Science&Technology Co.,Ltd

CNY1bn/USD145.2m

07/10/2019

Excluded (not aligned)

CNY1.5bn/USD1.5bn

14/10/2019

Excluded (not aligned)

Changsha Wangcheng City Urban
Construction Investment Group
Co.,Ltd
China Development Bank
China Three Gorges Corporation
Chuzhou City Tongchuang
Construction Investment Co.,Ltd.
Datang Environment Industry Group
Co., Ltd.
EBRD

FMO

Guangzhou Metro Group Co.,Ltd.

Linghua Group Limited Company

CNY100m/USD14.6m

07/12/2019

Excluded (Insufficient information)

OCBC

AUD500m/USD341.9m

05/12/2019

Excluded (Sustainability/Social bond)

Qingdao Metro Group Co.,Ltd

CNY2bn/USD284.3m

12/12/2019

Excluded (not aligned)

Quzhou Communications Investment
Group Co., Ltd
Republic of Korea

CNY500m/USD71.1m

12/09/2019

Excluded (Working capital)

Rizhao Water Affairs Group Co.,Ltd.

USD500m
USD1bn
CNY500m/USD71.3m

19/06/2019
19/06/2019
24/12/2019

Excluded (Sustainability/Social bond)Excluded (Unlabelled)
Excluded (working capital)

Royal Dutch Shell

USD10bn

13/12/2019

Excluded (not aligned)

Shandong Meichen Ecology &Environment Co.,Ltd.

CNY700m/USD700m

24/10/2019

Excluded (working capital)

Shinhan Bank

EUR500m/USD551.2m

16/10/2019

Excluded (Sustainability/Social bond)Shouguang Huinong New Rural
Construction Investment
Development Co., Ltd.
Sinohydro Bureau 8 Co.,Ltd.

CNY400m/USD56.8m

12/10/2019

Excluded (Working Capital)

CNY700m/USD99.2m

12/12/2019

Excluded (Working capital)

SOSiLA Logistics REIT, Inc.

JPY295bn/USD2.7bn

10/12/2019

Excluded (not aligned)

Sun Life Insurance

CAD750m/USD566.8m

13/08/2019

Excluded (Sustainability/Social bond)Taizhou Huangyan District Stateowned Assets Management Co.,Ltd
The Nature Conservancy

CNY900m/USD129.1m

16/12/2019

Excluded (Working Capital)

USD62m
USD40m
CNY1.5bn/USD1.5bn

02/12/2019
02/12/2019
22/10/2019

Excluded (not aligned)
Excluded (not aligned)
Excluded (working capital)

CNY330m/USD48m

23/07/2019

Excluded (alignment)

CNY600m/USD85.9m

17/12/2019

Excluded (Working capital )Zhuzhou Xiangjiang Construction
Development Group Co.,Ltd.
AUGA Group

CNY1.5bn/USD211.9m

16/10/2019

Excluded (working capital)

EUR20m/USD22.3m

17/12/2019

Pending (Insufficient information)

Banca del Mezzogiorno Spa

EUR300m/USD331.5m

17/10/2019

Pending (Insufficient information)

BYD Company Limited

CNY3.7bn/USD521.5m

26/08/2019

Pending (Insufficient information)

Chengdu Tianfu Water Town Urban
and Rural Water Construction
Co.,Ltd
Garant-Invest

CNY930m/USD130.8m

24/09/2019

Pending (Insufficient information)

RUB500m/USD8m

17/12/2019

Pending (Insufficient information)

Huaneng Tiancheng Financial Leasing
Co.,Ltd.
Jefferson County

CNY1bn/USD142.1m

25/11/2019

Pending (Insufficient information)

USD13.1m

13/11/2019

Pending (Insufficient information)

Jiangxi Provincial Water Conservancy
Investment
KEXIM

USD300m

05/12/2019

Pending (Insufficient information)

USD50m11/10/2019

Pending (Insufficient information)

Lejonfastigheter AB

SEK250m/USD26.1m

29/11/2019

Pending (Insufficient information)

Orsted A/S

TWD8bn/USD262.2m
TWD4bn/USD131.1m
CNY1.9bn/USD270.1m

19/11/2019
19/11/2019
27/11/2019

Pending (Insufficient information)
Pending (Insufficient information)
Pending (Insufficient information)

CNY800m/USD113.7m

27/11/2019

Pending (Insufficient information)

Xinhua Hydropower Company
LimitedZhejiang Rongsheng Environmental
Protectionpaper Joint Stock Co., Ltd.
Zhuhai Port Holdings Co,.Ltd

Qingdao International Shipping
Building Management Co., Ltd.
Zhuhai Da Heng Qin Invest Co

Green bonds in the market
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Mowi – closing 23 January
Ferde AS – closing 23 January
MünchenerHyp – closed 20 January
E.ON – closed 16 January
Klabin – closed 15 January
KfW - closed 13 January
New York MTA – closed 10 January
Public Utilities Commission of the City and County of San Francisco - closed 9 January

Investing news
BlackRock joined Climate Action 100+, the institutional investor group led by the PRI and regional climate bodies pushingcompanies to report on the anticipated effects of climate change on their business. In conjunction, in his letter to the CEOsof portfolio companies, BlackRock CEO Larry Fink calls for better corporate disclosure and transparency on climate changerelated risks.
The International Finance Corporation (IFC) invested USD50m in a green bond issued by Banco Pichincha SA. The bondwill finance renewable energy projects, sustainable buildings as well as green mortgages, clean mobility and energy
efficiency.
Before the year ended, BoE governor Mark Carney reiterated his warning that unless companies shift towards moresustainable business models, there will be irreversible changes to the economy as well as the environment.
Extreme weather-related events can have an impact on Municipalities’ economic output, as described by the FT’s Billy
Nauman. Muni issuers may not be able to pay back their debt due to lower sales tax revenue as a result of climate change.
Nauman argues that in future, investors will scrutinise the adaptation strategies and plans of cities and local governments
as a key part of their due diligence process.
In an effort to attract more foreign investments, China’s authorities are urging companies to disclose more information
about ESG-related risks. Stakeholders are hoping for more consistency and clarity in reporting to enable decision-making
on a more quantitative rather than a purely qualitative basis.

Green bond gossip
Arthaland, Philippines, is planning to issue a green bond before the end of January being the first non-financial
corporation to issue such an instrument in the Philippines. The proceeds will go towards green buildings.
Is Egypt about to join the sovereign green bond club? This latest news story suggests a USD500M offering around June.

Readings & reports
The EU Commission’s Executive Vice-President Frans Timmermans stresses the necessity of major policy adjustments to
prepare for the upcoming major shifts in the transition to a green economy, e.g. carbon neutrality by 2050. He points outthat inaction from policy makers will not prevent these shifts from happening and that massive public and private
investments will be needed.
Transition bonds issued by companies in order to help “brown businesses” become greener are gaining more attention.
There is ample controversy around these instruments: according to sceptics, they can be used for “boosting” companies’
green images. However, they could also help meet the high demand for sustainable investments and help facilitate thefirst steps of high-polluting industries’ transition towards net zero.

The European Sting explains how green investments are able to help Latin America fight climate change. In 2019 green
bonds worth USD5bn were issued in Latin America and the Caribbean and are on the way of becoming a mainstream
investment in that region.
The IMF in its new edition of the “Finance & Development” magazine states that the world needs to “stop runaway
climate change” and that a new sustainable financial system is crucial for making this happen.
The Official Monetary and Financial Institutions Forum (OMFIF) points out that green bonds are no longer a niche market
but the urgency for more standardisation in order to scale up the market persists.
Abu Dhabi has announced formation of a ‘Green Bond Accelerator’ program and has foreshadowed the objective of“establishing Abu Dhabi as a regional hub for the issuance of green bonds and green sukuk for sustainable projects in the
Emirate as well as across the Middle East and Africa.”
Everyone is now talking ‘Green Swans’. The BIS report that has them all honking is here.
Don’t forget, registrations are now open for Climate Bonds Conference2020!

This is our last Market Blog covering 2019. Our next Market Blog will cover January and will be published in the second
week of February. Stay tuned for some exciting updates to our blog format and coverage – we look forward to continuing
to provide you with the most up-to-date green bond insights!
Till next time,

Climate Bonds

Disclosure: Some of the organisations mentioned in this communication are Climate Bonds Partners. A list of Partners isavailable here.
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 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 andno information within this communication 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 of proceeds of a designated debt instrument. It does not reflect thecredit 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 any investment an individual or organisation
makes, nor for any investment made by third parties 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.