The value of the green bonds sold in the first seven months of 2016 exceeds the total value of green bonds sold in all of 2015, according to an update from EY’s Renewable Energy Country Attractiveness Index.
“The green bond market is on a tear,” EY analysts wrote in their latest report.
Green bonds were developed to finance a wide range of environmentally focused projects. They are issued by governments, a wide range of banks and corporate players.
There were about $42 billion in green bonds sold in 2015, but nearly $50 billion sold in the first seven months of 2016, according to the report. Climate Bond Initiative has estimated there could be upward of $100 billion in green bonds issued this year. Many of the bonds are over-subscribed and largely unregulated, however, creating a market prime for “greenwashing,” warns EY.
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