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In Q1 2015, 44 green bonds totaling $7.2 billion were issued. The market showed signs of maturation through the use of 11 different currencies and credit ratings ranging from AAA to B-. India emerged as a key player with its first corporate green bonds from Yes Bank, while US municipal bonds grew in the water and green building sectors, though often lacking independent verification. Development banks remained leaders, accounting for approximately 46.2% of issuance. Renewable energy, green buildings, and water were the primary funding targets. Investors showed strong demand, evidenced by oversubscription and the formation of dedicated green bond funds and investor expectation statements to combat 'greenwashing'.

Key insights

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  • The international green bond market issued 44 bonds totaling $7.2 billion in the first quarter of 2015, with issuance in March being three times higher than in January.
  • The market is diversifying in terms of currency and credit quality; Q1 saw bonds issued in 11 different currencies and ratings spanning from AAA to B-.
  • India became a focal point for emerging markets by issuing its first corporate green bonds via Yes Bank, which issued one bond worth 10.2 billion Indian rupees ($160 million) for domestic renewable energy and another worth approximately $500 million for projects in Bangladesh and Sri Lanka.
  • US municipal green bonds increased, particularly for clean water and green buildings in states such as Washington, Massachusetts, Arizona, and Indiana, but these bonds typically lacked independent expert reviews regarding their environmental impact.
  • Development banks continue to lead the market, representing approximately 46.2% of total issuance in Q1 2015.
  • Renewable energy was the largest category for fund use in Q1, followed by green buildings, water, and transport.

Cite the original document

APA
Climate Bonds Initiative (2015). 2015年国际绿色债劵市场第一季度小结. https://www.climatebonds.net/news-events/blog/q1-rpt-chinese-2015%E5%B9%B4%E5%9B%BD%E9%99%85%E7%BB%BF%E8%89%B2%E5%80%BA%E5%8A%B5%E5%B8%82%E5%9C%BA%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%BA%A6%E5%B0%8F%E7%BB%93-%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%B8%82%E5%9C%BA%E6%85%A2%E7%83%AD-%E4%BD%86%E9%A2%84%E6%9C%9F%E6%9C%AC%E5%B9%B4%E5%BA%A6%E5%B8%82%E5%9C%BA%E5%B0%86%E5%BF%AB%E9%80%9F%E6%88%90%E9%95%BF-%E5%B8%82%E5%9C%BA%E8%BF%9B%E4%B8%80%E6%AD%A5%E6%88%90%E7%86%9F-%E6%9B%B4%E5%A4%9A%E4%B8%8D%E5%90%8C%E8%B4%A7%E5%B8%81%E5%8F%8A%E8%AF%84%E7%BA%A7%E7%9A%84%E5%80%BA%E5%8A%B5%E6%B6%8C%E7%8E%B0-%E6%96%B0%E5%85%B4%E5%B8%82%E5%9C%BA%E7%BB%BF%E8%89%B2%E5%80%BA%E5%88%B8%E6%80%A5%E5%89%A7%E5%A2%9E%E9%95%BF-%E7%BB%BF%E8%89%B2%E5%B8%82%E6%94%BF%E5%80%BA%E5%88%B8%E8%93%AC%E5%8B%83%E5%8F%91%E5%B1%95
Chicago
Climate Bonds Initiative. 2015年国际绿色债劵市场第一季度小结. 2015. https://www.climatebonds.net/news-events/blog/q1-rpt-chinese-2015%E5%B9%B4%E5%9B%BD%E9%99%85%E7%BB%BF%E8%89%B2%E5%80%BA%E5%8A%B5%E5%B8%82%E5%9C%BA%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%BA%A6%E5%B0%8F%E7%BB%93-%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%B8%82%E5%9C%BA%E6%85%A2%E7%83%AD-%E4%BD%86%E9%A2%84%E6%9C%9F%E6%9C%AC%E5%B9%B4%E5%BA%A6%E5%B8%82%E5%9C%BA%E5%B0%86%E5%BF%AB%E9%80%9F%E6%88%90%E9%95%BF-%E5%B8%82%E5%9C%BA%E8%BF%9B%E4%B8%80%E6%AD%A5%E6%88%90%E7%86%9F-%E6%9B%B4%E5%A4%9A%E4%B8%8D%E5%90%8C%E8%B4%A7%E5%B8%81%E5%8F%8A%E8%AF%84%E7%BA%A7%E7%9A%84%E5%80%BA%E5%8A%B5%E6%B6%8C%E7%8E%B0-%E6%96%B0%E5%85%B4%E5%B8%82%E5%9C%BA%E7%BB%BF%E8%89%B2%E5%80%BA%E5%88%B8%E6%80%A5%E5%89%A7%E5%A2%9E%E9%95%BF-%E7%BB%BF%E8%89%B2%E5%B8%82%E6%94%BF%E5%80%BA%E5%88%B8%E8%93%AC%E5%8B%83%E5%8F%91%E5%B1%95.
Wikipedia
{{cite report |author=Climate Bonds Initiative |title=2015年国际绿色债劵市场第一季度小结 |date=29 May 2015 |url=https://www.climatebonds.net/news-events/blog/q1-rpt-chinese-2015%E5%B9%B4%E5%9B%BD%E9%99%85%E7%BB%BF%E8%89%B2%E5%80%BA%E5%8A%B5%E5%B8%82%E5%9C%BA%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%BA%A6%E5%B0%8F%E7%BB%93-%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%B8%82%E5%9C%BA%E6%85%A2%E7%83%AD-%E4%BD%86%E9%A2%84%E6%9C%9F%E6%9C%AC%E5%B9%B4%E5%BA%A6%E5%B8%82%E5%9C%BA%E5%B0%86%E5%BF%AB%E9%80%9F%E6%88%90%E9%95%BF-%E5%B8%82%E5%9C%BA%E8%BF%9B%E4%B8%80%E6%AD%A5%E6%88%90%E7%86%9F-%E6%9B%B4%E5%A4%9A%E4%B8%8D%E5%90%8C%E8%B4%A7%E5%B8%81%E5%8F%8A%E8%AF%84%E7%BA%A7%E7%9A%84%E5%80%BA%E5%8A%B5%E6%B6%8C%E7%8E%B0-%E6%96%B0%E5%85%B4%E5%B8%82%E5%9C%BA%E7%BB%BF%E8%89%B2%E5%80%BA%E5%88%B8%E6%80%A5%E5%89%A7%E5%A2%9E%E9%95%BF-%E7%BB%BF%E8%89%B2%E5%B8%82%E6%94%BF%E5%80%BA%E5%88%B8%E8%93%AC%E5%8B%83%E5%8F%91%E5%B1%95 |access-date=17 August 2026 |via=Climate Insights Directory}}
BibTeX
@techreport{climatebondsinitiative20152015, author = {{Climate Bonds Initiative}}, title = {{2015年国际绿色债劵市场第一季度小结}}, institution = {Climate Bonds Initiative}, year = {2015}, month = may, url = {https://www.climatebonds.net/news-events/blog/q1-rpt-chinese-2015%E5%B9%B4%E5%9B%BD%E9%99%85%E7%BB%BF%E8%89%B2%E5%80%BA%E5%8A%B5%E5%B8%82%E5%9C%BA%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%BA%A6%E5%B0%8F%E7%BB%93-%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%B8%82%E5%9C%BA%E6%85%A2%E7%83%AD-%E4%BD%86%E9%A2%84%E6%9C%9F%E6%9C%AC%E5%B9%B4%E5%BA%A6%E5%B8%82%E5%9C%BA%E5%B0%86%E5%BF%AB%E9%80%9F%E6%88%90%E9%95%BF-%E5%B8%82%E5%9C%BA%E8%BF%9B%E4%B8%80%E6%AD%A5%E6%88%90%E7%86%9F-%E6%9B%B4%E5%A4%9A%E4%B8%8D%E5%90%8C%E8%B4%A7%E5%B8%81%E5%8F%8A%E8%AF%84%E7%BA%A7%E7%9A%84%E5%80%BA%E5%8A%B5%E6%B6%8C%E7%8E%B0-%E6%96%B0%E5%85%B4%E5%B8%82%E5%9C%BA%E7%BB%BF%E8%89%B2%E5%80%BA%E5%88%B8%E6%80%A5%E5%89%A7%E5%A2%9E%E9%95%BF-%E7%BB%BF%E8%89%B2%E5%B8%82%E6%94%BF%E5%80%BA%E5%88%B8%E8%93%AC%E5%8B%83%E5%8F%91%E5%B1%95}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }

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