Green Bonds Policy: Highlights from 2017

This fact sheet by the Climate Bonds Initiative outlines key public sector green bond policy developments in 2017 and projections for 2018. It highlights the rise of sovereign green bonds, the establishment of regional and national guidelines in Asia and Africa, the growth of the green sukuk market in Malaysia, and various financial incentives provided by governments to lower issuance costs and accelerate the transition to low-carbon infrastructure.

• 2017 saw a significant increase in sovereign green bond issuances. France issued the largest bond of the year, totaling almost EUR10bn (USD10.7bn). Fiji issued a USD50m bond in November, marking the first sovereign green bond from Asia and an emerging market. Nigeria issued a NGN10.7bn (USD29.7m) bond in December, which was the first sovereign green bond to receive Climate Bonds Certification.
• Several countries and regions introduced guidelines to standardize green bonds. India's SEBI released guidelines in May including compulsory post-issuance verification. China's CSRC issued guidelines in 2017 based on PBoC definitions, excluding high-polluting companies and introducing a verifier licensing scheme. In November 2017, the ASEAN Capital Markets Forum published the ASEAN Green Bond Standards (AGBS), which specifically exclude fossil fuel-related projects.
• Public sector entities issued approximately USD90bn in green bonds in 2017. The largest issuer was the US Agency Fannie Mae with USD24.9bn in green Mortgage-Backed Securities (MBS). Other major issuers included the Republic of France (USD10.7bn), China Development Bank (USD4.6bn), the European Investment Bank (USD4.6bn), and the New York MTA (USD4.2bn).
• The green sukuk market grew rapidly in 2017, supported by Malaysian public sector initiatives. The first green sukuk was issued by Tadeu energy (USD58.5m), followed by Quantum solar park (USD236m) and a RM2bn (USD482m) issuance by the government-linked investment company Permodalan Nasional Berhad (PNB). This growth was aided by a tax incentive scheme for socially responsible (SRI) sukuk announced by the Securities Commission of Malaysia in July.
• Governments implemented targeted financial incentives to reduce the cost of green bond issuance. Singapore's Monetary Authority announced a grant scheme in March to cover the full cost of external green bond reviews. China introduced a fast-tracking system where green bonds are given preference in the issuance approval queue, primarily at the local level.
• International collaborations were established to promote sustainable finance. The EU High-Level Expert Group on Sustainable Finance (HLEG) worked on recommendations for a EU Sustainability Taxonomy. A UK-Brazil Green Finance Partnership was launched to support sustainable economic growth. Additionally, the Central Banks and Supervisors Network for Greening the Financial System was launched in December, comprising eight central banks and supervisory bodies from China, Singapore, Mexico, England, France, Germany, the Netherlands, and Sweden.

APA

Climate Bonds Initiative (2018). Green Bonds Policy: Highlights from 2017. https://www.climatebonds.net/files/documents/publications/Green-Bonds-Policy-Highlights-from-2017.pdf

Chicago

Climate Bonds Initiative. Green Bonds Policy: Highlights from 2017. 2018. https://www.climatebonds.net/files/documents/publications/Green-Bonds-Policy-Highlights-from-2017.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Green Bonds Policy: Highlights from 2017 |date=February 2018 |url=https://www.climatebonds.net/files/documents/publications/Green-Bonds-Policy-Highlights-from-2017.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2018green, author = {{Climate Bonds Initiative}}, title = {{Green Bonds Policy: Highlights from 2017}}, institution = {Climate Bonds Initiative}, year = {2018}, month = feb, url = {https://www.climatebonds.net/files/documents/publications/Green-Bonds-Policy-Highlights-from-2017.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }