Post-issuance reporting in the green bond market

The report finds that while 74% of analyzed green bonds provide some public reporting, there is significant inconsistency in quality and content. Reporting is generally more comprehensive for larger issuers and those in European markets, whereas U.S. municipalities and private placements show lower compliance. While impact reporting is increasing, it lacks standardized metrics, and over 70% of bonds fail to clearly disclose the proportion of funds used for refinancing versus new projects.

• Public reporting is available for 74% of green bonds by number and 88% by value, though availability varies by issuer type; government agencies and commercial banks show high availability, while corporates, sub-sovereigns, and asset-backed securities (ABS) report less frequently.
• Reporting quality and frequency are often linked to bond size and geography; all bonds over USD 1bn had reporting, and countries like Sweden (over 85% by number), France (84%), and China (80%) demonstrated best practice, while U.S. municipalities are noted for under-reporting.
• A significant gap exists in the disclosure of refinancing; over 70% of bonds do not provide clear information on the percentage of proceeds used to refinance existing projects versus financing new ones, which contradicts the Green Bond Principles and Climate Bonds Standard.
• While 78% of reporting bonds report annually, 41% fail to meet a basic 'up to date' threshold defined as reporting within 400 days of issuance.
• Impact reporting—quantifying climate or environmental effects numerically—is used by 38% of bonds and is increasing annually, but it suffers from a lack of consistent metrics and benchmarks.
• Detailed disclosure is more common among larger bonds; 27% of all surveyed bonds provided 'high detail' reporting, which includes all project names, descriptions, refinancing percentages, and detailed impact data.

APA

Boulle, B., Frandon-Martinez, C., Meng, A. X., & Patzdorf, L. (2017). Post-issuance reporting in the green bond market. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/UoP_FINAL_120717.pdf

Chicago

Boulle, Bridget, Camille Frandon-Martinez, Alan Xiangrui Meng, and Louise Patzdorf. Post-issuance reporting in the green bond market. Climate Bonds Initiative, 2017. https://www.climatebonds.net/files/documents/publications/UoP_FINAL_120717.pdf.

Wikipedia

{{cite report |last1=Boulle |first1=Bridget |last2=Frandon-Martinez |first2=Camille |last3=Meng |first3=Alan Xiangrui |last4=Patzdorf |first4=Louise |title=Post-issuance reporting in the green bond market |publisher=Climate Bonds Initiative |date=28 June 2017 |url=https://www.climatebonds.net/files/documents/publications/UoP_FINAL_120717.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{boulle2017postissuance, author = {Boulle, Bridget and Frandon-Martinez, Camille and Meng, Alan Xiangrui and Patzdorf, Louise}, title = {{Post-issuance reporting in the green bond market}}, institution = {Climate Bonds Initiative}, year = {2017}, month = jun, url = {https://www.climatebonds.net/files/documents/publications/UoP_FINAL_120717.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }