BONOS Y CAMBIO CLIMÁTICO EL ESTADO DEL MERCADO 2017

The report identifies a $895 billion universe of climate-aligned bonds, including $221 billion in labeled green bonds. It highlights the dominance of the transport and energy sectors and the critical role of sovereign and sub-sovereign issuers, particularly in China and the US. The document argues for a massive acceleration of green bond issuance to reach $1 trillion annually by 2020 to support Nationally Determined Contributions (NDCs).

• The total universe of climate-aligned bonds reached $895 billion, representing an increase of $201 billion over 2016. This universe consists of 3,493 bonds from 1,128 issuers across seven sectors, with $221 billion specifically identified as labeled green bonds.
• Transport and energy are the most significant sectors in the climate-aligned bond universe, together representing 80% of the total. Transport is the largest sector at 61% ($544 billion), dominated by rail infrastructure, while energy is the second largest at 19% ($173.4 billion).
• Sovereign and sub-sovereign agencies constitute a major portion of the market, accounting for 68% of the total amount in circulation. This includes state-owned or guaranteed entities such as China Railway Corp, which is the largest single issuer with $222 billion.
• The Asia-Pacific region is the largest in the climate-aligned bond universe, with China accounting for 82% of the regional total. In China, 90% of these bonds were issued by sovereign or sub-sovereign backed entities, driven by the 13th Five-Year Plan.
• North American climate-aligned bonds total $184 billion, with the US representing 81% of that amount. US municipalities are leaders in labeled green bonds, with issuance growing to over $18 billion since 2015 for mitigation and resilience projects.
• The European market is characterized by strong demand from institutional investors and the emergence of diverse instruments, including the first Green Schuldschein and Green Pfandbrief. France and the UK are the largest contributors, with $92 billion and $60 billion respectively.
• Latin American emissions total $14.5 billion, led by Brazil ($6 billion) and Mexico ($3.1 billion). The region shows a high diversity of issuers, with the Mexico City Airport being the largest single issuer at $2 billion.
• African climate-aligned bond issuance remains small at just under $3 billion, with over half being labeled green bonds. South Africa has the most substantial market, while Nigeria and Kenya are planning sovereign green bond issuances.
• The report argues that the green bond market must accelerate to reach $1 trillion in annual emissions by 2020 to effectively implement Nationally Determined Contributions (NDCs) and climate plans.
• The first green sukuk (Islamic financial instrument) was issued in Malaysia in July 2017 by Malaysian Tadau Energy, supported by tax deductions and financial incentives from the Securities Commission Malaysia.

APA

Climate Bonds Initiative (2017). BONOS Y CAMBIO CLIMÁTICO EL ESTADO DEL MERCADO 2017. https://www.climatebonds.net/files/drupal-files/files/CBI-SotM-17-Espanol.pdf

Chicago

Climate Bonds Initiative. BONOS Y CAMBIO CLIMÁTICO EL ESTADO DEL MERCADO 2017. 2017. https://www.climatebonds.net/files/drupal-files/files/CBI-SotM-17-Espanol.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=BONOS Y CAMBIO CLIMÁTICO EL ESTADO DEL MERCADO 2017 |date=September 2017 |url=https://www.climatebonds.net/files/drupal-files/files/CBI-SotM-17-Espanol.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2017bonos, author = {{Climate Bonds Initiative}}, title = {{BONOS Y CAMBIO CLIMÁTICO EL ESTADO DEL MERCADO 2017}}, institution = {Climate Bonds Initiative}, year = {2017}, month = sep, url = {https://www.climatebonds.net/files/drupal-files/files/CBI-SotM-17-Espanol.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }