Green Bond Treasurer Survey

The Green Bond Treasurer Survey finds that while cheaper pricing is often cited as a primary driver, issuers actually value intangible benefits more, such as enhanced reputation, a broader investor base, and improved internal risk management. The survey reveals that 98% of respondents attracted new investors and 91% experienced deeper investor engagement. Most issuers (88%) plan to issue more green bonds, and 85% utilized Second Party Opinions (SPOs) to ensure integrity. The report emphasizes that the process of issuing a green bond often catalyzes internal sustainability commitments and the creation of sustainability committees.

• Pricing is not the primary motivation for issuing green bonds; instead, intangible benefits such as reputation and market signaling are more highly valued.
• Green bonds significantly expand an issuer's reach, with 98% of respondents reporting the attraction of new investors and 91% noting increased engagement compared to vanilla bonds.
• The issuance process often serves as a catalyst for internal organizational change, including the implementation of internal climate risk audits and the establishment of sustainability committees.
• The majority of issuers perceive the additional costs of green bond issuance—such as Second Party Opinions (SPOs) and reporting—as either negligible or justified by non-pricing benefits.
• Demand for green bonds is generally higher than for vanilla equivalents, with 70% of respondents reporting higher demand.
• There is strong issuer support for the standardization of definitions, taxonomies, and reporting to protect the integrity of the green label, including support for the EU Taxonomy.
• The time required to plan and issue a first green bond is typically less than one year for 88% of respondents, with 47% completing the process in six months or less.
• A high proportion of issuers intend to continue using the instrument, with 88% planning to issue more green bonds and 15% planning to reopen existing ones.
• Second Party Opinions (SPOs) are widely used to provide credibility, with 85% of respondents commissioning one for their first green bond.
• Listing on stock exchanges is primarily used to increase visibility, with 74% of respondents selecting this as a reason for listing.

APA

Harrison, C., Muething, L., & Tukiainen, K. (2020). Green Bond Treasurer Survey. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Green-Bond-Treasurer-Survey-2020.pdf

Chicago

Harrison, Caroline, Lea Muething, and Krista Tukiainen. Green Bond Treasurer Survey. Climate Bonds Initiative, 2020. https://www.climatebonds.net/files/documents/publications/Green-Bond-Treasurer-Survey-2020.pdf.

Wikipedia

{{cite report |last1=Harrison |first1=Caroline |last2=Muething |first2=Lea |last3=Tukiainen |first3=Krista |title=Green Bond Treasurer Survey |publisher=Climate Bonds Initiative |date=April 2020 |url=https://www.climatebonds.net/files/documents/publications/Green-Bond-Treasurer-Survey-2020.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{harrison2020green, author = {Harrison, Caroline and Muething, Lea and Tukiainen, Krista}, title = {{Green Bond Treasurer Survey}}, institution = {Climate Bonds Initiative}, year = {2020}, month = apr, url = {https://www.climatebonds.net/files/documents/publications/Green-Bond-Treasurer-Survey-2020.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }