Green Bonds Market Summary: Q3 2017

In Q3 2017, the green bond market saw USD 27.7bn in issuance, marking the second largest quarter ever. Emerging markets, particularly Mexico and India, showed significant growth, while the market saw an increasing trend toward external verification of green bond frameworks. The report also highlights the emergence of green Sukuk in Malaysia and the exclusion of USD 7.5bn in labelled bonds that did not meet the Climate Bonds Initiative's strict taxonomy.

• The green bond market experienced strong growth in Q3 2017, with USD 27.7bn issued, making it the second largest quarter of issuance on record. By September 28, 2017, the year-to-date total of USD 83.2bn had already surpassed the entire 2016 total of USD 81.6bn.
• Emerging markets were prominent in Q3 2017, with Mexico becoming the top source of issuance at USD 4bn, driven entirely by the Mexico City Airport Group. India also showed rapid growth and a more diverse issuer base, with over half of its green bonds by value receiving Climate Bonds Certification.
• There is a growing trend toward external verification of green bond frameworks to increase transparency and investor confidence. In Q3, only 4 out of 33 new green bond issuers lacked an external review, and most of those were US municipalities.
• The market expanded its geographic and instrument diversity with the first Green Sukuk (Islamic finance instruments) issued by Tadau Energy in Malaysia in July 2017, followed by a larger issuance from Quantum Solar Park in October.
• The Climate Bonds Initiative excluded USD 7.5bn of labelled green bonds from its Q3 figures because they did not meet its taxonomy. This included USD 2.7bn from Chinese entities for including clean coal or large-scale hydro, and USD 2.4bn for bonds where less than 95% of proceeds were allocated to green projects.

APA

Climate Bonds Initiative (2017). Green Bonds Market Summary: Q3 2017. https://www.climatebonds.net/files/documents/publications/Q3-2017-Market-Summary_2025-02-25-164920_ltbj.pdf

Chicago

Climate Bonds Initiative. Green Bonds Market Summary: Q3 2017. 2017. https://www.climatebonds.net/files/documents/publications/Q3-2017-Market-Summary_2025-02-25-164920_ltbj.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Green Bonds Market Summary: Q3 2017 |date=2017 |url=https://www.climatebonds.net/files/documents/publications/Q3-2017-Market-Summary_2025-02-25-164920_ltbj.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2017green, author = {{Climate Bonds Initiative}}, title = {{Green Bonds Market Summary: Q3 2017}}, institution = {Climate Bonds Initiative}, year = {2017}, url = {https://www.climatebonds.net/files/documents/publications/Q3-2017-Market-Summary_2025-02-25-164920_ltbj.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }