Green Bonds in Sweden and Norway: Success Factors

This research paper compares the growth of green bond markets in Sweden and Norway between 2013 and 2019 to identify drivers of market uptake and transferable success factors for other countries.

• Between 2013 and 2019, Sweden experienced faster growth in green bond issuances compared to Norway, with particularly strong growth observed in the corporate sector and among municipalities.
• The higher uptake of green bonds in Sweden is attributed to a larger and more diversified corporate sector, as well as financial institutions and a business culture with a stronger focus on sustainability.
• Green bond growth in Norway was likely hindered by competition from high-yield investments in shipping and oil and gas, a green energy sector that viewed green bonds as unnecessary, and the fact that many municipalities were too small to issue such bonds.
• To facilitate the uptake of green bonds, the Swedish experience suggests that countries should prioritize sustainability leadership, collaboration between investors and issuers, and the use of active communication and thorough disclosure regarding sustainable finance activities.

APA

Stockholm Environment Institute (2021). Green Bonds in Sweden and Norway: Success Factors. https://www.sei.org/publications/green-bonds-sweden-norway-success-factors/

Chicago

Stockholm Environment Institute. Green Bonds in Sweden and Norway: Success Factors. 2021. https://www.sei.org/publications/green-bonds-sweden-norway-success-factors/.

Wikipedia

{{cite report |author=Stockholm Environment Institute |title=Green Bonds in Sweden and Norway: Success Factors |date=2 October 2021 |url=https://www.sei.org/publications/green-bonds-sweden-norway-success-factors/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{stockholmenvironmentinstitute2021green, author = {{Stockholm Environment Institute}}, title = {{Green Bonds in Sweden and Norway: Success Factors}}, institution = {Stockholm Environment Institute}, year = {2021}, month = oct, url = {https://www.sei.org/publications/green-bonds-sweden-norway-success-factors/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }