Green Bonds in Sweden and Norway: Success Factors

The study finds that Sweden experienced faster green bond growth than Norway, particularly in the corporate and municipal sectors, due to a stronger sustainability focus in business culture and a more diversified corporate sector. In contrast, Norway's market was hindered by competition from oil, gas, and shipping investments, a green energy sector that viewed green bonds as unnecessary, and small municipal sizes.

• Sweden saw more rapid growth in green bond issuances compared to Norway, with the most significant differences appearing in the municipal and corporate sectors.
• Sweden's success is attributed to a more diversified corporate sector and financial institutions and a business culture with a higher focus on sustainability.
• Green bond adoption in Norway was limited by the presence of high-yield investments in shipping, oil, and gas, a green energy sector that deemed green bonds superfluous, and municipalities that were too small to issue them.
• To encourage green bond uptake, countries should prioritize sustainability leadership, active communication, thorough disclosure of sustainable finance, and collaboration between investors and issuers.

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} }