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Ascendas Real Estate Investment Trust issued a SGD100 million (USD103 million) senior unsecured green bond on August 26, 2020, with a 10-year tenor maturing in 2030. The bond was oversubscribed by 6.5 times and will be used to refinance 17 properties holding at least a BCA gold certification. The issuance was assured by EY and underwritten by OCBC Bank.

The document proposes a framework for 'transition labels' to distinguish genuine low-carbon transition activities from 'greenwashing'. It establishes five core principles for transition pathways: alignment with a 1.5°C trajectory (net-zero by 2050, near-half emissions by 2030), science-based targets, exclusion of carbon offsets, prioritization of technical feasibility over economic competitiveness, and a requirement for concrete metrics over vague commitments. The framework categorizes economic activities into five types: near-zero emission, zero-carbon transition, non-transitionable, temporary transitional, and stranded. It further distinguishes between entity-level transitions (supported by equity, general bonds, and sustainability-linked loans/bonds) and activity-level transitions (supported by asset-backed securities and use-of-proceeds bonds).

The Climate Bonds Initiative presents a framework to categorise economic activities based on their role in a net-zero transition and establishes five principles to ensure transition labels are scientifically credible and ambitious. It distinguishes between 'green' and 'transition' labels based on the long-term viability of the activity in a low-carbon economy.

The Climate Bonds Initiative outlines a framework to distinguish credible 'transition' activities from greenwashing, establishing five core principles for alignment with the Paris Agreement. It introduces a labeling system—distinguishing between 'Environmental Labels' for long-term low-carbon roles and 'Transition Labels' for short-to-medium term emission reductions—and categorizes economic activities based on their necessity post-2050 and their decarbonization pathways.

The Climate Bonds Initiative proposes a framework for 'transition' labels to prevent greenwashing and ensure investments align with the Paris Agreement. The framework establishes five core principles for ambitious transitions: alignment with a 1.5 degree trajectory (net zero by 2050), science-based goals, the exclusion of offsets, the prioritization of technological viability over economic competitiveness, and a requirement for operating metrics over pledges. It categorizes economic activities into five types—Near Zero, Pathway to Zero, No Pathway to Zero, Interim, and Stranded—to determine whether a 'green' or 'transition' label is appropriate. The framework is designed to be flexible, applying to both whole entities (via equity or sustainability-linked bonds) and specific activities (via use-of-proceeds bonds).

The CBI Shipping Criteria provide a framework for certifying shipping assets as compatible with a low-carbon economy. Eligibility is primarily based on a vessel's carbon-equivalent intensity remaining below a specific decarbonisation trajectory for its class, reaching zero emissions by 2050. The criteria exclude dedicated fossil fuel carriers and require non-zero-emission ships to provide a Managed Reduction Plan (MRP) detailing future retrofits or fuel switches. While the document outlines adaptation principles, the shipping sector is currently derogated from mandatory resilience requirements due to existing international maritime safety standards.

The report analyzes 46 green bonds (USD 37bn) issued in H1 2020. It finds that green bonds generally outperformed vanilla equivalents in terms of book cover and spread compression, particularly in the EUR market. Despite a general market sell-off during the COVID-19 pandemic, green bonds maintained sufficient liquidity and showed resilience. Approximately 55% of allocations went to green or socially responsible investors. While the 'greenium' (pricing inside the yield curve) was less consistent than in H2 2019, 11 of 21 bonds with buildable yield curves priced on or inside their curves. The report also highlights the emergence of the communications sector, exemplified by Swisscom, and the growth of green bond ETFs.

Spanish Fork City issued a USD 73 million US Municipal green bond on August 5, 2020, with a maturity date of September 1, 2040. The proceeds are designated for the construction of additions and improvements to the city's sewer system, specifically including a new membrane bio–reactor treatment plant with solids holding tanks based on recommendations from a 2018 assessment. The bond carries an AA credit rating from S&P and a coupon of 4.000%.

The global green bond market saw a 26% year-on-year decline in issuance volume during H1 2020, totaling USD 91.6 billion, likely due to the COVID-19 pandemic. While green issuance slowed, there was a surge in 'pandemic' labeled debt (approximately USD 75 billion) and social/sustainability bonds (USD 94.4 billion). Developed markets dominated the landscape, contributing 82% of issuance, with the US and France leading. Government-backed entities and non-financial corporates were the most prominent issuer types, and energy remained the most popular use of proceeds category at 34%.

In 2019, the global green bond market reached a record USD258.9 billion in issuance, a 51% increase over 2018. The market saw significant growth in non-financial corporate issuance and the entry of eight new countries. Europe led in cumulative volume, while the USA, China, and France remained the top individual countries by amount issued. Energy, buildings, and transport dominated the use of proceeds, accounting for 82% of the total. The report also notes a rise in green sukuk and the increasing importance of external reviews and Climate Bonds Standard certification.

In 2019, China's labelled green bond market grew by 33% to USD 55.8 billion, making it the largest global source of such bonds. The market saw a shift in issuer types, with non-financial corporates becoming the largest group and the introduction of the first municipal green bond. While domestic issuance is strong, discrepancies remain between Chinese guidelines and international standards, particularly regarding the use of proceeds for general working capital and the inclusion of 'clean coal' projects. The report recommends harmonizing definitions with international standards, such as those of the EU, and increasing transparency to attract more foreign investment.

In 2019, China led the world in labeled green bond issuance, with 386.2 billion RMB (55.8 billion USD) issued, a 33% increase from 2018. The market saw a significant rise in non-financial corporate issuers and the introduction of the first labeled green municipal special bond. While the market is growing, a gap remains between domestic Chinese green definitions and international standards, particularly regarding the use of proceeds for general corporate purposes and the inclusion of 'clean coal' projects. The report highlights the potential for refinancing as 88% of the domestic green bond balance is set to mature within five years.

The Hong Kong green bond market in 2019 saw a slight decrease in issuance by domestic entities to USD 2.6 billion, but achieved greater issuer diversity and the launch of the first government green bond. Low-carbon buildings dominated proceed allocations at 61%. The market is increasingly characterized by local currency denomination and a strong connection to the Greater Bay Area, with total GBA-domiciled issuance reaching USD 6.4 billion. Regulatory bodies like the HKMA and SFC have introduced measures to enhance ESG disclosures and sustainable banking frameworks to bolster the city's status as a regional sustainable finance hub.

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.

The document examines the role of fixed-income instruments in funding waste management and circular economy initiatives. It highlights that while waste management is only the fourth largest category for green bond use of proceeds, there is significant latent potential and investor demand. The briefing details specific issuances from corporates and local governments in Europe, the US, and Asia, and discusses the barriers to scaling these markets, such as the lack of standardised definitions. It particularly emphasizes Japan's leadership in resource efficiency and the potential for green bonds to support its circular economy goals.

The report analyzes 49 green bonds totaling USD36bn issued in H2 2019. It finds that green bonds generally outperformed vanilla equivalents in terms of book cover and spread compression. Approximately 50% of these bonds were allocated to investors identifying as green. The analysis also highlights a 'greenium' (pricing inside the yield curve) for several bonds and examines the growing market for sovereign green bonds, where 12 governments had issued such instruments by December 2019.

Japan's green bond market saw record growth in 2019, with issuance increasing by 70% over 2018 to JPY786.7bn. Financial corporates dominate the market, and proceeds are primarily allocated to buildings, energy, and transport. The market is characterized by a high rate of external reviews, predominantly Second Party Opinions from Sustainalytics. The Ministry of the Environment (MOEJ) supports the market through guidelines, information platforms, and a financial subsidy programme for external review costs.

The global green bond and green loan market reached a record USD 257.7 billion in 2019, a 51% increase over 2018. Growth was primarily driven by Europe, which accounted for 45% of global issuance. The USA, China, and France remained the top-ranked countries, together representing 44% of the market. Energy and Buildings were the dominant sectors for use of proceeds, each holding approximately 30% market share. Certified Climate Bonds grew by 86% to reach USD 45 billion, with cumulative certified issuance surpassing the USD 100 billion milestone. The market also saw increased diversification with debut issuances from emerging markets including Kenya, Barbados, and Saudi Arabia.

The report investigates the potential for a new on-tax financing model (EuroPACE) to drive deep energy efficiency retrofits in European residential buildings. It identifies significant market failures, such as long payback periods and knowledge gaps, that hinder private investment. Through analysis of four target countries and three successful case studies (Energiesprong, Oktave, and KfW), the document highlights that success depends on low-cost, long-term financing and the ability to aggregate demand. It projects a total lending potential for EuroPACE of nearly €4bn over ten years across the four primary countries, provided that penetration and renovation rates increase.

The report concludes that the US model of ABS securitisation for PACE loans is not directly applicable to Europe due to regulatory differences, a lack of historical performance data for 'Simple, Transparent and Standardised' (STS) treatment, and diverse national legal frameworks. Instead, it recommends localised solutions such as covered bonds, residential mortgage-backed securities (RMBS), and aggregation platforms. The document provides a global market analysis of green bonds for low-carbon buildings and outlines standardisation principles for energy efficiency loans to attract institutional capital.