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Sustainalytics concludes that the Assicurazioni Generali Green Bond Framework is credible, impactful, and aligns with the Green Bond Principles 2018. The framework targets six eligible categories: green buildings, renewable energy, energy efficiency, clean transportation, sustainable water management, and recycling, re-use & waste management. Generali has established a Green Bond Committee to oversee asset selection and commits to annual reporting on both allocation and impact. The report also notes Generali's broader sustainability targets, including increasing green sector investments by EUR 3.5 billion by 2020 and reducing internal GHG emissions by 20% by 2020.

Vigeo Eiris conducted a limited assurance procedure on the Republic of Chile's 2019 first Green Bond, concluding that it conforms in all material respects to the Climate Bonds Standard (CBS) version 2.1. The bond's proceeds are intended for 14 eligible green expenditures across solar energy, low carbon land transport, green buildings, and water management. The verification confirmed the existence of a documented decision-making process led by a Green Bond Committee and verified that the nominated projects meet specific sector criteria, such as a 30% carbon reduction target for buildings and a limit of 15% non-renewable electricity for solar projects. The report also validates the internal processes for tracking proceeds and the commitment to post-issuance compliance reviews.

The report analyzes 34 benchmark-sized green bonds issued between July and December 2018. It finds that EUR green bonds generally achieved higher oversubscription and better secondary market performance than vanilla equivalents, while USD green bonds showed more muted demand. Only two bonds exhibited a 'greenium' (pricing inside their yield curve). The report also highlights China as the largest emerging market source of green bonds and explores the potential for green bonds to provide downside risk protection during market volatility.

In Q1 2019, global green bond issuance reached USD 47.9 billion, a 42% increase over Q1 2018. The market was driven by non-financial corporates, particularly in the energy sector, and dominated by developed markets in the USA, France, and Canada. Energy, buildings, and transport accounted for 81% of the use of proceeds. The report also highlights that while post-issuance reporting is common among larger issuers and those with external reviews, there is a lack of consistency in the metrics used to report environmental impacts.

Vigeo Eiris conducted a pre-issuance verification of AES Tietê Energia's 2019 Green Bond, confirming that the proceeds intended for the Guaimbé and AGV solar power plants in Brazil meet the Climate Bonds Standard version 2.1 and Solar Sector Criteria version 2.0. The bond, with anticipated proceeds up to BRL 820 million, aims to finance projects with a total installed capacity of 225 MW and an expected annual electricity generation of 480 GWh. The verification found that the projects are eligible under the 'Solar' classification of the Climate Bonds Taxonomy and that the issuer has established appropriate internal processes for tracking proceeds and managing unallocated funds.

Carbon Trust Assurance Limited verified that Nedbank Limited's framework for its first green bond conforms to the Climate Bonds Standard V2.1. The bond intends to finance a portfolio of wind and solar energy projects in South Africa awarded preferred bidder status through the Renewable Energy Independent Power Producer Procurement Programme (REIPPP). The verifier found that Nedbank has established appropriate internal processes for project selection, tracking of proceeds, and management of unallocated funds, with a commitment to annual reporting and post-issuance verification.

The document discusses the necessity of 'taxonomies'—systematic classifications of green assets—to prevent greenwashing and provide clear guidance for issuers and investors. It highlights the transition from voluntary international guidelines, such as the Green Bond Principles, to more comprehensive regulatory frameworks, most notably the EU Taxonomy for Sustainable Finance. The report also details the development of the ISO 14030 international standard and provides examples of regional guidelines in ASEAN, China, and other markets.

The Japanese green bond market reached a cumulative issuance of 9.7 billion USD by 2018, ranking 10th globally. The market is primarily driven by financial institutions and large corporations, with a strong concentration in the building and energy sectors. While the public sector remains relatively inactive, the report identifies significant opportunities for expansion in low-carbon housing, sustainable transport, and resilient infrastructure to support Japan's Nationally Determined Contributions (NDC).

The document reports on the growth of sovereign green bond issuance in 2018, noting that sovereign issuance reached 10.5% of the green bond market share. It details specific issuances from countries like France, Indonesia, and the Seychelles, and outlines the development of the Green Bond Market Development Toolkit for emerging markets. Additionally, it describes the EU's progress toward a sustainable finance taxonomy and the efforts of central banks, such as the Bank of England and De Nederlandsche Bank, to integrate climate risk into financial supervision and stress testing.

The Hong Kong green bond market experienced significant growth in 2018, driven by government incentives and private sector activity. While local entities issued USD 2.3bn in 2018, Hong Kong also serves as a major platform for non-local issuers, particularly from mainland China, with total issuance reaching USD 11bn according to HKMA data. The market is characterized by a high prevalence of external reviews and a concentration of proceeds in low-carbon buildings, water, and renewable energy.

Japan's green bond market, the 12th largest globally, is primarily driven by financial and non-financial corporate issuers, with a strong focus on buildings and energy projects. While the market has seen significant growth, particularly between 2016 and 2017, the report identifies substantial untapped potential in the public sector, residential property, and the manufacturing industry to help Japan meet its 2030 and 2050 greenhouse gas reduction targets.

The document examines the global green bond market for low-carbon buildings, highlighting the role of securitisations, covered bonds, and public infrastructure financing. It identifies Japan as a key player with significant potential to leverage these instruments for energy efficiency and climate adaptation.

The document examines the role of green bonds in decarbonizing the building sector, which accounts for approximately 28% of global energy-related CO2 emissions. It details various financial instruments, including Asset-Backed Securities (ABS) and covered bonds, used to fund energy-efficient construction and renovations. The briefing highlights the growth of the market, noting that as of November 2018, $126 billion had been allocated to low-carbon building assets. It specifically analyzes the Japanese market, where the Development Bank of Japan is the largest issuer, and suggests that Japan can further leverage its technical expertise in energy efficiency to attract green investment.

Global green bond issuance grew by 3% in 2018 to USD 167.3bn, with the USA, China, and France remaining the top national markets. While growth slowed compared to 2017, the broader labelled bond market—including sustainability and social bonds—increased by 13% to USD 226.1bn. The Asia-Pacific region saw the highest growth rate at 35%, and financial corporates became a primary driver of issuance. The report also notes a trend toward larger, benchmark-sized bonds and the emergence of sovereign blue bonds.

Sustainalytics verified that BTS Group Holdings PCL's green bond meets the Climate Bonds Standard Version 2.1 for Low Carbon Transport. The bond is intended to finance and refinance electric mass transportation and related infrastructure in Bangkok, specifically the Pink and Yellow monorail lines. The verification process confirmed that the nominated projects meet the required technical criteria and that BTSG has established internal processes for tracking and managing proceeds.

The H1 2019 green bond market report by the Climate Bonds Initiative tracks global issuance trends, noting that Euronext Amsterdam was the top listing venue and HSBC was the leading global underwriter. The data highlights the performance of sovereign green bonds, which often showed higher book cover and larger spread compression than vanilla equivalents, and identifies energy as a primary area for use of proceeds.

Sustainalytics has provided a pre-issuance verification letter confirming that PKO Bank Hipoteczny SA's green covered bond framework aligns with the Climate Bonds Standard Version 2.1. The bond is intended to finance or refinance a portfolio of residential green buildings in Poland, targeting the top 15% of low carbon buildings or those achieving significant carbon emission reductions through upgrades.

The green bond market in Latin America and the Caribbean (LAC) is growing, with USD 12.6 billion issued since 2014. Brazil, Chile, and Mexico dominate the market, with Chile leading the region in sovereign green bond issuance. While energy is the most funded sector, LAC shows a higher proportion of funding for land use and industry compared to global trends. The report highlights significant opportunities for growth in sustainable agriculture and the 'blue economy' (ocean-based resources), while noting that public sector entities and financial institutions have substantial untapped potential for future green issuances.

The guide provides a comprehensive overview of green financing in the ASEAN region, detailing available debt and equity instruments, credit enhancement tools, and a step-by-step process for issuing green bonds, sukuk, and loans. It highlights the role of governments, banks, and development finance institutions in scaling up private capital to meet an estimated USD3tn green investment need by 2030.

The report outlines Vietnam's need for approximately 31 billion USD by 2020 to meet its Nationally Determined Contributions (NDC) and transition to a sustainable economy. It highlights a significant gap in infrastructure investment, estimating a 102 billion USD shortfall by 2040 if current spending trends continue. The document analyzes four primary sectors for green investment: renewable energy, low-carbon transport, sustainable water management, and sustainable waste management. It details the emergence of green finance in Vietnam, including the issuance of 27 million USD in municipal green bonds by Ho Chi Minh City and Ba Ria-Vung Tau, and the introduction of Decree 163/2018/ND-CP to provide a legal framework for corporate green bonds. The report also provides a list of 40 exemplary green projects and suggests policy actions, such as issuing sovereign green bonds and implementing climate risk disclosures, to attract private and international capital.