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Green bond market gets off to best start in six years

With more than 82 issuances from 27 countries, totalling $36.13bn in the first quarter of 2019, this is the best start since for the green bond market since 2013. This is up 17% from the same period last year, demonstrating investors’ appetite for ethically labelled bonds.

Analysis from global law firm Linklaters published today, shows that the US is the largest source of green bonds so far this year with 14 issuances worth $9.2bn, followed by France with 5 issuances totalling $4.8bn The start of this year also saw Poland return to the green bond market, with a $2.5bn.

Fig One: Green bond market by country over Q1 2019

Value of issuance (US$)



Green bonds are used to finance renewable power and other environmentally friendly opportunities, including clean energy, renewables and infrastructure projects.

Amrita Ahluwalia, Capital Markets lawyer at Linklaters, says:

“This has been the strongest start for the green bond market in quite some time and shows the continued momentum that is building. Some expected that we might have seen a slower start to the year or that investors might take a more cautious approach give increased debate on what constitutes a green bond. Whilst we saw a bit of blip in activity last year, green bonds continue to gain significant traction among investors looking to be more sustainable.”

Fig Two: Issuance by year (2013-2018)

Value (US$)

Period (Year)

Value (US$)