1Scaling up Green Bond Markets for Sustainable Development Climate Bonds Initiative
A strategic guide for the
public sector to stimulate
private sector market
development for green
bonds
CONSULTATION PAPER
ScalinG up
Green BonD
MarketS for
SuStainaBle
DevelopMent
2Scaling up Green Bond Markets for Sustainable DevelopmentClimate Bonds Initiative
D. inveStMent23
Challenges To Increasing Green Bond Investment
Policy Actions To Increase Green Bond Investment
(I) Capacity Building For Investors
(Ii) Tax Incentives To Green Bond Investors Or Issuers Can Reduce
The Cost Of Capital
(Iii) Strategic Public Investment In Green Bonds Provide An
Important Signaling Efect
(Iv) Green Bond Investment By Central Banks Can Be A Source Of
Demand
(V) Re-Adjusting Risk Weightings And Capital Charges To Better
Facilitate Green Investments
e. cooperation29
Challenges To Increasing Cooperation In Scaling Green Bond Markets
Policy Actions To Increase Cooperation In Scaling Green Bond Markets
(I) Domestic Cooperation Between Entities: Green Bond Market
Development Committees
(Ii) Internal Collaboration Within Large Public Entities Is Also
Important
(Iii) International Cooperation Can Spread Best-Practice
Summary of public sector actions for green bonds31
Summary of the roles of key public sector players31
for green bonds
Join our on-going projects32
appendix 1a:33
Refnancing is the main role of bonds in the capital pipeline
appendix 1b:34
Getting to 1 trillion of green bonds per year by 2020
appendix 1c:36
India ¨C prioritising infrastructure in bond market growth
appendix 2a:37
The Climate Bonds Standards and Certifcation scheme
appendix 2b:39
Chinaˉs country-specifc green defnitions and standards
appendix 3a:40
Yieldcos
appendix 3b:41
Risks of green investments
appendix 3c:42
Types of credit enhancement tools for the public sector
appendix 4:43
Examples of tax incentives relevant to green bonds
WorlD Bank annex44
i BackGrounD3
1. Goal: Meeting Low-Carbon And Climate Resilient
Infrastructure Needs
2. Policy Strategy: Mobilising Institutional Investorsˉ Capital
For Climate Investments
3. Policy Approach: Bonds Provide A Channel
To Mobilise Institutional Investors
4. The Importance Of Public Sector Involvement
To Kick-Start New Markets
ii policy actionS to GroW Green BonD MarketS8
Bond Markets In Advanced Economies
Bond Markets In Emerging Economies
Policy Tools To Grow A Green Bond Market
a. Market DevelopMent10
Challenges To Green Bond Market Development
Policy Actions For Green Bond Market Development
(I) Setting Guidelines And Standards For Green Bond Issuance
(Ii) Levelling The Playing Field For Transaction Costs Of Green
Bonds And Non-Green Bonds
B. iSSuance12
Challenges To Increasing Green Bond Issuance
Policy Actions To Increase Green Bond Issuance
(I) Developing A Priority List O
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