A new initiative to support efforts of cities, businesses and financial institutions to accelerate the issuance of green bonds has been launched.
The Global Green Bond Partnership (GGBP) will help scale green bond issuance through technical assistance, capacity building, de-risking, investing as well as supporting the development of innovative funds to mobilise investor capital.
Founding members include the World Bank, International Finance Corporation (IFC), Amundi, European Investment Bank, Climate Bonds Initiative, Ceres, ICLEI – Local Governments for Sustainability, Global Covenant of Mayors for Climate Energy and the Low Emissions Development Strategies Global Partnership.
The UN estimates $1.5 trillion (£1tn) of financing needs to be mobilised every year to 2030 to fully implement the Paris climate agreement.
Sean Kidney, CEO of Climate Bonds Initiative said: “The brown to green shift in corporate balance sheets and capex directions needs accelerated action from the world’s biggest banks, largest emitters and institutional investors.
“The international green bond market is now the platform for this large-scale shift, with the target of trillions in new capital mobilised towards climate adaptation and resilience, clean energy and green infrastructure.”