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2014 is biggest year ever for green bonds

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Following a landmark green bond growth year in 2013, the labelled green bond market has once again experienced a year of incredible growth in 2014, according to data from Climate Bonds Initiative.

By year-end there had been USD36.6bn of green bonds issued by 35 different issuers – more than triple the 2013 issuance. The final figure was boosted by a late flurry of green municipal bonds. 

This exponential growth takes the total amount of green bonds outstanding to USD53.2bn by the end of 2014.

In 2014 corporate and municipal bond issuers joined the 'green party' while development banks continued to be the backbone of green bond issuance. 

The big development banks still account for the majority of issuance with 44% (USD16bn) of total green bond issuance in 2014. This is split amongst new green bond issuers and the veterans (EIB, EBRD, World Bank and IFC). 

New entrants to the market were mainly national development banks that had been waiting in the wings for the right moment to issue a green bond. These include banks such as Germany’s KfW, France’s AFD and Netherland’s NWB Bank.

In addition to new issuers, we saw a diversification in product types with the World Bank issuing a series of retail investor focused green bonds, as well as green bonds across 6 different currencies. EIB continued to be a prolific issuer of green bonds (although they call them Climate Awareness bonds) and ended the year on top of the issuer table, across all issuer types, with USD5.6bn green bonds issued in 2014. 

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