New transition bond includes step-down, as new ‘green infrastructure’ bond issued.

Funded by green bonds, decarbonized assets are driving emissions upwards in other sectors that supply the necessary raw materials and shipment services. A capital markets transition label ought to factor this in.

The World Bank is issuing ‘outcomes’ bond structures for niche sustainability themes and with new financing mechanisms. Like blue bonds, they are probably going to need some rule-setting.

A securitization of pay-as-you-go electricity bills to fund wider access to electricity in Côte d’Ivoire could spark copycat social bonds for affordable housing, telecoms, electricity access and more.

The global clubs charged with defining what pace of transition is both scientifically and politically acceptable are only as good-willed as their members.

The sovereign pushed hard on its first use-of-proceeds green bond, but a sustainability-linked bond was not seen as a practical option for now.

Enel could trigger the largest step-up event in the sustainability-linked bond market if it misses its CO₂ emissions targets at the end of this year. How the market reacts will set the tone for the future of these instruments.

Sustainability-linked loans have faced growing criticism for their opacity and concerns around greenwashing. Sustainability-linked loan bonds could help to bring more transparency to the market and help legitimise these structures.

Record sustainable finance issuance will still only get you so far.

Patricio Sepúlveda, head of Chile’s public debt office, discusses how programmatic issuance demonstrates commitment to sustainability-linked bond goals and can make these structures more cost effective.

Despite a year of high-profile issuance, all is not well in the sustainability-linked bond market. Teething problems could soon become an existential crisis, raising the risk that investors might decide to abandon the asset class altogether.

Social bonds could help deliver the UN Sustainable Development Goals by driving private capital into essential services. But impact looks different from one place to the next, so how can issuers report it in a way that makes sense?

Jordan Kuwait Bank has issued the country’s first green bond, a key milestone for sustainability driven capital investments in the country. But getting momentum going in the sector will be an uphill battle.

The EU green bond standard is understandably broad. But because of this, the limits between sustainable and transition finance remain unclear.

The recent update to the green taxonomy and implementation of the SFDR RTS have received a mixed reception in parts of the EU.

Uruguay reignites the debate on transition finance with its sovereign sustainability-linked bond.

Corporate bond deals in euros are now a rarity as issuers and investors struggle to judge the new price of credit.

The banking industry has become frustrated by slow regulatory progress as it waits for necessary standardization of climate risk assessments and disclosure policies to meet net-zero targets.

Latin America’s corporates are embracing sustainable local debt financing with enthusiasm. The region’s bankers are betting that it’s going to be as good for bookrunner fees as it promises to be for the environment.

China’s approach to ESG is a jumble of grandiose and contradictory state planning alongside often marvellously successful bottom-up plans by banks and fintechs to instil in consumers a more sustainable lifestyle.

Where do the borders of ESG lie – now and in the future? Investors from the US to China are revisiting these questions and finding thorny and often unpalatable answers, even as they dump Russian assets for ethical reasons. The results are set to shape the financial world’s relationship with sustainability for years to come.

The first sovereign sustainability-linked bond has been announced, and it is no surprise that it is coming from Latin America. Investors and bankers will follow Chile’s transaction carefully, but is the issuer’s decision to enter war-spooked markets a sign of confidence or recklessness?

A ‘remarkable’ global dollar bond from Airport Authority Hong Kong raises the question of whether any member of the aviation sector should include a green tranche within its funding structure.

Before long, investors will pay as close attention to an issuer’s green framework as to its credit rating.

Green bonds are still a tiny percentage of total market outstandings, so maybe borrowers making net-zero pledges should tie all their liabilities to them.

The issuance of green bonds is that rare thing: a strategy on which the EU and UK agree. That is especially welcome because achieving net zero will require the participation of enormous volumes of private capital.

Derivatives could turbocharge environmental, social and governance markets, with a related boost to bank revenues. However, they could also make it harder to monitor exposure.

China faces tough choices in the months ahead. Make the right decisions and it can become the global leader in ESG, a country determined to shed its industrial past and embrace a cleaner, greener future.

Australia is not the first country that comes to mind with regards to climate action. But away from the political rhetoric, the exceptionally powerful superannuation funds and corporates are pushing change. The key is an acceptance that in Australia it’s all about transition.

Brazil’s central bank attempts to redress the country’s woeful environmental reputation with climate-related stress tests.