Bonds and Climate Change

The State of the Market 2017 - Brazilian Edition

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AN $895billion climate-aligned bonds universe

The 6th annual State of the Market Report, commissioned by HSBC, identifies an $895bn universe of ‘climate-aligned bonds’ financing low carbon and climate resilient assets or projects. This is an increase of$201bn on the 2016 climate-aligned bond universe.

This year’s report focuses on the role of cities, sovereigns and sub-sovereigns in meeting the targets outlined in the Paris Climate Agreement.

The growth in the climate-aligned universe is encouraging but there is headroom for a much larger market. Transport is the largest theme in the universe but has decreased as a percentage of the total universe and now accounts for 61% (66% in 2016). The change is primarily due to the large increase in labelled green bond issuance - $100bn since the 2016 report.

The Brazilian green bond market is growing rapidly. The first labelled green bond from a Brazilian issuer was issued by food company BRF in June 2015. A total of 9 Brazilian green bonds have been issuedB3 amounting to $3.67bn, five of which were issued internationally.


The Global State of the Market report is the flagship report published every year by the Climate Bonds Initiative, commissioned by HSBC. The Brazilian chapter has been written in partnership with the Brazil’s sustainable finance expert SITAWI and the Inter-American Development Bank.

SITAWI Finance for Good is a pioneer organization in the development of financial solutions for the social sector and in the assessment of the social and environmental performance of companies and sectors. It is the first Latin American organization to provide external reviews for green bonds.

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