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Green Bond Experience in the Nordic Countries

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  • Nassiry, Darius

    (Asian Development Bank Institute)

Abstract

The global green bond market has grown rapidly in recent years, increasing from $3 billion in 2012 to over $100 billion in 2017. Given the broad acceptance and strong demand from investors, green bonds have emerged as an important financing solution, raising finance for climate change mitigation and adaptation investments, particularly in developing countries, where the need for such investments is significant. The Nordic region has pioneered the issuance of green bonds. The World Bank and Skandinaviska Enskilda Banken, a leading Nordic financial services group, developed the green bond concept in 2008 in response to investors’ demand for climate-related investments. Since then, Nordic issuers have played a leading role in green bond issuance, particularly for local green finance. We summarize the Nordic experience with green bonds with a focus on local financing structures and highlight key points that may be of value for developing countries, particularly those in Asia and the Pacific, in exploring green bonds as a means to raise finance for climate change mitigation and adaptation investments.

Suggested Citation

  • Nassiry, Darius, 2018. "Green Bond Experience in the Nordic Countries," ADBI Working Papers 816, Asian Development Bank Institute.
  • Handle: RePEc:ris:adbiwp:0816
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    Citations

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    Cited by:

    1. Andini Nurul Aini & Citra Sukmadilaga & Erlane K. Ghani, 2023. "Green Bonds, Investor Attention and Stock Market Reaction: Evidence from ASEAN Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 13(6), pages 334-343, November.
    2. Hiromasa Takahashi & Toru Takemoto & Akihiro Suzuki, 2020. "Can players avoid the tragedy of the commons in a joint debt game?," International Journal of Game Theory, Springer;Game Theory Society, vol. 49(4), pages 975-1002, December.
    3. Moisescu Florentina & Bandrabur Cosmina, 2021. "Green Bonds - Sustainable Solution for Financing the Environmental Projects in Romania," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 304-318.

    More about this item

    Keywords

    global green bond market; green bonds; financing solution; climate change mitigation; investments; Nordic region; World Bank; Skandinaviska Enskilda Banken; Nordic financial services; climate-related investments;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles

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