![UNCTAD WIR 2020 Looks at Sustainable Finance](/sites/sseinitiative/files/styles/news/public/news/wir2020news.png?itok=Gs2PXrKf)
The World Investment Report, now in its thirtieth year, includes a special chapter, on investment in the Sustainable Development Goals. Capital markets that are aligned with sustainable development can be instrumental in filling the financing gap for the SDGs.
Green bonds continue rapid growth
The global green bond market saw a 51% year-on-year increase in 2019, rising to nearly $260 billion. The proceeds of green bonds are primarily used in three sectors (energy, buildings and transport), all of them also seeing significant year-on-year growth. More analysis in the WIR 2020.
Which exchanges are the leading venues for green bonds?![](data:image/png;base64,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)
European exchanges have taken the lead in this area, with Deutsche Boerse Group being the largest platform for trading green bonds in 2019. It was followed by the Luxembourg Green Exchange and exchanges in France and the United Kingdom; exchanges in China and Singapore also feature in the top 20 largest exchanges for green bonds. More here.
Why ESG matters
Investment services firms have created indices to facilitate investment in companies that demonstrate good ESG practices that contribute to the achievement of the SDGs. Sustainability equity index data are also reinforcing the view of many investors that sustainability issues are material to the performance of industries in the long run. An example is FTSE Russell’s Environmental Opportunities index, more details here.
Covid-19 response bonds boost social & sustainability bond market
COVID-19 response bonds have been rapidly deployed to fund crisis relief and recovery; the value of such bonds issued in the first quarter 2020 already exceeds the total value of social and sustainability bonds issued in all of 2019.
COVID-19 pandemic response bonds were the subject of the Q2 SSE Webinar; a summary of the discussions can be found here. For detailed coverage of social bonds related to Covid-19, please read the WIR 2020.
Stock exchanges are facilitating the fast-growing market in COVID-19 response bonds by waiving listing fees and are assisting listed companies, especially small and medium enterprises (SMEs), by providing fee relief and introducing flexibility in rules. You can find the details here.
New Stock Exchange Trends Analysis
According to the SSE’s Stock Exchange database, the last decade has witnessed a sharp increase across a range of sustainability mechanisms undertaken by exchanges, covering sustainability reporting, training, and regulations as well as the development of relevant tools and platforms for the development and transaction of sustainability-themed financial products.
In the WIR 2020, you can find a complete analysis of the latest trends.