Nordic and Baltic Public Sector Green Bonds

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January 2018
Climate Bonds Initiative

The Nordic and Baltic green bond market has experienced steady growth, with 2017 total issuance up 70% compared to 2016 and 11 times higher from market inception in 2013. The public sector - local governments, municipally owned companies (MOCs), state-owned enterprises (SOEs), and Local Government Funding Agencies (LGFAs) - accounts for a large portion of the region’s green bond market, with issuance to date amounting to EUR9.4bn, or 48% of the total. With the region’s local governments characterised by a high level of fiscal autonomy and LGFAs dominating public lending, the public sector is well positioned to fund climate action at a sub-national level through increased green lending and green bond issuance.

The Nordic and Baltic Public Sector Green Bonds report, published by the Climate Bonds Initiative, presents a comprehensive study on the Nordic and Baltic Public Sector Green Bonds, exploring the contribution of sub-national public sector entities to green finance in selected Northern European countries including DenmarkEstonia, Finland, Iceland, NorwayLatviaLithuania and Sweden.