By Cesare Milani and Alice Gunn

With US$100 billion of issuances anticipated by year end, the green bonds market is increasingly attracting the attention of corporations, supranational entities, multilateral banks, cities and municipalities seeking to raise capital for projects or investments with a positive environmental impact.

There was a threefold increase in green bond issuances in 2014 (compared to 2013) and, in 2015, the first high yield green bond offering in France by independent recycling company, Paprec Group, was further evidence of not only a growing market, but a maturing one.

For the market to continue to grow, however, there may be merit in clarifying the definition of green bonds.