Emerging Market Green Bonds Report 2021

The fourth edition of IFC and Amundi's Emerging Market Green Bonds Report provides a detailed update of developments in green bonds issued in emerging markets and developing economies (EMDEs) and the outlook for the coming year. The market rebounded strongly in 2021, propelled by demand from both domestic and international investors and by expanded issuance by new and existing issuers. Maintaining the growth momentum achieved in 2021 could be challenging, in the face of a changing economic and geopolitical context, with existing inflation pressures and supply chain disruptions exacerbated by war in Ukraine.

Nonetheless, the report sees the potential for issuance in EMDE green bonds to rise to US$150 billion by 2023, with Chinese issuers contributing the largest share. For the first time, the report includes a focus on social, sustainability, and sustainability-linked bonds issued in EMDEs. The report also looks at the need for EMDEs to scale up investments in climate adaptation, discusses global policy initiatives, and highlights the "greening" of debt restructuring.

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