The Climate Bonds Initiative has been researching investment opportunities in bonds financing climate-aligned assets since 2012. The climate and investment backdrop has changed dramatically over the past 6 years. The labelled green bond market
has taken off and with it, the focus of this research has expanded.

Previous reports identified issuers whose revenues are derived almost entirely from ‘green’ business activities (>95%). Outstanding bonds of these issuers, sometimes referred to as ‘pure-plays’, plus labelled green bonds were collectively defined as ‘climate-aligned bonds’.

This year we have expanded the scope to include issuers who are strongly climate-aligned, i.e. ones that derive at least 75% of their revenues from ‘green’ business lines. This is to capture companies transitioning to ‘green’ and to take into account the fact that as ‘pure-play’ issuers grow, their revenue streams tend to diversify. This approach seeks to highlight as many issuers raising funds for green assets and projects as possible including labelled green bonds and unlabelled bonds from climatealigned issuers.

Sustainable Development Goals (SDGs) have been included for the first time in this report. We identified six SDGs where increased green investment provide direct benefits: SDG 6, 7, 9, 11, 13 and 15. However, climate mitigation measures, adaptation and the development of climate-resilient infrastructure and buildings underpin the achievement of all 17 SDGs. To highlight the links, sector headings use related SDG icons.

More in depth green bond coverage has been provided on green bond structures, policy updates and public sector developments, as well as green bond pricing. This can be found on pages 22-30. The 2018 research identified 869 issuers: 342 fully-aligned, 82 strongly-aligned and 498 green bond issuers.

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