Capital market financing of climate change and environmental awareness projects has finally taken off. So-called 'green bonds' have celebrated a breakthrough in 2014, and expectations are high that an increasing number of issuers and investors will be attracted to the product in the coming years. Green bonds have evolved from environ-ment-themed retail bonds in Japan in the 1990s to the first international climate awareness bond issued by the European Investment Bank (EIB) in 2007, which pioneered the ring-fencing of bond proceeds to finance projects that contribute to renewable energy and energy efficiency.
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