Bonds will play a crucial role in financing the transition to a low-carbon, climate-resilient economy. Investor interest in the asset class is growing, but what is the current investment opportunity already out there? This report, commissioned by the HSBC Climate Change Centre of Excellence and prepared by the Climate Bonds Initiative, presents a first estimate of the outstanding global bond market size linked to key climate change themes, and examines future drivers and trends in the short term. In spite of the financial crisis, institutional investor commitment to action on climate change has grown not fallen. Back in 2009 at the Copenhagen.