For the purpose of this review, green bonds are broadly defined as fixed-income debt securities issued (by governments, multi-national banks or corporations) in order to raise the necessary capital for a project which contributes to a low carbon, climate resilient economy. To date, these have been issued predominantly as AAA-rated securities by the World Bank and other development banks and some other entities in order to raise capital specifically for climate change and green growth related projects. Though generally offering these bonds with the same interest rate as other instruments, and with the same credit rating, ring-fencing the financing.
