The world's green bond market hit a record quarterly high in the last three months, as investor appetite in environmental assets picked up pace.
Issuers brought $66.6bn (£54.8bn) of green bonds to market globally in the second quarter of 2019, propelling issuance in the first half of the year and shattering records.
Growth in green bonds, which are typical defined investment products created to boost the development of renewable energy projects that tackle carbon emissions, has been led by European issuers.
First-half issuance was 47 per cent higher than the same period of 2018, compared against an 11 per cent year-over-year rise in the previous year, according to a new report by Moody's Investors Service.
“The green bond market remains on course to eclipse our 2019 forecast of $200bn of total issuance,” said Moody's analyst Matthew Kuchtyak.
Corporates were the strongest contributors to overall green bond issuance in the second quarter, with $14.9bn of non-financial corporate issuance and $13.6bn of financial corporate issuance accounting for 22 per cent and 20 per cent of total volume respectively.
European issuers accounted for a leading 54 per cent of total issuance, driven by the large debut $6.7bn sovereign green bond from the government of the Netherlands.