Green bond issuance surges

The relatively new market of “green bonds” has rapidly expanded in the past couple of years. Issuance climbed to more than $40 billion in 2015 from around $1 billion in 2012. 2016 is on pace to match 2015’s issuance. The largest green bond offering in 2015 was a $3 billion offering by Shanghai Pudong Development Bank Co. Ltd. Apple Inc. had the third largest with a $1.5 billion offering; proceeds were used for projects that “reduce our impact on climate change by using renewable energy sources and driving energy efficiency in our facilities, products and supply chain, pioneer the use of greener materials in our products and processes or conserve precious resources,” the company said.