IN RECENT years, the market for sustainable use-of-proceeds bonds has grown significantly. Annual issuance of green, social and sustainable (GSS) bonds rose from US$95 billion in 2018 to US$735 billion in 2021, according to Bloomberg data.
However, the sustainable-labelled bond industry had a difficult 2022 amid broader macroeconomic issues, causing annual issuance of GSS bonds to fall to US$572 billion.
The energy crisis, pandemic and last year’s interest-rate hikes created a challenging macroeconomic environment, exacerbated by the war in Ukraine.
This led to a major sell-off across bonds and equities. It has been estimated that stock and bond markets lost around US$30 trillion in value in...
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