Collectively, this constitutes the era of early sustainable finance research, which lasted until 2021, the year of COP26. This is followed by the third ("mature phase") which spans 2021-present, and is characterized by green and sustainable finance.

Tools and standards

Green bonds

Green bonds are any type of bond instrument where the proceeds or an equivalent amount is exclusively applied to finance or re-finance, in part or in full, new and/or

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