After concerns around recent stagnation, the market for green bonds is finally returning to its history of steep growth. Through the first half of 2019, countries, companies and local government across the globe have sold more than $89 billion of green bonds, funding projects that benefit the environment. Bloomberg analysts estimate that global non-asset-backed green bond issuance will top $182 billion by year’s end, well exceeding 2018’s $133 billion and 2017’s $128 billion marks.

May’s $23.8 billion represented the second-highest monthly volume on record. During the especially productive month, Netherland’s $6.7 billion deal was the first sovereign green bond ever sold by a triple-A rated country. Chile, Korea, and Portugal also brought major green deals to market. Domestically, Connecticut announced plans to issue $250 million of top-rated green bonds for water and wastewater projects.

In the Senate, five Democrats recently introduced legislation that would establish a United States Green Bank. The bank would “finance clean energy projects by capitalizing regional, state and local intermediary institutions which then directly finance eligible projects.” Though the legislation is unlikely to pass, its proposal represents a growing national sentiment that green bonds – for investors and issuers alike – are the future.

“The uptick in debut issuers, in particular, suggests that environmentally friendly financing might finally be sinking its roots into the global debt markets.” Brian Chappatta writes for Bloomberg. The Climate Bond Initiative, or CBI, estimates $250 billion in green-bond sales for 2019. For a market that’s been overlooked for years, that’s an impressive estimate. Industry experts expect continued expansion, and the prospect of a dominant global green investment market grows every day.

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