Green bonds: how to issue, who invests and key requirements
37 matching capital sources on the ASFIP database · Last checked October 2026
A green bond is a bond whose proceeds are used only for projects with environmental benefits — renewable energy, efficiency, clean transport, water, sustainable land use and climate adaptation. It works like any other bond for the investor, but the issuer commits to tracking and reporting on how the money is spent.
Green bonds suit borrowers with a balance sheet and a pipeline of eligible assets — banks, utilities, municipalities, governments and larger companies — rather than single small projects. For first-time issuers in Africa and developing countries, an anchor investor and credit enhancement often matter more than the coupon.
The Green Bond Principles
The ICMA Green Bond Principles set four core components. Most issuers also get an external review (second-party opinion) and some certify against the Climate Bonds Standard.
- Use of proceeds.
- Process for project evaluation and selection.
- Management of proceeds.
- Reporting.
Green, social, sustainability and sustainability-linked bonds
- Social bonds fund social outcomes.
- Sustainability bonds combine green and social uses.
- Sustainability-linked bonds are not tied to specific projects but change their coupon if the issuer misses ESG targets.
How to issue a first green bond
- Identify eligible assets.
- Write a green bond framework.
- Get a second-party opinion.
- Secure anchor investors (often development finance institutions).
- Consider a guarantee to improve the rating.
- Plan annual allocation and impact reporting.
The funders
Each profile shows mandate, instruments and sector appetite. Verified contacts and application routes are available to members.
- Bank of Kigali Green FinanceCommercial Investor · RwandaRwanda's largest commercial bank operating a green finance line supporting solar energy, energy efficiency and climate-smart agriculture loans for retail and corporate clients, partly backed by international climate-finance credit lines.DebtGreen Bonds
- GuarantCoBlended Finance Facility · United KingdomGuaranteesGreen Bonds
- Kenya Green Bond Programme / Nairobi Securities ExchangeGovernment Agency · KenyaGreen BondsAdvisory
- SymbioticsImpact Investor · SwitzerlandDebtGreen Bonds
- UK MOBILISTProgramme Window · United KingdomA UK government programme (FCDO) that anchors and lists investment products on public exchanges to mobilise institutional capital into climate and development assets across emerging markets.Anchor InvestmentEquityTechnical Assistance
- InfraCreditBlended Finance Facility · NigeriaNigerian specialised infrastructure credit enhancement facility that provides local-currency guarantees to improve credit quality of infrastructure debt instruments, including green/renewable energy bonds. Backed by GuarantCo, Africa Finance Corporation and Nigeria Sovereign Investment Authority.GuaranteesCredit EnhancementDebt
Showing 6 of 37 matching capital sources. The remaining 31 — including their verified routes and eligibility criteria — are reserved for members.
Common questions
- What is a green bond?
- A bond whose proceeds fund only environmentally beneficial projects, with the issuer reporting on how the money is used and the impact achieved.
- Who can issue a green bond?
- Governments, municipalities, development banks, commercial banks, utilities and companies with eligible assets and the capacity to report on them.
- What is the difference between a green loan and a green bond?
- A green loan is provided by a bank or lender; a green bond is sold to investors on capital markets. Both follow similar use-of-proceeds principles.
Related guides
Official sources: ICMA Green Bond Principles · Climate Bonds Initiative · Convergence (blended finance). Reviewed by the iSustain Global research team against funders' published criteria.