Developed as a collaborative research project between S&P Dow Jones Indices (S&P DJI) and Infrastructure Credit Alpha Group LLC (InfraCredit), this paper has been organised with the following objectives in mind:
1. Provide a current overview of the green bond market, including the key trends and drivers underlying its recent growth (Section 1);
2. Highlight the key macro drivers influencing the future of the green bond market, and discuss why this market may evolve into an asset class (Section 2);
3. Discuss why the emergence and evolution of green bond indices may be evidence of market maturation (Section 3); and
4. Introduce S&P Dow Jones Indices’ debut green bond index (Section 4).