In 2007, the EIB played a major role in developing the green bond market with the issuance of the first climate awareness bond (CAB), the world's first green bond. Since then, the green bond market has grown substantially in size and sophistication.

This evaluation examines the EIB’s role in the green bond market between 2007 and 2020 and reflects upon the implications of the changing policy and market context for the EIB’s CAB activity going forward.

In particular, the evaluation looked at (i) the extent to which the EIB contributed to fostering the development of the green bonds market, (ii) the identification of peers’ best practices, (iii) the proportionality of costs and benefits of CAB issuance, (iv) the complementarity between CABs and SABs, and (v) the role of CABs to reorient capital flows to more sustainable activities going forward.

In 2007, the EIB played a major role in developing the green bond market with the issuance of the first climate awareness bond (CAB), the world's first green bond. Since then, the green bond market has grown substantially in size and sophistication.

This evaluation examines the EIB’s role in the green bond market between 2007 and 2020 and reflects upon the implications of the changing policy and market context for the EIB’s CAB activity going forward.

In particular, the evaluation looked at (i) the extent to which the EIB contributed to fostering the development of the green bonds market, (ii) the identification of peers’ best practices, (iii) the proportionality of costs and benefits of CAB issuance, (iv) the complementarity between CABs and SABs, and (v) the role of CABs to reorient capital flows to more sustainable activities going forward.