Gulf's Green and Sustainable Bond and Sukuk Market Reaches a Record High of USD 8.5 Billion in 2022
January 05, 2023 | Updated at January 11, 2023
The total value of green and sustainable bond and Sukuk issuances for the Gulf Cooperation Council (GCC) in 2022 reached USD 8.5 billion from 15 deals, up from USD 605 million from 6 deals in 2021, setting a record high, according to Bloomberg.
Why it Matters?
The increase witnessed in the marker is attributed to significant banks and government-related businesses entering the market which led to an increase in the number of issues by over twofold since 2021. According to Venty Mulani, Sustainable Fixed Income Data Specialist at Bloomberg, the trajectory of the green finance market in the wider region has gained increased importance with COP27 in Egypt and the upcoming COP28 in the United Arab Emirates (UAE). In 2022, the GCC set a new record for the issua...