Since the World Bank issued its first green bonds in 2008, institutional investors have shown increasing willingness to put their money to work on projects that address climate change. “The question has shifted from ‘Why should we do this?’ to ‘Why wouldn’t we do this?’” says Christopher Flensborg, head of sustainable products at Skandinaviska Enskilda Banken (SEB) in Sweden, who worked with the World Bank to develop the green bond instrument.

“We went from no one having heard...

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