The green bond market could be set for a "game changing" boost from China, where issuance is tipped to “grow substantially” as policymakers intensify their focus on sustainable initiatives.

The proceeds of green bonds are used to pursue environmental goals, with $36.6 billion raised through the sale of the instruments globally last year, according to the Climate Bonds Initiative. That represented a tripling of issuance from 2013, with the London-based non-profit group predicting issuance will grow again to $50 billion in 2015.