If you go back a few years, green bonds hardly registered on investors’ radars. Now they are an established option for fixed income investors. From nearly nothing a decade ago, annual green bond issuance could hit $200bn this year.

That sounds like plenty, but it’s a drop in the ocean compared with what is needed. The InterGovernmental Panel on Climate Change estimates an annual expenditure of $2.4tn just in energy systems is needed between now and 2040 to meet the ambition of keeping global warming to 1.5°C above pre-industrial levels. Trillions and trillions more are needed across the global economy.