By Henry Mason, ESG Research Associate at Calvert Research and Management, and Brian S. Ellis, CFA, Calvert Fixed Income Portfolio Manager
The green finance market, similar to almost every other aspect of 2020, was shaped by the COVID-19 pandemic. In the first half of the year, alternative forms of sustainable finance flourished as both governments and corporations sought to combat the effects of the pandemic with social and sustainability offerings. Notably, $75 billion of debt with a “pandemic” label was issued in the first half of 2020.1
Although the impact of COVID can be seen in the growth of social debt versus other sustainable debt categories in 2020 (Figure 1), green bond issuance (debt issued by governments, banks, local governments and corporations to finance climate change and other environmental solutions) also experienced a steady recovery as 2020 progressed.
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