Emerging markets vs Europe: green bonds must serve both

The rapid rise of investment funds specifically targeting the UN Sustainable Development Goals (SDGs) has not translated into a focus on where those funds are flowing geographically.  As finance services co-opted the SDGs - a blueprint of 17 interlinked global objectives to protect people and planet by 2030 - from government policymakers, new financial instruments were introduced. The first ‘green bond' was launched in 2008 by the World Bank, and green, social and sustainability (GSS) bonds have subsequently flourished into a $3.5trn market, which goes some way to meeting the estimate...