ABSTRACT
We review the market for green bonds from the perspective of various stakeholders. We position this chapter as a framework to explore empirically the challenges and eventually lead to solutions to establish a sophisticated green bond market. We believe that the key to understanding the friction and obstacles to achieve these goals come from two main aspects: 1) the market (including regulatory) efficiency for issuing and pricing of green bonds with sufficient market depth (i.e. liquidity) for the secondary market; and 2) a commonly acceptable evaluation framework to compute quantifiable performance indicators to benchmark environmental, social and governance or ESG-investment performance.
