ABSTRACT
Economists have brought to light the relation between public spending on infrastructure and increases in productivity, as well as lower transaction and production costs. Demonstrating the link between economic growth and sustainable development issues is a crucial prerequisite for mobilizing savings and, the case of climate change is particularly interesting. The energy transition has become a focal priority, not only among ecologists, or within the international forum provided by the International Panel on Climate Change, but a concern at the center of serious economic thought; and even those economic circles least inclined to give credence to such ideas have begun to take heed. However, procyclic regulations like these, which push economic actors to reduce risk-taking at precisely that moment when the economy most needs investment, are not the only factors to blame. Bank of America led the charge for banking sector issuance of green bonds with a US$500 million issuance in 2013.
