Green bond market has witnessed a positive turnaround, especially with the launch of Green Bond Pledge initiative, the announcement of green bond guidelines in Peru and the launch of the Sustainable Blue Economy Finance Principles, says Moody’s.

In the first quarter of 2018, green bonds were issued worth US$30.4bn with 11.5% year-on-year reduction. Matthew Kuchtyak, an analyst at Moody’s said: “While first-quarter volumes suggest a slower pace of market growth, broader fixed income market conditions may have contributed to the decline in green bond issuance.”

On the global front, Moody’s report predicts US$250bn worth of green bond issuance this year. “Despite the dip, a number of developments point to a strong second quarter, underscoring Moody’s expectation of the green bond market’s continued maturation,” the report said.

However, there will be significant issuances in the second quarter, Moody’s noted. The issuance includes a €1.1bn issuance from the government of France, a €750mn issuance from ABN AMRO Bank N.V. and €500mn issuances from Berlin Hyp AG and BNP Paribas, reported Live Mint

“These new developments indicate that the slower-than-anticipated first quarter green bond issuance will represent no more than a minor speed bump on the way to global market growth,” Kuchtyak added.