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The first green bond was issued back in 2007 by the European Investment Bank, with the World Bank following suit a year later. It took a number of years for this market to establish itself, but it is now a staple segment of the fixed income asset class.

Green bonds are the best-known securities amongst the sustainable bonds' universe, but there are also other types of bonds that follow a similar ‘use of proceeds’ structure. Green bonds support climate-focused projects such as renewable energy, clean transportation, or sustainable water management. Social bonds finances projects around reducing poverty, affordable housing, or access to health care while Sustainability bonds aim at a combination of these objectives. Moreover, Transition bonds, the newest addition to the sustainable bonds' family, allocate proceeds to businesses transitioning towards decarbonization.