BNEF said the overallsustainabledebt market, which barely existed 10 years ago and includes assets such asgreen bondsas well as social bonds, grew 29 per cent in 2020.
The money raised through social bonds goes towards projects with positive social impacts such as education, healthcare, housing and basic infrastructure.
Like social bonds, green bonds are generally issued by governments and supranational bodies such as the World Bank to fund environmentally friendly programs, generally aimed at mitigating climate change.
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“A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power. It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China is turning legal tender itself into computer code.”