A green bond is a bond whose proceeds are formally allocated to financing or refinancing specific projects or pools of assets that aim to deliver stated climate-change benefits such as GHG emissions reductions and other environmental benefits over their life-cycle. Green bonds have been issued to finance or refinance a wide range of assets including renewable energy, sustainable housing, clean mass-transportation, water and waste management, conservation, the circular economy and more. The Green Bond Principles (GBP), a set of voluntary principles for issuers and administered by the International Capital Market Association, provide guidance for issuers. Under the GBP, bond green documentation and green bond frameworks should clearly state use of proceeds, the process for project evaluation and selection, management of proceeds, and reporting. The Climate Bonds Initiative provides sector specific green definitions and a green bond certification scheme. The green bond market in its current iteration has existed since 2007, when the European Investment Bank issued its first Climate Awareness Bond.