Investors representing over two trillion dollars of assets under management Tuesday issued an Investor Statement on Green Bonds and Climate Bonds, committing to grow a global market in the financing of climate change solutions. At the same a group of 13 development banks, investors and issuers committed themselves to further developing the Green Bonds.

UN Secretary General Ban Ki Moon has convened the UN Climate Summit today because, as he says, "Greenhouse gas emissions are at record levels and the effects of climate change are already widespread, costly and consequential."

The past year has seen the rapid growth of a Green Bonds and Climate Bonds market as a mechanism to tap the global bond market to finance solutions to climate change. Over USD 25 billion of Green Bonds have been issued this year. The Climate Bonds Initiative expects a total of over USD 40 billion for the year and USD 100 billion in 2015.

Climate Bonds CEO Sean Kidney said: "Enormous opportunity exists to develop green bond financing in the coming year, including working with organizations making commitments in other workstreams of the UN Summit – cities, low-carbon transport, clean energy. That applies to emerging as well as developed markets."

"The response to climate change also requires substantial investments in areas such as water infrastructure; adaptation measures for communities; and the climate-proofing of existing infrastructure. It requires a rapid transition to a low-carbon and climate resilient economy. The scale of the task requires mobilizing trillions of dollars of private sector capital as well as public expenditure."

Today, investors managing assets of over two trillion dollars in three continents have issued an ‘Investor Statement on Green Bonds and Climate Bonds'. The Statement says they understand that they have a responsibility to address threats to the future performance of their investments from climate change, as well as a responsibility to secure their clients' savings through sustainable and responsible investments. The statement is attached.

Erik Jan van Bergen, CIO, ACTIAM (formerly SNS AM), said: "Climate change is real. Mitigating and adapting to it are vital challenges for societies worldwide. Acting on clients' behalf and as key economic players, investors do have a responsibility to take.

"Gigantic investments are needed. These amounts are investments yielding a return, they are not costs. To provide the necessary capital, we need to activate the world's large debt capital markets. Green bonds and climate bonds are a means to do so.

"We stand ready to invest. ACTIAM intends to further increase its climate bond holdings of EUR 500 million, subject to market conditions and client demand, to EUR 1 billion by the end of 2015 "

Tushar Morzaria, Group Finance Director, Barclays Bank, said: "Every so often, market innovation and social imperatives come together to create something exciting that has the potential to make a real difference. The Green Bond market is a fast-growing and powerful example of this synthesis."

The signatories committed to working to "grow a large and robust market that makes a real contribution to addressing climate change", and called on:

Climate science experts to develop clear standards for the climate change impacts and benefits of bond finance projects.

Issuers to ensure transparency around the use of proceeds and their impact.

Governments to develop projects that can be financed by green and climate bonds.

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