“The collapse of Californian utility PG&E helped focus fixed income investors on environmental, social and governance (ESG) issues.”

Hiro Mizuno, former Chief Investment Officer at the world's biggest pension fund, Japan's Government Pension Investment Fund

“I think now investors are becoming more familiar with what social bonds are, which 24 months ago I would say was not the case. Social bonds were just such a small subclass of the whole market. I think this is where the pandemic has really changed things.”

Jarek Olszowka, Head of Sustainable Financing, Nomura Asset Management

"Adding social criteria to the EU Taxonomy is a substantial step forward, because of all the advantages that are derived from this enabling framework that Europe has created."

Aldo Romani, Head of Sustainable Funding, European Investment Bank

"I would be very resistant to see a separate transition bond sector of the market that's not a green bond. We're talking about transition to the Paris Agreement goals, not transition in the abstract."

Isabelle Laurent, Deputy Treasurer and Head of Funding, European Bank for Reconstruction and Development (EBRD)

"The key thing we want to do is take steps to better define the concept of what it means to be credibly transitioning at the issuer level."

Yo Takatsuki, Head of Active Ownership and ESG Research, Axa Investment Managers

"The EU's taxonomy of sustainable activities is a "powerful tool" for impact reporting, but the data is not always there to enable reporting in alignment with it."

Alexandre Vincent, Manager, Green Bond Unit, Agence France Trésor

"The KPI-linked model innovates by appealing to issuers because it does provide them with full flexibility on the use of proceeds, as long as they can commit in a transparent and consistent way to improve very specific KPIs."

Eusebio Garre, Head of Funding, IDB Invest

"When we have been speaking with investors, they have been vocal that they would like to get some impact. And that's where the green bond or the use of proceeds bond has been transparent."

Jens Hellerup, Head of Funding and Investor Relations, Nordic Investment Bank

"Both the 'use of proceed' and the sustainability-linked models are focused around transparency and integrity, and I think both come in more ambitious and in less ambitious formats."

Johanna Kob, Head of Responsible Direction, Zurich

"What surprised me is the market generally oversubscribed to Covid bonds. Not just because investors think it's the right thing, but due to analysis of the financials."

Carlo Funk, Head of ESG Investment Strategy for EMEA at State Street Global Advisors