Green bond issuance has passed the significant $100 billion (£75.8bn) benchmark this year, setting a global record.
This year, France became the second country to issue a sovereign green bond while Fiji was the first emerging economy to issue bonds.
Nigeria is expected to become the first African nation to issue a sovereign green bond in coming weeks.
Climate Bonds Initiative estimates the final figure to total $130 billion (£98.6bn) this year.
Christiana Figueres, former UN climate chief, Convenor of Mission 2020 said: “Passing $100 billion in green bond issuance shows we are moving capital flows in the right direction. The priority is to accelerate green finance and climate investment between now and 2020 at a scale never seen before.
“A systemic response from global finance is required. Asset owners and manager need to adjust their capital allocations. Banks and corporates need to commence large scale green bond programmes. Funding clean energy and green infrastructure to meet NDC goals is the objective. $1 trillion (£0.76tn) in green finance by 2020 is the performance measure.”