Green bonds exploded last year, with some $36.6 billion dollars of labelled green bonds issued – more than three times the figure recorded in 2013, according to new figures from the Climate Bonds Initiative.

The CBI put the boost down to the corporate and municipal sectors getting heavily involved, including a rush of municipal green bonds late in the year boosting the final figure, with local governments in the US investing in bioenergy, wastewater and green buildings.

Large development banks still accounted for most of the issuance, with 44 per cent of the total figure. New entrants included national development banks that had been waiting for the right time to issue a green bond, including Germany’s KfW, France’s AFD and Netherland’s NWB Bank.

The corporate sector brought scale with $12 billion dollars issued, and did so in a range of currencies, which the CBI said was “great for liquidity in the market”. The largest deal was GDF Suez’s $3.4 billion green bond, with proceeds going towards energy efficiency and renewable energy projects.

The cumulative amount of green bonds outstanding by the end of 2014 is now $53.2 billion. The CBI expects the same market growth for 2015, meaning by the end of the year there should be $100 billion in green bonds issued, and a cumulative figure of more than $150 billion.