This report has been developed by IFCand the Climate Bonds Initiative (CBI) on behalf of theSustainable Banking Network (SBN) Green Bond Working Group.Established in 2012, SBN is a unique community of financialsector regulatory agencies and banking associations fromemerging markets committed to advancing sustainable financein line with international good practice. The Networkfacilitates the collective learning of members and supportsthem in policy development and related initiatives to createdrivers for sustainable finance in their home countries. SBNnow represents 35 countries and over US$43 trillion of bankassets in emerging markets. Responding to strong interestfrom SBN members in the global green bond trend, a GreenBond Working Group was formed in October 2017 as a Communityof Practice on local green bond market development.Comprised of SBN member country representatives andobservers from 21 countries and 30 organizations active orwith a strong interest in creating green bond markets, theWorking Group has the following broad objectives: to enhancecollective knowledge and develop technical resources tosupport members in developing green bond markets; to supportthe integration of environmental, social and governance(ESG) factors into all stages of green bond issuance andreporting; and to support SBN members to develop and deepengreen bond markets through awareness raising, capacitybuilding, and knowledge sharing. The activities of theWorking Group have been divided into two phases: mapping ofthe current status and lessons learned from national,regional and global green bond guidance, standards andpractices; and development of practical technical tools tosupport green bond market development.