* Total global issuance seen at $50-70 bln this year
* Last year’s issuance was $36.6 bln
LONDON, Aug 24 (Reuters) - Global green bond issuance is likely to reach $50-70 billion this year, exceeding last year’s record of almost $37 billion, after issuance almost doubled in the second quarter, Nordic corporate bank SEB said on Monday.
The proceeds from green bonds help finance low-carbon projects, such as renewable energy, the energy efficiency sector, green transport and wastewater treatment.
After a slow start to the year, issuance reached $12.1 billion in the second quarter, up from $7.3 billion the previous quarter, SEB said in a research note.
In the first half of the year total issuance reached $19.3 billion, compared with $36.6 billion for the whole of 2014.
“The acceleration in issuance during the second quarter (...) supports our view that issuance will continue picking up speed this autumn,” Christopher Flensborg, SEB’s head of sustainable products and product development, fixed income and debt capital markets, said in the note.
“Our target for total issuance during the full year of $70 billion is not out of reach but it is, admittedly, probably a bit on the optimistic side. We have, therefore, modified our target to $50-70 billion.”
Earlier this month, Moody’s Investors Service also said global green bond issuance this year would likely exceed last year’s record.
Reporting by Nina Chestney; editing by Susan Thomas