According to a report by UK think tank New Financial, over 95% of Europe’s green finance activity comes from bond and loan markets, with the equities market representing 4%. Labelled green bonds are the single largest component of green finance and have raised €200 billion in the last year and €425 billion in the past five. Companies have raised an additional €225 billion in green finance in the loan markets, including nearly €100 billion last year. The report says corporates account for 60% of activity across all green finance, including being the biggest issuers in the green bond market representing 40% of activity over the past five years, followed by governments at 35% and financials at 25%. Equity markets, which include public equity markets and venture capital investment in cleantech, represents 4% of all green finance, having raised €26 billion in 2021. However, the report suggests activity is rapidly growing, with green equity increasing from €1 billion to €13 billion over the past five years and doubling in the last year. In the EU and the UK, the value of green finance raised in the capital markets reached €300 billion last year, but the report estimates €600 billion to €1 trillion per year in green investment will be needed to reach 2050 net zero commitments.