Source: Climate Bonds Initiative. 2014  2015  2016  2017  2018  2019  2020  2021  2022  Note: Breakdown by issuer type is not available for 2022. Source: Climate Bonds Initiative.
These purchases, which were concentrated at the longer end of the U.S. yield curve, took duration out of the market and thus lowered the equilibrium yield required by investors to hold the reduced supply of long-duration assets instead of holding and rolling over short-maturity Treasury bills.