(Reuters) – Global green finance, which is aimed at eco-friendly projects all over the globe, has increased more than 100 percent in the last decade according to a study by TheCityUK (OTC) and BNP Paribas.

The research found that global borrowing through green bonds and loans as well equity funding via initial public offerings for green projects has increased to $540.6billion in 2021, up from $5.2billion in 2012.

TheCityUK represents UK-based professional and financial services.

This demonstrates the increasing pressure from corporations and governments to reduce carbon emissions and reach climate goals.

According to the data, green bonds made up 93.1% global green finance between 2012-2021. The global green bond market was estimated to reach $511.5 trillion in 2021, up from $2.3 billion for 2012.

The data revealed that between 2012-2021, 13.6% and 11.6% were issued by green bonds in China and the United States.

France and Germany followed them with approximately 10% of each of their green bond issuances during that period.

Green finance was a small part of the overall finance market, at 4% in 2021 compared to 0.1% in 2012.

Data showed that the number of publically traded companies engaged in green activities increased from 401 firms in 2012, to 669 companies by 2021.