In 2017, members of the IFC-facilitated Sustainable Banking Network (SBN) – representing 35 countries and approximately US$43 trillion in banking assets in emerging markets – began to share best practices regarding policy frameworks to support green bonds. This report captures SBN members’ diverse experiences and the latest insights into the drivers, challenges, and innovations to create green bond markets in the emerging markets. It highlights the importance of integrating ESG practices as a foundation of integrity and value creation in any impact-focused investment, including green bonds. It also offers a practical “Green Bond Market Development Toolkit”, including Common Objectives, a Selfassessment and Planning Matrix, a Roadmap with Common Milestones, and a Capacity Building Needs Assessment. Together, these spell out the particular steps SBN members need to take to develop strong local green bond markets. The emerging consensus highlights alignment with international good practices and approaches, as well as efforts to harmonize definitions of what is “green”.