Environmental, Social, and Governance (ESG) bonds have generated increasing investor demand, media attention, and regulatory focus over the past several years. ESG bonds, broadly encompassing “green bonds” and “social bonds,” first emerged in the corporate sector in response to growing concerns over climate change in the 2000s and functioned as an outgrowth of the socially responsible investing movement, which certain investors in the 1980s and 1990s used to target varied social ills such as apartheid and tobacco companies. While the universe of both ESG issuers and investors has expanded markedly since that time, the market is still developing standards for labeling bonds as “green” or “social,” and a uniform consensus has yet to be reached for either in terms of appropriate projects or the necessary level of resulting environmental or social impact benefits.