Private sector green bonds could hit an all-time record of $30 billion in sales this year, Standard & Poor’s Rating Service projected this week, as utilities, real estate companies, and others adopt a new investment tool that “is quickly gaining traction in global markets.”

According to Bloomberg, green bonds as a whole more than tripled last year, to $36.6 billion, with corporations accounting for about $19 billion of the total. “The surge in green bond sales represents growing demand among investors for green investments amid concerns about climate change,” S&P noted.

“Development banks and companies typically sell green bonds to help pay for renewable energy projects such as wind farms and solar installations, as well as energy-saving building retrofits and highly energy-efficient appliances and technologies,” Gallucci explains. “S&P said Monday that the steep decline in global oil prices should not hamper interest in the green bond market this year.” (h/t to InsideClimate News)