This is equally applicable to national, state, and municipal governments. Many European countries, for example, have issued sovereign green bonds for financing large environmental projects in the expansion of capacity for renewable energy and preparing the transportation infrastructure to make it greener. Britain issued its first green bond in 2021, raising more than $13 billion to fund clean energy, flood prevention, and sustainable farming projects.
This does not exclude the local governments, however, of city or state level. There is an observed trend as green bonds seem to pop up more often in adaptation initiatives and measures regarding climate adaptation during the upgrading process for infrastructure.