Following the global deal reached at the COP21 talks in Paris in December, Moody's said it expected bonds to attract greater attention because of the huge levels of capital investment that will be required to meet the targeted emissions cuts. Last year was a record year for green bonds, with US$42.4 billion issued, but Moody's said it anticipated still more activity in 2016. "We expect the momentum from the UN Conference on Climate Change (COP21) as well as the signing of the Paris Agreement scheduled this April to likely motivate additional and repeat issuance of green bonds," said Henry Shilling, a Moody's senior vice president. "In this favourable environment, even after more recent bond market headwinds, and assuming a resumption of the growth rates seen in 2012-14, issuance could exceed US$50 billion by a significant margin. While volume growth in 2015 had slowed to 16%, it had exhibited gains of 158% in 2012; 255% in 2013; and 233% in 2014," added Shilling.