The purpose of this bachelor thesis is to examine what the drivingforces are to issue or invest in green bonds in real estate, and furtherinvestigate if the green bonds will affect the green building ratingsthat SGBC issues. Lastly, the bachelor thesis examines the prospects forgreen bonds in real estate.To achieve the purpose, this bachelor thesis has been conducted with aqualitative research-method and interviews with eight respondents withexpertise in green bonds or green building rating systems. . Thebachelor thesis has shown that the driving forces of green bonds is thatthose who work with green bonds invigorate their green profile andthereby their image of CSR. Furthermore, the issuers receive a largerinvestor base by issuing green bonds. However, the bachelor thesis hasshown that the financial cost to issue a green bond can be higher thanregular bonds due to back reports pursuant to GBP. However, green bondscan lower vacancy on a green building and therefore lower the financialrisk and the cost of capital and in that way lower the financial cost.In summary, the bachelor thesis can draw the conclusion that green bondsand green building ratings have a correlation between each other.However, it is hard to determine if the driving forces for green bondsaffects the promotion of green building ratings or if there are otherfactors that are affecting this phenomenon.