Nordic Sustainable Debt State of the Market 2020: Special Regional Report

The Nordic GSS bond market reached a cumulative USD 88.2bn by the end of 2020, representing 5% of the global GSS volume. Green bonds dominate the market at 96% of the total, with Sweden leading in cumulative issuance. The region shows high standards of transparency, with 99% of volume benefiting from external reviews.

• By the end of 2020, the Nordic GSS bond market reached a cumulative volume of USD 88.2bn, which accounts for 5% of the global GSS market despite the region representing only 0.2-0.3% of the world's population and economy.
• Green bonds are the primary driver of the regional market, making up 96% of the total GSS volume at USD 84.3bn. Sweden is the largest contributor with USD 43.4bn, followed by Norway (USD 16.8bn), Denmark (USD 11.3bn), Finland (USD 8.4bn), and Iceland (USD 1.2bn).
• Corporate issuers are the most common, accounting for half of the cumulative total (USD 41.8bn), split between non-financial corporates (27%) and financial corporates (23%). Public sector entities, including government-backed entities and local governments, contribute approximately 39% of the cumulative green volume.
• The use of proceeds for Nordic GSS bonds is led by Buildings (34%), followed by Energy (24%) and Transport (14%). Land use, Water, and Waste also hold a relatively high share compared to global markets, with Finland showing the largest share of Land use at 21% cumulatively.
• The region demonstrates high transparency and disclosure standards, with 99% of the volume receiving an external review and 93% of volume having both impact and use of proceeds reporting published.

APA

Climate Bonds Initiative (2021). Nordic Sustainable Debt State of the Market 2020: Special Regional Report. https://www.climatebonds.net/news-events/blog/nordic-sustainable-debt-state-market-2020-special-regional-report-nordics-5-global-gss-markets

Chicago

Climate Bonds Initiative. Nordic Sustainable Debt State of the Market 2020: Special Regional Report. 2021. https://www.climatebonds.net/news-events/blog/nordic-sustainable-debt-state-market-2020-special-regional-report-nordics-5-global-gss-markets.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Nordic Sustainable Debt State of the Market 2020: Special Regional Report |date=20 April 2021 |url=https://www.climatebonds.net/news-events/blog/nordic-sustainable-debt-state-market-2020-special-regional-report-nordics-5-global-gss-markets |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2021nordic, author = {{Climate Bonds Initiative}}, title = {{Nordic Sustainable Debt State of the Market 2020: Special Regional Report}}, institution = {Climate Bonds Initiative}, year = {2021}, month = apr, url = {https://www.climatebonds.net/news-events/blog/nordic-sustainable-debt-state-market-2020-special-regional-report-nordics-5-global-gss-markets}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }