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

The Nordic sustainable bond market reached a cumulative volume of USD 88.2bn by the end of 2020, representing 5% of the global Green, Social, and Sustainability (GSS) market. Green bonds dominate the region, accounting for 96% of the total GSS volume, with Sweden leading in issuance. The market is characterized by high transparency, with 99% of volume benefiting from external reviews and a strong presence of corporate and public sector issuers.

• The Nordic sustainable bond market grew significantly between 2018 and 2020, reaching a cumulative total of USD 88.2bn by the end of 2020. This volume represents 5% of the global Green, Social, and Sustainability (GSS) market, despite the region accounting for only 0.2 to 0.3% of the global population and economy.
• Green bonds are the primary driver of the Nordic GSS market, making up 96% of the total volume at USD 84.3bn by the end of 2020. Social and sustainability-labelled bonds are a smaller, emerging segment totaling USD 4bn (or USD 4.4bn according to another section of the text).
• Sweden is the regional leader in sustainable debt, contributing half of the region's green volume with USD 43.4bn in cumulative GSS issuance. Other contributors include Norway (USD 16.8bn), Denmark (USD 11.3bn), Finland (USD 8.4bn), and Iceland (USD 1.2bn).
• The Nordic market exhibits high standards for transparency and disclosure. External reviews cover 99% of the volume, and the majority of deals (93% by volume) provide both impact and use of proceeds reporting. Certified Climate Bonds make up 9% of Nordic green bond issuance, which is approximately double the global average.
• Corporate issuers are the most prevalent in the region, accounting for half of the cumulative total (USD 41.8bn). Public sector entities, including government-backed entities and local governments, contribute another 39% of cumulative green volume.

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} }