GREEN BONDS GLOBAL STATE OF THE MARKET 2019

The Climate Bonds Initiative's Green Bonds Global State of the Market 2019 report analyzes the growth and trends of the global green bond market in 2019. It highlights a record issuance of USD 258.9 billion, the expansion of the market into new countries, the dominance of non-financial corporates as the top issuer type, and the increasing role of Certified Climate Bonds and external reviews in ensuring alignment with climate goals.

• The global green bond market saw record growth in 2019, with USD 258.9 billion issued, representing a 51% increase over 2018. This growth was supported by 506 issuers and 1,802 deals. Cumulative issuance since 2007 reached USD 754 billion.
• Non-financial corporates became the top issuer type for the first time in 2019, with issuance more than doubling to USD 59.1 billion. This marked a reversal from 2018, when financial corporates led the growth.
• The market expanded geographically in 2019 with the emergence of eight new countries: Barbados, Ecuador, Greece, Kenya, Panama, Russia, Saudi Arabia, and Ukraine, contributing a combined USD 3.1 billion. The total number of countries with green bond issuance rose to 62.
• Energy, Buildings, and Transport remained the dominant use of proceeds categories, accounting for USD 80 billion of the USD 88 billion added in 2019. Their combined share of the market reached 82%, the highest level since 2015.
• Certified Climate Bonds, which confirm alignment with the goal of capping global warming at 2°C, reached a cumulative milestone of USD 100 billion. In 2019, they accounted for 17% of the market volume, with Transport representing 50% of that volume.
• External reviews are widely used, with 86% of the amount issued in 2019 receiving at least one form of review. Second party opinions (SPO) are the most preferred option, accounting for nearly two-thirds of the market.
• The Euro (EUR) grew robustly, becoming the first currency to exceed USD 100 billion in a single year (USD 108 billion in 2019) and reclaiming the lead in cumulative volume from the US Dollar (USD).
• Green sukuk experienced significant growth, with volume more than tripling in 2019 to reach USD 4.3 billion from eight issuers across four countries, primarily funding renewable energy projects.

APA

Almeida, M. (2020). GREEN BONDS GLOBAL STATE OF THE MARKET 2019. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Green-Bonds-Global-State-of-the-Market-2019.pdf

Chicago

Almeida, Miguel. GREEN BONDS GLOBAL STATE OF THE MARKET 2019. Climate Bonds Initiative, 2020. https://www.climatebonds.net/files/documents/publications/Green-Bonds-Global-State-of-the-Market-2019.pdf.

Wikipedia

{{cite report |last1=Almeida |first1=Miguel |title=GREEN BONDS GLOBAL STATE OF THE MARKET 2019 |publisher=Climate Bonds Initiative |date=July 2020 |url=https://www.climatebonds.net/files/documents/publications/Green-Bonds-Global-State-of-the-Market-2019.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{almeida2020green, author = {Almeida, Miguel}, title = {{GREEN BONDS GLOBAL STATE OF THE MARKET 2019}}, institution = {Climate Bonds Initiative}, year = {2020}, month = jul, url = {https://www.climatebonds.net/files/documents/publications/Green-Bonds-Global-State-of-the-Market-2019.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }