Sustainable Debt Market Summary H1 2022

In H1 2022, cumulative GSS+ labelled debt reached USD 417.8 billion, a 27% year-on-year decrease attributed to inflation and market volatility following the Russian invasion of Ukraine. Green bonds remained the dominant theme, accounting for 52% of H1 volumes, while transition-themed Use of Proceeds (UoP) bonds saw a 2.5-fold increase from Q1 to Q2. The report highlights the expansion of sovereign GSS+ issuance, the introduction of the EU's Complementary Delegated Act including nuclear and gas, and the proliferation of national sustainable finance taxonomies in jurisdictions such as Colombia and South Africa.

• Cumulative GSS+ labelled debt volumes in the first half of 2022 reached USD 417.8 billion, representing a 27% year-on-year decrease compared to H1 2021. This decline is linked to rising interest rates and high volatility caused by post-COVID-19 inflation and the Russian invasion of Ukraine.
• Green-themed issuance was the largest component of the H1 2022 market, accounting for 52% of GSS+ labelled debt. Cumulative green labelled issuance reached just under USD 1.9 trillion by the end of the period.
• China emerged as the most prolific country for green bonds in H1 2022 by volume (USD 48.2 billion), deal count (190), and number of issuers (116), with financial corporates driving 55% of the Chinese market.
• Transition Use of Proceeds (UoP) bond issuance grew significantly in Q2 2022, increasing 2.5 times over Q1 volumes. Japan was a substantial contributor, providing USD 1.3 billion in H1 2022 following the 2021 publication of the Basic Guidelines on Climate Transition Finance by the Ministry of the Economy, Trade, and Industry (METI).
• Sustainability-linked bonds (SLBs) saw cumulative issuance reach USD 46.6 billion in H1 2022, a 5.2% year-on-year increase. 58% of SLB volumes were tied to greenhouse gas (GHG) emission targets, though coverage of Scope 3 emissions varied by industry, being lowest in gas utilities (15.2%) and oil and gas (27.9%).
• The European Commission's Complementary Delegated Act (CDA) to the EU Taxonomy Regulation, passed on 6 July 2022, allows certain fossil gas and nuclear activities to be classified as transitional starting 1 January 2023, provided they meet strict criteria such as a 55% GHG emissions reduction for gas-fired power plants.
• Global sustainable finance taxonomies are expanding, with over 20 jurisdictions currently establishing them. Notable H1 2022 developments include Colombia becoming the first LATAM country to publish a green taxonomy (excluding all fossil fuels) and South Africa publishing its first Green Finance Taxonomy in April 2022.

APA

Climate Bonds Initiative (2022). Sustainable Debt Market Summary H1 2022. https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Market-Summary-H1-2022.pdf

Chicago

Climate Bonds Initiative. Sustainable Debt Market Summary H1 2022. 2022. https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Market-Summary-H1-2022.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Sustainable Debt Market Summary H1 2022 |date=August 2022 |url=https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Market-Summary-H1-2022.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2022sustainable, author = {{Climate Bonds Initiative}}, title = {{Sustainable Debt Market Summary H1 2022}}, institution = {Climate Bonds Initiative}, year = {2022}, month = aug, url = {https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Market-Summary-H1-2022.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }