Sustainable Debt Market Summary H1 2022

In H1 2022, GSS+ labelled debt volumes reached USD417.8bn, a 27% year-on-year decrease driven by inflation, rising interest rates, and geopolitical instability. Green bonds remained the largest segment (52% of volume), with China emerging as the most prolific country. While social and sustainability bonds declined, sustainability-linked bonds (SLBs) grew by 5.2%, and transition UoP bonds saw a 2.5-fold increase from Q1 to Q2. Key policy shifts included the EU's inclusion of gas and nuclear as transitional activities and the launch of green taxonomies in Colombia and South Africa.

• Cumulative GSS+ labelled debt reached USD417.8bn in H1 2022, representing a 27% year-on-year decrease compared to H1 2021. This decline is attributed to market dynamics including rising interest rates, high volatility, post-COVID-19 inflation, and the Russian invasion of Ukraine in February.
• Green-themed issuance was the dominant segment in H1 2022, accounting for 52% of GSS+ labelled debt. Cumulative green labelled issuance reached just under USD1.9tn by the end of the period. China was the most prolific country by volume (USD48.2bn), deal count (190), and number of issuers (116).
• Social and sustainability bonds comprised 15% (USD63.8bn) and 21% (USD87.2bn) of total GSS+ debt in H1 2022, respectively. Both segments saw year-on-year declines of 57% for social and 13% for sustainability bonds. Europe led social bond issuance, generating USD41.3bn, while supranationals, the USA, and South Korea remained the top three positions for sustainability bonds.
• The sustainability-linked bond (SLB) market grew by 5.2% year-on-year, with cumulative H1 2022 issuance at USD46.6bn. A majority of SLB volumes (58%) were tied to GHG emission targets. However, the inclusion of Scope 3 emissions varied by industry, with only 15.2% of gas utility and 27.9% of oil and gas SLBs covering all three scopes.
• Transition Use of Proceeds (UoP) bond issuance grew 2.5-fold from Q1 to Q2 2022, though it represented less than 1% of H1 GSS+ volumes. Most 2022 deals originated from China and Japan's transition finance programmes, targeting hard-to-abate sectors such as steel, chemicals, and aviation.
• Significant policy developments occurred in H1 2022, including the European Parliament's approval of the Complementary Delegated Act (CDA) on 6 July 2022, which allows certain fossil gas and nuclear activities to be classified as transitional in the EU Taxonomy from 1 January 2023. Additionally, Colombia became the first LATAM country to publish a green taxonomy in April 2022, which excludes all fossil fuels.

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} }