Sustainable Debt Market Summary Q1 2022

In Q1 2022, the cumulative GSS+ labelled debt market reached USD3tn, though quarterly issuance fell nearly 30% year-on-year to USD202.2bn due to market volatility and rising interest rates. While green and social bond volumes declined, sustainability and sustainability-linked bonds saw growth. The period was marked by the first sovereign sustainability-linked bond from Chile and the first public sector sustainability-linked bond from the City of Helsingborg. The report also highlights the role of the IPCC WG3 report and the war in Ukraine in underscoring the urgency of the energy transition, while noting the emergence of transition bonds in Japan.

• Cumulative GSS+ labelled debt, which includes green, social, sustainability, sustainability-linked, and transition bonds, reached a milestone of USD3tn by the end of Q1 2022, with green bonds accounting for USD1.7tn of that total.
• Total GSS+ issuance in Q1 2022 was USD202.2bn, representing a year-on-year decline of almost 30% compared to Q1 2021 (USD284bn). This slowdown is attributed to rising interest rates, the war in Ukraine, and bond market sell-offs.
• Green bond issuance in Q1 2022 totalled USD83.5bn, a 38% decrease from Q1 2021. Europe-based issuers led the volume with USD47.2bn (56%), while China was the most prolific country by total amount issued at USD20.8bn.
• Sustainability-linked bond (SLB) volumes grew by over 100% year-on-year, reaching USD24bn in Q1 2022. There is a trend toward higher transparency, with 61% of SLB KPIs tied to GHG emission targets, and 77% of those targets being SBTi-verified.
• The first quarter of 2022 saw significant firsts in the SLB market: Chile issued the first-ever sovereign SLB (USD2bn), the City of Helsingborg issued the first public sector SLB, and the Arizona Industrial Development Authority issued the first US municipal SLB.
• Transition bond issuance in Q1 2022 reached USD470m, with new debuts from Japan Airlines and Tokyo Gas. The report expresses concern over Tokyo Gas funding LNG and gas projects, which it states are inconsistent with a 1.5-degree pathway.
• Social bond issuance decreased by 59% compared to Q1 2021, falling to USD37.2bn. This decline is linked to the subsiding of the COVID-19 crisis, which had previously driven spikes in social-themed issuance.

APA

Climate Bonds Initiative (2022). Sustainable Debt Market Summary Q1 2022. https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Market-Summary-Q1-2022.pdf

Chicago

Climate Bonds Initiative. Sustainable Debt Market Summary Q1 2022. 2022. https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Market-Summary-Q1-2022.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Sustainable Debt Market Summary Q1 2022 |date=May 2022 |url=https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Market-Summary-Q1-2022.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2022sustainable, author = {{Climate Bonds Initiative}}, title = {{Sustainable Debt Market Summary Q1 2022}}, institution = {Climate Bonds Initiative}, year = {2022}, month = may, url = {https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Market-Summary-Q1-2022.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }