Sustainable Debt Global State of the Market Q1 2026

The report provides a detailed breakdown of aligned GSS+ debt volumes, issuer types, and geographic trends for Q1 2026, highlighting the continued dominance of green bonds and the European market.

• As of March 31, 2026, the cumulative volume of aligned GSS+ debt reached USD 6,986.0 billion, which represents 83% of the total GSS+ volume of USD 8.4 trillion recorded by Climate Bonds.
• Aligned GSS+ debt instruments totaled USD 230.3 billion in Q1 2026, marking a 9% decline compared to Q1 2025 on a like-for-like basis.
• Green-labelled debt remained the most used theme in Q1 2026, accounting for 65% of the quarter's aligned GSS+ volume at USD 150.2 billion, a 5% increase from Q1 2025 on a like-for-like basis.
• Germany experienced its most prolific quarter for green debt in Q1 2026 with USD 30.9 billion, led by the German sovereign (USD 7.6 billion) and the state-owned development bank KfW (USD 7.2 billion).
• Aligned social volume in Q1 2026 was USD 42.9 billion, with France emerging as a significant contributor by pricing USD 18.5 billion, its strongest quarter since 2022.
• The sustainability label saw a sharp decline in Q1 2026, recording its slowest first quarter since 2020 with USD 34.2 billion in aligned volume, largely due to a drop in supply from development banks, specifically the International Bank for Reconstruction and Development (IBRD).
• Aligned sustainability-linked bond (SLB) volume rose slightly to USD 3.0 billion in Q1 2026 from USD 2.6 billion in Q1 2025, with aligned volume representing 53% of the total SLB volume issued during the quarter.
• Sovereign aligned volume increased by 7% from Q1 2025 to USD 38.0 billion, with European sovereigns accounting for 72% of this total, led by Austria with a record USD 8.2 billion.

APA

Javier, J. A. B., & Muldoon, C. (2026). Sustainable Debt Global State of the Market Q1 2026. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Q1-2026.pdf

Chicago

Javier, Joaquin Alfonso B., and Clodagh Muldoon. Sustainable Debt Global State of the Market Q1 2026. Climate Bonds Initiative, 2026. https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Q1-2026.pdf.

Wikipedia

{{cite report |last1=Javier |first1=Joaquin Alfonso B. |last2=Muldoon |first2=Clodagh |title=Sustainable Debt Global State of the Market Q1 2026 |publisher=Climate Bonds Initiative |date=June 2026 |url=https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Q1-2026.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{javier2026sustainable, author = {Javier, Joaquin Alfonso B. and Muldoon, Clodagh}, title = {{Sustainable Debt Global State of the Market Q1 2026}}, institution = {Climate Bonds Initiative}, year = {2026}, month = jun, url = {https://www.climatebonds.net/files/documents/publications/Sustainable-Debt-Q1-2026.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }