Sustainable Debt Global State of the Market H1 2025

The 'Sustainable Debt Global State of the Market H1 2025' report by the Climate Bonds Initiative provides a comprehensive analysis of aligned green, social, sustainability, and sustainability-linked (GSS+) debt. As of the end of H1 2025, the cumulative aligned volume reached USD 6.2 trillion, with H1 2025 alone contributing USD 555.8 billion. The report details the dominance of green bonds, the resurgence of social debt, the stability of sustainability-labelled debt, and the specific alignment trends of sustainability-linked bonds (SLBs). It also highlights the introduction of the European Green Bond Standard, the rise of data-centre focused asset-backed securities, and the strategic priorities for COP30, including methane abatement and the Tropical Forest Forever Fund.

• As of the end of H1 2025, the cumulative aligned volume of green, social, sustainability, and sustainability-linked (GSS+) debt reached USD 6.2 trillion, spanning 107 countries and supranationals. Supranationals were the leading source of this cumulative volume at USD 926.1 billion, followed by the USA (USD 859.8 billion), France (USD 628.6 billion), and China (USD 611.4 billion).
• In H1 2025, aligned GSS+ volume totaled USD 555.8 billion, marking the third highest semi-annual volume ever recorded. Green bonds dominated this period, accounting for 61% of the H1 2025 volume (USD 341.3 billion), while sustainability-labelled debt (USD 106.4 billion) and social debt (USD 98.4 billion) also showed strong performance. Sustainability-linked bonds (SLBs) remained the smallest segment at USD 9.7 billion.

APA

Javier, J. A. B., & Muldoon, C. (2025). Sustainable Debt Global State of the Market H1 2025. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_H1_2025_01C.pdf

Chicago

Javier, Joaquin Alfonso B., and Clodagh Muldoon. Sustainable Debt Global State of the Market H1 2025. Climate Bonds Initiative, 2025. https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_H1_2025_01C.pdf.

Wikipedia

{{cite report |last1=Javier |first1=Joaquin Alfonso B. |last2=Muldoon |first2=Clodagh |title=Sustainable Debt Global State of the Market H1 2025 |publisher=Climate Bonds Initiative |date=2025 |url=https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_H1_2025_01C.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{javier2025sustainable, author = {Javier, Joaquin Alfonso B. and Muldoon, Clodagh}, title = {{Sustainable Debt Global State of the Market H1 2025}}, institution = {Climate Bonds Initiative}, year = {2025}, url = {https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_H1_2025_01C.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }