Sustainable Debt Global State of the Market 2024

As of Q1 2025, the cumulative aligned GSS+ debt volume reached USD 5.9 trillion, with green bonds remaining the dominant theme. While Q1 2025 saw a 17% year-on-year decline in volume compared to Q1 2024, development banks achieved a record quarterly volume of USD 63.6 billion. The market is led by supranationals and the USA, France, and China as the primary country sources.

• By the end of Q1 2025, the cumulative aligned volume of green, social, sustainability, and sustainability-linked (GSS+) debt reached USD 5.9 trillion, spanning 107 countries and supranationals.
• Aligned GSS+ debt volume in Q1 2025 was USD 262.3 billion, representing a 17% decline compared to Q1 2024. This decrease was primarily driven by lower volumes from sovereign issuers (-41%) and non-financial corporates (-52%), though this was partially offset by growth in government-backed entities (+9%) and development banks (+39%).
• Green bonds continue to be the most prevalent theme, accounting for 62% of the cumulative aligned volume (USD 3.7 trillion) and USD 146.6 billion in Q1 2025. The USA was the most prolific country by deal count in Q1 2025 with 357 deals, while China provided the highest volume at USD 20.7 billion.
• Aligned social debt reached USD 56.6 billion in Q1 2025, a 17% year-on-year increase and the strongest quarter since 2021. USD-denominated social debt hit a record quarterly volume of USD 29.9 billion, led by US government-backed entities Ginnie Mae and Freddie Mac.
• Cumulative aligned sustainability volume surpassed the USD 1 trillion threshold in Q1 2025, reaching USD 1.1 trillion. In Q1 2025, development banks provided 64% of the total sustainability volume (USD 37.3 billion), with the World Bank Group acting as the lead issuer.
• Development banks reached a record quarterly pricing volume of USD 63.6 billion in Q1 2025, bringing their cumulative aligned volume to USD 961.2 billion.
• The sovereign GSS+ market is led cumulatively by France (USD 86.2 billion), Germany (USD 85.2 billion), and the UK (USD 79.7 billion), all of whom issued exclusively green bonds. In Q1 2025, the top sovereign issuers were Italy (USD 7.1 billion), the UK (USD 6.2 billion), and Austria (USD 5.1 billion).

APA

Javier, J. A. B., & Muldoon, C. (2025). Sustainable Debt Global State of the Market 2024. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_Q1_2025_Final-Version.pdf

Chicago

Javier, Joaquin Alfonso B., and Clodagh Muldoon. Sustainable Debt Global State of the Market 2024. Climate Bonds Initiative, 2025. https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_Q1_2025_Final-Version.pdf.

Wikipedia

{{cite report |last1=Javier |first1=Joaquin Alfonso B. |last2=Muldoon |first2=Clodagh |title=Sustainable Debt Global State of the Market 2024 |publisher=Climate Bonds Initiative |date=July 2025 |url=https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_Q1_2025_Final-Version.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 2024}}, institution = {Climate Bonds Initiative}, year = {2025}, month = jul, url = {https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_Q1_2025_Final-Version.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }