Sustainable Debt Global State of the Market 2024

The 'Sustainable Debt Global State of the Market 2024' report by the Climate Bonds Initiative provides a detailed analysis of aligned green, social, sustainability, and sustainability-linked (GSS+) debt as of the end of Q1 2025. It tracks cumulative volumes, quarterly trends, and the performance of various issuer types and sovereign nations, highlighting a total cumulative aligned volume of USD 5.9 trillion.

• As of the end of Q1 2025, the cumulative aligned volume of green, social, sustainability, and sustainability-linked (GSS+) debt reached USD 5.9 trillion, with data captured from 107 countries and supranationals.
• In Q1 2025, aligned GSS+ bond volume was USD 262.3 billion, representing a 7% increase over the average quarterly volume since 2021 (USD 245.8 billion), though it was a 17% year-on-year decline from Q1 2024.
• Green bonds remain the dominant theme, accounting for 62% of the cumulative aligned volume (USD 3.7 trillion). In Q1 2025, aligned green bond volume was USD 146.6 billion, with China as the primary source (USD 20.7 billion) and the European Investment Bank as the leading issuer (USD 9.9 billion).
• Aligned social debt reached USD 56.6 billion in Q1 2025, a 17% year-on-year increase and the strongest quarter for social debt since 2021. Cumulative social volume reached USD 1.2 trillion, with USD-denominated social debt hitting a record quarterly volume of USD 29.9 billion.
• Cumulative aligned sustainability volume surpassed the USD 1 trillion mark in Q1 2025, reaching USD 1.1 trillion. Q1 2025 volume for this theme was USD 58.2 billion, with development banks providing 64% of that volume (USD 37.3 billion).
• Development banks recorded a record quarterly 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 which 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} }