Sustainable Debt Global State of the Market Q3 2025

In Q3 2025, the global cumulative volume of aligned GSS+ debt reached USD 6.5 trillion, with quarterly issuance of USD 233.2 billion. Non-financial and financial corporates were the leading issuer types, while the IBRD remained the most active individual issuer. Green bonds continue to dominate the market, though sustainability-labelled debt is showing increasing momentum.

• As of the third quarter of 2025, the cumulative volume of aligned green, social, sustainability, and sustainability-linked (GSS+) debt reached USD 6.5 trillion. In Q3 2025 specifically, aligned GSS+ bonds totaled USD 233.2 billion, which is consistent with the average Q3 volume of USD 236.3 billion recorded since 2021.
• Non-financial corporates were the most active issuers in Q3 2025 with USD 62.5 billion in aligned volume. Financial corporates followed with USD 60.8 billion, marking their strongest quarterly supply since Q2 2023. Development banks were the third most prolific, contributing USD 50.9 billion.
• The International Bank for Reconstruction and Development (IBRD) is the most active aligned GSS+ issuer both in Q3 2025 and cumulatively, with a total of USD 377.4 billion. In Q3 2025, the IBRD contributed USD 22.2 billion, followed by the International Development Association (IDA) with USD 8.5 billion and the European Investment Bank (EIB) with USD 6.0 billion.

APA

Javier, J. A. B., & Muldoon, C. (2025). Sustainable Debt Global State of the Market Q3 2025. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_Q3_2025_01C.pdf

Chicago

Javier, Joaquin Alfonso B., and Clodagh Muldoon. Sustainable Debt Global State of the Market Q3 2025. Climate Bonds Initiative, 2025. https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_Q3_2025_01C.pdf.

Wikipedia

{{cite report |last1=Javier |first1=Joaquin Alfonso B. |last2=Muldoon |first2=Clodagh |title=Sustainable Debt Global State of the Market Q3 2025 |publisher=Climate Bonds Initiative |date=November 2025 |url=https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_Q3_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 Q3 2025}}, institution = {Climate Bonds Initiative}, year = {2025}, month = nov, url = {https://www.climatebonds.net/files/documents/publications/Sustainable_Debt_Q3_2025_01C.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }