Sustainable Debt Global State of the Market Q3 2025

As of Q3 2025, the cumulative volume of aligned GSS+ debt reached USD 6.5 trillion. Green bonds remain the dominant theme, accounting for 64% of aligned volume in Q3 2025, while sustainability-labelled debt is gaining momentum. Non-financial and financial corporates were the most prolific issuers in the quarter, and supranationals remain the largest historical source of cumulative aligned volume.

• The cumulative volume of aligned green, social, sustainability, and sustainability-linked (GSS+) debt reached USD 6.5 trillion as of Q3 2025.
• In Q3 2025, aligned GSS+ bonds totaled USD 233.2 billion, which is consistent with the average Q3 volume recorded since 2021 of USD 236.3 billion.
• Non-financial corporates were the leading issuers in Q3 2025 with USD 62.5 billion in aligned volume, followed by financial corporates with USD 60.8 billion, the latter marking their strongest quarterly supply since Q2 2023.
• Supranationals, primarily development banks, are the largest historical source of cumulative aligned volume, surpassing the USD 1.0 trillion mark in Q3 2025. The USA is the second largest with USD 872.4 billion, followed by France (USD 646.1 billion) and China (USD 643.3 billion).
• Green-labelled debt continues to be the primary theme, representing 64% of aligned GSS+ volume in Q3 2025 at USD 149.3 billion.
• Aligned sustainability-labelled debt priced USD 61.3 billion in Q3 2025, marking its fourth-strongest quarter and potentially positioning it as the second most preferred theme.
• Social-labelled debt volume fell to USD 20.6 billion in Q3 2025, a 53% decrease compared to the average Q3 social volume since 2021.
• Year-to-date aligned sustainability-linked bond (SLB) supply of USD 11.7 billion has already exceeded the total SLB supply for the full year 2024, which was USD 9.5 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} }