2019 Green Bond Market Summary

The global green bond and green loan market reached a record USD 257.7 billion in 2019, a 51% increase over 2018. Growth was primarily driven by Europe, which accounted for 45% of global issuance. The USA, China, and France remained the top-ranked countries, together representing 44% of the market. Energy and Buildings were the dominant sectors for use of proceeds, each holding approximately 30% market share. Certified Climate Bonds grew by 86% to reach USD 45 billion, with cumulative certified issuance surpassing the USD 100 billion milestone. The market also saw increased diversification with debut issuances from emerging markets including Kenya, Barbados, and Saudi Arabia.

• Global green bond and green loan issuance hit a record USD 257.7 billion in 2019, representing a 51% increase from the USD 170.6 billion recorded in 2018.
• Europe was the primary driver of growth in 2019, accounting for 45% of global issuance (USD 116.7 billion), which was a 74% increase year-on-year. Asia-Pacific and North America followed with 25% and 23% shares, respectively.
• The USA, China, and France were the top three countries by issuance, collectively accounting for 44% of the global market. The USA contributed USD 51.3 billion, China USD 31.3 billion, and France USD 30.1 billion.
• Energy and Buildings were the largest sectors for use of proceeds, each representing approximately 30% of the market. Transport and Water followed with 20% and 9% shares, respectively.
• Certified Climate Bond issuance grew 86% to USD 45 billion in 2019, making up 17% of global volumes. Cumulative certified issuance reached USD 101.4 billion by the end of the year.
• Non-financial corporate issuance nearly doubled from USD 29.5 billion in 2018 to USD 59.3 billion in 2019, representing 23% of total volumes. The energy sector led this segment, with Engie, MidAmerican Energy, and Energias de Portugal SA (EDP) as the top three issuers.
• The market expanded into new emerging markets in 2019 with debut issuances from Barbados, Russia, Kenya, Panama, Greece, Ukraine, Ecuador, and Saudi Arabia.

APA

Climate Bonds Initiative (2020). 2019 Green Bond Market Summary. https://www.climatebonds.net/files/documents/publications/2019-Green-Bond-Market-Summary_2025-02-17-163104_ftzm.pdf

Chicago

Climate Bonds Initiative. 2019 Green Bond Market Summary. 2020. https://www.climatebonds.net/files/documents/publications/2019-Green-Bond-Market-Summary_2025-02-17-163104_ftzm.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=2019 Green Bond Market Summary |date=February 2020 |url=https://www.climatebonds.net/files/documents/publications/2019-Green-Bond-Market-Summary_2025-02-17-163104_ftzm.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative20202019, author = {{Climate Bonds Initiative}}, title = {{2019 Green Bond Market Summary}}, institution = {Climate Bonds Initiative}, year = {2020}, month = feb, url = {https://www.climatebonds.net/files/documents/publications/2019-Green-Bond-Market-Summary_2025-02-17-163104_ftzm.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }