Germany: Green finance state of the market – 2019 update

As of May 2019, Germany's cumulative green bond issuance reached EUR33.6bn, with clean energy and low-carbon buildings as the primary sectors for proceeds. The market is dominated by financial corporates and development banks, notably KfW, with a high prevalence of external reviews and post-issuance reporting. While sovereign green bonds have not yet been issued, the German government is exploring this possibility for 2020. The report also identifies a significant opportunity for growth among climate-aligned issuers, particularly in the transport sector via Deutsche Bahn.

• Germany's cumulative green bond issuance totaled EUR33.6bn, ranking it 4th globally. In 2018, issuance was EUR6.6bn, a decrease from EUR8.7bn in 2017.
• Financial corporates and development banks are the primary drivers of the market. Financial corporates' share of issuance rose from 23% in 2017 to 43% in 2018. KfW is the largest issuer, having issued EUR17.7bn since 2014 and the largest single German green bond to date at EUR3bn in May 2019.
• Clean energy is the dominant sector for proceeds, accounting for 70% of cumulative allocations and 60% of 2018 allocations. Low-carbon buildings are the second largest sector, representing 25% overall and 37% in 2018.
• The German market exhibits high standards for external verification and transparency: 99% of issuance has an external review, and 90% of volumes benefit from reporting. CICERO is the largest Second Party Opinion (SPO) provider by volume, holding 51% of the market.
• The majority of green bonds are EUR-denominated (76% of cumulative volume) and have tenors between 5 and 10 years (53%). Most deals (87%) are sized at EUR500m or above.
• There is significant potential for expansion among climate-aligned issuers, who represent EUR46.7bn in outstanding volume. The transport sector dominates this universe, primarily through the financing arm of Deutsche Bahn.
• While no sovereign green bonds have been issued yet, the German government is conducting a feasibility study and considering the issuance of 'green Bunds' starting in 2020.

APA

Climate Bonds Initiative (2019). Germany: Green finance state of the market – 2019 update. https://www.climatebonds.net/files/documents/publications/germany_gbsotm_201907_update_en.pdf

Chicago

Climate Bonds Initiative. Germany: Green finance state of the market – 2019 update. 2019. https://www.climatebonds.net/files/documents/publications/germany_gbsotm_201907_update_en.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Germany: Green finance state of the market – 2019 update |date=July 2019 |url=https://www.climatebonds.net/files/documents/publications/germany_gbsotm_201907_update_en.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019germany, author = {{Climate Bonds Initiative}}, title = {{Germany: Green finance state of the market – 2019 update}}, institution = {Climate Bonds Initiative}, year = {2019}, month = jul, url = {https://www.climatebonds.net/files/documents/publications/germany_gbsotm_201907_update_en.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }