Green Bond Market Summary Q3 2020

The green bond market saw record third-quarter issuance in 2020, totaling USD 69.4 billion, driven by strong policy signals and corporate adoption. The USA led in 2020 issuance, while the Luxembourg Stock Exchange remained the most popular listing venue. JP Morgan was the top global underwriter for the first three quarters of the year.

• The third quarter of 2020 saw the highest recorded issuance for any third quarter period, totaling USD 69.4 billion from 314 deals and 191 individual issuers.
• The USA, Germany, and France were the top three countries for green bond issuance in 2020 through the end of Q3, with the USA leading at USD 32.3 billion, followed by Germany at USD 21.4 billion and France at USD 17.8 billion.
• China holds the second largest cumulative green bond issuance total at USD 105 billion, trailing only the USA, which has a cumulative total of USD 205 billion.
• Financial and non-financial corporate issuers have been the primary sources of green bonds since Q3 2018. In Q3 2020, financial corporate issuance rose 18% over Q3 2019 to USD 17.6 billion, while non-financial corporate issuance remained steady at USD 16.6 billion.
• Major corporate issuers in Q3 2020 included German automakers Volkswagen and Daimler, who issued bonds to support the transition to electric vehicles, and US telecom provider Verizon, which issued a USD 1 billion bond for renewable energy purchase agreements.
• The Luxembourg Stock Exchange was the most popular listing platform for green bonds in Q1-Q3 2020, with USD 16.3 billion in deals, followed by Euronext Paris with USD 14.3 billion.
• JP Morgan was the leading global green bond underwriter for Q1-Q3 2020 with USD 12.9 billion in total volume, followed by Credit Agricole (USD 8.4 billion) and BofA Securities (USD 8.2 billion).

APA

Climate Bonds Initiative (2020). Green Bond Market Summary Q3 2020. https://www.climatebonds.net/files/documents/publications/Green-bonds-market-summary-Q3-2020.pdf

Chicago

Climate Bonds Initiative. Green Bond Market Summary Q3 2020. 2020. https://www.climatebonds.net/files/documents/publications/Green-bonds-market-summary-Q3-2020.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Green Bond Market Summary Q3 2020 |date=November 2020 |url=https://www.climatebonds.net/files/documents/publications/Green-bonds-market-summary-Q3-2020.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2020green, author = {{Climate Bonds Initiative}}, title = {{Green Bond Market Summary Q3 2020}}, institution = {Climate Bonds Initiative}, year = {2020}, month = nov, url = {https://www.climatebonds.net/files/documents/publications/Green-bonds-market-summary-Q3-2020.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }