Nordic Sustainable Debt State of the Market 2020

The Nordic GSS bond market reached a cumulative volume of USD 88.2bn by the end of 2020, with green bonds accounting for 96% of this total. Sweden is the regional leader, contributing half of the green bond volume and issuing the first Nordic sovereign green bond in September 2020. The market is characterized by strong public sector participation and a high prevalence of low-carbon building projects. External review coverage is exceptionally high, with 99% of cumulative green bond volume reviewed, primarily through Second Party Opinions (SPOs).

• As of the end of 2020, the total cumulative volume of Nordic GSS (Green, Social and Sustainability) labelled bonds was USD 88.2bn, representing a 23% increase since 2019.
• Green bonds dominate the Nordic sustainable debt landscape, making up 96% (USD 84.3bn) of the cumulative GSS total.
• Sweden is the leading market in the region, providing 50% of the cumulative Nordic green bond volume and 51% of the 2020 volume. It is also the only Nordic country to have issued a labelled sovereign green bond, which debuted in September 2020 with a value of SEK 2bn (USD 2.3bn).
• The Nordic region exhibits a high reliance on external reviews for green bonds, with 99% of cumulative volume covered. The Second Party Opinion (SPO) is the most common method, used for 85% of total volume, with CICERO Shades of Green covering 80% of all Nordic green bond volume.
• Low-carbon buildings are the most common use of proceeds (UoP) for Nordic green bonds, accounting for 38% of cumulative volume.
• Corporate issuers are the most prevalent type in the Nordics, accounting for 50% of the cumulative volume (USD 41.8bn), split between non-financial corporates (27%) and financial corporates (23%).
• Beyond labelled bonds, there are 24 issuers of unlabelled climate-aligned bonds in the Nordic region, with an outstanding debt volume of USD 21.6bn across 156 active securities.
• The Nordic countries have set various net zero targets: Finland by 2035, Denmark and Norway by 2030, Iceland by 2040, and Sweden by 2045.

APA

Tukiainen, K. (2021). Nordic Sustainable Debt State of the Market 2020. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Nordic-Sustainable-Debt-State-of-the-Market-2020.pdf

Chicago

Tukiainen, Krista. Nordic Sustainable Debt State of the Market 2020. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/Nordic-Sustainable-Debt-State-of-the-Market-2020.pdf.

Wikipedia

{{cite report |last1=Tukiainen |first1=Krista |title=Nordic Sustainable Debt State of the Market 2020 |publisher=Climate Bonds Initiative |date=April 2021 |url=https://www.climatebonds.net/files/documents/publications/Nordic-Sustainable-Debt-State-of-the-Market-2020.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{tukiainen2021nordic, author = {Tukiainen, Krista}, title = {{Nordic Sustainable Debt State of the Market 2020}}, institution = {Climate Bonds Initiative}, year = {2021}, month = apr, url = {https://www.climatebonds.net/files/documents/publications/Nordic-Sustainable-Debt-State-of-the-Market-2020.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }