Sustainable Debt Market Summary Q3 2022

By 30 September 2022, cumulative global GSS+ debt topped USD3.5 trillion, with green bonds surpassing the USD2 trillion milestone. While Q3 2022 saw a decline in issuance volumes due to geopolitical and macroeconomic factors, the market remains dominated by EUR, USD, and CNY denominations. In the Middle East and Africa (MEA), the GSS+ market has reached USD33.2 billion, characterized by a high proportion of sustainability-linked bonds (SLBs) compared to the global average, reflecting the region's concentration of hard-to-abate sectors.

• Cumulative global GSS+ debt reached over USD3.5 trillion by 30 September 2022, with green bond issuance specifically passing the USD2 trillion mark.
• The global GSS+ market is highly concentrated by currency, with 82% of debt denominated in EUR, USD, or CNY; EUR alone accounts for 42% of the market, supported by EU sustainable finance regulations and the EU Taxonomy.
• Global GSS+ issuance volumes declined in Q3 2022, falling 35% compared to Q2 2022 and 45% compared to Q3 2021, which the report attributes to macroeconomic and geopolitical factors.
• Sovereign GSS+ bonds represent only 8% of overall global volumes (USD286bn from 40 nations), indicating significant growth potential for this issuer type.
• In the Middle East and Africa (MEA) region, cumulative GSS+ volumes reached USD33.2 billion by the end of Q3 2022, representing less than 1% of the global market.
• The MEA market shows a distinct thematic profile compared to the global market: sustainability-linked bonds (SLBs) account for 23% of cumulative volumes in MEA, whereas they constitute only 5.5% globally, likely due to the region's abundance of hard-to-abate sectors.
• The UAE is the largest country contributor to the MEA GSS+ market with USD7.9 billion in volumes, all of which are under the green theme.
• Market integrity in the MEA region is high, with 84% of green deals by volume receiving an independent review, nearly matching the global average of 86%.

APA

Harrison, C., & MacGeoch, M. (2022). Sustainable Debt Market Summary Q3 2022. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Q3-2022-Market-Summary.pdf

Chicago

Harrison, Caroline, and Matthew MacGeoch. Sustainable Debt Market Summary Q3 2022. Climate Bonds Initiative, 2022. https://www.climatebonds.net/files/documents/publications/Q3-2022-Market-Summary.pdf.

Wikipedia

{{cite report |last1=Harrison |first1=Caroline |last2=MacGeoch |first2=Matthew |title=Sustainable Debt Market Summary Q3 2022 |publisher=Climate Bonds Initiative |date=November 2022 |url=https://www.climatebonds.net/files/documents/publications/Q3-2022-Market-Summary.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{harrison2022sustainable, author = {Harrison, Caroline and MacGeoch, Matthew}, title = {{Sustainable Debt Market Summary Q3 2022}}, institution = {Climate Bonds Initiative}, year = {2022}, month = nov, url = {https://www.climatebonds.net/files/documents/publications/Q3-2022-Market-Summary.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }