Sustainable Debt Market Summary Q3 2023

The global aligned GSS+ debt market reached a cumulative volume of USD 4.2 trillion by the end of Q3 2023, though year-to-date volumes declined by 10% compared to 2022. Green bonds remain the dominant theme, surpassing a cumulative USD 2.5 trillion milestone. In the Middle East and Africa (MEA), the market grew by 158% in 2023, driven largely by Saudi Arabia and the UAE, with a strong preference for green instruments and a recent increase in public sector issuance.

• By the end of Q3 2023, the cumulative volume of aligned GSS+ debt reached USD 4.2 trillion, originating from supranationals and 103 countries. The largest country sources are the USA (USD 612.6bn), France (USD 488.2bn), and China (USD 431.28bn).
• Year-to-date (YTD) aligned GSS+ bonds for 2023 totaled USD 618.2 billion, representing a 10% decrease from the USD 685.8 billion recorded during the same period in 2022. Aligned GSS+ issuance continues to account for 5% of total debt issuance.
• Green bonds are the primary driver of the market, with cumulative aligned volumes reaching USD 2.6 trillion by the end of Q3 2023. In Q3 2023, Germany was the largest source of aligned green debt, contributing USD 17.7 billion across 35 deals.

APA

Harrison, C., Burge, L., Chouhan, N., Costa, D., Gao, A., Korostikov, M., MacGeoch, M., & Thota, J. (2023). Sustainable Debt Market Summary Q3 2023. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/State-of-the-Market-Q3-2023.pdf

Chicago

Harrison, Caroline, Lily Burge, Neeraj Chouhan, Daniel Costa, Ang Gao, Mikhail Korostikov, Matthew MacGeoch, and Jacintha Thota. Sustainable Debt Market Summary Q3 2023. Climate Bonds Initiative, 2023. https://www.climatebonds.net/files/documents/publications/State-of-the-Market-Q3-2023.pdf.

Wikipedia

{{cite report |last1=Harrison |first1=Caroline |last2=Burge |first2=Lily |last3=Chouhan |first3=Neeraj |last4=Costa |first4=Daniel |last5=Gao |first5=Ang |last6=Korostikov |first6=Mikhail |last7=MacGeoch |first7=Matthew |last8=Thota |first8=Jacintha |title=Sustainable Debt Market Summary Q3 2023 |publisher=Climate Bonds Initiative |date=November 2023 |url=https://www.climatebonds.net/files/documents/publications/State-of-the-Market-Q3-2023.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{harrison2023sustainable, author = {Harrison, Caroline and Burge, Lily and Chouhan, Neeraj and Costa, Daniel and Gao, Ang and Korostikov, Mikhail and MacGeoch, Matthew and Thota, Jacintha}, title = {{Sustainable Debt Market Summary Q3 2023}}, institution = {Climate Bonds Initiative}, year = {2023}, month = nov, url = {https://www.climatebonds.net/files/documents/publications/State-of-the-Market-Q3-2023.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }