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As of Q1 2025, the cumulative aligned GSS+ debt volume reached USD 5.9 trillion, with green bonds remaining the dominant theme. While Q1 2025 saw a 17% year-on-year decline in volume compared to Q1 2024, development banks achieved a record quarterly volume of USD 63.6 billion. The market is led by supranationals and the USA, France, and China as the primary country sources.

By the end of 2024, China's cumulative aligned GSS+ volume reached USD 555.5 billion, making it the fourth largest source globally. While green bonds continue to dominate, representing 80% of cumulative aligned volume, the market saw a 4% decrease in total aligned volume in 2024 to USD 84.6 billion, largely due to a 33% drop in issuance from financial corporates. The report highlights a significant growth in aligned social and sustainability (S&S) volumes, which rose 316% year-on-year to USD 15.7 billion. However, sustainability-linked bonds (SLBs) face severe integrity challenges, with only three Chinese deals achieving alignment with Climate Bonds methodology. The document also spotlights the Guangdong-Hong Kong-Macau Greater Bay Area as a key region for GSS+ growth and details recent policy shifts, including the February 2025 Sovereign Green Bond Framework and the Multi-Jurisdiction Common Ground Taxonomy.

Electric vehicle adoption is accelerating globally, with many markets passing critical tipping points. In the United States, the total cost of ownership for light-duty EVs is now lower than for gas-powered cars, despite a projected reduction in savings after September 30, 2025, due to the removal of the federal tax credit. Electric medium- and heavy-duty (MHD) trucks are trending toward cost parity with diesel, with some segments expected to reach it by 2028. Furthermore, advancements in battery recycling could potentially eliminate the need for additional mining by 2040 as minerals enter a circular supply chain.

Ember expresses two primary concerns regarding India's draft VPPA framework: its potential to undermine power system flexibility and its role as a potentially misleading accounting mechanism for corporate clean energy claims. The organization argues that VPPAs may encourage continued investment in 'plain vanilla' solar without storage, exacerbating midday surpluses and grid balancing challenges. Ember also contends that VPPAs allow industrial consumers to claim 100% renewable energy usage through Renewable Energy Certificates (RECs) without physically consuming clean power or contributing to grid stability, potentially diverting investment away from genuine 24/7 clean energy solutions.

The Hong Kong sustainable debt market saw a decline in aligned GSS+ volume in 2024 to USD 10.8bn, primarily driven by a 54% drop in green bond issuance. However, social and sustainability bonds grew, and Hong Kong maintained its position as the largest arranging hub for international GSS+ bonds in Asia. The HKSAR Government continues to dominate the local market and lead the Asia-Pacific region in cumulative government green issuance. Key policy developments include the launch of the Hong Kong Taxonomy for Sustainable Finance and new climate-related disclosure requirements effective January 2025.

Canada possesses significant reserves of six priority critical minerals—cobalt, copper, graphite, lithium, nickel, and rare earth elements—essential for the global energy transition. However, current investment is insufficient to meet a projected domestic demand of over $16 billion per year by 2040. The report identifies three primary risks deterring investors: financial volatility, environmental liabilities, and risks to Indigenous rights. To address these, the authors recommend that the federal government implement financial risk-sharing agreements (such as contracts for difference and equity investments), scale up capacity-building and capital access for Indigenous communities, and mandate global environmental standards for tailings management. The report warns that attempting to speed up project approvals by cutting environmental or consultation requirements is likely to backfire by increasing local opposition and litigation.

The report argues that Canada can capitalize on the global energy transition by increasing production of cobalt, copper, lithium, nickel, graphite, and rare earth elements. To achieve this, it recommends that the federal government implement financial risk-sharing agreements to mitigate price volatility, support Indigenous self-determination and equity ownership, strengthen provincial mining regulations to meet international environmental standards, and avoid shortening regulatory reviews by cutting environmental or consultation safeguards.

The report argues that Canada has significant potential to become a leading supplier of critical minerals—specifically cobalt, copper, lithium, nickel, graphite, and rare earth elements—to support the global clean energy transition. However, it identifies a substantial investment gap, estimating that $30 billion in additional capital is needed by 2040 to meet domestic demand, which is projected to reach $16 billion annually. The document highlights three primary risks hindering investment: high price volatility in immature markets, environmental hazards such as tailings dam failures and abandoned mines, and the lack of Free, Prior and Informed Consent (FPIC) from Indigenous communities. To address these, the report recommends that the federal government implement financial risk-sharing mechanisms like contracts for difference and equity investments, while provincial governments should tighten mining regulations to align with international standards and provide loan guarantees and capacity-building resources to Indigenous communities to foster genuine partnerships and self-determination.

The report argues that Canada can leverage its critical mineral reserves to drive economic growth and support the global energy transition, provided it implements policies to mitigate price volatility, ensure Indigenous self-determination, and strengthen environmental regulations. It highlights a potential investment gap of 30 to 65 billion dollars by 2040 and recommends financial risk-sharing mechanisms, capacity funding for Indigenous communities, and alignment with international mining standards to ensure supply reliability and public trust.

The report examines the international demand for eco-certified seafood, noting a growing preference for sustainable products among youth in the US and a strong market in Northwestern Europe. It highlights that while consumers may pay a premium, this rarely reaches producers. To support Manitoba fishers, the report recommends improving information distribution through community liaisons and accessible formats like infographics, while urging federal and provincial officials to engage in more direct listening sessions with fishing communities.

The document argues that while total eradication of invasive carp in the Mississippi River Basin is unlikely, creating sustained market demand—particularly in the growing US pet food sector—can suppress carp density, reduce the risk of spread into the Great Lakes, and improve biodiversity. It highlights the need for a robust supply chain that supports commercial fishers through innovative business models like co-ops and 'hub and spoke' processing. The report also outlines a plan to scale these market-based approaches to other invasive species through a new framework for assessing economic and ecological potential.

The report examines the application of transition finance tools—including loans and bonds—to support the decarbonisation of China's steel sector, highlighting the role of regional guidelines in Hebei Province. It identifies a significant funding gap, estimating a need for $18 billion in capital expenditure over the next five years for electric arc furnace (EAF) and hydrogen-based direct reduced iron (H2-DRI) technologies. While large state-owned enterprises are leading the transition, the report notes that high costs of green steel and limited scrap steel supply remain major barriers.

The report examines how transition finance is being leveraged to decarbonise China's steel industry, focusing on the impact of the first subnational regulatory framework introduced in Hebei Province in December 2023. It finds that the market responded quickly to these guidelines, with steel transition loans in Hebei exceeding CNY20bn (USD2.8bn) by the end of 2024. The document estimates that the sector requires at least USD18bn in capex over the next five years to invest in electric arc furnaces (EAF), direct reduced iron (DRI) shaft furnaces, and electrolysers. While large state-owned enterprises lead in transition planning, smaller firms face greater financing gaps. The report recommends that the People's Bank of China introduce further incentives, such as interest subsidies, and that steel companies secure offtake contracts to improve the bankability of green steel projects.

The report finds that the cumulative aligned GSS+ market reached USD 5.7 trillion by the end of 2024. Green bonds remain the dominant theme, while sustainability-linked bonds (SLBs) saw a significant decrease in aligned volume. Europe continues to be the largest source of aligned GSS+ debt, and the report highlights the growth of sovereign issuance and the development of national taxonomies.

The document reports a decline in Chinese crude oil consumption and LNG imports, alongside significant economic and regulatory volatility in the US oil and gas sector. It highlights corporate shifts at Shell and BP, the risk of USD 2.3 trillion in stranded fossil fuel assets, and various international developments in LNG and carbon capture.

The report finds that EU imports of Russian gas increased by 18% in 2024, despite a goal to phase them out by 2027. It highlights a significant misalignment between gas infrastructure expansion and stagnating demand, predicting that supply capacity will exceed demand by 131 bcm by 2030. The document argues that the EU is replacing one fossil fuel dependency with another via LNG, which exposes the region to price volatility and high emissions. It recommends legally binding phase-out targets, reduced gas demand across all sectors, and more efficient use of existing infrastructure to ensure energy security and climate alignment.

The report analyzes the US synthetic nitrogen fertilizer market, which is highly centralized with 71% of capacity held by four producers. It evaluates seven ammonia production pathways, ranging from mature 'blue ammonia' (SMR with CCS) to lab-scale electrochemical and photochemical methods. The document identifies key barriers to green ammonia adoption, including high financing risks, lack of industrial standards, and the absence of long-term offtake agreements from farmers. It highlights state-level incentives in North Dakota, Minnesota, Illinois, New York, and Michigan, alongside federal support via the Inflation Reduction Act's 45V clean hydrogen production tax credit, which offers up to $3/kg of hydrogen.

In 2024, China approved 66.7 GW of new coal power and saw 94.5 GW begin construction, the highest level since 2015, despite adding a record 356 GW of wind and solar capacity. This 'energy addition' strategy is driven by long-term power purchase agreements (PPAs) that guarantee coal generation and the influence of coal mining companies, who financed over 75% of new approvals. These factors lead to the curtailment of renewables and a shift away from using coal plants as flexible regulating capacity. The report concludes that China's coal expansion contrasts sharply with global trends, as China accounted for 93% of global coal construction starts in 2024.

Indonesia aims to deploy 2 million electric cars and 12 million electric two-wheelers by 2030 to reduce carbon emissions and leverage its nickel reserves for battery production. To achieve this, the government implemented a VAT reduction (from 11% to 1%) for EVs meeting a 40% local content requirement and a 0% import duty for foreign manufacturers who commit to building domestic factories by 2026. While these policies have increased EV sales—with BYD alone accounting for half of total EV sales following the import policy—they have created market imbalances. Established players like Hyundai, which invested in charging infrastructure and local battery production, have seen sales drop and have responded by restricting public charging stations to their own vehicles. The document warns that conflicting incentives and low local content thresholds may lead to a temporary boom of imported vehicles rather than a robust domestic ecosystem.

Thermal batteries store renewable electricity as high-temperature heat in abundant materials like graphite or bricks, providing a cost-effective alternative to fossil fuels for industrial processes requiring temperatures over 1,000°C. The technology supports grid stability by reducing renewable curtailment and offers a lower-risk alternative to hydrogen for industrial decarbonization. While facing challenges in wholesale electricity market access and infrastructure integration, the sector saw investment spike to over $350 million in 2024.