Green Bonds Surpass US$2.5 Trillion in Q3 2023

Cumulative global green bond issuance passed the US$2.5 trillion milestone in Q3 2023, as the overall volume of green, social, sustainability, and sustainability-linked (GSS+) debt rose to US$4.2 trillion. According to the Climate Bonds Initiative’s Q3 State of the Market report, the green label’s lifetime aligned total reached US$2.6 trillion, the social label reached US$762.7 billion, the sustainability label stood at US$764.2 billion, sustainability-linked debt totalled US$42.5 billion total and transition accounted for US$12.7 billion. Year-to-date aligned GSS+ bond issuance was US$618.2 billion at the end of Q3 2023, 10% lower than at the same time last year, but aligned GSS+ as a percentage of total issuance volume remained at 5%. By the end of Q3 2023, 49 sovereigns had issued GSS+ bonds with a combined volume of US$435.5 billion, a 36% year-to-date increase, with green bonds the largest segment at US$348.3bn (80%). Climate Bonds CEO Sean Kidney said the trillions in issuance in the sustainable bond markets had been “spurred on” sovereign issuers. “Bigger and bolder initiatives need to emerge from COP28 to stoke capital flows to climate projects particularly in the most vulnerable areas, ensuring this decade keeps us poised to meet the Paris Agreement and avert the catastrophic demise of our planet,” he added.

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