2025 Q3 Global Sustainable Bond Report
Climate Bonds Initiative (CBI) releases 2025 Q3 Global Sustainable Bond Report, which aims to summarize the development of the global sustainable bond market.
As of the third quarter of 2025, the global issuance of sustainable bonds has exceeded $6.5 trillion.
Related Post: Climate Bond Initiative Releases 2025 H1 Global Sustainable Bond Report
Global Sustainable Bond Market Development
The issuance of the global sustainable bond market in the third quarter of 2025 is 233.2 billion US dollars, of which the scale of green bonds, social bonds, sustainable development bonds, and sustainable development linked bonds are 149.3 billion US dollars, 20.6 billion US dollars, 61.3 billion US dollars, and 2 billion US dollars, accounting for 64%, 9%, 26%, and 1% respectively. From the analysis of cumulative issuance scale, the above-mentioned bond issuance scales are $3995 billion, $1237.6 billion, $1229.4 billion, and $69.7 billion, respectively. The main issuers of global sustainable bonds in the third quarter of 2025 include non-financial corporations ($62.5 billion), financial corporations ($60.8 billion), and development banks ($50.9 billion).
Global Sustainable Bond Market Classifications
The global issuance of green bonds in the third quarter of 2025 is $149.3 billion, with pricing currencies including EUR (47%), RMB (15%), and USD (13%). Two Chinese banks issued green bonds worth $6 billion and $4.2 billion respectively, ranking first and third. Green bonds account for 61% of the global issuance scale and are the largest category of sustainable bonds.
The global social bond issuance in the third quarter of 2025 is $20.6 billion, a decrease of 53% compared to the average issuance volume in the third quarter of the past four years. KRW (42%), USD (23%), and EUR (17%) are the main pricing currencies. Government agencies (65%), financial enterprises (18%), and development banks (9%) account for a relatively high proportion.
The global issuance of sustainable bonds in the third quarter of 2025 is 61.3 billion US dollars, second only to green bonds. The International Bank for Reconstruction and Development, a subsidiary of the World Bank, has the largest issuance scale, reaching 22.2 billion US dollars. The main issuers include development banks (62%), non-financial enterprises (15%), and financial enterprises (12%). The issuance scale of global sustainable development linked bonds in the third quarter of 2025 is 2 billion US dollars, and the issuance scale from the beginning of the year to the present has exceeded the full year level of 2024 (9.5 billion US dollars).
Reference:
Sustainable Debt Global State of the Market Q3 2025
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