2025 Global Sustainable Bond Market Report
The Climate Bonds Initiative (CBI) releases 2025 Global Sustainable Bond Market Report, which aims to summarize the development of green, social, sustainable, and sustainable development linked bonds worldwide.
By the end of 2025, the cumulative issuance scale of the global sustainable bond market will reach $6.8 trillion.
Related Post: Climate Bond Initiative Releases 2024 Global Sustainable Bond Market Report
Global Sustainable Bond Market Development
The issuance scale of the global sustainable bond market in 2025 is 1.026 trillion US dollars, with the issuance scale exceeding 1 trillion US dollars for the third consecutive year, indicating that sustainable bonds have gradually become an important component with considerable scale and sufficient liquidity from an emerging category in the bond market. Although the issuance scale in 2025 is slightly lower than that of 2024 (the highest in history) and 2021, there are over 400 new issuers issuing sustainable bonds for the first time, reflecting that sustainable finance is covering a wider range of enterprises and institutions.
The classification of the global sustainable bond market in 2025 is as follows:
- Green bonds: The global issuance scale of green bonds in 2025 is $653.5 billion, the second highest in history, with an average single issuance scale increasing from $20.47 billion in 2024 to $25.02 billion.
- Social bonds: The global issuance of social bonds in 2025 is expected to reach $1412 billion, the lowest level since 2020, due to changes in the statistical criteria for issuing social bonds.
- Sustainable bonds: By 2025, the global issuance scale of sustainable bonds will reach a record high of $217.3 billion, with a cumulative issuance scale of $1.266 trillion, surpassing social bonds for the first time ($1.258 trillion).
- Sustainable Development Linked Bonds: By 2025, the global issuance scale of sustainable development linked bonds is $14 billion, and its qualification rate (referring to the proportion of bonds that meet the strict evaluation criteria of the Climate Bond Initiative) increases from 20% to 40%.
From the perspective of issuing entities, in 2025, non-financial and financial enterprises will jointly rank first in terms of issuance proportion (23%), with development banks accounting for 20%. From a regional perspective, by 2025, Europe issued sustainable bonds worth $467 billion, with a cumulative issuance scale exceeding $3 trillion. The Asia Pacific region issued 305.6 billion US dollars, with a cumulative issuance scale exceeding 1.8 trillion US dollars.
Global Adaptation and Resilience Bond Development
The Climate Bond Initiative believes that adaptation and resilience financing has become an important topic in the field of sustainable finance, but there is still a lack of clear and credible definitions and standards. The United Nations Environment Program (UNEP) estimates that developing countries need $366 billion in adaptation and resilience financing annually, which is 18 times the current total financing. In 2025, the Climate Bonds Initiative released the world’s first cross industry and cross regional Climate Bonds Resilience Taxonomy, covering seven themes and over 1400 potential investments, helping issuers and investors identify investments that can enhance climate resilience.
The Asian Infrastructure Investment Bank will issue its first climate adaptation bond in January 2023, and another five-year climate adaptation bond worth AUD 500 million will be issued in January 2025. The pricing spread for issuance in 2025 is 51 basis points, which is 7 basis points narrower than the 58 basis points in 2023. This indicates that the market has a deeper understanding of adaptive and resilient financing, and issuers can obtain more favorable financing conditions.
Reference:
