Market Data

Interactive Data Platform

As of end 2023

The Climate Bonds Interactive Data Platform is the first sustainable debt data tool of its kind. It allows you to analyse various aspects of the market by applying data filters and generating interactive charts – and is at your fingertips for free!

At the heart of Climate Bonds’ mission is our remarkable data capacity and the firm belief that the expansion and sharing of this data can support market development. Our data collection is founded on the Green Bond Database Methodology, distinctive in its adherence to international science-based climate targets; and this is supported by the recent creation of a Social & Sustainability Bond Database (via a separate methodology).

We plan to update the data at least on a annual basis. The current cut-off for issue dates is end of December 2023 (as of our latest Sustainable Debt Global State of the Market 2023 report).

Other Climate Bonds resources

This Platform complements the other resources we have available, such as our many reports. The regular State of the Market (SotM) series provides more detail on market trends as well as an overview of our database methodologies.

To access more granular and/or deal-level data, please get in touch. We have a range of options under our Partnership Programme (paid), through which you can gain access to our comprehensive databases.

DownloadSustainable Debt Global SotM 2023

Geographies

Green grows in 2023, Social and Sustainability drop


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Global

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By 31 December 2023, Climate Bonds had recorded aligned GSS+ instruments (green, social, and sustainability bonds + SLBs) with cumulative volume of USD4.4tn. In 2023, Climate Bonds captured aligned volume of USD870bn, 3% more than the 2022 figure of USD843bn..

68% of this came from the green theme which added USD587.3bn, reflecting a 15% YOY increase. Conversely, there was a YOY decline in the volume of social and sustainability bonds by 7% and 30% respectively. SLBs, the smallest segment, experienced a remarkable 83% increase in aligned volume, reaching USD21.4bn compared to USD11.7bn in 2022. However, SLBs are not yet included in this Interactive Data Platform.

Latin America is the only region where sustainability bonds constitute the largest share of the aligned GSS+ debt market, reaching 47% by the end of 2023. It is also the only region to consistently increase its sustainability bond volume in the past four years.

Europe was the largest source of aligned GSS+ debt instruments, with USD405bn representing 46% of the 2023 total. Latin America delivered a 49% spike YOY. Conversely, anti-ESG sentiment affected aligned GSS+ volume in the USA, resulting in a 38% decline.

The ten largest issuers accounted for 39% of the green volume, led by the UK which added USD22.5bn through multiple reopenings of its sovereign green bonds. More than half (53%) of the 2023 aligned green bond volume originated from Europe, contributing USD309.6bn and achieving 23% growth versus 2022. Aligned green bonds from Albania, Cyprus, Macedonia, and Montenegro emerged for the first time in 2023.

Asia-Pacific was the second most prolific region for 2023 green bond issuance, contributing one-third of the total aligned issuance volume (USD189.4bn), 44% of which from China.

Issuer Type

Broadly similar profile versus previous years

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In line with 2022, the corporate sector fuelled 2023 green volume, contributing 57% of issuance.

Non-financial corporate issuers contributed 29% of the 2023 market share spread over 692 aligned green instruments amassing a sum of USD171.8bn. Financial corporates emerged as the second-largest issuer type with a 28% share of aligned green volumes. Chinese banks dominated, with the top three financial corporate issuers being Industrial Bank Co., Bank of China, and Industrial and Commercial Bank of China.

Aligned green volume from local government issuers remained broadly similar YOY at USD11.5bn. Queensland Treasury Corporation made the largest contribution with an AUD3bn (USD2bn) deal financing low-carbon transport, solar energy, and water infrastructure.

Sovereigns returned to the social bond market in 2023, having been absent in 2022. Chile priced five aligned deals while Colombia priced two, collectively worth USD5.9bn.

Use of Proceeds

Top 3 remains but smaller categories gain some share

Theme
Green
Year
Total
Metric
Amount Issued
Region
Global
Energy, Buildings, and Transport remained the three largest UoP categories, collectively contributing 75% of the green debt volume.

However, this is a drop versus the 77% in 2022 and cumulative 79%. Smaller categories are gaining share as more issuers (including large sovereigns) finance a broader range of projects.

The largest change came in the Buildings category, whose estimated share dropped to 18% in 2023 from 25% in 2022. By contrast, Land use has been on the rise for several years, achieving 6% in 2023 versus 5% in 2022 and cumulatively; much of this comes from Latin American issuers.

NB: We do not yet have comprehensive UoP breakdowns for Social and Sustainability bonds.

Currency

Currencies: Increasing diversity of currency denomination

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Green
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Global
GSS deals were priced in 44 currencies, with 63% of the issuance from the top two currencies: EUR (USD339.5bn) and USD (USD212bn).

Of the aligned green volume, 87% came from five currencies: EUR, USD, CNY, GBP, and INR. EUR dominated the green theme for the sixth consecutive year with 44% of the volume. The USD remained the second most prominent currency. INR and GBP both experienced surges during 2023: INR driven by issuance from clean energy company ReNew Power and India’s entry into the sovereign green bond market, GBP largely due to increased sovereign issuance from the UK.

Hard currencies took two-thirds of the sustainability volume in 2023. MXN came third with 18 deals, and 50% of the volume originating from the Mexican Government. In the social theme, USD and KRW were tied at the top during the year, each reaching USD47bn.

NB: Only top 10 currencies shown for simplicity, rest as 'Other'.

Deal size

Larger deal sizes gain share in the green theme, unlike social and sustainability

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Green
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The average deal size continues to grow among green debt instruments, with benchmark deals gaining share.

Benchmark-sized deals (USD500m and above) accounted for 74% of the green volume in 2022, up from 69% the prior year. Deal sizes are closely related to the profile of issuer types, with larger ticket sizes supported by sovereign issuance.

The picture is different among social and sustainability bonds, with the share of benchmarks dropping to 48% and 61% respectively (versus 65% and 71% cumulatively).

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