Sustainable Debt Market Report

Climate Bonds Initiative (CBI) has published its sustainable debt market report for the first half of 2025 (H1’25). Aligned Green, Social, Sustainability, Sustainability-Linked and Transition (collectively GSS+) finance volumes reached 556 billion dollars in H1’25 (-4% YoY), totalizing a cumulative aligned volume of 6.2 trillion dollars.

Green bonds label continues to dominate with 61% of total GSS+ volume, with 341 billion dollars recorded in H1’25, followed by sustainability and social debt labels contributing 19 and 18% respectively. Sustainability-linked bond (SLB) volume remains low relative to the other themes, with only 2% share of GSS+ volume.

In H1’25, 75 billion dollars aligned GSS+ sovereign debt was issued by 23 sovereigns across 96 deals, marking a +25% increase versus H1’24. Latin American countries were among the largest sovereign GSS+ deals worldwide in H1’25, led by Mexico with 2.9 billion dollars in sustainability bonds issuance, Chile with 2.6 billion dollars in social bonds and Peru with 1.5 billion dollars in sustainability bonds.

Development banks achieved the 1 trillion dollars milestone of cumulative aligned volume, joining other issuer types (government-backed entities, financial and non-financial corporates) with over such GSS+ volume.

H1’25 also reflected a surge in aligned green asset-backed securities (ABS) targeted to fund data centres (7 billion dollars). The surge reflects structural demand drivers e.g., rapid growth in data volume, broad migration to cloud platforms, rapid AI adoption, and the wider transition to a digital economy. Data centre ABS have emerged as a preferred financing mechanism for platform operators with stable lease revenues.