可持续债务 2025年第三季度全球市场状况（英）

Sustainable Debt Global State of the Market Q3 2025 Climate Bonds Initiative 1Sustainable DebtGlobal State of the MarketQ3 20252025Q3Key figures• As of Q3 2025, Climate Bonds Initiative (Climate Bonds) had recorded an aligned cumulative volume of USD6.5tn green, social, sustainability, and sustainability-linked (GSS+) debt. • In Q3 2025, aligned GSS+ bonds totalled USD233.2bn, in line with the average Q3 volume recorded since 2021 (USD236.3bn). • Non-financial corporates were the most prolific issuers with USD62.5bn of aligned volume in Q3 2025, followed by financial corporates which recorded the strongest quarterly supply since Q2 2023 at USD60.8bn. • Development banks placed third with USD50.9bn) that included USD22.2bn from the International Bank for Reconstruction and Development (IBRD) which continues to be the most active aligned GSS+ issuer by a large margin, in Q3 2025 and to date (USD377.4bn cumulative), issuing largely in the sustainable theme. In Q3 2025, this was followed by the International Development Association (IDA) and the European Investment Bank (EIB), with USD8.5bn in aligned sustainability debt and USD6.0bn in aligned green debt, respectively.• It follows that supranationals, which consist primarily of development banks such as the IBRD, IDA, and EIB, along with other government-backed entities, continue to be the largest geographical source of cumulative aligned volume historically, having breached the Thematic breakdown of aligned volume in Q3 2025 Aligned GSS+ scorecard Source: Climate Bonds Initiative6030USD Billions150120900SocialSustainabilitySLBGreenPrepared by Climate Bonds InitiativeUSD1.0tn mark in Q3 2025. USA follows in second place with USD872.4bn, while France and China remain tied with USD646.1bn and USD643.3bn in cumulative aligned volume, respectively.Q3 2025Cumulative since 2006USDbn% totalUSDbn% totalGreen 149.3 64% 3,995.0 61%Social 20.6 9% 1,237.6 19%Sustainability 61.3 26% 1,229.4 19%Sustainability-linked bonds 2.0 1% 69.7 1%Total 233.2 100% 6,531.7 100%Sustainable Debt Global State of the Market Q3 2025 Climate Bonds Initiative 2Cumulative aligned GSS+ volume since 2020Quarterly aligned GSS+ volume since 2020Issuer-type breakdown of aligned GSS+ issuance volume in Q3 2025Source: Climate Bonds InitiativeUSD Billions200400600800100002024H1 20252023202220212020GreenSustainabilitySLBSocial20242025202320222021USD Billions50100150200300250Q1Q1Q1Q1Q1Q2Q2Q2Q2Q2Q3Q3Q3Q3Q3Q4Q4Q4Q40Source: Climate Bonds InitiativeSource: Climate Bonds InitiativeGovernment- backed entity 12%Local government 4%Development bank 22%Financial corporate 26%Non-financial corporate 27%Sovereign 9%List of acronyms A&R: Adaptation and resilience ABS: Asset-backed securities AFFLU: Agriculture, forestry, food, and land use CBS: Climate Bonds StandardCBS v4: Climate Bonds Standard V4 DM: Developed market EM: Emerging market ESG: Environmental, social, and governance EU: European Union GBDB: Green Bond Database GBP: ICMA Green Bond