2025年上半年全球可持续债务市场报告

Key figures Aligned GSS+ Scorecard •As of the end of H1 2025, Climate BondsInitiative (Climate Bonds) had recordedan aligned cumulative volume ofUSD6.2tn green, social, sustainability, andsustainability-linked (GSS+) debt. •In H1 2025, aligned GSS+ bonds accountedfor USD555.8bn,an increase of 17% fromthe average semi-annual volume recordedsince 2021 (USD474.9bn). This is the thirdhighest semi-annual volume behind H1 2024(USD576.3bn) and H1 2021 (USD557.3bn).Similarly, Q2 2025 (USD286.1bn) recorded thesecond highest quarterly output of alignedGSS+ volume across all quarters, following theQ1 2024 record USD316.5bn. •Robust quarterly and semi-annual outputwas driven by the strong quarterly alignedgreen volume in Q2 2025 (USD193.6bn),the second highest quarterly output acrossall quarters after Q1 2024 (USD207.4bn). Thegreen theme accounted for 67% of total alignedvolume in Q2 2025; 61% for H1 2025. •Following on from a record Q1 2025,development banks have now issued acumulative aligned volume of USD1tn,joiningother issuer types (government-backed entities,financial and non-financial corporates) with overUSD1tn in aligned cumulative GSS+ volume. •Aligned social- and sustainability-labelleddebt maintained positive momentum withstrong semi-annual volume in H1 2025totalling USD98.4bn and USD106.4bn,respectively.Social debt continued its post-pandemic resurgence with the strongestsemi-annual performance since 2021. Similarly,sustainability-labelled debt matched the recordsemi-annual aligned supply recorded in H2 2024at USD106.4bn, which is the third consecutivehalf year with over USD100bn in aligned volume. •While aligned sustainability-linked bond(SLB) volume remains low relative to theother themes,H1 2025 was one of the strongestsemi-annual performances for SLBs in terms ofaligned volume (third-highest, USD9.7bn) andalignment rate (second-highest, 47%). Cumulative GSS+ volume As of the end of H1 2025, Climate Bonds had captured alignedcumulative GSS+ volume of USD6.2tn, from 107 countries withthe addition of supranationals, which continued as the leadingsource of aligned cumulative GSS+ volume (USD926.1bn). TheUSA (USD859.8bn), France (USD628.6bn), and China (USD611.4n)followed as the largest country sources. The green theme continues to dominate, representing 62%of the cumulative aligned volume, while aligned social andsustainability volumes account for 19% and 18%, respectively.SLBs added just 1% to cumulative aligned volume (USD69.4bn). Most aligned GSS+ deals were denominated either in EUR (40%)or USD (30%), with CNY the third largest (8%) across a range of71 currencies deployed. Four issuer types generated over USD1tn each in cumulativeGSS+ volume: government-backed entities (USD1.6tn), financialcorporates (USD1.3tn), non-financial corporates (USD1.2tn), andthe most recent addition development banks (USD1.0tn). H1 GSS+ volume In H1 2025, aligned volume reached USD555.8bn, the thirdstrongest performance recorded by Climate Bonds (after H12021 and H1 2024). Despite a slight reduction in the H1 volumerecorded YoY (-4%) this demonstrates sustained momentum inthe GSS+ market. Ranked by theme, aligned green supply achieved its third mostprolific half-year performance (USD341.3bn); aligned socialdebt recorded the highest semi-annual volume post-pandemic(USD98.4bn); and aligned sustainability-labelled debt matchedits record volume (USD106.4bn). Issuer type breakdown of alignedGSS+ issue volume in H1 2025 Among issuer types, development bank H1 2025 volume(USD114.3bn) surpassed the previous record alignedsemi-annual volume of USD85.3bn in H1 2020. In contrast,sovereign volume in H1 2025 (USD75bn) declined sharply YoY(-31%), despite exceeding the average semi-annual volume since2021 (USD69.9bn). H1 2025 market highlights Green Top non-sovereign CBI-aligned green issuersin H1 2025 •As of the end of H1 2025, Climate Bondshad recorded a cumulative aligned greenbond volume of USD3.7tn; 62% of GSS+cumulative aligned GSS+ volume. •H1 2025 aligned green bond volume reachedUSD341.3bn. This is the theme’s third largest semi-annualoutput after H1 2024 (USD387.8bn) and H1 2023 (USD349.8bn),partly attributable to the second most prolific quarter foraligned green volume in Q2 2025 (USD193.6bn). •Aligned green bonds were priced in 32 currencies in H1 2025and the currency breakdown broadly reflects that of the widercumulative volume with EUR dominating (51%) followedby USD (17%), and CNY (13%). After the introduction of theGhanaian Cedi by the Asian Development Bank into thealigned green bond currencies in Q1 2025, the Islamic Republicof Pakistan debuted its local currency sovereign green bondissue (USD113.2mn), bringing the newest currency to theportfolio; the Pakistani Rupee (PKR). •Aligned green bonds captured in H1 2025 originated fromsupranationals and 50 countries. China provided the largestsource with volume of USD48.3bn split over 161 deals,followed by Germany with a record aligned quarterly greenvolu