可持续债务：2025年全球市场状况

1. Introduction Contents 1. Introduction2 List of acronyms2 2. Report highlights 3 Green6Social7Sustainability8Sustainability-linked bonds9The sovereign GSS+ Bond Club9 3. Spotlight: adaptation and resilience11 Appendix 1.13 This is the 15th iteration of the Climate Bonds Initiative (ClimateBonds) Global State of the Market report. The scope of thisreport includes analysis of green, social, and sustainability(GSS) bonds aligned with Climate Bonds dataset methodologies(Appendix 1) plus sustainability-linked bonds (SLBs). About the Climate Bonds Initiative13Scope of analysis13Methodology overview14 Appendix 2.15 As of the end of 2025, Climate Bonds had recorded USD8.1tn ofcumulative GSS and SLB (collectively GSS+) volume, of whichUSD6.8tn (83%) was found to be Climate Bonds aligned. Thisindicates strong appetite for thematic debt, with the differencebetween the two numbers highlighting the rigour of ClimateBonds curation. Aligned scorecards15 This report describes the shape and size of the aligned GSS+debt market as of 31 December 2025. List of acronyms A&R: adaptation and resilienceABS: asset-backed securitiesAFFLU: agriculture, forestry, food,and land useCBS: Climate Bonds StandardCBS v4.3: Climate Bonds Standard version 4.3DM: developed marketEM: emerging marketESG: environmental, social, and governanceEU: European UnionGBD: green bond datasetGBP: (ICMA) Green Bond PrinciplesGHG: greenhouse gasGSS: green, social and sustainabilityGSS+: GSS and SLB bonds KPI: key performance indicatorLAC: Latin America and CaribbeanMDB: multilateral development bankS&S: social and sustainabilitySME: small and medium-sized enterpriseSSBD: social and sustainability bonddatasetSBP: (ICMA) Social Bond PrinciplesSDG: sustainable development goalSLB: sustainability-linked bondSLL: sustainability-linked loanSNAT: SupranationalSPT: sustainability performance targetUoP: use of proceedsYOY: year-on-year 2. Report highlights •As of the end of 2025, Climate Bonds hadrecorded an aligned cumulative volume ofUSD6.8tn in GSS+ debt. •In 2025, aligned GSS+ debt reached USD1.0tn,which is the third year that annual alignedvolume surpassed the trillion-dollar level, andis indicative of the sustained momentum of theGSS+ debt market. This was also the third highestvolume recorded by Climate Bonds, slightly below2024 and 2021, with over 400 new GSS+ issuersmaking their debut in 2025. •In 2025, the green label continued to accountfor approximately two-thirds (64%) of the totalcumulative aligned GSS+ volume, breaching theUSD4tn mark by the end of 2025. Additionally, thesustainability label marked record annual volume(USD217.3bn) for the second consecutive year,with aligned cumulative volume now marginallysurpassing that of the social label for the first timesince 2019. •There was a balanced and diversified mix of userprofiles in 2025; led by non-financial and financialcorporates with USD237.9bn and USD234.5bn,respectively, followed by development banks(USD202.6bn) and government-backed entities(USD193.1bn). It is worth noting that non-financial corporates, financial corporates, anddevelopment banks recorded their highestaligned volumes in 2025. •Europe continues to lead, pricing 45% of boththe total aligned annual GSS+ volume in 2025(USD467bn) and cumulative GSS+ volume(USD3tn). Asia Pacific follows with USD305.6bnaligned GSS+ annual volume and USD1.8tncumulatively, with North America inching towardsthe trillion-dollar mark in cumulative alignedvolume (USD998.7bn) with USD111.8bn in 2025. •While Europe and Asia Pacific are the leadingregions, the USA remains the largest countrysource of cumulative aligned volume(USD887.4bn), followed by China (USD683.2bn)which surpassed France (USD660bn). The numberof countries that have issued aligned GSS+ debtinstruments increased to 109, with the inclusionof Oman in 2025 via a USD750mn Green Sukukissued by the Oman Electricity TransmissionCompany in October. •While more than 70 currencies were deployedin aligned GSS+ deals as of the end of 2025, theEUR (USD2.6tn) and USD (USD2.0tn) account forthe majority of debt issued, with CNY in thirdplace, pricing USD563.7bn in aligned volumeand recording its highest aligned annual volumein 2025 (USD109.8bn). There were also severalnew currencies, for example, the Belize Dollar,the Ghanaian Sedi, the Pakistani Rupee, and aninnovative inflation-indexed unit of account forthe Argentine Peso (UVA). Financial and non-financial corporatestie for first place in terms of volumeby issuer type in 2025 Green Green-labelled debt continues to represent themajority of aligned volume, accounting for 64% ofaligned GSS+ volume in 2025. The aligned greenvolume priced in 2025 (USD653.5bn) is the secondhighest annual output, only slightly behind 2024’srecord USD670.9bn. The aligned green volumecomprised 2,612 deals with an average issue sizeof USD250.2bn (compared to 2024’s USD204.7bn),which denotes the market’s deepening liquidity andinvestor demand. Social While