Sustainable Debt Global State of the Market 2025

This is the 15th iteration of the Climate Bonds Initiative (Climate Bonds) Global State of the Market report. The scope of this report includes analysis of green, social, and sustainability
(GSS) bonds aligned with Climate Bonds dataset methodologies (Appendix 1) plus sustainability-linked bonds (SLBs).

As of the end of 2025, Climate Bonds had recorded USD8.1tn of cumulative GSS and SLB (collectively GSS+) volume, of which USD6.8tn (83%) was found to be Climate Bonds aligned. This
indicates strong appetite for thematic debt, with the difference between the two numbers highlighting the rigour of Climate Bonds curation.

This report describes the shape and size of the aligned GSS+ debt market as of 31 December 2025.