Climate Bonds Calls for $5trillion Green Bond Issuance per Year by 2025

5-step manifesto sets out how to scale to this climate saving milestone

London: 19/10/2022: 08:00 (GMT+1):  The Climate Bonds Initiative has today released its 5 steps to $5trillion Manifesto’, calling for green bond issuance to reach an annual USD5trillion by 2025 to fight climate change. The organisation, influential in the rise of the green bond market through its market intelligence, standards setting and broader advocacy, has seen green bond issuance reach $2trillion in lifetime volume since market inception in 2007. The call for the fast acceleration of this market to an annual USD5trillion arrives as Climate Bonds hosts the global event in its annual conference series.


5 Steps to $5Trillion

Climate Bonds asserts that making a substantive contribution to addressing the stark risks of climate change requires at least USD5tn a year of annual issuance from 2025. To deliver this, rapid movement is needed to expand, step-up, and implement on the points listed in this manifesto. These are:


  1. Label Green
  2. Define Transformation
  3. Accelerate Policy
  4. Grow Pipeline
  5. Boost Emerging Markets


Read the 5 steps to $5trillion Manifesto’ to learn more on what each point entails.


Sean Kidney, CEO of Climate Bonds Initiative said: “The starting gun has been fired in the race to save our planet from climate catastrophe, but we’ve yet to start running. Our current bulk of economic infrastructure is not only toxic to our natural environment but also not fit to face the extreme weather that is increasingly common as climate change is frighteningly realised.”


“The good news is that the capital is there to fund this fight we’ve witnessed huge investor appetite for green debt. What we need now is to act at speed and scale - our manifesto demonstrates how.”



The Story So Far:  A Green $2trillion

The green debt market has gradually snowballed from a relatively slow start following its inception, to an impressive annual growth rate of over 50% in the last five years. 

At the end of 2015, cumulative green debt reached a total volume of USD104bn. By December 2020, the market surpassed the cumulative USD1tn milestone and less than two years later we are beyond USD2trillion in labelled green issuance. The 2020 record figure of USD297bn was overtaken in 2021 with an overall upswing of more than 60% as the annual green figure topped the half trillion mark for the first time, with a total of USD522.7bn.

Now, at the end of the third quarter of 2022, Climate Bonds has revealed that to date a total of USD2trillion of green bonds has been issued. This latest milestone arrives with the warning that though progress has been made, much more is needed.





For more information, please contact:



Leena Fatin,

Senior Communications & Digital Manager,

Climate Bonds Initiative

+44 (0) 7593320198



Liam Jones

Communications and Media Officer

T: +44 (0)7463 733 900






Notes for journalists:


About the Climate Bonds Initiative: Climate Bonds Initiative is an international not-for-profit working to mobilise global capital for climate action. Climate Bonds undertakes advocacy and outreach to inform and stimulate the market, provides policy models and government advice, market data and analysis, and administers an international Standard & Certification Scheme for best practice in green bonds issuance. For more information, please visit




Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites.

The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken as such, nor should any information in this communication be relied upon in making any investment decision.

Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws.
A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.