Green bonds: The state of the market 2018

The first publication in a new annual report series focused primarily on labelled green bonds and the latest developments on a global scale. 

2018 highlights: 

-  Labelled green bond issuance of USD167.6bn (2017: USD162.1bn) 
-Market share: USA 20%, China 18%, France 8%, Germany 5%, Netherlands 4% 
- Top 3 issuers: Fannie Mae, USA (USD 20.1bn), Industrial Bank, China (USD9.6bn), Republic of France (USD6bn) 
- Cumulative green bond issuance since 2007 reached USD521bn, with USA leading at USD118.6bn, followed by China (USD77.5bn) and France (USD56.7bn) 

Wider labelled bond universe: 

- USD167.6bn green bonds, which meet the CBI green bond database screening criteria
- USD21.0bn sustainability / SDG / ESG bonds and loans financing a mix of green and social projects 
- USD14.2bn social bonds financing social projects, without an identified green angle
- USD23.7bn green bonds, which do not meet the CBI green bond database screening criteria 

Outlook for 2019 and beyond:

  • Green bond growth expected from financial institutions, sovereigns, Certified Climate Bonds and climate-aligned issuers 
  • Continued harmonisation of taxonomies and use of green bond guidelines 
  • Growth of other labelled issuance (sustainability/SDG bonds and social bonds)

A report summary is available here.



  • Country ranking chart, page 3: The title of the secondary vertical axis should read "USD Billions"
  • The role of government and the public sector, page 21, 1st paragraph, 1st sentence:  The percentage figure should read "47.3%". 26.5% refers to the contribution of government-backed entities, local governments and sovereigns only.
  • The wider labelled universe, page 23, last paragraph: ICO did not debut in the social bond market in 2018 but in 2014. It issued a repeat social bond of EUR500m in November 2018.