Sustainable Debt Market
Summary Q1 2023
May 2023• In Q1 2023, Climate Bonds
screened green, social,sustainability linked(SLB) and transition
debt (collectively GSS+)
of USD267.5bn andrecorded USD204.8bn in its
databases.
• This brought the lifetime
screened volume of GSS+
debt to USD3.9tn.
•The Q1 figure was a 17%
increase compared to
Q4 2022, but a decline of
21% compared to Q1 2022.
Volumes increased in thegreen, sustainability, and SLB
themes on the prior quarterbut universally declined YOY.
• Green bonds made thelargest contribution
with USD122.9bn, almost
matching the volumes
recorded in 2022.
• USD57.7bn of green deals
were either excluded fromthe Climate Bonds Green
Bond Database (GBDB)or classified as pending,awaiting further clarificationfrom the issuer.
• Climate Bonds expects
cumulative GSS+ screened
issuance to breach the
USD4tn milestone in Q2.

Scorecard: GSS+ debt recorded by
Climate Bonds

Q1 2023% totalUSDbn% total

Green

122.9

60%

2309.558%

Social

30.6

15%

702.7

18%

Sustainability

29.6

14%

699.3

18%

SLB

21.4

10%

226.8

6%

Transition

0.2

0.1%

11.3

0%

204.8

100%

3949.6

100%

Total

Cumulative GSS+ debt volumes reached USD3.9tn at the end of Q1
2500
2000
1500
1000
500
0
Green

SocialSustainability

SLB

Transition
Source: Climate Bonds Initiative

USD204.8bn was added in Q1 2023
200

Q1 2023 market
highlights

150

100

USD Billions

The debt markets had a strong start to the year,with tens of billions of bonds being priced daily in
the EUR and USD markets. By the end of February,
Bloomberg had recorded the strongest start tothe year for investment grade debt since 2014.
Towards the middle of March, the debt market
came to a standstill as the fallout from the collapseof the Silicon Valley Bank (SVB) and subsequently
Credit Suisse paralysed issuers. As the market
picked up towards the end of the month, thematic

Cumulative since 2006

USDbn

USD Billions

Key figures

50

0
Green

Sustainable Debt Market Summary Q1 2023 Climate Bonds Initiative

SocialSustainability

SLB

Transition
Source: Climate Bonds Initiative

1

2021

120

2022

2023

100
80
60
40
20
0
January

February

March
Source: Climate Bonds Initiative

GSS+ deals came from 44 countries + SNAT in Q1
40
35
30
25
20
15
10
5

So

UK
Sp
ut ainh
Ne Ko
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nd
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Sa Ja
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De bianm
Au ark
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Ca ia
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Ot
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AT
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Ch
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US
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SN

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0

Fr
an

Climate Bonds recorded GSS+ bonds from 44
countries as diverse and Mongolia and theCzech Republic, plus supranational (SNAT).
France, SNAT, and Germany were the largest
sources, accounting for USD23.9bn, USD20.9bn and
USD18bn respectively. Issuance from France was
supported by several large social deals, including
two EUR and one USD deal from French social
security agency, Caisse d’Amortissement de laDette Sociale (CADES), with combined volumes ofUD9.4bn. CADES was the single largest contributor
to GSS+ volumes in Q1. More than half (54%)
of the SNAT volumes came from the European
Investment Bank (EIB) which priced green bonds
in AUD, CZK, MXN, SEK and USD in the first quarter.
Most of thematic deals from Germany (82%) bore
the green label and came from a mixture of issuer
types, but total volumes also included three SLB
deals from non-financial corporates.

140

USD Billions

Climate Bonds recorded GSS+ debt of USD204.8bn
for Q1 2023, a 17% increase compared to the priorquarter, but a 21% YOY drop against Q1 2022. The
annual decline has two obvious culprits. Firstly,
while green bond volumes logged by Climate
Bonds almost matched the levels seen in the firstquarter of 2022, issuance in other themes wascomparatively subdued YOY. Secondly, a large
volume of green issuance (USD57.7bn) passed
through Climate Bonds screening, and was either
excluded from or requires further clarity fromissuers before being added to, the Climate Bonds
GBDB, explored below.

The collapse of SVB hit March GSS+ volumes

USD Billions

labels helped to get deals over the line, as
investors remained cautiously selective.

Source: Climate Bonds Initiative

Pending bonds and exclusions: an overview
Climate Bonds maintains a pending bond list oflabelled bonds and similar instruments for which
there is insufficient information to determine
eligibility for database inclusion. Upon
further investigation, bonds may be classified
as aligned and added to the appropriate
database, or non-aligned, i.e., excluded.
While certain bonds may meet local green bondrules, they are excluded if they fail to meet thecriteria for inclusion in Climate Bonds databases.

Green bonds: Exclusions (USD)
Total 2022

Q1 2023142bn

25.2bnGreen bonds: Pending (USD)
Total

Q1 2023*50.7bn*Includes loans

32.5bnA peek into pending green bonds
At the end of Q1 2023, USD32.5bn of green bondsthat had been priced in that quarter remained on
the pending list, awaiting further assessment todetermine inclusion in the Climate Bonds GBDB.2
Sovereigns constituted the largest issuer
category, with USD12.9bn worth of debt acrossfour deals making up 42% of the total pending
amount. Climate Bonds is engaging with theissuers to obtain further clarity on the UoP oftheir green bonds.
By number of deals, private sector issuers
represent the largest challenge. Financial and nonfinancial corporates are each responsible for 12
pending deals (24 in total), with about 25% of thetotal volumes attributable to each issuer category.

Multilateral and state development banks makeup 25% of the Q1 pending bonds list by numberof deals. These are primarily small-sized bonds,
hence the cumulative pending volume fromthis category is 2% (or USD541m). Some criticalchallenges include inadequate disclosure on
the use of proceeds (UoP) categories, andthe possibility of funding fossil fuel-related
infrastructure under certain circumstances.
Other common issues include:• Issuers increasingly slipping in possible
fossil fuel adjacent UoP;
• Road and airport infrastructure;• Structural issues, such as proceeds being
used for general corporate purposes andinadequate public disclosure.

High-profile corporate deals that are currently
sitting in the pending list include a USD1bn
bond from Comcast and a USD1.3bn bondfrom Rivian Automotive, until receipt ofadditional information on whether their building
retrofitting projects meet a 30% energy efficiency
improvement threshold.

Sustainable Debt Market Summary Q1 2023 Climate Bonds Initiative2

GreenGermany was the largest source of green bonds in Q1• By the end of Q1 2023, Climate
Bonds had recognised USD2.3tn
of green bonds.

14

Non-Financial Corporate

Financial Corporate

12

Government-Backed Entity

Development Bank

• In the first three months of 2023, USD122.9bn
was added, comfortably above the Q4 2022
number of USD97.5bn, and almost matching
the Q1 2022 volume of USD129.7bn.

10Local Government• Green bonds were recorded from 36 countries
in Q1, of which Germany was the largest source,
responsible for 12% of the total (USD15bn).
German non-financial corporates contributed
USD5.4bn, which included deals from energy
companies RWE (EUR1bn/USD1.1bn), E.ON
SE (EUR1bn/USD1.1bn), and car manufacturer
Volkswagen (EUR1.8bn/USD1.9bn)

4• More than half (56%) of the green volumes
originated from the private sector, with financial
corporates topping the issuer types at 29%(USD35bn), closely followed by non-financial
corporate issuers, responsible for a further 26%(USD32.1bn) and ABS contributing 1% (USD1.6bn).
• Top of the individual issuers was EIB, which
had a busy start to the year, with USD11.8bn
spread across eight deals in multiple
currencies (referenced above).
• The United Kingdom reopened two green
gilts, extending its green liabilities by GBP5bn(USD6.1bn) to a total of GBP31.3bn (USD39.8bn).
• Saudi Arabia’s sovereign wealth fund, the Public
Investment Fund (PIF), priced a three-tranche deal
in its green debut in September 2022 under the
GACI First Investment Company name. This wasfollowed by another three-tranche deal worth
USD5.5bn, priced in February. To date, the issuer has
USD8.5bn in green bonds outstanding. The PIF will
be responsible for developing 70% of Saudi Arabia’s
renewable energy and has stated it will make up to
USD10bn of investment in green projects by 2026.1

Social
• By the end of Q1 2023, Climate
Bonds had recorded cumulativesocial bond volumes of USD702.7bn.
• USD30.6bn of that was priced in Q1 2023, which
represented a 38% decline YOY. The social
theme also delivered a 23% lower volume
compared to its Q4 figure of USD39.8bn.
• Social bonds hailed from 14 countries withFrance, the USA and South Korea logging thelargest volumes of 49%, 10% and 8% respectively.
• CADES was responsible for almost half of the social
market with a 44.5% share, issuing USD14bn. CADES
is a frequent repeat issuer of social bonds and,by the end of Q1, Climate Bonds had logged atotal of 15 deals worth EUR62.5bn (USD62.4bn).

ABS

8

2

n
Au
st
ra
lia

Sp
ai

s
rla

nd

ia
Ar
ab

Sa
u

Su
p

Ne
th
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ly

di

Ita

US
A

UK

at
io

na

na
ra
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Ch
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Ge
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l

0

y

USD Billions

6

Source: Climate Bonds Initiative

Top 10 largest issuers under green theme Q1 2023
Issuer nameCountry

EIB

SNAT

11.8bnUnited Kingdom

United Kingdom

6.1bn

Gaci First Investment Co

Saudi Arabia

5.5bn

Shanghai Pudong Development Bank

China

4.4bn

KfW

Germany

3.4bn

Federal Republic of Germany

Germany

3.2bn

Intesa Sanpaolo SpA

Italy

3.1bn

California Community Choice Financing Authority

USA

2.3bn

ICBC

China

2.2bn

China Development Bank

China

2.2bn

VolumeHalf of the Q1 social volume came from France
14
12
10
8
6
USD Billions• China and SNAT ranked second and third, with
11% and 10% market shares respectively.

Sovereign420FranceUSA

South Korea

Belgium

Netherlands
Source: Climate Bonds Initiative

Top 5 largest issuers under social theme Q1 2023
Issuer nameCountryCADESFrance14bn

Korea Housing Finance Corp

South Korea

3bn

BNG Bank NV

Netherlands

2bnRegion Wallonne Belgium

Belgium

2bn

Central American Bank for Economic Integration

SNAT

1bn

Sustainable Debt Market Summary Q1 2023 Climate Bonds Initiative

Volume3

EUR dominated sustainability issuance in Q1• At the end of Q1 2023,
sustainability deals with lifetime
volume of USD699.3bn had been captured by
Climate Bonds.

JPY

GBP

Other

CAD

Source: Climate Bonds Initiative

Top 5 largest issuers under sustainability theme Q1 2023
Issuer nameCountry

IBRD

SNAT

5.0bn

Agence Francaise de Developpement

France

1.6bn

Nissan Motor Co Ltd

Japan

1.5bn

Slovenia Government Bond

Slovenia

1.3bn

Action Logement Services

France1.3bn

VolumeThree transition deals were captured in Q1 2023		
Issuer nameCountry

Tohoku Electric Power Co IncJapan

110.1 m

EBRD

SNAT

97.0 mWuxi Huaguang Environment & Energy Group Co.,Ltd.

China

29.2 mVolumeTotal

236.3 mItaly led the top ten sources of SLB in Q1

Sustainabilitylinked bonds

5

4• Climate Bonds had registeredtotal SLB volumes of USD226.6bn at the closeof Q1 2023.

3• In the first quarter, USD21.4bn was added,
which was a huge rebound of 46% compared
to Q4 2022 but a 17% decline on Q1 2022.

2

1

Sustainable Debt Market Summary Q1 2023 Climate Bonds Initiative

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Sp
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USD Billions• 31 non-financial corporates priced 95% of theQ1 volumes with USD20.4bn in total. Amongthese, 22 issuers had deals logged by Climate
Bonds for the first time. While the SLB label
has received criticism from the investmentcommunity, it is enabling a broader range ofissuers to enter the labelled debt market andput their transition plans into the public arena
for scrutiny.

USDl• Japanese electric utility, Tohoku Electric PowerCo Inc, was the largest single issuer with a
USD110.1m deal taking 46% of the recorded
volume for the period.

EUR

De
nm

• This was a decline of 9% compared to Q1 2022 and
61% lower than issuance recorded in Q4 2022.

0

ra
e

• Transition bonds constitute the smallest theme
and in Q1 contributed just USD236m, spreadover three deals.

2Is• Climate Bonds had captured
bonds under the transition themewith cumulative volumes of
USD11.3bn at the end of Q1 2023.

4

daTransition

6na• The largest single issuer logged in thesustainability space was from the International
Bank for Reconstruction & Development (IBRD),
with volumes of USD5bn split between a
USD1.8bn four-year and an EUR3bn (USD3.2bn)
10-year, both priced in January.

8Ca• Europe was the most prolific region,
with USD11.1bn, followed by Asia-Pacificand SNAT, with issuance of USD9.1bn and
USD6bn respectively.

10ly• EUR was the preferred currency among the
15 deployed for the sustainability theme, withtotal volumes of USD14.1bn, making up 47%.

12

USD Billions• USD29.6bn was added in Q1 2023, a 43%
drop compared to USD52.3bn recorded a year
earlier, and the largest YOY decline among
the themes. Nevertheless, deal volumes had
picked up by 40% since the USD21.2bn addedin Q4 2022.

14

Ita

Sustainability

Source: Climate Bonds Initiative4• Europe was the main regional source of
SLBs with 54% of the volume, amounting to
USD11.7bn. Issuers from 18 countries from
Finland (Nokia EUR500m/USD537m) to Costa
Rica (Liberty Costa Rica USD400m) stepped
into the market. USD5.2bn of SLB volumes
originated from Italy, making it the mostprolific country source. Two deals from Teva
Pharmaceutical positioned Israel in third place.
• The largest contributor to the SLB segment in
Q1 was Canada based multinational energy
and pipeline company Enbridge Inc, with a
USD2.3bn deal. Italian utilities Eni SPA and Enel
priced USD2.1bn and USD1.6 bn respectively(see Eni case study below). All three names arerepeat SLB issuers.

What is a transition bond?
Since their inception in2017, transition bonds havemaintained a small shareof the overall sustainablefinance market and werepronounced as a label forintermediary transition investments, mainly
for hard-to-abate sectors. This lacklustre
growth is often attributed to the lack of clear
and recognised standards for the label. The
two exceptions to this are in Japan and
China, where government-led transitionbond programmes have propelled deals fromentities operating in hard-to-abate sectors.
While Climate Bonds tracks self-labelledtransition bonds and publishes research

and analysis on transition bonds, it is labelagnostic. Climate Bonds prioritises theanalysis and assessment of the stated UoPrather than the label.
With the advent of Climate Bonds sectoral
criteria for hard-to-abate sectors like Cement,
Steel, and Basic Chemicals, bonds withqualifying UoP will be screened against thesecriteria for inclusion in the Climate Bonds
GBDB. Should an issuer wish to raise financing
for an electric arc furnace (Steel criteria), or
pre-calciners (Cement criteria), Climate Bonds
encourages them to use the green or transitionbond labels and will assess their eligibility forinclusion independent of the label used.

The Sovereign GSS+ Bond Club
Sovereign GSS+ liabilities
received a huge boost in
Q1, as countries beganaddressing their annual
sustainable financing
needs straight off theblock. Climate Bonds recorded sovereign
GSS+ debt from 11 countries amounting to
USD21.8bn, split between new deals from six
countries worth a combined USD8bn, andtaps from another six (including India whichbrought its first deal, and reopened it in thesame quarter) to the tune of USD13.8bn. There
was an increase of 44% on the prior quarter,
but a decline of 15% YOY. By the end of March,
Climate Bonds databases reflected cumulative
sovereign GSS+ volumes of USD345.8bn.
The largest single issuer was
the UK, which extended its
green liabilities by GBP5bn(USD6.1bn), tapping its 2033
for GBP3bn (USD3.7bn) and its
2053 for USD2bn (USD2.4bn). The UK is thethird largest issuer of sovereign GSS+ debt
with GBP31.3bn (USD39.8bn), behind Germany(USD46bn), and France (USD58.8bn), which
retained its crown.
Climate Bonds logged threedebut sovereign issuers in
Q1 bringing the total to 46. In
early January, the State ofIsrael joined the Sovereign
GSS+ Bond Club with its debut green deal
worth US2bn. The 10-year bond attracted
USD12bn in bids, covering the book six
times, and was eventually allocated to 200
investors in 35 countries. The green financing

framework highlighted eight eligible green
project categories, including Environmentally
Sustainable Management of Living Natural
Resources and Land Use, and Adaptation.

Q1 Sovereign GSS+ deals
recorded by Climate Bonds

The Government of India was thesecond debut GSS+ bond issuer of2023, when the Ministry of Financepriced an INR80bn (USD1bn) two
tranche deal split equally between
five- and 10-year tenors on 25 January. The
deal attracted oversubscription of more thanfour times, enabling primary market spreadcompression of two basis points on the 10-year,
and three basis points on the five-year tranche.
Both tranches priced inside the yield curve,
obtaining a greenium, i.e., cheaper financing
costs. The five-year bond was allocated to 32
investors and the 10-year to 57 investors.

New deals

UK

Green

6.1bn

On 9 February each tranche was reopened for
INR40bn (USD500m) increasing India’s total green
liabilities to INR160bn (USD2bn). As the bonds
had remained inside the yield curve, the Ministryof Finance (MoF) achieved cheaper financing forthis round of funding too.

Germany

Green

3.2bn

Italy

Green

2.1bn

India

Green

1.0bn

Belgium

Green

0.9bn

Switzerland

Green

0.4bn

The UoP have been earmarked for expendituresin grid scale solar and wind, decentralised solar
such as solar water pumps for agriculture, greenhydrogen, metro lines and afforestation.

Theme

USD
8.0bn

Israel

Green

2.0bn

Austria

Green

1.4bn

Slovenia

Sustainability

1.3bn

Philippines

Sustainability

1.3bn

Sharjah(UAE)

Sustainability

1.0bn

India

Green

1.0bn

Reopenings

Grand
Total

13.8bn21.8bnIn mid-February, the Governmentof Sharjah, the third largest
emirate in the United ArabEmirates, priced a USD1bn
sustainability bond to maturein 2032. The sustainable financing framework
named 14 eligible social and environmental
project categories.

Sustainable Debt Market Summary Q1 2023 Climate Bonds Initiative

5

SLB Case Study - Eni
Eni is one of the largest
oil and gas/energy
companies in the world
and is regarded as oneof the supermajor oilcompanies. In 2022,
it recorded some
EUR132.5bn of revenues, more than double(+73%) the revenues recorded in 2021. In 2022,
Eni recorded 456m of CO2e, of which 2.2% was
Scope 1, 6.7% was Scope 2, and 91.1% was
Scope 3. If Eni was a country, its emissions
would place it 13th in the world, between
Brazil and Turkey.3 These emission figures
include offsets it states are worth 3m tCO2,
meaning their emissions total 459m tCO2e.
In February 2023, Eni priced an SLB of EUR2bn(USD2.1bn) due 2028, with a 4.3% interest rate,
targeted at retail investors, tied to two targets.

Target 1.

KPI: GHG Emissions (Scope 1, 2)
Target: -65% vs. 2018 (5.2m tCO2e)Target 2.

KPI: Renewables Installed Capacity
Target: 5GW
Deadline: 31 December 2025
Financial Mechanism: Step-up
FM Amount: 50bps
If either of these targets is not met, the interest
rate will step-up to 4.8% on the final couponof the bond, meaning Eni will pay a penalty
of EUR10m if it misses either of these targets.
These targets only cover 8.9% of Eni’s total
2022 emission footprint.
Eni’s press release celebrated the deal as ademonstration of the “the strong appreciation
among Italian investors for the soundnessof Eni and its commitment to the energy
transition”. Below, we analyse Eni’s transition
plans against Climate Bonds Five Hallmarks ofa Credible Transition and encourage both retailand institutional investors to consider thestrength of Eni’s transition plans.
Sources: Eni 2022 Annual Report; 2022
Sustainability Performance; Strategic Plan
2023-2026; Strategic Plan to 2050

Hallmark 1:
Paris-aligned targets
Targets should be aligned witha sector specific, 1.5°C pathway,
cover the short-, mid-, and longterm, and include scope 1, 2, and 3 emissions
Eni has multiple short-, mid-, and long-termemission targets: it aims to reduce its Scope 1

and 2 emissions 50% by 2024, and 65% by 2025
against a 2018 baseline (this is tied to its mostrecent SLB, and the 2024 target to its first SLB in
2021). It aims to reduce all its absolute emissions(Scope 1+2+3) 15% by 2030, 55% by 2035, 80%
by 2040, and reach ‘net zero’ in 2050 (all against
a 2018 baseline). It also targets to utilise offsets
worth some 25m tCO2e by 2050, up from 3m
tCO2e in 2022.
According to the Transition Pathway Initiative,
all of Eni’s targets, except its 2050 target, are notin line with a 1.5°C pathway: it’s current targets
would give it an emissions intensity of 55.51
gCO2e/Mj by 2030, and 32.65 by 2040, while TPI’s
pathway calls for intensities of 40.95 by 2030, and16.87 by 2040.
Climate Bonds calls on Eni to set more ambitious
emission targets, in line with a sectoral 1.5°C
pathway, that does not include offsets as part ofits baseline or targets.

Hallmark 2: Foundation
The company needs to have a
coherent narrative for the futurebusiness model and asset base,identifying changes from the statusquo, and actions to achieve this vision.
Eni has a detailed and comprehensive transition
narrative for its future asset base and how it plansto achieve net-zero. It has identified the mainlevers of change and potential investments in
low-carbon technologies, including renewables,
electric vehicles, and biofuels. It also considers
the value chain, even within its Oil & Gas
business, committing to reducing methane
emissions in line with the Global Methane Pledge.
However, there are fundamental flaws in its
narrative: it is reliant on offsets, CCS, and an
expansion of its fossil gas business. It envisions atransition that is incremental and does not tackle
the radical business shift needed. Accela Researchpredicts that oil and gas will still make up 98% of
Eni’s energy production portfolio by 2030.

Hallmark 3:
Implementation Action
Plans need to be 1.5°C-aligned,
cover all material sources ofemissions, and include respective financing plans.
Transition Plans: Eni has two pillars in its transition
plan: new energy solutions and upstream
decarbonisation. New energy solutions include
rapidly increasing its renewables capacity,
targeting 60GW of renewables by 2050, up from
2.2GW in 2022. This pillar also includes biofuels,hydrogen production, electric vehicle charging
stations, bio-gas, and biomethane. These
activities and their underlying assets are available
for Certification under Climate Bond’s Standard.

Sustainable Debt Market Summary Q1 2023 Climate Bonds Initiative

However, Eni’s second pillar of upstream
decarbonisation relies on a promotion offossil gas, a growth in the use of offsets,
and CCUS. CCUS can play a powerful rolein the planet’s decarbonisation, but fossil
gas and offsets should not play a significant
role in Eni’s transition plans. Eni targets forfossil gas to total 60% of its hydrocarbon
portfolio by 2030, and >90% by 2050. While
Climate Bonds celebrates that this implies adecommissioning of Eni’s Oil assets, we havestated before that fossil gas will never be atransition fuel: instead low-carbon hydrogenshould be prioritised as a fuel.
Financing Plans: Eni’s 2023-26 strategic plan
outlines a total of EUR37bn of capex to beinvested, of which it will dedicate 20% to its lowcarbon businesses. This pales in comparison
to its European O&G peers: BP ~50%, Shell
50% (including Opex), TotalEnergies 33%, andEquinor 30-50%. Promisingly however, of the
EUR164m Eni spent on R&D in 2022, EUR114m
went towards decarbonisation.

Hallmark 4: GovernanceTransition needs to be driven,
owned, and monitored by seniorleadership, with ongoing reevaluation and re-calibration
Eni does have strong governance mechanisms
to support the recognition and implementationof its climate plans: its sustainability andscenarios committee is responsible for its
climate strategy, development scenarios, andlong-term sustainability, and reports directly
to the board; the company has tied executive
renumeration to the achievement of its
transition targets; utilises an internal carbon
price; and ensures consistency between its
transition plan and the positions taken by its
trade associations.

Hallmark 5: Disclosure
Transition KPIs and underlying
methodologies need tobe disclosed, and receive
independent verification
Eni discloses relevant Scope 1, 2, and 3
emissions data together with breakdowns byemission sources, as well as a variety of energy,
waste, water, recycling, raw material, andother metrics. Eni has also contracted limited
assurance for all its sustainability data andmetrics, as well as reasonable assurance for its
Scope 1 and 2 targets.

6

Endnotes
1. Arab News, 10 May 2023, PIF announces completion of second green
bond issuance totalling $5.5bn, PIF announces completion of second
green bond issuances totaling $5.5bn (arabnews.com)
2. Not including USD1.4bn from green loans.
3. “CO2 emissions of all world countries”, European Commission
Emissions Database for Global Atmospheric Research https://edgar.
jrc.ec.europa.eu/report_2022?vis=tot#data_download

Climate Bonds Initiative © May 2023
Authors: Caroline Harrison, Neeraj Chouhan,
Matthew MacGeoch, Carlotta Michetti
Design: Godfrey Design, Joel Milsted
www.climatebonds.net

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 document 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 adesignated 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

Sustainable Debt Market Summary Q1 2023 Climate Bonds Initiative

7