The GSS Bonds Market Trends Report, January 2026, points to a turning point for the Green, Social and Sustainability (GSS) bond market, driven by a record reinvestment cycle, regulatory change under SFDR 2.0 and sharper scrutiny of climate impact.

GSS Bond issuance totalled around USD 1 trillion in 2025, broadly in line with recent years, but the composition of the market continues to evolve. Green Bonds consolidated their lead, increasing their share to 58% of total issuance, while Social Bonds declined to 13%. Sustainability Bonds continued to grow, reaching 26%, as Sustainability-linked Bonds fell to just 3%.

The report also highlights the largest maturity wall the market has faced to date, over EUR 250 billion in GSS Bonds matured in 2025, followed by a further EUR 290 billion in 2026. This reinvestment pool is expected to provide structural support for high-quality Green and Sustainability issuance.

At the same time, new issuance-level carbon analysis shows that issuer-level metrics materially understate the decarbonisation impact of use-of-proceeds bonds, reinforcing the strategic role of Green Bonds in sustainable portfolios.