GSS Bonds Market Trends, Spring Edition 2024

Sovereigns leading the charge in the global Sustainability Agenda

The report finds that Sovereign GSS Bond issuance reached a record-breaking USD 160 billion of issuance, which accounted for almost one-third (31%) of Green Bonds issued last year.

The top beneficiary of this investment (accounting for 43% of the use of proceeds) was Clean Transportation, perhaps surprisingly receiving three-times the investment awarded to Renewable Energy projects by other, non-Sovereign GSS Bond market issuers.

While Sovereign bonds tend to tackle a greater variety of project types, including in several “underfunded” categories, their comparatively minor focus on Renewable Energy leads to a lower average Alignment with the European Taxonomy;

The difference stems mostly from the broader programs financed by governments, often providing less evidence that can be used to analyze their Taxonomy Alignment.

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