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ESG Finance Report: European Sustainable Finance Q1 2025 PDF Free Download

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ESG Finance Report: European Sustainable Finance Q1 2025 PDF Free Download

ESG Finance Report: European Sustainable Finance Q1 2025 PDF free Download. Think more deeply and widely.

Power BI Desktop
Q 1 2025
ESG Finance Report
European Sustainable Finance
Power BI Desktop
3
9
29
24
20
12
32
35
Key Findings
Regulatory Update
Fund Management
Carbon Pricing, Emissions and Trading
ESG Bonds Outstanding
ESG Bond and Loan Issuance
ESG Bond Trading
Valuations
Contents
44
Methodology and Criteria
Power BI Desktop
1.1ξ˜ƒEuropeanξ˜ƒESGξ˜ƒBondξ˜ƒandξ˜ƒLoanξ˜ƒIssuanceξ˜ƒ2021ξ˜ƒ-ξ˜ƒ2025YtDξ˜ƒ(Q1)
0
100
200
EUR (Billion)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024 2025
202 220
145
192
165
199 189
146
188 186
106
133
231
173
140 149 169
ESG Bonds Sustainability linked and Green Loans Sustainability linked and Transition Bonds
Lowestξ˜ƒQ1ξ˜ƒESGξ˜ƒBondξ˜ƒandξ˜ƒLoanξ˜ƒIssuanceξ˜ƒ
sinceξ˜ƒ2022
In Q1 2025 , ESG Bond and Loan Issuance totaled
€169bn, a 27 % decline from Q1 2024 ( € 231 bn). This
was primarily driven by a reduction in Sustainability
linked and Green Loans, which saw issuance volumes
nearly halved compared to Q1 2024.
ESG Bonds and Loans include ESG-labelled bonds
(proceeds-based), sustainability-linked bonds,
transition bonds, green loans and sustainability-linked
loans.
ESG Bond issuance declined by 15 % YoY,
accumulating € 121 bn in proceeds. Sustainability
linked and Transition Bonds totaled € 6 bn, a 34 %
decline compared to Q1 2024 .
In Q1 2025 , Italian issuers led in total loan and bond
origination with €29bn, followed by French issuers
with €27bn. Notably, Italy was the largest contributor
to Sustainability linked and Transition Bonds,
originating 54% of the total (€3bn).
1.2ξ˜ƒEuropeanξ˜ƒESGξ˜ƒBondξ˜ƒandξ˜ƒLoanξ˜ƒIssuanceξ˜ƒbyξ˜ƒCountryξ˜ƒ(topξ˜ƒ10ξ˜ƒ-ξ˜ƒ2025YtDξ˜ƒ(Q1))
0 5 10 15 20 25 30
EUR (Billion)
Italy
France
Germany
EU
United Kingdom
Netherlands
Spain
Sweden
Austria
Norway
29
27
21
18
14
11
10
7
7
5
ESG Bonds Sustainability linked and Green Loans Sustainability linked and Transition Bonds
Source:ξ˜ƒDealogic
Key findings
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ3
Power BI Desktop
1.3ξ˜ƒEuropeanξ˜ƒGreenξ˜ƒBondξ˜ƒIssuance
0
100
200
300
EUR (Billion)
2018 2019 2020 2021 2022 2023 2024 2025
60
105
132
243
263 277
300
82
Q1 Q2 Q3 Q4
ξ˜ˆξš—ξš”ξš‘ξš’ξš‡ξšƒξšξ˜ƒξ˜Šξš”ξš‡ξš‡ξšξ˜ƒξ˜…ξš‘ξšξš†ξ˜ƒξ˜Œξš•ξš•ξš—ξšƒξšξš…ξš‡ξ˜ƒξš†ξš‡ξš…ξšŽξš‹ξšξš‹ξšξš‰ξ˜ƒ
ξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξ§ξš‹ξš”ξš•ξš–ξ˜ƒξš“ξš—ξšƒξš”ξš–ξš‡ξš”ξ˜ƒξš‘ξšˆξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·
In Q1 2025, only sustainable bonds recorded year-
on-year growth, rising by 24% to reach €16bn. Green
bonds, on the contrary, declined by 19% to €82bn,
tough remaining the largest category by volume.
Social bond issuance also fell, dropping 18% year-on-
year to €23bn.
Sustainability linked and transition bonds continued
their downward trend on a year-to-date basis,
totaling €5bn, the lowest quarterly issuance since
2021.
1.4ξ˜ƒEuropeanξ˜ƒSocialξ˜ƒBondξ˜ƒIssuance
0
50
100
EUR (Billion)
2018 2019 2020 2021 2022 2023 2024 2025
79
96
123
73
55 55
23
Q1 Q2 Q3 Q4
1.5ξ˜ƒEuropeanξ˜ƒSustainableξ˜ƒBondξ˜ƒIssuance
0
10
20
30
40
EUR (Billion)
2018 2019 2020 2021 2022 2023 2024 2025
7
16
26
41 40
33 33
16
Q1 Q2 Q3 Q4
1.6ξ˜ƒEuropeanξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒand
Transitionξ˜ƒBondξ˜ƒIssuance
0
20
40
EUR (Billion)
2018 2019 2020 2021 2022 2023 2024 2025
46
49
40
28
23
5
Q1 Q2 Q3 Q4
Key findings
Sustainable Finance Report - Q 1 2025 ξ €ξ˜ƒξ₯Ά
Source:ξ˜ƒDealogic
Power BI Desktop
Government-Relatedξ˜ƒentitiesξ˜ƒrankξ˜ƒasξ˜ƒtopξ˜ƒ
ESGξ˜ƒissuers
ξ˜–ξš‘ξš˜ξš‡ξš”ξš‡ξš‹ξš‰ξšξ˜ƒξšƒξšξš†ξ˜ƒξš•ξš—ξš’ξš”ξšƒξšξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš‡ξšξš–ξš‹ξš–ξš‹ξš‡ξš•ξ˜ƒξš…ξš‘ξšξš–ξš‹ξšξš—ξš‡ξ˜ƒξš–ξš‘ξ˜ƒ
ξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξšŽξš›ξ˜ƒξš…ξš‘ξšξš–ξš”ξš‹ξš„ξš—ξš–ξš‡ξ˜ƒξš–ξš‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‰ξš”ξš‘ξš™ξš–ξšŠξ˜ƒξš‘ξšˆξ˜ƒξš‰ξš”ξš‡ξš‡ξšξ˜ƒξšƒξšξš†ξ˜ƒ
ξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξš’ξš”ξš‹ξšξšƒξš”ξš›ξ˜ƒξšξšƒξš”ξšξš‡ξš–ξš•ξŸ€ξ˜ƒ
ξ˜Œξšξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒξ˜œξš–ξ˜‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜Šξš‘ξš˜ξš‡ξš”ξšξšξš‡ξšξš–ξ˜ƒξš‘ξšˆξ˜ƒξ˜Œξš–ξšƒξšŽξš›ξ˜ƒξšŠξšƒξš†ξ˜ƒξš‹ξš•ξš•ξš—ξš‡ξš†ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
ξšŽξšƒξš”ξš‰ξš‡ξš•ξš–ξ˜ƒξš•ξš‹ξšξš‰ξšŽξš‡ξ˜ƒξš‰ξš”ξš‡ξš‡ξšξ˜ƒξš„ξš‘ξšξš†ξŸ‘ξ˜ƒξšƒξš…ξš…ξš—ξšξš—ξšŽξšƒξš–ξš‹ξšξš‰ξ˜ƒξ₯€ξ₯ΆξŸ€ξ₯»ξ₯Ήξš„ξšξŸ€ξ˜ƒ
ξ˜Œξš–ξšƒξšŽξš›ξ˜ƒξš™ξšƒξš•ξ˜ƒξšˆξš‘ξšŽξšŽξš‘ξš™ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜ˆξš—ξš”ξš‘ξš’ξš‡ξšƒξšξ˜ƒξ˜Œξšξš˜ξš‡ξš•ξš–ξšξš‡ξšξš–ξ˜ƒ
ξ˜…ξšƒξšξšξ˜ƒξ ‹ξ˜ˆξ˜Œξ˜…ξ Œξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš‹ξš•ξš•ξš—ξš‡ξš†ξ˜ƒξšƒξ˜ƒξš„ξš‘ξšξš†ξ˜ƒξš‘ξšˆξ˜ƒξ₯€ξ₯ΆξŸ€ξ₯»ξ₯Έξš„ξšξŸ‘ξ˜ƒξšƒξšξš†ξ˜ƒξš„ξš›ξ˜ƒ
ξš–ξšŠξš‡ξ˜ƒξ˜ˆξš—ξš”ξš‘ξš’ξš‡ξšƒξšξ˜ƒξ˜˜ξšξš‹ξš‘ξšξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξ₯€ξ₯ΆξŸ€ξ₯»ξ₯³ξš„ξšξ˜ƒξš‹ξšξ˜ƒξš’ξš”ξš‘ξš…ξš‡ξš‡ξš†ξš•ξŸ€
ξ˜—ξšŠξš‡ξ˜ƒξ˜‰ξš”ξš‡ξšξš…ξšŠξ˜ƒξ˜†ξšƒξš‹ξš•ξš•ξš‡ξ˜ƒξš†ξŸ―ξ˜„ξšξš‘ξš”ξš–ξš‹ξš•ξš•ξš‡ξšξš‡ξšξš–ξ˜ƒξš†ξš‡ξ˜ƒξšŽξšƒξ˜ƒξ˜‡ξš‡ξš–ξš–ξš‡ξ˜ƒ
ξ˜–ξš‘ξš…ξš‹ξšƒξšŽξš‡ξ˜ƒξ ‹ξ˜†ξ˜„ξ˜‡ξ˜ˆξ˜–ξ Œξ˜ƒξšξšƒξš‹ξšξš–ξšƒξš‹ξšξš•ξ˜ƒξš‹ξš–ξš•ξ˜ƒξš’ξš‘ξš•ξš‹ξš–ξš‹ξš‘ξšξ˜ƒξšƒξš•ξ˜ƒξšƒξ˜ƒξšξšƒξš”ξšξš‡ξš–ξ˜ƒ
ξšŽξš‡ξšƒξš†ξš‡ξš”ξ˜ƒξšˆξš‘ξš”ξ˜ƒξš•ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒξš„ξš‘ξšξš†ξš•ξŸ€
ξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš„ξš‘ξšξš†ξš•ξ˜ƒξš™ξš‡ξš”ξš‡ξ˜ƒξš‹ξš•ξš•ξš—ξš‡ξš†ξ˜ƒξš‹ξšξ˜ƒξš•ξšξšƒξšŽξšŽξš‡ξš”ξ˜ƒ
ξš–ξš”ξšƒξšξš…ξšŠξš‡ξš•ξ˜ƒξš–ξšŠξšƒξšξ˜ƒξš‘ξš–ξšŠξš‡ξš”ξ˜ƒξ˜ˆξ˜–ξ˜Šξ˜ƒξš‹ξšξš•ξš–ξš”ξš—ξšξš‡ξšξš–ξš•ξŸ€ξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξšŽξšƒξš”ξš‰ξš‡ξš•ξš–ξ˜ƒ
ξš‹ξš•ξš•ξš—ξš‡ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš“ξš—ξšƒξš”ξš–ξš‡ξš”ξ˜ƒξšƒξšξš‘ξš—ξšξš–ξš‡ξš†ξ˜ƒξšƒξš–ξ˜ƒξ₯€ξ₯΄ξš„ξšξ˜ƒξšƒξšξš†ξ˜ƒξš™ξšƒξš•ξ˜ƒ
ξš‘ξš”ξš‹ξš‰ξš‹ξšξšƒξš–ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ€Άξ˜„ξš‰ξš‡ξšξš…ξš‡ξ˜ƒξ˜‰ξš”ξšƒξšξš…ξšƒξš‹ξš•ξš‡ξ˜ƒξš†ξš‡ξ˜ƒ
ξ˜‡ξš‡ξš˜ξš‡ξšŽξš‘ξš’ξš’ξš‡ξšξš‡ξšξš–ξ€Άξ˜ƒξš‹ξšξ˜ƒξ˜ξšƒξšξš—ξšƒξš”ξš›ξŸ‘ξ˜ƒξšˆξš‘ξšŽξšŽξš‘ξš™ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜ˆξ˜Œξ˜…ξ€΅ξš•ξ˜ƒ
ξš‹ξš•ξš•ξš—ξšƒξšξš…ξš‡ξ˜ƒξš‘ξšˆξ˜ƒξ₯€ξ₯³ξŸ€ξ₯Ίξš„ξšξŸ€
Green
Amountξ˜ƒEURξ˜ƒ(bn)
ξ„–
Maturityξ˜ƒDate
ISIN
Italy
4.97
30/04/46
IT0005631608
European Investment Bank - EIB
4.96
15/01/35
EU000A3L72Y4
European Union
4.91
04/02/50
EU000A3K4EU0
European Investment Bank - EIB
3.97
14/05/32
EU000A4D7ZW2
Social
Amountξ˜ƒEURξ˜ƒ(bn)
ξ„–
Maturityξ˜ƒdate
ISIN
CADES
2.50
25/05/30
FR001400X6D7
BNG
2.45
01/02/30
US05591F2Y50
UNEDIC
1.98
25/11/33
FR001400YA95
Bpifrance SA
1.49
25/02/29
FR001400WJ56
Nederlandse Waterschapsbank
1.45
16/01/30
US639832AJ32
Key findings
Sustainability
Amountξ˜ƒEURξ˜ƒ(bn)
ξ„–
Maturityξ˜ƒdate
ISIN
Agence Francaise de Developpement - AFD
1.99
20/01/35
FR001400WPS3
European Investment Bank - EIB
1.80
31/01/28
EU000A3L6Q00
Autonomous Community of Madrid
1.00
30/04/35
ES00001010Q5
Ile-de-France
1.00
25/05/35
FR001400WR49
Junta de Andalucia
1.00
30/04/35
ES0000090953
ξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξ˜‰ξš‹ξšξšƒξšξš…ξš‡ξ˜ƒξ˜•ξš‡ξš’ξš‘ξš”ξš–ξ˜ƒξŸ¦ξ˜ƒξ˜”ξ˜ƒξ₯³ξ˜ƒξ˜ƒξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒξ˜ƒξ˜ƒξ˜ƒ/ξ˜ƒ5
Topξ˜ƒSingleξ˜ƒESGξ˜ƒBondξ˜ƒIssuesξ˜ƒbyξ˜ƒAmountξ˜ƒinξ˜ƒξ˜ƒ2025ξ˜ƒYtDξ˜ƒ(Q1)ξ˜ƒ
Source:ξ˜ƒDealogic
Power BI Desktop
Firstξ˜ƒEUξ˜ƒGBS-compliantξ˜ƒissuesξ˜ƒinξ˜ƒQ1ξ˜ƒ2025
The new European Green Bond Standard (EU GBS),
which came into force in December 2024,
establishes criteria for green bonds, including
enhanced transparency and oversight of pre- and
post-issuance reviews.
In Q1 2025, EU GBS-compliant issues were
originated by Ile-de-France Mobilites (€1bn), ABN
AMRO Bank (€750mn), and A2A SpA (€500mn).
As of May 2025, the European Investment Bank and
the Spanish Iberdrola Finanzas SAU had issued two
additional EU GBS-compliant bonds, amounting to
€3bn and €750mn, respectively.
Key findings
EuGBξ˜ƒIssue
Amountξ˜ƒEURξ˜ƒ(bn)
ξ„–
Maturityξ˜ƒdate
ISIN
Ile-de-France Mobilites
0.99
25/05/45
FR001400X2F1
ABN AMRO Bank
0.75
25/02/31
XS3009603831
A2A SpA
0.50
30/01/35
XS2986639701
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ6
Issuesξ˜ƒcompliantξ˜ƒwithξ˜ƒEuropeanξ˜ƒGreenξ˜ƒBondξ˜ƒStandardξ˜ƒ(EUξ˜ƒGBS)ξ˜ƒbyξ˜ƒAmountξ˜ƒinξ˜ƒξ˜ƒ2025ξ˜ƒYtDξ˜ƒ(Q1)ξ˜ƒ
Source:ξ˜ƒDealogic
Power BI Desktop
1.7ξ˜ƒEuropeanξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒGreenξ˜ƒLoansξ˜ƒIssuanceξ˜ƒ2018ξ˜ƒ-ξ˜ƒ2025YtDξ˜ƒ(Q1)
0
50
100
150
200
250
300
350
EUR (Billion)
2018 2019 2020 2021 2022 2023 2024 2025
15 25
56 69
48
80
42
27 24
98 75
69
68
15
27
49 81
34
48
17
51
58
99 59
69
85
Q1 Q2 Q3 Q4
Europeanξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒ
Greenξ˜ƒLoansξ˜ƒIssuanceξ˜ƒHalvedξ˜ƒinξ˜ƒQ1ξ˜ƒ2025
In Q1 2025, European Sustainability linked and
Green Loans originated proceeds for €42bn,
standing €38bn (or 47%) below Q1 2024 issuance.
Sustainability linked and Green Loans registered
the lowest Q1 issuance since 2021.
Key findings
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ7
Source:ξ˜ƒDealogic
Power BI Desktop
1.9ξ˜ƒEuropeanξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒGreenξ˜ƒLoansξ˜ƒIssuanceξ˜ƒasξ˜ƒofξ˜ƒSyndicatedξ˜ƒLoanξ˜ƒOrigination
0%
10%
20%
30%
2017 2018 2019 2020 2021 2022 2023 2024 2025
Moderateξ˜ƒdeclineξ˜ƒofξ˜ƒtheξ˜ƒshareξ˜ƒofξ˜ƒESGξ˜ƒ
bondsξ˜ƒinξ˜ƒtotalξ˜ƒbondξ˜ƒissuanceξ˜ƒinξ˜ƒEurope
ESG Bond Issuance represented 12.5% of total
European bond issuance during Q1 2025,
including 8.4% green bonds, 2.3% social bonds,
1.7% sustainable bonds, and 0.1% of sustainability
linked and transition bonds. This represented a
moderate decline from 12.8% in 2024 and 13.4%
in 2023.
Sustainability linked and Green Loans Issuance
represented 12% of total European syndicated
loan origination during Q1 2025, well below the
peak recorded in 2021 (25%).
Key findings
*ESG includes Environmental, Social and Sustainable
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ8
1.8ξ˜ƒEuropeanξ˜ƒESGξ˜ƒBondξ˜ƒIssuanceξ˜ƒasξ˜ƒ%ξ˜ƒofξ˜ƒTotalξ˜ƒBondξ˜ƒIssuance
0%
5%
10%
15%
20%
2017 2018 2019 2020 2021 2022 2023 2024 2025
Green Sustainable Sustainability linked and Transition Social
Source:ξ˜ƒDealogic
8.4%
2.3%
12.2%
1.7%
0.1%
Power BI Desktop
Regulatory Update
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ9
Power BI Desktop
Regulatory/Supervisory Snapshot – Sustainable Finance*
2025
β€’Official publication and entry into force of the EU’s β€œstop the clock” Directive postponing the dates of
application of certain corporate sustainability reporting and due diligence requirements
β€’European Parliament and EU Council negotiate respective positions on the Sustainability Omnibus Directive
amending the "content" of CSRD and CSDDD
β€’European Commission launches Call for Evidence on the SFDR review
β€’European Commission to adopt revised Delegated Regulation amending the Taxonomy Delegated Acts
β€’European Commission to adopt β€œquick fix” proposal on the phase-in provisions contained in the existing
β€’European Commission launches Call for Evidence on the EU emission trading system (EU ETS)
β€’European Sustainability Reporting Standards (ESRS)
β€’EFRAG launches public call for input on the revision and simplification of the ESRS
β€’EBA launches consultation on amendments to Pillar 3 ESG disclosure requirements
β€’ESMA consults on draft Regulatory Technical Standards (RTS) under the ESG Ratings Regulation - covering
registration, safeguards on separation of business and methodological disclosures for ESG rating providers
β€’ESMA consults on remaining set of RTS under the European Green Bond (EuGB) Regulation
β€’UK Government consults on high-integrity voluntary carbon and nature markets
β€’UK Government to finalise Statutory Instrument regulating ESG ratings providers
β€’UK PRA consult on amendments to supervisory expectations for banks' and insurers' management of
climate-related risks
*Please note that the above is a selective list of initiatives and timelines are indicative and may be subject to change.
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ10
Q2
Power BI Desktop
Regulatory/Supervisory Snapshot – Sustainable Finance*
2025
β€’EU co-legislators continue negotiations on the β€œcontent” proposal of the Sustainability Omnibus Package
β€’EFRAG to consult on Exposure Drafts of simplified ESRS
β€’UK Government and FCA to consult on draft UK Sustainability Reporting Standards (SRS)
β€’UK Government and FCA to consult on approach to transition plan disclosures for UK companies
*Please note that the above is a selective list of initiatives and timelines are indicative and may be subject to change.
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ11
Q3
Power BI Desktop
ESG Bond and Loan Issuance
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ12
Power BI Desktop
2.1ξ˜ƒEuropeanξ˜ƒESG,ξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒTransitionξ˜ƒBondξ˜ƒIssuance
0
50
100
150
EUR (Billion)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024 2025
145
121
96 93 96
124
109
87
139
117
72 65
151
105
92
63
126
Green Social Sustainability Sustainable linked and Transition Bond
Yearlyξ˜ƒdecreaseξ˜ƒinξ˜ƒESGξ˜ƒandξ˜ƒSustainableξ˜ƒ
linkedξ˜ƒBondξ˜ƒissuanceξ˜ƒaccompaniedξ˜ƒbyξ˜ƒ
lowerξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒGreenξ˜ƒ
Loansξ˜ƒorigination
Proceeds from ESG and Sustainability linked and
Transition Bonds reached €126bn during Q1
2025, down from €151bn in Q1 2024.
Sustainability linked and Green Loans origination
decreased by 47 % YoY, concluding the quarter
with € 42 bn in proceeds.
Investment-grade corporate issuers accounted for
39% of the total proceeds from green bonds, while
European agencies led the issuance of social bonds
(49% of the total).
Globally, the European Union continues as the
primary region for green and social bond issuance,
and for sustainability linked and green loan
origination. US issuers continued as the lead
region for sustainable bond issuance. [See pages
14-17]
2.2ξ˜ƒEuropeanξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒGreenξ˜ƒLoansξ˜ƒIssuance
0
50
100
EUR (Billion)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024 2025
56
98
49
99
69 75 81
59
48
69
34
69
80
68
48
85
42
ESG Bond and Loan Issuance
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ13
Source:ξ˜ƒDealogic
Power BI Desktop
2.3ξ˜ƒGreenξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒDealξ˜ƒType:ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 10 20 30
EUR (Billion)
Corporate Bond Investment-Grade
Supranational
Sovereign, Local Authority
Non-US Agency
Covered Bond
Corporate Bond High Yield
Medium-Term Note
Mortgage-Backed Security
2.4ξ˜ƒGreenξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒCountryξ˜ƒ(top10):ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 5 10 15
EUR (Billion)
EU
Germany
France
Italy
Sweden
United Kingdom
Austria
Norway
Finland
Netherlands
2.5ξ˜ƒGreenξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒCurrencyξ˜ƒ(topξ˜ƒ8):ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 20 40 60
EUR (Billion)
Euro
Swedish Krona
British Pound Sterling
Norwegian Krone
Swiss Franc
US Dollar
Australian Dollar
Canadian Dollar
2.6ξ˜ƒGreenξ˜ƒBondξ˜ƒIssuanceξ˜ƒGlobalξ˜ƒComparison:ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 20 40 60
EUR (Billion)
EU
APAC
Americas
Rest of Europe
United Kingdom
Africa and Middle East
Green Bond Issuance
EU includes EU Commission and EIB
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ14
Source:ξ˜ƒDealogic
Power BI Desktop
2.7ξ˜ƒSocialξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒDealξ˜ƒType:ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 5 10
EUR (Billion)
Non-US Agency
Corporate Bond Investment-Grade
Covered Bond
Supranational
Sovereign, Local Authority
Social Bond Issuance
2.8ξ˜ƒSocialξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒCountryξ˜ƒ(topξ˜ƒ10):ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 2 4 6 8 10
EUR (Billion)
France
Netherlands
United Kingdom
Italy
Germany
Portugal
Belgium
2.9ξ˜ƒSocialξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒCurrency:ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 5 10 15 20
EUR (Billion)
Euro
US Dollar
British Pound Sterling
Australian Dollar
Swiss Franc
2.10ξ˜ƒSocialξ˜ƒBondξ˜ƒIssuanceξ˜ƒGlobalξ˜ƒComparison:ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 5 10 15 20
EUR (Billion)
EU
Americas
APAC
United Kingdom
Africa and Middle East
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ15
Source:ξ˜ƒDealogic
Power BI Desktop
Sustainable Bond Issuance
2.13ξ˜ƒSustainableξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒCurrency:ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 5 …
EUR (Billion)
Euro
British Pound Sterling
US Dollar
Norwegian Krone
Australian Dollar
Canadian Dollar
Swiss Franc
Polish Zloty
Swedish Krona
Brazilian Real
2.11ξ˜ƒSustainableξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒDealξ˜ƒType:ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 5 10
EUR (Billion)
Non-US Agency
Sovereign, Local Authority
Supranational
Corporate Bond Investment-Grade
Corporate Bond High Yield
Medium-Term Note
2.14ξ˜ƒSustainableξ˜ƒBondξ˜ƒIssuanceξ˜ƒGlobalξ˜ƒComparison:ξ˜ƒ2025YtDξ˜ƒ(Q1)
0 10 20 30
EUR (Billion)
Americas
APAC
EU
Rest of Europe
United Kingdom
Africa and Middle East
Central Asia and the Caucasus
Proceeds of Sustainable Bonds are allocated between green projects and social projects
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ16
Source:ξ˜ƒDealogic
2.12ξ˜ƒSustainableξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒCountryξ˜ƒ(topξ˜ƒ10):ξ˜ƒ2025YtDξ˜ƒ(Q1)
012345
EUR (Billion)
France
EU
United Kingdom
Spain
Turkey
Netherlands
Austria
Italy
EU includes EU Commission and EIB
Power BI Desktop
2.15ξ˜ƒEuropeanξ˜ƒSustainability-linkedξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒCountry:ξ˜ƒ2025YtD
(Q1)
0.0 0.5 1.0 1.5 2.0 2.5 3.0
EUR (Billion)
Italy
United Kingdom
Netherlands
France
Germany
Sweden
Norway
Greece
2.16ξ˜ƒEuropeanξ˜ƒSustainability-linkedξ˜ƒBondξ˜ƒIssuanceξ˜ƒbyξ˜ƒDealξ˜ƒType:
2025YtDξ˜ƒ(Q1)
0
1
2
3
4
EUR (Billion)
Corporate Bond High Yield Corporate Bond
Investment-Grade
Sustainability-linked Bond Issuance
Sustainability-linked bonds are performance-based bonds where payment is contingent on pre-determined KPIs which are aligned with sustainability strategies.
Transition bonds are bonds issued with a β€œtransition” label indicating use of proceeds to improve environmental performance but not yet reaching β€œgreen” categorisation.
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ17
Source:ξ˜ƒDealogic
Power BI Desktop
2.17ξ˜ƒEuropeanξ˜ƒESGξ˜ƒSecuritisationξ˜ƒIssuanceξ˜ƒbyξ˜ƒAssetξ˜ƒClass
0
2
4
6
8
EUR (billion)
2018 2019 2020 2021 2022 2023 2024 2025
ABCP ABS CMBS On Balance Sheet ABS RMBS WBS
2.18ξ˜ƒEuropeanξ˜ƒESGξ˜ƒSecuritisationξ˜ƒIssuanceξ˜ƒbyξ˜ƒCountryξ˜ƒofξ˜ƒAsset
0
5
10
EUR (billion)
2018 2019 2020 2021 2022 2023 2024 2025
UK Spain Portugal PanEurope Netherlands Italy Germany France
2.19ξ˜ƒEuropeanξ˜ƒSocialξ˜ƒandξ˜ƒSustainableξ˜ƒSecuritisationξ˜ƒIssuanceξ˜ƒbyξ˜ƒAsset
Class
0
1
2
3
4
EUR (billion)
2020 2021 2022 2023 2024 2025
ABS CMBS RMBS WBS
2.20ξ˜ƒEuropeanξ˜ƒGreenξ˜ƒSecuritisationξ˜ƒIssuanceξ˜ƒbyξ˜ƒAssetξ˜ƒClass
0
2
4
EUR (billion)
2018 2019 2020 2021 2022 2023 2024 2025
ABCP ABS CMBS On Balance Sheet ABS RMBS
Source:ξ˜ƒAFME,ξ˜ƒClimateξ˜ƒBondξ˜ƒInitiative,ξ˜ƒCreditξ˜ƒAgricole,ξ˜ƒS&P,ξ˜ƒξ˜ƒandξ˜ƒEuropeanξ˜ƒDataξ˜ƒWarehouse
ESG Securitisation Issuance
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ18
Power BI Desktop
2.21ξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒGreenξ˜ƒLoanξ˜ƒIssuanceξ˜ƒbyξ˜ƒDealξ˜ƒType:
2025YtDξ˜ƒ(Q1)
83%
17%
Investment Grade
Leveraged
Sustainability linked and Green Loan Issuance
2.22ξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒGreenξ˜ƒLoanξ˜ƒIssuanceξ˜ƒbyξ˜ƒCountryξ˜ƒ(topξ˜ƒ10):
2025YtDξ˜ƒ(Q1)
0
5
10
15
20
EUR (Billion)
Turkey
Norway
Netherlands
Luxembourg
UK
Poland
France
Germany
Spain
Italy
2.23ξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒGreenξ˜ƒLoanξ˜ƒIssuanceξ˜ƒbyξ˜ƒCurrencyξ˜ƒ(topξ˜ƒ5):
2025YtDξ˜ƒ(Q1)
0 10 20 30 40
EUR (Billion)
Euro
British Pound Sterling
US Dollar
Norwegian Krone
Japanese Yen
2.24ξ˜ƒSustainabilityξ˜ƒlinkedξ˜ƒandξ˜ƒGreenξ˜ƒLoanξ˜ƒIssuanceξ˜ƒGlobalξ˜ƒComparison:
2025YtDξ˜ƒ(Q1)
0
10
20
30
40
EUR (Billion)
Rest of Europe United
Kingdom
Africa and
Middle East
APAC Americas EU
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ19
Source:ξ˜ƒDealogic
Power BI Desktop
ESG Bonds Outstanding
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ20
Power BI Desktop
3.1ξ˜ƒEvolutionξ˜ƒofξ˜ƒEuropeanξ˜ƒGreenξ˜ƒBondsξ˜ƒOutstanding
0
500
1,000
1,500
2,000
EUR (Billion)
2019 2020 2021 2022 2023 2024 2025
Agency Corporate Govt/Treasury/ Central Bank Non-US Munis Other Gov/Supra
Green Bonds Outstanding
3.2ξ˜ƒGreenξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒCountryξ˜ƒ(topξ˜ƒ10)
0 50 100 150 200 250 300 350
EUR (Billion)
Germany
France
Netherlands
EU
United Kingdom
Italy
Sweden
Spain
Norway
Denmark
3.3ξ˜ƒGreenξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒCurrencyξ˜ƒ(topξ˜ƒ10)
0 200 400 600 800 1,000 1,200 1,400
EUR (Billion)
Euro
US Dollar
British Pound
Swedish Krona
Swiss Franc
Norwegian Krone
Danish Krone
Australian Dollar
Canadian Dollar
Hungarian Forint
3.4ξ˜ƒGreenξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒCouponξ˜ƒTypeξ˜ƒ(topξ˜ƒ10)
0 500 1,000 1,500
EUR (Billion)
Plain Vanilla Fixed Coupon
Fixed then Floating
Fixed Margin over Index
Fixed Resettable
Zero Coupon
Range Coupon
Other / Complex Floating Rate
Step Up / Step Down
Discount
Zero then Fixed
Source:ξ˜ƒRefinitivξ˜ƒEikon
EU includes EU Commission and EIB
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ21
Power BI Desktop
3.5ξ˜ƒGreenξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒBondξ˜ƒGrade
0
500
1,000
EUR (Billion)
Investment Grade N/A High Yield
Green Bonds Outstanding
3.6ξ˜ƒGreenξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒYearsξ˜ƒtoξ˜ƒMaturity
0
200
400
600
800
EUR (Billion)
<5 years 5-7 years 8-10 years 10+ years
3.7ξ˜ƒGreenξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒAssetξ˜ƒClass
0
500
1,000
EUR (Billion)
Corporate Govt/Treasury/
Central Bank
Agency Other Gov/Supra Non-US Munis
3.8ξ˜ƒGreenξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒSingleξ˜ƒIssuersξ˜ƒ(topξ˜ƒ5)
0 20 40 60 80
EUR (Billion)
European Investment Bank
France
Germany
United Kingdom
European Union
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ22
Source:ξ˜ƒRefinitivξ˜ƒEikon
Power BI Desktop
3.9ξ˜ƒEvolutionξ˜ƒofξ˜ƒSocialξ˜ƒBondsξ˜ƒOutstanding
0
200
400
EUR (Billion)
2019 2020 2021 2022 2023 2024 2025
Sovereign/Agency Other Corporate
Social Bonds Outstanding
3.10ξ˜ƒSocialξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒCountryξ˜ƒ(topξ˜ƒ10)
0 50 100 150 200
EUR (Billion)
France
EU
Netherlands
Germany
United Kingdom
Italy
Belgium
Spain
Ireland
Finland
3.11ξ˜ƒSocialξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒSecurityξ˜ƒTypeξ˜ƒ(topξ˜ƒ10)
0 50 100
EUR (Billion)
Senior Unsecured Notes
Senior Medium Term Notes
Fixed Or Straight Bond
Guaranteed Medium Term Notes
Zero Coupon Bonds
Medium Term Notes
Guaranteed Senior Unsecured Notes
Fixed Or Floating Rate Medium Term Notes
Senior Notes
Medium Term Senior Notes
3.12ξ˜ƒSocialξ˜ƒBondsξ˜ƒOutstandingξ˜ƒbyξ˜ƒEconomicξ˜ƒSector
0 50 100 150 200
EUR (Billion)
Government Activity
Banking & Investment Services
Institutions, Associations & Organizations
Transportation
Real Estate
Cyclical Consumer Services
Healthcare Services & Equipment
Food & Beverages
Industrial & Commercial Services
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ23
EU includes EU Commission and EIB
Source:ξ˜ƒRefinitivξ˜ƒEikon
Power BI Desktop
Carbon Pricing, Emissions and Trading
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ24
Power BI Desktop
UK
40
60
80
100
GBP/Tn
2022 2023 2024 2025
China
40
60
80
100
CNY/Tn
2022 2023 2024 2025
EU
40
60
80
100
EUR/Tn
2022 2023 2024 2025
Carbon Market Prices
* China's ETS includes exclusively the Shanghai ETS. Does not include other pilot
programmes (Shenzen, Beijing, Guangong, Tianjin, Hubei, Chongqing or Fujian)
4.1ξ˜ƒComparisonξ˜ƒofξ˜ƒGlobalξ˜ƒETSξ˜ƒAllowanceξ˜ƒPrices
China'sξ˜ƒETSξ˜ƒAllowanceξ˜ƒPricesξ˜ƒdeclinedξ˜ƒinξ˜ƒQ1ξ˜ƒ
2025ξ˜ƒfollowingξ˜ƒ2024ξ˜ƒpeak
ξ˜Œξšξ˜ƒξ˜”ξ₯³ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξŸ‘ξ˜ƒξ˜ˆξ˜˜ξ˜ƒξšƒξšξš†ξ˜ƒξ˜˜ξ˜Žξ˜ƒξš…ξšƒξš”ξš„ξš‘ξšξ˜ƒξš’ξš”ξš‹ξš…ξš‡ξš•ξ˜ƒξš‹ξšξš…ξš”ξš‡ξšƒξš•ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒ
ξ₯³ξ₯³ξ˜ƒξ¦¨ξ˜ƒξ˜ƒξšƒξšξš†ξ˜ƒξ˜ƒξ₯³ξ₯Άξ˜ƒξ¦¨ξ˜ƒξ˜ƒξ˜œξš‘ξ˜œξŸ‘ξ˜ƒξš”ξš‡ξš•ξš’ξš‡ξš…ξš–ξš‹ξš˜ξš‡ξšŽξš›ξŸ‘ξ˜ƒξš™ξšŠξš‹ξšŽξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜–ξšŠξšƒξšξš‰ξšŠξšƒξš‹ξ˜ƒ
ξ˜ˆξ˜—ξ˜–ξ˜ƒξ ‹ξ˜ˆξšξš‹ξš•ξš•ξš‹ξš‘ξšξ˜ƒξ˜—ξš”ξšƒξš†ξš‹ξšξš‰ξ˜ƒξ˜–ξš…ξšŠξš‡ξšξš‡ξ Œξ˜ƒξš†ξš‡ξš…ξšŽξš‹ξšξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξ˜ƒξ₯·ξ˜ƒξ¦¨ξ˜ƒξŸ€ξ˜ƒ
ξ˜–ξš‹ξšξš…ξš‡ξ˜ƒξš‹ξš–ξš•ξ˜ƒξšŽξšƒξš—ξšξš…ξšŠξ˜ƒξš‹ξšξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯³ξŸ‘ξ˜ƒξ˜–ξšŠξšƒξšξš‰ξšŠξšƒξš‹ξ€΅ξš•ξ˜ƒξ˜ˆξ˜—ξ˜–ξ˜ƒξšŠξšƒξš•ξ˜ƒ
ξš‡ξššξš’ξš‡ξš”ξš‹ξš‡ξšξš…ξš‡ξš†ξ˜ƒξš•ξš–ξš‡ξšƒξš†ξš›ξ˜ƒξš’ξš”ξš‹ξš…ξš‡ξ˜ƒξš‰ξš”ξš‘ξš™ξš–ξšŠξŸ‘ξ˜ƒξš†ξš”ξš‹ξš˜ξš‡ξšξ˜ƒξš„ξš›ξ˜ƒξš•ξš–ξš”ξš‹ξš…ξš–ξš‡ξš”ξ˜ƒ
ξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξš–ξšŠξš”ξš‡ξš•ξšŠξš‘ξšŽξš†ξš•ξŸ‘ξ˜ƒξšƒξšξš†ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξššξš’ξšƒξšξš•ξš‹ξš‘ξšξ˜ƒξš‘ξšˆξ˜ƒξš…ξš‘ξš˜ξš‡ξš”ξš‡ξš†ξ˜ƒ
ξš•ξš‡ξš…ξš–ξš‘ξš”ξš•ξ˜ƒξš–ξš‘ξ˜ƒξš‘ξš˜ξš‡ξš”ξ˜ƒξ₯Άξ₯²ξ¦¨ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš…ξš‘ξš—ξšξš–ξš”ξš›ξ€΅ξš•ξ˜ƒξ˜†ξ˜’ξ₯΄ξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξŸ€ξ˜ƒξ˜„ξš•ξ˜ƒ
ξšƒξ˜ƒξš”ξš‡ξš•ξš—ξšŽξš–ξŸ‘ξ˜ƒξ˜†ξšŠξš‹ξšξš‡ξš•ξš‡ξ˜ƒξš…ξšƒξš”ξš„ξš‘ξšξ˜ƒξš’ξš”ξš‹ξš…ξš‡ξš•ξ˜ƒξš”ξš‡ξšƒξš…ξšŠξš‡ξš†ξ˜ƒξšƒξ˜ƒξš”ξš‡ξš…ξš‘ξš”ξš†ξ˜ƒξšŠξš‹ξš‰ξšŠξ˜ƒ
ξš‘ξšˆξ˜ƒξ₯³ξ₯²ξ₯·ξ˜ƒξ˜†ξ˜‘ξ˜œξ €ξ˜—ξšξ˜ƒξš‹ξšξ˜ƒξ˜‘ξš‘ξš˜ξš‡ξšξš„ξš‡ξš”ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯ΆξŸ‘ξ˜ƒξš„ξš‡ξšˆξš‘ξš”ξš‡ξ˜ƒξšƒξ˜ƒξšξš‘ξš†ξš‡ξš”ξšƒξš–ξš‡ξ˜ƒ
ξš†ξš‡ξš…ξšŽξš‹ξšξš‡ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξ§ξš‹ξš”ξš•ξš–ξ˜ƒξš“ξš—ξšƒξš”ξš–ξš‡ξš”ξ˜ƒξš‘ξšˆξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒξ ‹ξ₯»ξ₯³ξ˜ƒξ˜†ξ˜‘ξ˜œξ €ξ˜—ξšξ˜ƒξš‘ξšξ˜ƒ
ξšƒξš˜ξš‡ξš”ξšƒξš‰ξš‡ξ ŒξŸ€
ξ˜ˆξ˜˜ξ˜ƒξš’ξš”ξš‹ξš…ξš‡ξš•ξ˜ƒξš’ξš‡ξšƒξšξš‡ξš†ξ˜ƒξšƒξš–ξ˜ƒξ₯Ίξ₯΄ξ˜ƒξ˜ˆξ˜˜ξ˜•ξ €ξ˜—ξšξ˜ƒξš‹ξšξ˜ƒξ˜ξšƒξšξš—ξšƒξš”ξš›ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒ
ξš„ξš‡ξšˆξš‘ξš”ξš‡ξ˜ƒξš‡ξšƒξš•ξš‹ξšξš‰ξ˜ƒξš–ξš‘ξ˜ƒξ₯Έξ₯Ήξ˜ƒξ˜ˆξ˜˜ξ˜•ξ €ξ˜—ξšξ˜ƒξš„ξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξšξš†ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš“ξš—ξšƒξš”ξš–ξš‡ξš”ξŸ€ξ˜ƒ
ξ˜˜ξ˜Žξ˜ƒξš’ξš”ξš‹ξš…ξš‡ξš•ξŸ‘ξ˜ƒξš‘ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš…ξš‘ξšξš–ξš”ξšƒξš”ξš›ξŸ‘ξ˜ƒξšŠξš‹ξš–ξ˜ƒξšƒξ˜ƒξš”ξš‡ξš…ξš‘ξš”ξš†ξ˜ƒξšŽξš‘ξš™ξ˜ƒξš‘ξšˆξ˜ƒξ₯΅ξ₯³ξ˜ƒ
ξ˜Šξ˜…ξ˜“ξ €ξ˜—ξšξ˜ƒξš‹ξšξ˜ƒξ˜ξšƒξšξš—ξšƒξš”ξš›ξ˜ƒξš„ξš—ξš–ξ˜ƒξš”ξš‡ξš…ξš‘ξš˜ξš‡ξš”ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξ₯Άξ₯·ξ˜ƒξ˜Šξ˜…ξ˜“ξ €ξ˜—ξšξ˜ƒξš„ξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
ξš‡ξšξš†ξ˜ƒξš‘ξšˆξ˜ƒξ˜ξšƒξš”ξš…ξšŠξŸ€
ξ˜‡ξš‡ξš•ξš’ξš‹ξš–ξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‰ξš”ξš‘ξš™ξš–ξšŠξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜–ξšŠξšƒξšξš‰ξšŠξšƒξš‹ξ˜ƒξ˜ˆξ˜—ξ˜–ξŸ‘ξ˜ƒξš‹ξš–ξ˜ƒξš”ξš‡ξšξšƒξš‹ξšξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
ξš‰ξšŽξš‘ξš„ξšƒξšŽξ˜ƒξ˜ˆξ˜—ξ˜–ξ˜ƒξš•ξš›ξš•ξš–ξš‡ξšξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξš–ξšŠξš‡ξ˜ƒξšŽξš‘ξš™ξš‡ξš•ξš–ξ˜ƒξš’ξš”ξš‹ξš…ξš‡ξŸ‘ξ˜ƒξš•ξš–ξšƒξšξš†ξš‹ξšξš‰ξ˜ƒξšƒξš–ξ˜ƒ
ξ₯Ίξ₯Έξ˜ƒξ˜†ξ˜‘ξ˜œξ €ξ˜—ξšξ˜ƒξ ‹ξ₯€ξ₯³ξ₯²ξŸ€ξ₯Άξ Œξ˜ƒξšƒξš•ξ˜ƒξš‘ξšˆξ˜ƒξ˜ξšƒξš”ξš…ξšŠξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξŸ€
ξ˜†ξšƒξš”ξš„ξš‘ξšξ˜ƒξš’ξš”ξš‹ξš…ξš‡ξš•ξ˜ƒξšξšƒξš›ξ˜ƒξšξš‘ξš–ξ˜ƒξš„ξš‡ξ˜ƒξš†ξš‹ξš”ξš‡ξš…ξš–ξšŽξš›ξ˜ƒξš…ξš‘ξšξš’ξšƒξš”ξšƒξš„ξšŽξš‡ξ˜ƒξšƒξš…ξš”ξš‘ξš•ξš•ξ˜ƒ
ξš•ξš›ξš•ξš–ξš‡ξšξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš˜ξšƒξš”ξš›ξ˜ƒξš‰ξš”ξš‡ξšƒξš–ξšŽξš›ξŸ‘ξ˜ƒξš‰ξš‹ξš˜ξš‡ξšξ˜ƒξš†ξš‹ξšˆξšˆξš‡ξš”ξš‡ξšξš–ξ˜ƒξš‹ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒ
ξš•ξš‡ξš–ξš–ξš‹ξšξš‰ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš†ξš‹ξšˆξšˆξš‡ξš”ξš‡ξšξš…ξš‡ξš•ξ˜ƒξš‹ξšξ˜ƒξ˜ˆξ˜—ξ˜–ξ˜ƒξš†ξš‡ξš•ξš‹ξš‰ξšξŸ€
ξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξ˜‰ξš‹ξšξšƒξšξš…ξš‡ξ˜ƒξ˜•ξš‡ξš’ξš‘ξš”ξš–ξ˜ƒξŸ¦ξ˜ƒξ˜”ξ˜ƒξ₯³ξ˜ƒξ˜ƒξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒξ˜ƒξ˜ƒξ˜ƒ/ξ˜ƒ25
Source:ξ˜ƒRefinitivξ˜ƒEikon
Power BI Desktop
EU
60
65
70
75
80
EUR/UNITS
2026 2027 2028 2029 2030
UK
46
48
50
52
GBP/UNITS
Jan 2025 Jul 2025 Jan 2026 Jul 2026 Jan 2027
EU and UK forward curves anticipate higher
carbon prices for the medium- long-term future.
Carbon Market Future Prices
4.2ξ˜ƒForwardξ˜ƒCurve:ξ˜ƒEuropeanξ˜ƒUnionξ˜ƒAllowanceξ˜ƒ(EUA)ξ˜ƒandξ˜ƒUKξ˜ƒElectronicξ˜ƒEnergyξ˜ƒFutureξ˜ƒChainξ˜ƒ
Contract
EU : Market curve observed mid April 2025
UK : Market curve observed mid April 2025
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ26
Source:ξ˜ƒRefinitivξ˜ƒEikon
Power BI Desktop
ξ₯ΆξŸ€ξ₯΅ξ˜ƒξ˜–ξšŠξšƒξš”ξš‡ξ˜ƒξš‘ξšˆξ˜ƒξ˜„ξšξšξš—ξšƒξšŽξ˜ƒξ˜†ξš‘ξš˜ξš‡ξš”ξš‡ξš†ξ˜ƒξ˜ŠξšŽξš‘ξš„ξšƒξšŽξ˜ƒξ˜Šξ˜‹ξ˜Šξ˜ƒξ˜ˆξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξ ‹ξš—ξš’ξš†ξšƒξš–ξš‡ξš†ξ˜ƒξ˜„ξš’ξš”ξš‹ξšŽξ˜ƒξ₯³ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯Άξ Œ
ξ₯²ξ¦¨ ξ₯΄ξ¦¨ ξ₯Άξ¦¨ ξ₯Έξ¦¨ ξ₯Ίξ¦¨ ξ₯³ξ₯²ξ¦¨
ξ˜†ξšŠξš‹ξšξšƒξ˜ƒξšξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξ˜ˆξ˜—ξ˜–
ξ˜ˆξ˜˜ξ˜ƒξ˜ˆξ˜—ξ˜–
ξ˜Žξš‘ξš”ξš‡ξšƒξ˜ƒξ˜ˆξ˜—ξ˜–
ξ˜Œξšξš†ξš‘ξšξš‡ξš•ξš‹ξšƒξ˜ƒξ˜ˆξ˜—ξ˜–
ξ˜Šξš‡ξš”ξšξšƒξšξš›ξ˜ƒξ˜ˆξ˜—ξ˜–
ξ˜†ξšƒξšŽξš‹ξšˆξš‘ξš”ξšξš‹ξšƒξ˜ƒξ˜†ξšƒξ˜—
ξ˜Šξš—ξšƒξšξš‰ξš†ξš‘ξšξš‰ξ˜ƒξš’ξš‹ξšŽξš‘ξš–ξ˜ƒξ˜ˆξ˜—ξ˜–
ξ˜„ξšŽξš„ξš‡ξš”ξš–ξšƒξ˜ƒξ˜—ξ˜Œξ˜ˆξ˜•
ξ˜ξš‡ξššξš‹ξš…ξš‘ξ˜ƒξš’ξš‹ξšŽξš‘ξš–ξ˜ƒξ˜ˆξ˜—ξ˜–
ξ˜ŽξšƒξšœξšƒξšξšŠξš•ξš–ξšƒξšξ˜ƒξ˜ˆξ˜—ξ˜–
ξ˜„ξš•ξ˜ƒξšξš‘ξ˜ƒξš†ξšƒξš–ξšƒξ˜ƒξš‹ξš•ξ˜ƒξšƒξš˜ξšƒξš‹ξšŽξšƒξš„ξšŽξš‡ξ˜ƒξšˆξš‘ξš”ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξŸ‘ξ˜ƒξšƒξš•ξ˜ƒξš‘ξšˆξ˜ƒξ˜„ξš’ξš”ξš‹ξšŽξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯ΆξŸ‘ξ˜ƒ
ξ˜†ξšŠξš‹ξšξšƒξ˜ƒξš•ξš–ξš‘ξš‘ξš†ξ˜ƒξš‘ξš—ξš–ξ˜ƒξšƒξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜ˆξ˜—ξ˜–ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξš–ξšŠξš‡ξ˜ƒξšŽξšƒξš”ξš‰ξš‡ξš•ξš–ξ˜ƒ
ξš…ξš‘ξšξš–ξš”ξš‹ξš„ξš—ξš–ξš‹ξš‘ξšξŸ‘ξ˜ƒξš…ξš‘ξš˜ξš‡ξš”ξš‹ξšξš‰ξ˜ƒξ₯»ξŸ€ξ₯΅ξ¦¨ξ˜ƒξš‘ξšˆξ˜ƒξš‰ξšŽξš‘ξš„ξšƒξšŽξ˜ƒξ˜Šξ˜‹ξ˜Šξ˜ƒ
ξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξŸ€
ξ˜—ξšŠξš‡ξ˜ƒξ˜ˆξ˜˜ξ˜ƒξš…ξš‘ξšξš–ξš‹ξšξš—ξš‡ξš†ξ˜ƒξšƒξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš•ξš‡ξš…ξš‘ξšξš†ξ˜ƒξšŽξšƒξš”ξš‰ξš‡ξš•ξš–ξ˜ƒξšξšƒξš”ξšξš‡ξš–ξ˜ƒξš‹ξšξ˜ƒ
ξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξ˜ƒξš–ξš”ξšƒξš†ξš‹ξšξš‰ξŸ‘ξ˜ƒξš…ξš‘ξš˜ξš‡ξš”ξš‹ξšξš‰ξ˜ƒξšˆξš‘ξš”ξ˜ƒξ₯΄ξŸ€ξ₯Έξ¦¨ξ˜ƒξš‘ξšˆξ˜ƒξš‰ξšŽξš‘ξš„ξšƒξšŽξ˜ƒξ˜Šξ˜‹ξ˜Šξ˜ƒ
ξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξŸ€ξ˜ƒξ˜‘ξš‘ξš–ξš‡ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš–ξšŠξš‹ξš•ξ˜ƒξš†ξš‘ξš‡ξš•ξ˜ƒξšξš‘ξš–ξ˜ƒξšƒξš…ξš…ξš‘ξš—ξšξš–ξ˜ƒξšˆξš‘ξš”ξ˜ƒ
ξšξšƒξš–ξš‹ξš‘ξšξšƒξšŽξ˜ƒξš‹ξšξš•ξš–ξš”ξš—ξšξš‡ξšξš–ξš•ξŸ€
ξ˜Žξš‘ξš”ξš‡ξšƒξ˜ƒξš”ξšƒξšξšξš•ξ˜ƒξš–ξšŠξš‹ξš”ξš†ξŸ‘ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξšƒξšξ˜ƒξ˜ˆξ˜—ξ˜–ξ˜ƒξš…ξš‘ξšξš•ξš–ξš‹ξš–ξš—ξš–ξš‹ξšξš‰ξ˜ƒξ₯³ξŸ€ξ₯΄ξ¦¨ξ˜ƒ
ξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‰ξšŽξš‘ξš„ξšƒξšŽξ˜ƒξš–ξš‘ξš–ξšƒξšŽξŸ€
ξ˜†ξš‘ξšξš„ξš‹ξšξš‹ξšξš‰ξ˜ƒξš‡ξš˜ξš‡ξš”ξš›ξ˜ƒξš‹ξšξš•ξš–ξš”ξš—ξšξš‡ξšξš–ξš•ξ˜ƒξš™ξšŠξš‹ξšŽξš‡ξ˜ƒξšƒξš…ξš…ξš‘ξš—ξšξš–ξš‹ξšξš‰ξ˜ƒξšˆξš‘ξš”ξ˜ƒ
ξš‘ξš˜ξš‡ξš”ξšŽξšƒξš’ξ˜ƒξš‘ξšˆξ˜ƒξš…ξš‘ξš˜ξš‡ξš”ξšƒξš‰ξš‡ξ˜ƒξš„ξš”ξš‹ξšξš‰ξš•ξ˜ƒξš—ξš•ξ˜ƒξš–ξš‘ξ˜ƒξ₯΄ξ₯Άξ¦¨ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‰ξšŽξš‘ξš„ξšƒξšŽξ˜ƒ
ξ˜Šξ˜‹ξ˜Šξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš…ξš‘ξš˜ξš‡ξš”ξš‡ξš†ξ˜ƒξš‡ξš‹ξš–ξšŠξš‡ξš”ξ˜ƒξš„ξš›ξ˜ƒξšƒξšξ˜ƒξ˜ˆξ˜—ξ˜–ξ˜ƒ
ξš‘ξš”ξ˜ƒξšƒξ˜ƒξš…ξšƒξš”ξš„ξš‘ξšξ˜ƒξš–ξšƒξššξŸ€
ξ˜Œξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜ˆξ˜˜ξ˜ƒξ¦ͺξ˜ƒξ˜˜ξ˜Žξ˜ƒξšƒξš”ξš‡ξšƒξŸ‘ξ˜ƒξšƒξš‰ξš‰ξš”ξš‡ξš‰ξšƒξš–ξš‡ξ˜ƒξšˆξš”ξš‡ξš‡ξšŽξš›ξ˜ƒξšƒξšŽξšŽξš‘ξš…ξšƒξš–ξš‡ξš†ξ˜ƒ
ξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš˜ξš‡ξš”ξš‹ξ§ξš‹ξš‡ξš†ξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξšŠξšƒξš˜ξš‡ξ˜ƒξš•ξš‡ξš‡ξšξ˜ƒξšƒξ˜ƒ
ξš…ξš‘ξšξš•ξš‹ξš•ξš–ξš‡ξšξš–ξ˜ƒξš†ξš‡ξš…ξš”ξš‡ξšƒξš•ξš‡ξ˜ƒξš•ξš‹ξšξš…ξš‡ξ˜ƒξ₯΄ξ₯²ξ₯³ξ₯΅ξŸ€ξ˜ƒξ˜‘ξš‘ξš–ξšƒξš„ξšŽξš›ξŸ‘ξ˜ƒξš‹ξšξ˜ƒξ₯΄ξ₯²ξ₯³ξ₯΅ξŸ‘ξ˜ƒ
ξšƒξšŽξšŽξš‘ξš…ξšƒξš–ξš‡ξš†ξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξš•ξ˜ƒξš‡ξššξš’ξš‡ξš”ξš‹ξš‡ξšξš…ξš‡ξš†ξ˜ƒξšƒξ˜ƒξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒ
ξš”ξš‡ξš†ξš—ξš…ξš–ξš‹ξš‘ξšξŸ‘ξ˜ƒξšˆξšƒξšŽξšŽξš‹ξšξš‰ξ˜ƒξš„ξš‡ξšŽξš‘ξš™ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšŽξš‡ξš˜ξš‡ξšŽξš•ξ˜ƒξš‘ξšˆξ˜ƒξš˜ξš‡ξš”ξš‹ξ§ξš‹ξš‡ξš†ξ˜ƒ
ξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξšˆξš‘ξš”ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ§ξš‹ξš”ξš•ξš–ξ˜ƒξš–ξš‹ξšξš‡ξŸ€
ξ₯ΆξŸ€ξ₯Άξ˜ƒξ˜ˆξ˜˜ξ˜ƒξ¦ͺξ˜ƒξ˜˜ξ˜Žξ˜ƒξ˜„ξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξ˜ƒξš˜ξš•ξ˜ƒξ˜™ξš‡ξš”ξš‹ξ§ξš‹ξš‡ξš†ξ˜ƒξ˜ˆξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•
ξ₯²ξ˜Ž
ξ₯³ξ˜Ž
ξ₯΄ξ˜Ž
Mt-CO2-eq
ξ₯΄ξ₯²ξ₯³ξ₯² ξ₯΄ξ₯²ξ₯³ξ₯³ ξ₯΄ξ₯²ξ₯³ξ₯΄ ξ₯΄ξ₯²ξ₯³ξ₯΅ ξ₯΄ξ₯²ξ₯³ξ₯Ά ξ₯΄ξ₯²ξ₯³ξ₯· ξ₯΄ξ₯²ξ₯³ξ₯Έ ξ₯΄ξ₯²ξ₯³ξ₯Ή ξ₯΄ξ₯²ξ₯³ξ₯Ί ξ₯΄ξ₯²ξ₯³ξ₯» ξ₯΄ξ₯²ξ₯΄ξ₯² ξ₯΄ξ₯²ξ₯΄ξ₯³ ξ₯΄ξ₯²ξ₯΄ξ₯΄ ξ₯΄ξ₯²ξ₯΄ξ₯΅ ξ₯΄ξ₯²ξ₯΄ξ₯Ά
ξ˜‰ξš”ξš‡ξš‡ξšŽξš›ξ˜ƒξšƒξšŽξšŽξš‘ξš…ξšƒξš–ξš‡ξš†ξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξš• ξ˜™ξš‡ξš”ξš‹ξ§ξš‹ξš‡ξš†ξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•
Source:ξ˜ƒEuropeanξ˜ƒEnvironmentξ˜ƒAgency,ξ˜ƒTheξ˜ƒWorldξ˜ƒBankξ˜ƒ(dataξ˜ƒlastξ˜ƒupdatedξ˜ƒAprilξ˜ƒ1ξ˜ƒ2024)
ξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξ˜‰ξš‹ξšξšƒξšξš…ξš‡ξ˜ƒξ˜•ξš‡ξš’ξš‘ξš”ξš–ξ˜ƒξŸ¦ξ˜ƒξ˜”ξ˜ƒξ₯³ξ˜ƒξ˜ƒξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒξ˜ƒξ˜ƒξ˜ƒ/ξ˜ƒ27
Carbon Emissions coverage
Power BI Desktop
4.5ξ˜ƒAllowancesξ˜ƒAuctionedξ˜ƒorξ˜ƒSoldξ˜ƒ(EUAsξ˜ƒandξ˜ƒEUAAs)
0
500
1,000
1,500
2,000
Mt-CO2-eq
2017 2018 2019 2020 2021 2022 2023 2024
4.6ξ˜ƒCarbonξ˜ƒTaxξ˜ƒbyξ˜ƒCountryξ˜ƒ(2024)*
0 50 100 150
USD/tCO2-eq
Uruguay
Liechtenstein
Switzerland
Sweden
Norway
Finland
Netherlands
Ireland
British Columbia
Canada
Northwest Territories
ξ˜—ξšŠξš‡ξ˜ƒξ˜ˆξ˜˜ξ˜ƒξ˜ˆξ˜—ξ˜–ξ˜ƒξš‘ξš’ξš‡ξš”ξšƒξš–ξš‡ξš•ξ˜ƒξš‘ξšξ˜ƒξšƒξ˜ƒξ€Άξš…ξšƒξš’ξŸ¦ξšƒξšξš†ξŸ¦ξš–ξš”ξšƒξš†ξš‡ξ€Άξ˜ƒ
ξš’ξš”ξš‹ξšξš…ξš‹ξš’ξšŽξš‡ξŸ‘ξ˜ƒξš™ξšŠξš‡ξš”ξš‡ξ˜ƒξšƒξ˜ƒξš…ξšƒξš’ξ˜ƒξš‹ξš•ξ˜ƒξš•ξš‡ξš–ξ˜ƒξš‘ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš–ξš‘ξš–ξšƒξšŽξ˜ƒξšƒξšξš‘ξš—ξšξš–ξ˜ƒξš‘ξšˆξ˜ƒ
ξš…ξš‡ξš”ξš–ξšƒξš‹ξšξ˜ƒξš‰ξš”ξš‡ξš‡ξšξšŠξš‘ξš—ξš•ξš‡ξ˜ƒξš‰ξšƒξš•ξš‡ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš…ξšƒξšξ˜ƒξš„ξš‡ξ˜ƒξš‡ξšξš‹ξš–ξš–ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒ
ξš‹ξšξš•ξš–ξšƒξšŽξšŽξšƒξš–ξš‹ξš‘ξšξš•ξ˜ƒξš…ξš‘ξš˜ξš‡ξš”ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš•ξš›ξš•ξš–ξš‡ξšξŸ€ξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξš…ξšƒξš’ξ˜ƒξš‹ξš•ξ˜ƒ
ξš”ξš‡ξš†ξš—ξš…ξš‡ξš†ξ˜ƒξš‘ξš˜ξš‡ξš”ξ˜ƒξš–ξš‹ξšξš‡ξ˜ƒξš•ξš‘ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš–ξš‘ξš–ξšƒξšŽξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξšˆξšƒξšŽξšŽξŸ€
ξ˜šξš‹ξš–ξšŠξš‹ξšξ˜ƒξš–ξšŠξš‹ξš•ξ˜ƒξš…ξšƒξš’ξŸ‘ξ˜ƒξš…ξš‘ξšξš’ξšƒξšξš‹ξš‡ξš•ξ˜ƒξš”ξš‡ξš…ξš‡ξš‹ξš˜ξš‡ξ˜ƒξš‘ξš”ξ˜ƒξš’ξš—ξš”ξš…ξšŠξšƒξš•ξš‡ξ˜ƒ
ξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξš•ξŸ‘ξ˜ƒξš™ξšŠξš‹ξš…ξšŠξ˜ƒξš–ξšŠξš‡ξš›ξ˜ƒξš…ξšƒξšξ˜ƒξš–ξš”ξšƒξš†ξš‡ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒ
ξš‘ξšξš‡ξ˜ƒξšƒξšξš‘ξš–ξšŠξš‡ξš”ξ˜ƒξšƒξš•ξ˜ƒξšξš‡ξš‡ξš†ξš‡ξš†ξŸ€ξ˜ƒξ˜ˆξšƒξš…ξšŠξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξ˜ƒξš‰ξš‹ξš˜ξš‡ξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
ξšŠξš‘ξšŽξš†ξš‡ξš”ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš”ξš‹ξš‰ξšŠξš–ξ˜ƒξš–ξš‘ξ˜ƒξš‡ξšξš‹ξš–ξ˜ƒξš‘ξšξš‡ξ˜ƒξš–ξš‘ξšξšξš‡ξ˜ƒξš‘ξšˆξ˜ƒξ˜†ξ˜’ξ₯΄ξ˜ƒξš‘ξš”ξ˜ƒξš–ξšŠξš‡ξ˜ƒ
ξš‡ξš“ξš—ξš‹ξš˜ξšƒξšŽξš‡ξšξš–ξ˜ƒξšƒξšξš‘ξš—ξšξš–ξ˜ƒξš‘ξšˆξ˜ƒξšƒξšξš‘ξš–ξšŠξš‡ξš”ξ˜ƒξš‰ξš”ξš‡ξš‡ξšξšŠξš‘ξš—ξš•ξš‡ξ˜ƒξš‰ξšƒξš•ξŸ€ξ˜ƒ
ξ˜†ξš‘ξšξš’ξšƒξšξš‹ξš‡ξš•ξ˜ƒξšξš—ξš•ξš–ξ˜ƒξšŠξš‘ξšŽξš†ξ˜ƒξš‡ξšξš‘ξš—ξš‰ξšŠξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξš•ξ˜ƒξš–ξš‘ξ˜ƒξš…ξš‘ξš˜ξš‡ξš”ξ˜ƒ
ξšƒξšŽξšŽξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξš‹ξš”ξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξŸ€ξ˜ƒξ˜Œξšˆξ˜ƒξšƒξ˜ƒξš…ξš‘ξšξš’ξšƒξšξš›ξ˜ƒξš‡ξšξš‹ξš–ξš•ξ˜ƒξšŽξš‡ξš•ξš•ξ˜ƒξš–ξšŠξšƒξšξ˜ƒ
ξš‹ξš–ξ˜ƒξš‹ξš•ξ˜ƒξšƒξšŽξšŽξš‘ξš™ξš‡ξš†ξ˜ƒξš–ξš‘ξŸ‘ξ˜ƒξš‹ξš–ξ˜ƒξš…ξšƒξšξ˜ƒξšξš‡ξš‡ξš’ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš•ξš’ξšƒξš”ξš‡ξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξš•ξ˜ƒξš–ξš‘ξ˜ƒ
ξš…ξš‘ξš˜ξš‡ξš”ξ˜ƒξš‹ξš–ξš•ξ˜ƒξšˆξš—ξš–ξš—ξš”ξš‡ξ˜ƒξšξš‡ξš‡ξš†ξš•ξŸ‘ξ˜ƒξš‘ξš”ξ˜ƒξš•ξš‡ξšŽξšŽξ˜ƒξš–ξšŠξš‡ξšξ˜ƒξš–ξš‘ξ˜ƒξš…ξš‘ξšξš’ξšƒξšξš‹ξš‡ξš•ξ˜ƒξš‹ξšξ˜ƒ
ξšξš‡ξš‡ξš†ξŸ€ξ˜ƒξ˜†ξš‘ξšξš’ξšƒξšξš‹ξš‡ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξšƒξš”ξš‡ξ˜ƒξšξš‘ξš–ξ˜ƒξš…ξš‘ξšξš’ξšŽξš‹ξšƒξšξš–ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξš–ξšŠξš‹ξš•ξ˜ƒ
ξš•ξš›ξš•ξš–ξš‡ξšξ˜ƒξšˆξšƒξš…ξš‡ξ˜ƒξš•ξš‹ξš‰ξšξš‹ξ§ξš‹ξš…ξšƒξšξš–ξ˜ƒξ§ξš‹ξšξš‡ξš•ξŸ€
ξ˜—ξš‘ξš–ξšƒξšŽξ˜ƒξšƒξšŽξšŽξš‘ξš…ξšƒξš–ξš‡ξš†ξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξš•ξ˜ƒξ ‹ξ˜ˆξ˜˜ξ˜„ξ˜ƒξšƒξšξš†ξ˜ƒξ˜ˆξ˜˜ξ˜„ξ˜„ξ Œξ˜ƒ
ξš†ξš‡ξš…ξš”ξš‡ξšƒξš•ξš‡ξš†ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξ₯³ξ₯Ήξ₯΄ξ₯Ίξ˜ƒξ˜ξš–ξ˜†ξ˜’ξ₯΄ξŸ¦ξš‡ξš“ξ˜ƒξš‹ξšξ˜ƒξ₯΄ξ₯²ξ₯³ξ₯Ήξ˜ƒξš–ξš‘ξ˜ƒξ₯³ξ₯²ξ₯²ξ₯²ξ˜ƒ
ξ˜ξš–ξ˜†ξ˜’ξ₯΄ξŸ¦ξš‡ξš“ξ˜ƒξš‹ξšξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯ΆξŸ€
ξ˜†ξšƒξš”ξš„ξš‘ξšξ˜ƒξ˜—ξšƒξššξš‡ξš•ξ˜ƒξšƒξš”ξš‡ξ˜ƒξšƒξšξš‘ξš–ξšŠξš‡ξš”ξ˜ƒξšξš‡ξš–ξšŠξš‘ξš†ξ˜ƒξš‘ξšˆξ˜ƒξš…ξšƒξš”ξš„ξš‘ξšξ˜ƒ
ξš’ξš”ξš‹ξš…ξš‹ξšξš‰ξŸ€ξ˜ƒξ˜˜ξš”ξš—ξš‰ξš—ξšƒξš›ξ˜ƒξš‹ξšξš’ξšŽξš‡ξšξš‡ξšξš–ξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšŠξš‹ξš‰ξšŠξš‡ξš•ξš–ξ˜ƒξš…ξšƒξš”ξš„ξš‘ξšξ˜ƒ
ξš–ξšƒξššξ˜ƒξ ‹ξ₯³ξ₯Έξ₯ΉξŸ€ξ₯΄ξ˜ƒξ˜˜ξ˜–ξ˜‡ξ €ξš–ξ˜†ξ˜’ξ₯΄ξš‡ξ ŒξŸ‘ξ˜ƒξšˆξš‘ξšŽξšŽξš‘ξš™ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξ˜ξš‹ξš‡ξš…ξšŠξš–ξš‡ξšξš•ξš–ξš‡ξš‹ξšξ˜ƒ
ξšƒξšξš†ξ˜ƒξ˜–ξš™ξš‹ξš–ξšœξš‡ξš”ξšŽξšƒξšξš†ξ˜ƒξ ‹ξ₯³ξ₯΅ξ₯΄ξŸ€ξ₯³ξ˜ƒξ˜˜ξ˜–ξ˜‡ξ €ξš–ξ˜†ξ˜’ξ₯΄ξš‡ξ˜ƒξš‡ξšƒξš…ξšŠξ ŒξŸ€
Carbon Pricing - Allowance and Tax
Source:ξ˜ƒEuropeanξ˜ƒEnvironmentξ˜ƒAgency,ξ˜ƒTheξ˜ƒWorldξ˜ƒBankξ˜ƒ(dataξ˜ƒlastξ˜ƒupdatedξ˜ƒAprilξ˜ƒ1ξ˜ƒ2024)
ξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξ˜‰ξš‹ξšξšƒξšξš…ξš‡ξ˜ƒξ˜•ξš‡ξš’ξš‘ξš”ξš–ξ˜ƒξŸ¦ξ˜ƒξ˜”ξ˜ƒξ₯³ξ˜ƒξ˜ƒξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒξ˜ƒξ˜ƒξ˜ƒ/ξ˜ƒ28
*Some countries have multiple instruments. Only the main rate is shown for these countries.
Power BI Desktop
Fund Management
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ29
Power BI Desktop
5.1ξ˜ƒGlobalξ˜ƒESGξ˜ƒFundsξ˜ƒbyξ˜ƒAssetξ˜ƒClass
0
2
4
6
8
10
USD (Trillion)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022 2023 2024 2025
5.8
6.8
7.5
8.6 8.9
9.5 9.5
10.0
9.3
8.1
7.4
8.3
8.8 9.0 8.9
9.9 10.0 9.8
10.5 10.3 10.5
Real Estate Other Money Market Mixed Assets Equity Commodity Bond Alternatives
Global ESG Funds
Moderateξ˜ƒgrowthξ˜ƒinξ˜ƒESGξ˜ƒassetsξ˜ƒunderξ˜ƒ
managementξ˜ƒinξ˜ƒQ1ξ˜ƒ2025
ξ˜ŠξšŽξš‘ξš„ξšƒξšŽξ˜ƒξšˆξš—ξšξš†ξš•ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξšƒξšξ˜ƒξ˜ˆξ˜–ξ˜Šξ˜ƒξšξšƒξšξš†ξšƒξš–ξš‡ξ˜ƒξ ‹ξš‹ξšξš…ξšŽξš—ξš†ξš‹ξšξš‰ξ˜ƒ
ξ˜ξš—ξš–ξš—ξšƒξšŽξ˜ƒξ˜‰ξš—ξšξš†ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξ˜ˆξ˜—ξ˜‰ξš•ξ Œξ˜ƒξš”ξš‡ξšƒξš…ξšŠξš‡ξš†ξ˜ƒξ˜˜ξ˜–ξ˜‡ξ˜ƒξ₯³ξ₯²ξŸ€ξ₯·ξš–ξšξ˜ƒξš‹ξšξ˜ƒξ˜”ξ₯³ξ˜ƒ
ξ₯΄ξ₯²ξ₯΄ξ₯·ξŸ‘ξ˜ƒξš”ξš‡ξš’ξš”ξš‡ξš•ξš‡ξšξš–ξš‹ξšξš‰ξ˜ƒξšƒξ˜ƒξ₯Άξ¦¨ξ˜ƒξš‹ξšξš…ξš”ξš‡ξšƒξš•ξš‡ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξ˜”ξ₯³ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯Άξ˜ƒ
ξ ‹ξ˜˜ξ˜–ξ˜‡ξ˜ƒξ₯³ξ₯²ξš–ξšξ ŒξŸ€
ξ˜—ξšŠξš‡ξ˜ƒξ˜œξš‡ξšƒξš”ξŸ¦ξš‘ξšξŸ¦ξ˜œξš‡ξšƒξš”ξ˜ƒξš”ξš‹ξš•ξš‡ξ˜ƒξš™ξšƒξš•ξ˜ƒξš’ξš”ξš‹ξšξšƒξš”ξš‹ξšŽξš›ξ˜ƒξš†ξš”ξš‹ξš˜ξš‡ξšξ˜ƒξš„ξš›ξ˜ƒ
ξš‹ξšξš…ξš”ξš‡ξšƒξš•ξš‡ξš†ξ˜ƒξšƒξšŽξšŽξš‘ξš…ξšƒξš–ξš‹ξš‘ξšξš•ξ˜ƒξš–ξš‘ξ˜ƒξš„ξš‘ξšξš†ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξšξš‘ξšξš‡ξš›ξ˜ƒξšξšƒξš”ξšξš‡ξš–ξ˜ƒ
ξšˆξš—ξšξš†ξš•ξŸ‘ξ˜ƒξš™ξšŠξš‹ξš…ξšŠξ˜ƒξš–ξš‘ξš‰ξš‡ξš–ξšŠξš‡ξš”ξ˜ƒξšξšƒξš†ξš‡ξ˜ƒξš—ξš’ξ˜ƒξš…ξ₯Άξ₯²ξ¦¨ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξšˆξš—ξšξš†ξ€΅ξš•ξ˜ƒ
ξšƒξš•ξš•ξš‡ξš–ξš•ξŸ€
ξ˜Œξšξ˜ƒξ˜”ξ₯³ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξŸ‘ξ˜ƒξ˜ŠξšŽξš‘ξš„ξšƒξšŽξ˜ƒξ˜ˆξ˜–ξ˜Šξ˜ƒξšˆξš—ξšξš†ξš•ξ˜ƒξš•ξšƒξš™ξ˜ƒξš‹ξšξ§ξšŽξš‘ξš™ξš•ξ˜ƒξš”ξš‡ξšƒξš…ξšŠξš‹ξšξš‰ξ˜ƒ
ξ˜˜ξ˜–ξ˜‡ξ˜ƒξ₯Ίξ₯²ξš„ξšξŸ‘ξ˜ƒξšŽξšƒξš”ξš‰ξš‡ξšŽξš›ξ˜ƒξš†ξš”ξš‹ξš˜ξš‡ξšξ˜ƒξš„ξš›ξ˜ƒξ˜ˆξš—ξš”ξš‘ξš’ξš‡ξšƒξšξ˜ƒξšˆξš—ξšξš†ξš•ξŸ‘ξ˜ƒξš™ξšŠξš‹ξšŽξš‡ξ˜ƒ
ξ˜„ξšξš‡ξš”ξš‹ξš…ξšƒξš•ξ˜ƒξ˜ˆξ˜–ξ˜Šξ˜ƒξšˆξš—ξšξš†ξš•ξ˜ƒξš”ξš‡ξš…ξš‘ξš”ξš†ξš‡ξš†ξ˜ƒξ˜˜ξ˜–ξ˜‡ξ˜ƒξ₯΄ξš„ξšξ˜ƒξš‹ξšξ˜ƒ
ξš‘ξš—ξš–ξ§ξšŽξš‘ξš™ξš•ξŸ€
ξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξ˜‰ξš‹ξšξšƒξšξš…ξš‡ξ˜ƒξ˜•ξš‡ξš’ξš‘ξš”ξš–ξ˜ƒξŸ¦ξ˜ƒξ˜”ξ˜ƒξ₯³ξ˜ƒξ˜ƒξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒξ˜ƒξ˜ƒξ˜ƒ/ξ˜ƒ30
Source:ξ˜ƒLipper
Power BI Desktop
5.2ξ˜ƒGlobalξ˜ƒESGξ˜ƒFundsξ˜ƒbyξ˜ƒCurrencyξ˜ƒBaseξ˜ƒ(topξ˜ƒ10)
0 1 2 3 4 5
USD (Trillion)
Euro
US Dollar
UK Pound Sterling
Swedish Krona
Swiss Franc
Australian Dollar
Danish Krone
Norwegian Krone
Japanese Yen
5.3ξ˜ƒGlobalξ˜ƒESGξ˜ƒFundsξ˜ƒbyξ˜ƒGeographicalξ˜ƒLocation
0 1 2 3 4
USD (Trillion)
Europe
Americas
APAC
Size of Global ESG Funds
Source:ξ˜ƒLipper,ξ˜ƒRefinitivξ˜ƒEikon
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ31
5.5ξ˜ƒEuropeanξ˜ƒESGξ˜ƒFundξ˜ƒFlows
-100
0
100
200
USD (Billion)
2022 2023 2024 2025
5.4ξ˜ƒGlobalξ˜ƒESGξ˜ƒFundξ˜ƒFlows
-100
0
100
200
300
USD (Billion)
2022 2023 2024 2025
5.6ξ˜ƒAmericasξ˜ƒESGξ˜ƒFundξ˜ƒFlows
-10
0
10
USD (Billion)
2022 2023 2024 2025
Power BI Desktop
ESG Bond Trading
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ32
Power BI Desktop
6.1ξ˜ƒEuropeanξ˜ƒESGξ˜ƒBondξ˜ƒAverageξ˜ƒDailyξ˜ƒTradingξ˜ƒVolumesξ˜ƒ(allξ˜ƒissuers)
0
1
2
3
EUR (Billion)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2023 2024 2025
6.2ξ˜ƒAverageξ˜ƒDailyξ˜ƒTradingξ˜ƒVolumes:ξ˜ƒEuropeanξ˜ƒESGξ˜ƒCorporateξ˜ƒBonds
0.0
0.2
0.4
0.6
0.8
EUR (Billion)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2023 2024 2025
6.3ξ˜ƒAverageξ˜ƒDailyξ˜ƒTradingξ˜ƒVolumes:ξ˜ƒEuropeanξ˜ƒESGξ˜ƒGovernment,ξ˜ƒAgency,
Supranationalξ˜ƒandξ˜ƒSovereignξ˜ƒBonds
0.0
0.5
1.0
1.5
2.0
EUR (Billion)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2023 2024 2025
6.4ξ˜ƒAverageξ˜ƒDailyξ˜ƒTradingξ˜ƒVolumes:ξ˜ƒEuropeanξ˜ƒESGξ˜ƒABSξ˜ƒandξ˜ƒCovered
Bonds
0.00
0.05
0.10
0.15
0.20
EUR (Billion)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2023 2024 2025
ESG Bond Trading Volumes
Source:ξ˜ƒMarketAxessξ˜ƒTraX
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ33
Power BI Desktop
6.6ξ˜ƒTurnoverξ˜ƒRatio:ξ˜ƒEuropeanξ˜ƒESGξ˜ƒCorporateξ˜ƒBonds
0.02%
0.04%
0.06%
0.08%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2023 2024 2025
6.7ξ˜ƒTurnoverξ˜ƒRatio:ξ˜ƒEuropeanξ˜ƒESGξ˜ƒGovernment,ξ˜ƒAgency,ξ˜ƒSupranational,
andξ˜ƒSovereignξ˜ƒbonds
0.10%
0.20%
0.30%
0.40%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2023 2024 2025
ESG Bond Turnover Ratios
6.5ξ˜ƒEuropeanξ˜ƒESGξ˜ƒBondξ˜ƒTurnoverξ˜ƒRatioξ˜ƒ(allξ˜ƒissuers)
0.00%
0.05%
0.10%
0.15%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2023 2024 2025
ξ˜–ξš‘ξš—ξš”ξš…ξš‡ξŸ£ξ˜ƒξ˜„ξ˜‰ξ˜ξ˜ˆξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξ˜ξšƒξš”ξšξš‡ξš–ξ˜„ξššξš‡ξš•ξš•ξ˜ƒξ˜—ξš”ξšƒξ˜›ξ˜ƒξšƒξšξš†ξ˜ƒξ˜•ξš‡ξ§”ξš‹ξšξš‹ξš–ξš‹ξš˜ξ˜ƒξ˜ˆξš‹ξšξš‘ξš
The turnover ratio is an aggregate liquidity measure calculated by dividing the average daily value by the outstanding amount of bonds.
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ34
Power BI Desktop
Valuations
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ35
Power BI Desktop
7.1ξ˜ƒSpreadsξ˜ƒ(OAS)ξ˜ƒofξ˜ƒEUR-denominatedξ˜ƒCorporateξ˜ƒESGξ˜ƒbondsξ˜ƒagainstξ˜ƒnon-ESGξ˜ƒCorporate
Benchmarksξ˜ƒ(bps)
-8
-6
-4
-2
0
2
2021 2022 2023 2024 2025
ESG premia
ξ˜ξš‘ξš†ξš‡ξš”ξšƒξš–ξš‡ξ˜ƒξš–ξš‹ξš‰ξšŠξš–ξš‡ξšξš‹ξšξš‰ξ˜ƒξš‘ξšˆξ˜ƒξ˜ˆξ˜–ξ˜Šξ˜ƒξš’ξš”ξš‡ξšξš‹ξš—ξšξš•ξ˜ƒξš‹ξšξ˜ƒ
ξš–ξšŠξš‡ξ˜ƒξ§ξš‹ξš”ξš•ξš–ξ˜ƒξš“ξš—ξšƒξš”ξš–ξš‡ξš”ξ˜ƒξš‘ξšˆξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·
ξ˜—ξšŠξš‡ξ˜ƒξš•ξš’ξš”ξš‡ξšƒξš†ξ˜ƒξš„ξš‡ξš–ξš™ξš‡ξš‡ξšξ˜ƒξš…ξš‘ξš”ξš’ξš‘ξš”ξšƒξš–ξš‡ξ˜ƒξ˜ˆξ˜–ξ˜Šξ˜ƒξš„ξš‘ξšξš†ξš•ξ˜ƒ
ξšƒξšξš†ξ˜ƒξšξš‘ξšξŸ¦ξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξš„ξš‡ξšξš…ξšŠξšξšƒξš”ξšξš•ξ˜ƒ
ξšξš‘ξš†ξš‡ξš”ξšƒξš–ξš‡ξšŽξš›ξ˜ƒξš–ξš‹ξš‰ξšŠξš–ξš‡ξšξš‡ξš†ξ˜ƒξš‹ξšξ˜ƒξ˜”ξ₯³ξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξŸ‘ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξ₯²ξŸ€ξ₯Άξ₯΄ξ˜ƒ
ξš„ξšƒξš•ξš‹ξš•ξ˜ƒξš’ξš‘ξš‹ξšξš–ξš•ξ˜ƒξš‹ξšξ˜ƒξš‡ξšƒξš”ξšŽξš›ξ˜ƒξ˜ξšƒξšξš—ξšƒξš”ξš›ξ˜ƒξš–ξš‘ξ˜ƒξ₯²ξŸ€ξ₯΅ξ₯΄ξ˜ƒξš„ξšƒξš•ξš‹ξš•ξ˜ƒ
ξš’ξš‘ξš‹ξšξš–ξš•ξ˜ƒξš„ξš›ξ˜ƒξ˜ξšƒξš”ξš…ξšŠξŸ€
ξ˜“ξšƒξš‰ξš‡ξ˜ƒξ₯΅ξ₯Ήξ˜ƒξš‹ξšŽξšŽξš—ξš•ξš–ξš”ξšƒξš–ξš‡ξš•ξ˜ƒξš‰ξš”ξš‡ξš‡ξšξ˜ƒξš’ξš”ξš‡ξšξš‹ξš—ξšξš•ξ˜ƒξšƒξš…ξš”ξš‘ξš•ξš•ξ˜ƒ
ξš˜ξšƒξš”ξš‹ξš‘ξš—ξš•ξ˜ƒξš•ξš‘ξš˜ξš‡ξš”ξš‡ξš‹ξš‰ξšξ˜ƒξš‹ξš•ξš•ξš—ξš‡ξš”ξš•ξŸ€ξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξš†ξš‹ξšˆξšˆξš‡ξš”ξš‡ξšξš…ξš‡ξ˜ƒξš‹ξšξ˜ƒ
ξš‰ξš”ξš‡ξš‡ξšξ˜ƒξš’ξš”ξš‡ξšξš‹ξš—ξšξš•ξ˜ƒξš•ξš—ξš‰ξš‰ξš‡ξš•ξš–ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš–ξšŠξš‡ξš•ξš‡ξ˜ƒ
ξš’ξš”ξš‡ξšξš‹ξš—ξšξš•ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš‹ξšξ§ξšŽξš—ξš‡ξšξš…ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξšξš‘ξš”ξš‡ξ˜ƒξš–ξšŠξšƒξšξ˜ƒξšŒξš—ξš•ξš–ξ˜ƒ
ξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξšˆξš‡ξšƒξš–ξš—ξš”ξš‡ξš•ξŸ€ξ˜ƒξ˜‰ξšƒξš…ξš–ξš‘ξš”ξš•ξ˜ƒξš•ξš—ξš…ξšŠξ˜ƒξšƒξš•ξ˜ƒ
ξšŽξš‹ξš“ξš—ξš‹ξš†ξš‹ξš–ξš›ξ˜ƒξšƒξšŽξš•ξš‘ξ˜ƒξšŠξšƒξš˜ξš‡ξ˜ƒξšƒξ˜ƒξš”ξš‡ξšŽξš‡ξš˜ξšƒξšξš–ξ˜ƒξš‹ξšξ§ξšŽξš—ξš‡ξšξš…ξš‡ξ˜ƒξš‘ξšξ˜ƒ
ξš•ξš’ξš”ξš‡ξšƒξš†ξš•ξŸ€
ξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξ˜‰ξš‹ξšξšƒξšξš…ξš‡ξ˜ƒξ˜•ξš‡ξš’ξš‘ξš”ξš–ξ˜ƒξŸ¦ξ˜ƒξ˜”ξ˜ƒξ₯³ξ˜ƒξ˜ƒξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒξ˜ƒξ˜ƒξ˜ƒξ €ξ˜ƒξ₯΅ξ₯Έ
Source:ξ˜ƒAFMEξ˜ƒwithξ˜ƒBarclaysξ˜ƒandξ˜ƒBloombergξ˜ƒdata.
* Spread between EUR-denominated ESG corporate bonds and EUR corporate bonds
Negativeξ˜ƒspreadsξ˜ƒrepresentξ˜ƒanξ˜ƒESGξ˜ƒpremium
Power BI Desktop
France
-20
-10
0
10
Jan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 2025
Germany
-20
-10
0
10
Jan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 2025
Sovereign Green Premia
7.2ξ˜ƒSpreadsξ˜ƒofξ˜ƒSovereignξ˜ƒGreenξ˜ƒBondsξ˜ƒAgainstξ˜ƒConventionalξ˜ƒReferenceξ˜ƒ(bps)
Negative spreads represent a green premium
Spread against conventional twins
Interpolated spread maturity-adjusted against
conventional OATs
Source:ξ˜ƒRefinitivξ˜ƒEikonξ˜ƒandξ˜ƒDatastream
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ37
Power BI Desktop
Sovereign Green Premia
7.3ξ˜ƒSpreadsξ˜ƒofξ˜ƒSovereignξ˜ƒGreenξ˜ƒBondsξ˜ƒAgainstξ˜ƒConventionalξ˜ƒReferenceξ˜ƒ(bps)
Source:ξ˜ƒRefinitivξ˜ƒEikonξ˜ƒandξ˜ƒDatastream
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ38
Sweden
-10
-5
0
5
10
Jul 2023 Jan 2024 Jul 2024 Jan 2025
Maturity-adjusted interpolated spread against
conventional Swedish sovereigns
Netherlands
-5
0
5
Jul 2023 Jan 2024 Jul 2024 Jan 2025
Maturity-adjusted interpolated spread against
conventional Dutch sovereigns
Denmark
-5
0
5
Jul 2023 Jan 2024 Jul 2024 Jan 2025
Spread against conventional twins
Negative spreads represent a green premium
Power BI Desktop
Sovereign green premia
ξ —ξ˜Šξš”ξš‡ξš‡ξšξ˜ƒξ˜…ξš‘ξšξš†ξš•ξ˜ƒξš‹ξšξ§ξšŽξšƒξš–ξš‹ξš‘ξšξ˜ƒξšŽξš‹ξšξšξš‡ξš†ξ˜ƒξš‹ξšξš•ξš–ξš”ξš—ξšξš‡ξšξš–ξš•ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš‡ξššξš…ξšŽξš—ξš†ξš‡ξš†ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš…ξšŠξšƒξš”ξš–
ξ˜–ξš‘ξš—ξš”ξš…ξš‡ξŸ£ξ˜ƒξ˜•ξš‡ξ§”ξš‹ξšξš‹ξš–ξš‹ξš˜ξ˜ƒξ˜ˆξš‹ξšξš‘ξšξŸ€ξ˜ƒξ˜–ξš‡ξšŽξš‡ξš…ξš–ξš‡ξš†ξ˜ƒξš‰ξš”ξš‡ξš‡ξšξ˜ƒξš”ξš‡ξšˆξš‡ξš”ξš‡ξšξš…ξš‡ξš•ξ˜ƒξšŠξš‹ξš‰ξšŠξšŽξš‹ξš‰ξšŠξš–ξš‡ξš†ξ˜ƒξš‹ξšξ˜ƒgreen
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ39
0
1
2
3
4
0 5 10 15 20 25 30
Germany
0
1
2
3
4
5 10 15 20 25 30
France
7.4ξ˜ƒSovereignξ˜ƒYieldξ˜ƒCurvesξ˜ƒandξ˜ƒYieldsξ˜ƒforξ˜ƒSelectedξ˜ƒGreenξ˜ƒSovereignξ˜ƒBonds.ξ˜ƒMarchξ˜ƒ2025
Power BI Desktop
Sovereign green premia
ξ˜–ξš‘ξš—ξš”ξš…ξš‡ξŸ£ξ˜ƒξ˜•ξš‡ξ§”ξš‹ξšξš‹ξš–ξš‹ξš˜ξ˜ƒξ˜ˆξš‹ξšξš‘ξšξŸ€ξ˜ƒξ˜–ξš‡ξšŽξš‡ξš…ξš–ξš‡ξš†ξ˜ƒξš‰ξš”ξš‡ξš‡ξšξ˜ƒξš”ξš‡ξšˆξš‡ξš”ξš‡ξšξš…ξš‡ξš•ξ˜ƒξšŠξš‹ξš‰ξšŠξšŽξš‹ξš‰ξšŠξš–ξš‡ξš†ξ˜ƒξš‹ξšξ˜ƒgreen
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ40
1
2
3
4
0 2 4 6 8 10 12 14
Sweden
1
2
3
4
0 5 10 15 20
Netherlands
1
2
3
4
5 10 15 20 25 30
Denmark
7.5ξ˜ƒSovereignξ˜ƒYieldξ˜ƒCurvesξ˜ƒandξ˜ƒYieldsξ˜ƒforξ˜ƒSelectedξ˜ƒGreenξ˜ƒSovereignξ˜ƒBonds.ξ˜ƒMarchξ˜ƒ2025
Power BI Desktop
7.6ξ˜ƒESGξ˜ƒEURξ˜ƒCorporateξ˜ƒSpreadsξ˜ƒ(OAS,ξ˜ƒbps)
50
100
150
200
250
2021 2022 2023 2024 2025
7.7ξ˜ƒEURξ˜ƒCorporateξ˜ƒSpreadsξ˜ƒbyξ˜ƒESGξ˜ƒRatingξ˜ƒ(OAS,ξ˜ƒbps)
100
200
300
400
2021 2022 2023 2024 2025
AAA CCC
Source:ξ˜ƒBarclaysξ˜ƒandξ˜ƒBloomberg
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ41
ESG Bond Spreads
Power BI Desktop
7.8ξ˜ƒGreenξ˜ƒBondξ˜ƒSpreadsξ˜ƒbyξ˜ƒCurrencyξ˜ƒ(OAS,ξ˜ƒbps)
0
50
100
150
200
2021 2022 2023 2024 2025
EUR USD
ESG Bond Spreads
7.9ξ˜ƒEURξ˜ƒCorporateξ˜ƒGreenξ˜ƒBondξ˜ƒSpreadξ˜ƒ(OAS,ξ˜ƒbps)
100
200
300
2021 2022 2023 2024 2025
7.10ξ˜ƒGlobalξ˜ƒGreenξ˜ƒBondξ˜ƒSpreadsξ˜ƒbyξ˜ƒCreditξ˜ƒRatingξ˜ƒ(bps)
0
100
200
300
2021 2022 2023 2024 2025
AAA BBB
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ42
Source:ξ˜ƒBarclaysξ˜ƒandξ˜ƒBloomberg
Power BI Desktop
7.11ξ˜ƒMSCIξ˜ƒEuropeξ˜ƒSRIξ˜ƒNetξ˜ƒIndexξ˜ƒEURξ˜ƒandξ˜ƒEURξ˜ƒSTOXXξ˜ƒ600ξ˜ƒ(1ξ˜ƒJanξ˜ƒ2023ξ˜ƒ=
100)
100
120
140
Jul 2023 Jan 2024 Jul 2024 Jan 2025
MSCI Europe SRI EUR STOXX 600
ESG Bond Spreads
7.12ξ˜ƒSTOXXξ˜ƒGlobalξ˜ƒESGξ˜ƒEnvironmentalξ˜ƒLeaders
100
120
140
Jul 2023 Jan 2024 Jul 2024 Jan 2025
7.13ξ˜ƒSTOXXξ˜ƒGlobalξ˜ƒESGξ˜ƒGovernanceξ˜ƒLeaders
100
120
140
Jul 2023 Jan 2024 Jul 2024 Jan 2025
7.14ξ˜ƒSTOXXξ˜ƒGlobalξ˜ƒESGξ˜ƒSocialξ˜ƒLeaders
100
120
140
Jul 2023 Jan 2024 Jul 2024 Jan 2025
Source:ξ˜ƒRefinitivξ˜ƒEikon
Sustainable Finance Report - Q 1 2025 /ξ˜ƒ43
Power BI Desktop
Methodology and Criteria
Greenξ˜ƒBonds:ξ˜ƒξ˜Šξš”ξš‡ξš‡ξšξ˜ƒξš„ξš‘ξšξš†ξš•ξ˜ƒξšˆξš—ξšξš†ξ˜ƒξš’ξš”ξš‘ξšŒξš‡ξš…ξš–ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξšŠξšƒξš˜ξš‡ξ˜ƒξš’ξš‘ξš•ξš‹ξš–ξš‹ξš˜ξš‡ξ˜ƒξš‡ξšξš˜ξš‹ξš”ξš‘ξšξšξš‡ξšξš–ξšƒξšŽξ˜ƒξšƒξšξš†ξ €ξš‘ξš”ξ˜ƒξš…ξšŽξš‹ξšξšƒξš–ξš‡ξ˜ƒξš„ξš‡ξšξš‡ξ§ξš‹ξš–ξš•ξŸ€ξ˜ƒξ˜“ξš”ξš‘ξš…ξš‡ξš‡ξš†ξš•ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξš–ξšŠξš‡ξš•ξš‡ξ˜ƒξš„ξš‘ξšξš†ξš•ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš‡ξšƒξš”ξšξšƒξš”ξšξš‡ξš†ξ˜ƒξšˆξš‘ξš”ξ˜ƒξš‰ξš”ξš‡ξš‡ξšξ˜ƒξš’ξš”ξš‘ξšŒξš‡ξš…ξš–ξš•ξ˜ƒξš„ξš—ξš–ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš„ξšƒξš…ξšξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξš•ξš•ξš—ξš‡ξš”ξŸ―ξš•ξ˜ƒξš‡ξšξš–ξš‹ξš”ξš‡ξ˜ƒξš„ξšƒξšŽξšƒξšξš…ξš‡ξ˜ƒξš•ξšŠξš‡ξš‡ξš–ξŸ€ξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξ˜Šξš”ξš‡ξš‡ξšξ˜ƒ
ξ˜…ξš‘ξšξš†ξ˜ƒξ˜“ξš”ξš‹ξšξš…ξš‹ξš’ξšŽξš‡ξš•ξ˜ƒξ ‹ξ˜Šξ˜…ξ˜“ξ Œξ˜ƒξšƒξš”ξš‡ξ˜ƒξš˜ξš‘ξšŽξš—ξšξš–ξšƒξš”ξš›ξ˜ƒξš’ξš”ξš‘ξš…ξš‡ξš•ξš•ξ˜ƒξš‰ξš—ξš‹ξš†ξš‡ξšŽξš‹ξšξš‡ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš”ξš‡ξš…ξš‘ξšξšξš‡ξšξš†ξ˜ƒξš–ξš”ξšƒξšξš•ξš’ξšƒξš”ξš‡ξšξš…ξš›ξ˜ƒξšƒξšξš†ξ˜ƒξš†ξš‹ξš•ξš…ξšŽξš‘ξš•ξš—ξš”ξš‡ξ˜ƒξšƒξšξš†ξ˜ƒξš’ξš”ξš‘ξšξš‘ξš–ξš‡ξ˜ƒξš‹ξšξš–ξš‡ξš‰ξš”ξš‹ξš–ξš›ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš†ξš‡ξš˜ξš‡ξšŽξš‘ξš’ξšξš‡ξšξš–ξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜Šξš”ξš‡ξš‡ξšξ˜ƒξ˜…ξš‘ξšξš†ξ˜ƒξšξšƒξš”ξšξš‡ξš–
Greenξ˜ƒloans:ξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξ˜Šξš”ξš‡ξš‡ξšξ˜ƒξ˜ξš‘ξšƒξšξ˜ƒξ˜“ξš”ξš‹ξšξš…ξš‹ξš’ξšŽξš‡ξš•ξ˜ƒξ ‹ξ˜Šξ˜ξ˜“ξ Œξ˜ƒξšƒξš’ξš’ξšŽξš›ξ˜ƒξš–ξš‘ξ˜ƒξšŽξš‘ξšƒξšξš•ξ˜ƒξš™ξšŠξš‡ξš”ξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšˆξš—ξšξš†ξšƒξšξš‡ξšξš–ξšƒξšŽξ˜ƒξš†ξš‡ξš–ξš‡ξš”ξšξš‹ξšξšƒξšξš–ξ˜ƒξš‹ξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš—ξš–ξš‹ξšŽξš‹ξš•ξšƒξš–ξš‹ξš‘ξšξ˜ƒξš‘ξšˆξ˜ƒξš–ξšŠξš‡ξ˜ƒξšŽξš‘ξšƒξšξ˜ƒξš’ξš”ξš‘ξš…ξš‡ξš‡ξš†ξš•ξ˜ƒξšˆξš‘ξš”ξ˜ƒξ˜Šξš”ξš‡ξš‡ξšξ˜ƒξ˜“ξš”ξš‘ξšŒξš‡ξš…ξš–ξš•
Carbonξ˜ƒPricing:ξ˜ƒξ˜†ξšƒξš”ξš„ξš‘ξšξ˜ƒξš’ξš”ξš‹ξš…ξš‹ξšξš‰ξ˜ƒξš‹ξš•ξ˜ƒξšƒξšξ˜ƒξš‹ξšξš•ξš–ξš”ξš—ξšξš‡ξšξš–ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš…ξšƒξš’ξš–ξš—ξš”ξš‡ξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξššξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒξš…ξš‘ξš•ξš–ξš•ξ˜ƒξš‘ξšˆξ˜ƒξš‰ξš”ξš‡ξš‡ξšξšŠξš‘ξš—ξš•ξš‡ξ˜ƒξš‰ξšƒξš•ξ˜ƒξ ‹ξ˜Šξ˜‹ξ˜Šξ Œξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ „ξš–ξšŠξš‡ξ˜ƒξš…ξš‘ξš•ξš–ξš•ξ˜ƒξš‘ξšˆξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš’ξš—ξš„ξšŽξš‹ξš…ξ˜ƒξš’ξšƒξš›ξš•ξ˜ƒξšˆξš‘ξš”ξŸ‘ξ˜ƒξš•ξš—ξš…ξšŠξ˜ƒξšƒξš•ξ˜ƒξš†ξšƒξšξšƒξš‰ξš‡ξ˜ƒξš–ξš‘ξ˜ƒξš…ξš”ξš‘ξš’ξš•ξŸ‘ξ˜ƒξšŠξš‡ξšƒξšŽξš–ξšŠξ˜ƒξš…ξšƒξš”ξš‡ξ˜ƒξš…ξš‘ξš•ξš–ξš•ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξšŠξš‡ξšƒξš–ξ˜ƒξš™ξšƒξš˜ξš‡ξš•ξ˜ƒ
ξšƒξšξš†ξ˜ƒξš†ξš”ξš‘ξš—ξš‰ξšŠξš–ξš•ξŸ‘ξ˜ƒξšƒξšξš†ξ˜ƒξšŽξš‘ξš•ξš•ξ˜ƒξš‘ξšˆξ˜ƒξš’ξš”ξš‘ξš’ξš‡ξš”ξš–ξš›ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξ§ξšŽξš‘ξš‘ξš†ξš‹ξšξš‰ξ˜ƒξšƒξšξš†ξ˜ƒξš•ξš‡ξšƒξ˜ƒξšŽξš‡ξš˜ξš‡ξšŽξ˜ƒξš”ξš‹ξš•ξš‡ξ „ξšƒξšξš†ξ˜ƒξš–ξš‹ξš‡ξš•ξ˜ƒξš–ξšŠξš‡ξšξ˜ƒξš–ξš‘ξ˜ƒξš–ξšŠξš‡ξš‹ξš”ξ˜ƒξš•ξš‘ξš—ξš”ξš…ξš‡ξš•ξ˜ƒξš–ξšŠξš”ξš‘ξš—ξš‰ξšŠξ˜ƒξšƒξ˜ƒξš’ξš”ξš‹ξš…ξš‡ξŸ‘ξ˜ƒξš—ξš•ξš—ξšƒξšŽξšŽξš›ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξšˆξš‘ξš”ξšξ˜ƒξš‘ξšˆξ˜ƒξšƒξ˜ƒξš’ξš”ξš‹ξš…ξš‡ξ˜ƒξš‘ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš…ξšƒξš”ξš„ξš‘ξšξ˜ƒξš†ξš‹ξš‘ξššξš‹ξš†ξš‡ξ˜ƒξ ‹ξ˜†ξ˜’ξ₯΄ξ Œξ˜ƒξš‡ξšξš‹ξš–ξš–ξš‡ξš†ξŸ€ξ˜ƒξ˜†ξšƒξš”ξš„ξš‘ξšξ˜ƒξš’ξš”ξš‹ξš…ξš‹ξšξš‰ξ˜ƒξš…ξšƒξšξ˜ƒξš–ξšƒξšξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšˆξš‘ξš”ξšξ˜ƒξš‘ξšˆξ˜ƒξšƒξ˜ƒ
ξš…ξšƒξš”ξš„ξš‘ξšξ˜ƒξš–ξšƒξššξ˜ƒξš‘ξš”ξ˜ƒξšˆξš‡ξš‡ξŸ‘ξ˜ƒξš‘ξš”ξ˜ƒξšƒξ˜ƒξš…ξšƒξš’ξŸ¦ξšƒξšξš†ξŸ¦ξš–ξš”ξšƒξš†ξš‡ξ˜ƒξš•ξš›ξš•ξš–ξš‡ξšξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš†ξš‡ξš’ξš‡ξšξš†ξš•ξ˜ƒξš‘ξšξ˜ƒξš‰ξš‘ξš˜ξš‡ξš”ξšξšξš‡ξšξš–ξ˜ƒξšƒξšŽξšŽξš‘ξš–ξšξš‡ξšξš–ξš•ξ˜ƒξš‘ξš”ξ˜ƒξš’ξš‡ξš”ξšξš‹ξš–ξš•ξŸ€
ESG:ξ˜ƒξ˜ˆξ˜–ξ˜Šξ˜ƒξš•ξš–ξšƒξšξš†ξš•ξ˜ƒξšˆξš‘ξš”ξ˜ƒξ˜ˆξšξš˜ξš‹ξš”ξš‘ξšξšξš‡ξšξš–ξšƒξšŽξ˜ƒξ˜–ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒξšƒξšξš†ξ˜ƒξ˜Šξš‘ξš˜ξš‡ξš”ξšξšƒξšξš…ξš‡ξŸ€ξ˜ƒξ˜Œξš–ξ˜ƒξš”ξš‡ξšˆξš‡ξš”ξš•ξ˜ƒξš–ξš‘ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš–ξšŠξš”ξš‡ξš‡ξ˜ƒξšξš‡ξš›ξ˜ƒξšˆξšƒξš…ξš–ξš‘ξš”ξš•ξ˜ƒξš™ξšŠξš‡ξšξ˜ƒξšξš‡ξšƒξš•ξš—ξš”ξš‹ξšξš‰ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξš–ξšŠξš‹ξš…ξšƒξšŽξ˜ƒξš‹ξšξš’ξšƒξš…ξš–ξ˜ƒξš‘ξšˆξ˜ƒξšƒξšξ˜ƒξš‹ξšξš˜ξš‡ξš•ξš–ξšξš‡ξšξš–ξ˜ƒξš‹ξšξ˜ƒξšƒξ˜ƒξš„ξš—ξš•ξš‹ξšξš‡ξš•ξš•ξ˜ƒξš‘ξš”ξ˜ƒξš…ξš‘ξšξš’ξšƒξšξš›ξŸ€
ETS:ξ˜ƒξ˜ˆξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξš–ξš”ξšƒξš†ξš‹ξšξš‰ξ˜ƒξš•ξš›ξš•ξš–ξš‡ξšξ˜ƒξš‹ξš•ξ˜ƒξšƒξ˜ƒξšξšƒξš”ξšξš‡ξš–ξŸ¦ξš„ξšƒξš•ξš‡ξš†ξ˜ƒξšƒξš’ξš’ξš”ξš‘ξšƒξš…ξšŠξ˜ƒξš–ξš‘ξ˜ƒξš…ξš‘ξšξš–ξš”ξš‘ξšŽξšŽξš‹ξšξš‰ξ˜ƒξš’ξš‘ξšŽξšŽξš—ξš–ξš‹ξš‘ξšξ˜ƒξš„ξš›ξ˜ƒξš’ξš”ξš‘ξš˜ξš‹ξš†ξš‹ξšξš‰ξ˜ƒξš‡ξš…ξš‘ξšξš‘ξšξš‹ξš…ξ˜ƒξš‹ξšξš…ξš‡ξšξš–ξš‹ξš˜ξš‡ξš•ξ˜ƒξšˆξš‘ξš”ξ˜ƒξš”ξš‡ξš†ξš—ξš…ξš‹ξšξš‰ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξš‘ξšˆξ˜ƒξš’ξš‘ξšŽξšŽξš—ξš–ξšƒξšξš–ξš•ξŸ€ξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξ˜ˆξ˜˜ξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξš–ξš”ξšƒξš†ξš‹ξšξš‰ξ˜ƒξš•ξš›ξš•ξš–ξš‡ξšξ˜ƒξ ‹ξ˜ˆξ˜˜ξ˜ƒξ˜ˆξ˜—ξ˜–ξ Œξ˜ƒξš‹ξš•ξ˜ƒξšƒξ˜ƒξš…ξš‘ξš”ξšξš‡ξš”ξš•ξš–ξš‘ξšξš‡ξ˜ƒξš‘ξšˆξ˜ƒ
ξš–ξšŠξš‡ξ˜ƒξ˜ˆξš—ξš”ξš‘ξš’ξš‡ξšƒξšξ˜ƒξ˜˜ξšξš‹ξš‘ξšξ€΅ξš•ξ˜ƒξš’ξš‘ξšŽξš‹ξš…ξš›ξ˜ƒξš–ξš‘ξ˜ƒξš…ξš‘ξšξš„ξšƒξš–ξ˜ƒξš…ξšŽξš‹ξšξšƒξš–ξš‡ξ˜ƒξš…ξšŠξšƒξšξš‰ξš‡ξ˜ƒξšƒξšξš†ξ˜ƒξš‹ξš–ξš•ξ˜ƒξšξš‡ξš›ξ˜ƒξš–ξš‘ξš‘ξšŽξ˜ƒξšˆξš‘ξš”ξ˜ƒξš”ξš‡ξš†ξš—ξš…ξš‹ξšξš‰ξ˜ƒξš‹ξšξš†ξš—ξš•ξš–ξš”ξš‹ξšƒξšŽξ˜ƒξš‰ξš”ξš‡ξš‡ξšξšŠξš‘ξš—ξš•ξš‡ξ˜ƒξš‰ξšƒξš•ξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξš•ξ˜ƒξš…ξš‘ξš•ξš–ξŸ¦ξš‡ξšˆξšˆξš‡ξš…ξš–ξš‹ξš˜ξš‡ξšŽξš›
EUA:ξ˜ƒξ˜„ξ˜ƒξ˜ˆξš—ξš”ξš‘ξš’ξš‡ξšƒξšξ˜ƒξ˜˜ξšξš‹ξš‘ξšξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξ˜ƒξ ‹ξ˜ˆξ˜˜ξ˜„ξ Œξ˜ƒξš‹ξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‘ξšˆξ§ξš‹ξš…ξš‹ξšƒξšŽξ˜ƒξšξšƒξšξš‡ξ˜ƒξšˆξš‘ξš”ξ˜ƒξ˜ˆξš—ξš”ξš‘ξš’ξš‡ξŸ―ξš•ξ˜ƒξš‡ξšξš‹ξš•ξš•ξš‹ξš‘ξšξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξš•ξŸ‘ξ˜ƒξš™ξšŠξš‹ξš…ξšŠξ˜ƒξš‹ξšξ˜ƒξ₯΄ξ₯²ξ₯²ξ₯Ίξ˜ƒξš™ξšƒξš•ξ˜ƒξš†ξš‡ξ§ξš‹ξšξš‡ξš†ξ˜ƒξšƒξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‘ξšˆξ§ξš‹ξš…ξš‹ξšƒξšŽξ˜ƒξ˜Žξš›ξš‘ξš–ξš‘ξ˜ƒξšƒξšŽξšŽξš‘ξš™ξšƒξšξš…ξš‡ξ˜ƒξšˆξš‘ξš”ξ˜ƒξš…ξš‘ξš—ξšξš–ξš”ξš‹ξš‡ξš•ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜ˆξ˜˜ξŸ€ξ˜ƒξ˜’ξšξš‡ξ˜ƒξ˜ˆξ˜˜ξ˜„ξ˜ƒξš‡ξšξš–ξš‹ξš–ξšŽξš‡ξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξšŠξš‘ξšŽξš†ξš‡ξš”ξ˜ƒξš–ξš‘ξ˜ƒξš‡ξšξš‹ξš–ξ˜ƒξš‘ξšξš‡ξ˜ƒξš–ξš‘ξšξ˜ƒ
ξš‘ξšˆξ˜ƒξš…ξšƒξš”ξš„ξš‘ξšξ˜ƒξš†ξš‹ξš‘ξššξš‹ξš†ξš‡ξ˜ƒξš‘ξš”ξ˜ƒξš…ξšƒξš”ξš„ξš‘ξšξŸ¦ξš‡ξš“ξš—ξš‹ξš˜ξšƒξšŽξš‡ξšξš–ξ˜ƒξš‰ξš”ξš‡ξš‡ξšξšŠξš‘ξš—ξš•ξš‡ξ˜ƒξš‰ξšƒξš•ξŸ€
Europe:ξ˜ƒξ˜†ξš‘ξš—ξšξš–ξš”ξš‹ξš‡ξš•ξ˜ƒξš‹ξšξš…ξšŽξš—ξš†ξš‡ξš†ξŸ£ξ˜ƒξ˜ˆξ˜˜ξ₯΄ξ₯Ήξ˜ƒξ˜ξš‡ξšξš„ξš‡ξš”ξ˜ƒξ˜–ξš–ξšƒξš–ξš‡ξš•ξŸ‘ξ˜ƒξ˜‘ξš‘ξš”ξš™ξšƒξš›ξŸ‘ξ˜ƒξ˜–ξš™ξš‹ξš–ξšœξš‡ξš”ξšŽξšƒξšξš†ξŸ‘ξ˜ƒξ˜—ξš—ξš”ξšξš‡ξš›ξŸ‘ξ˜ƒξšƒξšξš†ξ˜ƒξ˜˜ξšξš‹ξš–ξš‡ξš†ξ˜ƒξ˜Žξš‹ξšξš‰ξš†ξš‘ξšξŸ€
Socialξ˜ƒBondsξŸ£ξ˜ƒξ˜…ξš‘ξšξš†ξš•ξ˜ƒξš™ξšŠξš‘ξš•ξš‡ξ˜ƒξš’ξš”ξš‘ξš…ξš‡ξš‡ξš†ξš•ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš—ξš•ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒξš”ξšƒξš‹ξš•ξš‡ξ˜ƒξšˆξš—ξšξš†ξš•ξ˜ƒξšˆξš‘ξš”ξ˜ƒξšξš‡ξš™ξ˜ƒξšƒξšξš†ξ˜ƒξš‡ξššξš‹ξš•ξš–ξš‹ξšξš‰ξ˜ƒξš’ξš”ξš‘ξšŒξš‡ξš…ξš–ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš–ξšƒξš…ξšξšŽξš‡ξ˜ƒξšƒξ˜ƒξš•ξš’ξš‡ξš…ξš‹ξ§ξš‹ξš…ξ˜ƒξš•ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒξš‹ξš•ξš•ξš—ξš‡ξ˜ƒξšƒξšξš†ξ €ξš‘ξš”ξ˜ƒξš•ξš‡ξš‡ξšξ˜ƒξš–ξš‘ξ˜ƒξšƒξš…ξšŠξš‹ξš‡ξš˜ξš‡ξ˜ƒξš’ξš‘ξš•ξš‹ξš–ξš‹ξš˜ξš‡ξ˜ƒξš•ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒξš‘ξš—ξš–ξš…ξš‘ξšξš‡ξš•ξŸ€ξ˜ƒξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξš”ξš‡ξšˆξš‡ξš”ξš‡ξšξš…ξš‡ξ˜ƒξšˆξš”ξšƒξšξš‡ξš™ξš‘ξš”ξšξ˜ƒξšˆξš‘ξš”ξ˜ƒξš‹ξš•ξš•ξš—ξšƒξšξš…ξš‡ξ˜ƒξš‘ξšˆξ˜ƒξ˜–ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒ
ξ˜…ξš‘ξšξš†ξš•ξ˜ƒξš‹ξš•ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜–ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒξ˜…ξš‘ξšξš†ξ˜ƒξ˜“ξš”ξš‹ξšξš…ξš‹ξš’ξšŽξš‡ξš•ξ˜ƒξ ‹ξ˜–ξ˜…ξ˜“ξ ŒξŸ€ξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξ˜–ξ˜…ξ˜“ξ˜ƒξš’ξš”ξš‘ξšξš‘ξš–ξš‡ξ˜ƒξš‹ξšξš–ξš‡ξš‰ξš”ξš‹ξš–ξš›ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξ˜–ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒξ˜…ξš‘ξšξš†ξ˜ƒξšξšƒξš”ξšξš‡ξš–ξ˜ƒξš–ξšŠξš”ξš‘ξš—ξš‰ξšŠξ˜ƒξš‰ξš—ξš‹ξš†ξš‡ξšŽξš‹ξšξš‡ξš•ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš”ξš‡ξš…ξš‘ξšξšξš‡ξšξš†ξ˜ƒξš–ξš”ξšƒξšξš•ξš’ξšƒξš”ξš‡ξšξš…ξš›ξŸ‘ξ˜ƒξš†ξš‹ξš•ξš…ξšŽξš‘ξš•ξš—ξš”ξš‡ξ˜ƒξšƒξšξš†ξ˜ƒξš”ξš‡ξš’ξš‘ξš”ξš–ξš‹ξšξš‰ξ˜ƒξ˜–ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒξš‘ξš„ξšŒξš‡ξš…ξš–ξš‹ξš˜ξš‡ξš•ξ˜ƒξšξšƒξš›ξ˜ƒξš‹ξšξš…ξšŽξš—ξš†ξš‡ξŸ‘ξ˜ƒξš„ξš—ξš–ξ˜ƒξšƒξš”ξš‡ξ˜ƒξšξš‘ξš–ξ˜ƒξšŽξš‹ξšξš‹ξš–ξš‡ξš†ξ˜ƒξš–ξš‘ξ˜ƒ
ξšƒξšˆξšˆξš‘ξš”ξš†ξšƒξš„ξšŽξš‡ξ˜ƒξšŠξš‘ξš—ξš•ξš‹ξšξš‰ξŸ‘ξ˜ƒξšƒξšˆξšˆξš‘ξš”ξš†ξšƒξš„ξšŽξš‡ξ˜ƒξš„ξšƒξš•ξš‹ξš…ξ˜ƒξš‹ξšξšˆξš”ξšƒξš•ξš–ξš”ξš—ξš…ξš–ξš—ξš”ξš‡ξŸ‘ξ˜ƒξš‡ξšξš’ξšŽξš‘ξš›ξšξš‡ξšξš–ξ˜ƒξš‰ξš‡ξšξš‡ξš”ξšƒξš–ξš‹ξš‘ξšξ˜ƒξšƒξšξš†ξ˜ƒξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξšˆξš‘ξš‘ξš†ξ˜ƒξš•ξš›ξš•ξš–ξš‡ξšξš•ξŸ€ξ˜ƒξ˜ƒ
SRI:ξ˜ƒξ˜–ξš‘ξš…ξš‹ξšƒξšŽξšŽξš›ξ˜ƒξš”ξš‡ξš•ξš’ξš‘ξšξš•ξš‹ξš„ξšŽξš‡ξ˜ƒξš‹ξšξš˜ξš‡ξš•ξš–ξš‹ξšξš‰ξ˜ƒξ˜ƒξš‘ξš”ξ˜ƒξ˜–ξ˜•ξ˜ŒξŸ‘ξ˜ƒξš‹ξš•ξ˜ƒξšƒξ˜ƒξš•ξš–ξš”ξšƒξš–ξš‡ξš‰ξš›ξ˜ƒξš–ξšŠξšƒξš–ξ˜ƒξš‡ξšξš’ξšŠξšƒξš•ξš‹ξšœξš‡ξš•ξ˜ƒξšξš‘ξš–ξ˜ƒξš‘ξšξšŽξš›ξ˜ƒξš–ξšŠξš‡ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξš‰ξšƒξš‹ξšξš•ξ˜ƒξšˆξš”ξš‘ξšξ˜ƒξšƒξšξ˜ƒξš‹ξšξš˜ξš‡ξš•ξš–ξšξš‡ξšξš–ξ˜ƒξš„ξš—ξš–ξ˜ƒξšƒξšŽξš•ξš‘ξ˜ƒξš‡ξš–ξšŠξš‹ξš…ξšƒξšŽξ˜ƒξš‘ξš”ξ˜ƒξš•ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒξš…ξšŠξšƒξšξš‰ξš‡ξŸ€
Sustainableξ˜ƒBonds:ξ˜ƒξ˜“ξš”ξš‘ξš…ξš‡ξš‡ξš†ξš•ξ˜ƒξš‘ξšˆξ˜ƒξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξ˜…ξš‘ξšξš†ξš•ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš•ξš’ξšŽξš‹ξš–ξ˜ƒξš„ξš‡ξš–ξš™ξš‡ξš‡ξšξ˜ƒξš‰ξš”ξš‡ξš‡ξšξ˜ƒξš’ξš”ξš‘ξšŒξš‡ξš…ξš–ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš•ξš‘ξš…ξš‹ξšƒξšŽξ˜ƒξš’ξš”ξš‘ξšŒξš‡ξš…ξš–ξš•ξŸ€ξ˜ƒξ˜ƒξ˜ƒξ˜ƒξ˜ƒ
Sustainability-linkedξ˜ƒbonds:ξ˜ƒξš„ξš‘ξšξš†ξ˜ƒξš‹ξšξš•ξš–ξš”ξš—ξšξš‡ξšξš–ξ˜ƒξšˆξš‘ξš”ξ˜ƒξš™ξšŠξš‹ξš…ξšŠξ˜ƒξš–ξšŠξš‡ξ˜ƒξ§ξš‹ξšξšƒξšξš…ξš‹ξšƒξšŽξ˜ƒξšƒξšξš†ξ €ξš‘ξš”ξ˜ƒξš•ξš–ξš”ξš—ξš…ξš–ξš—ξš”ξšƒξšŽξ˜ƒξš…ξšŠξšƒξš”ξšƒξš…ξš–ξš‡ξš”ξš‹ξš•ξš–ξš‹ξš…ξš•ξ˜ƒξš…ξšƒξšξ˜ƒξš˜ξšƒξš”ξš›ξ˜ƒξš†ξš‡ξš’ξš‡ξšξš†ξš‹ξšξš‰ξ˜ƒξš‘ξšξ˜ƒξš™ξšŠξš‡ξš–ξšŠξš‡ξš”ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš‹ξš•ξš•ξš—ξš‡ξš”ξ˜ƒξšƒξš…ξšŠξš‹ξš‡ξš˜ξš‡ξš•ξ˜ƒξš’ξš”ξš‡ξš†ξš‡ξ§ξš‹ξšξš‡ξš†ξ˜ƒξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξš„ξšŒξš‡ξš…ξš–ξš‹ξš˜ξš‡ξš•ξŸ€ξ˜ƒξ˜Œξš•ξš•ξš—ξš‡ξš”ξš•ξ˜ƒξšƒξš”ξš‡ξ˜ƒξš–ξšŠξš‡ξš”ξš‡ξš„ξš›ξ˜ƒξš…ξš‘ξšξšξš‹ξš–ξš–ξš‹ξšξš‰ξ˜ƒ
ξš‡ξššξš’ξšŽξš‹ξš…ξš‹ξš–ξšŽξš›ξ˜ƒξ ‹ξš‹ξšξš…ξšŽξš—ξš†ξš‹ξšξš‰ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš„ξš‘ξšξš†ξ˜ƒξš†ξš‘ξš…ξš—ξšξš‡ξšξš–ξšƒξš–ξš‹ξš‘ξšξ Œξ˜ƒξš–ξš‘ξ˜ƒξšˆξš—ξš–ξš—ξš”ξš‡ξ˜ƒξš‹ξšξš’ξš”ξš‘ξš˜ξš‡ξšξš‡ξšξš–ξš•ξ˜ƒξš‹ξšξ˜ƒξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš‘ξš—ξš–ξš…ξš‘ξšξš‡ξ ‹ξš•ξ Œξ˜ƒξš™ξš‹ξš–ξšŠξš‹ξšξ˜ƒξšƒξ˜ƒξš’ξš”ξš‡ξš†ξš‡ξ§ξš‹ξšξš‡ξš†ξ˜ƒξš–ξš‹ξšξš‡ξšŽξš‹ξšξš‡ξŸ€ξ˜ƒξ˜–ξ˜ξ˜…ξš•ξ˜ƒξšƒξš”ξš‡ξ˜ƒξšƒξ˜ƒξšˆξš‘ξš”ξš™ξšƒξš”ξš†ξŸ¦ξšŽξš‘ξš‘ξšξš‹ξšξš‰ξ˜ƒξš’ξš‡ξš”ξšˆξš‘ξš”ξšξšƒξšξš…ξš‡ξŸ¦ξš„ξšƒξš•ξš‡ξš†ξ˜ƒξš‹ξšξš•ξš–ξš”ξš—ξšξš‡ξšξš–ξŸ€
Sustainability-linkedξ˜ƒloans:ξ˜ƒξ˜ξš‘ξšƒξšξš•ξ˜ƒξš™ξšŠξš‹ξš…ξšŠξ˜ƒξš‹ξšξš…ξš‡ξšξš–ξš‹ξš˜ξš‹ξš•ξš‡ξ˜ƒξš–ξšŠξš‡ξ˜ƒξš„ξš‘ξš”ξš”ξš‘ξš™ξš‡ξš”ξŸ―ξš•ξ˜ƒξšƒξš…ξšŠξš‹ξš‡ξš˜ξš‡ξšξš‡ξšξš–ξ˜ƒξš‘ξšˆξ˜ƒξš’ξš”ξš‡ξš†ξš‡ξš–ξš‡ξš”ξšξš‹ξšξš‡ξš†ξ˜ƒξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš’ξš‡ξš”ξšˆξš‘ξš”ξšξšƒξšξš…ξš‡ξ˜ƒξš‘ξš„ξšŒξš‡ξš…ξš–ξš‹ξš˜ξš‡ξš•ξŸ€ξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξš„ξš‘ξš”ξš”ξš‘ξš™ξš‡ξš”ξŸ―ξš•ξ˜ƒξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš’ξš‡ξš”ξšˆξš‘ξš”ξšξšƒξšξš…ξš‡ξ˜ƒξš‹ξš•ξ˜ƒξšξš‡ξšƒξš•ξš—ξš”ξš‡ξš†ξ˜ƒξš—ξš•ξš‹ξšξš‰ξ˜ƒξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒ
ξš’ξš‡ξš”ξšˆξš‘ξš”ξšξšƒξšξš…ξš‡ξ˜ƒξš–ξšƒξš”ξš‰ξš‡ξš–ξš•ξ˜ƒξ ‹ξ˜–ξ˜“ξ˜—ξš•ξ ŒξŸ‘ξ˜ƒξš™ξšŠξš‹ξš…ξšŠξ˜ƒξš‹ξšξš…ξšŽξš—ξš†ξš‡ξ˜ƒξ˜Žξ˜“ξ˜Œξš•ξŸ‘ξ˜ƒξš‡ξššξš–ξš‡ξš”ξšξšƒξšŽξ˜ƒξš”ξšƒξš–ξš‹ξšξš‰ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš‘ξš”ξ˜ƒξš‡ξš“ξš—ξš‹ξš˜ξšƒξšŽξš‡ξšξš–ξ˜ƒξšξš‡ξš–ξš”ξš‹ξš…ξš•ξ˜ƒξšƒξšξš†ξ˜ƒξš™ξšŠξš‹ξš…ξšŠξ˜ƒξšξš‡ξšƒξš•ξš—ξš”ξš‡ξ˜ƒξš‹ξšξš’ξš”ξš‘ξš˜ξš‡ξšξš‡ξšξš–ξš•ξ˜ƒξš‹ξšξ˜ƒξš–ξšŠξš‡ξ˜ƒξš„ξš‘ξš”ξš”ξš‘ξš™ξš‡ξš”ξŸ―ξš•ξ˜ƒξš•ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξš’ξš”ξš‘ξ§ξš‹ξšŽξš‡ξŸ€ξ˜ƒξ˜—ξšŠξš‡ξ˜ƒξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξš‹ξšŽξš‹ξš–ξš›ξ˜ƒξ˜ξš‹ξšξšξš‡ξš†ξ˜ƒξ˜ξš‘ξšƒξšξ˜ƒξ˜“ξš”ξš‹ξšξš…ξš‹ξš’ξšŽξš‡ξš•ξ˜ƒξ ‹ξ˜–ξ˜ξ˜ξ˜“ξ Œξ˜ƒξšƒξš”ξš‡ξ˜ƒ
ξš˜ξš‘ξšŽξš—ξšξš–ξšƒξš”ξš›ξ˜ƒξš”ξš‡ξš…ξš‘ξšξšξš‡ξšξš†ξš‡ξš†ξ˜ƒξš‰ξš—ξš‹ξš†ξš‡ξšŽξš‹ξšξš‡ξš•ξŸ‘ξ˜ƒξš–ξš‘ξ˜ƒξš„ξš‡ξ˜ƒξšƒξš’ξš’ξšŽξš‹ξš‡ξš†ξ˜ƒξš„ξš›ξ˜ƒξšξšƒξš”ξšξš‡ξš–ξ˜ƒξš’ξšƒξš”ξš–ξš‹ξš…ξš‹ξš’ξšƒξšξš–ξš•ξ˜ƒξš‘ξšξ˜ƒξšƒξ˜ƒξš†ξš‡ξšƒξšŽξŸ¦ξš„ξš›ξŸ¦ξš†ξš‡ξšƒξšŽξ˜ƒξš„ξšƒξš•ξš‹ξš•ξŸ€
Transitionξ˜ƒbonds:ξ˜ƒξ˜…ξš‘ξšξš†ξš•ξ˜ƒξš‹ξš•ξš•ξš—ξš‡ξš†ξ˜ƒξš™ξš‹ξš–ξšŠξ˜ƒξšƒξ˜ƒξŸ²ξš–ξš”ξšƒξšξš•ξš‹ξš–ξš‹ξš‘ξšξŸ³ξ˜ƒξšŽξšƒξš„ξš‡ξšŽξ˜ƒξš‹ξšξš†ξš‹ξš…ξšƒξš–ξš‹ξšξš‰ξ˜ƒξš—ξš•ξš‡ξ˜ƒξš‘ξšˆξ˜ƒξš’ξš”ξš‘ξš…ξš‡ξš‡ξš†ξš•ξ˜ƒξš–ξš‘ξ˜ƒξš‹ξšξš’ξš”ξš‘ξš˜ξš‡ξ˜ƒξš‡ξšξš˜ξš‹ξš”ξš‘ξšξšξš‡ξšξš–ξšƒξšŽξ˜ƒξš’ξš‡ξš”ξšˆξš‘ξš”ξšξšƒξšξš…ξš‡ξ˜ƒξš„ξš—ξš–ξ˜ƒξšξš‘ξš–ξ˜ƒξš›ξš‡ξš–ξ˜ƒξš”ξš‡ξšƒξš…ξšŠξš‹ξšξš‰ξ˜ƒξŸ²ξš‰ξš”ξš‡ξš‡ξšξŸ³ξ˜ƒξš…ξšƒξš–ξš‡ξš‰ξš‘ξš”ξš‹ξš•ξšƒξš–ξš‹ξš‘ξšξŸ€
ξ˜–ξš—ξš•ξš–ξšƒξš‹ξšξšƒξš„ξšŽξš‡ξ˜ƒξ˜‰ξš‹ξšξšƒξšξš…ξš‡ξ˜ƒξ˜•ξš‡ξš’ξš‘ξš”ξš–ξ˜ƒξŸ¦ξ˜ƒξ˜”ξ˜ƒξ₯³ξ˜ƒξ˜ƒξ˜ƒξ₯΄ξ₯²ξ₯΄ξ₯·ξ˜ƒξ˜ƒξ˜ƒξ˜ƒ/ξ˜ƒ43
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