‘Highly underused': Why Europe needs to close its green bond gap

In May this year, cumulative issuance of green, social, sustainability and sustainability-linked bonds (GSS+) reached $7trn, according to the Climate Bonds Initiative (CBI). According to the most recent data, green bonds continue to make up the lion's share of that market, with cumulative aligned issuance exceeding $4trn. In particular, Europe dominates GSS+ issuance and is responsible for almost half of the total aligned annual GSS+ volume in 2025. Cumulative issuance of green bonds, specifically, has now surpassed $2.5trn in Europe.