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Sovereign Green, Social, and Sustainability Bond Survey - The ultimate power to transform the market

This paper reflects the results of Climate Bonds Initiative’s (Climate Bonds) first Sovereign Green, Social, and Sustainability (GSS) Bond Survey based on conversations with 19 sovereign issuers. Vanilla sovereign bonds represent almost half of outstanding bonds, and the current size of sovereign bonds with at least one year to maturity is USD45tn.1 Given the budget and resource allocation responsibilities of most central governments – especially for large-scale infrastructure projects – sovereign issuers have the power to scale up GSS investments more than any other asset class. For governments with access to domestic and international capital markets, sovereign GSS bonds can attract the investment needed for sustainable development, as well as help to fulfil the greenhouse gas (GHG) emission reduction objectives included in each country’s Nationally Determined Contributions (NDCs) under the 2015 Paris Agreement