Green Bonds Market Report 2024

This Green Bonds market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The green bonds market size has grown rapidly in recent years. It will grow from $432.16 billion in 2023 to $479.19 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth during the historic period can be attributed to increased environmental awareness, regulatory support and incentives, investor demand for ESG assets, corporate sustainability initiatives, and collaboration between the public and private sectors.

The green bonds market size is expected to see rapid growth in the next few years. It will grow to $727.61 billion in 2028 at a compound annual growth rate (CAGR) of 11%. The projected growth can be attributed to strengthening ESG regulations, growing climate change targets, increasing investor appetite, rising public awareness and activism, and the expansion of green bond standards. Major trends in the forecast period include technological advancements, digital finance technologies, the integration of blockchain technology, innovative financial instruments, and digital green bonds.

The growing adoption of sustainable investments is anticipated to drive the growth of the green bond market in the future. Sustainable investments involve financial assets or projects that prioritize environmental, social, and governance (ESG) criteria, aiming to generate positive social and environmental impacts alongside competitive financial returns. The increase in sustainable investments is fueled by heightened awareness of environmental issues, encouraging investors to support companies focused on sustainability. Companies that adopt corporate social responsibility (CSR) and ESG practices also enhance the appeal of sustainable investments, as they demonstrate a commitment to ethical standards. Green bonds specifically provide funding for environmentally beneficial projects, allowing investors to align their portfolios with ESG objectives. For example, in October 2023, Capital Group, a U.S.-based financial services company, reported that the proportion of ESG users had increased to 90%, up from 89% in 2022 and 84% in 2021. Additionally, the share of conviction investors rose in other regions, with EMEA reaching 33% compared to 31% in 2022 and Asia-Pacific at 25%, up from 22% in 2022. Thus, the increasing adoption of sustainable investments is expected to fuel the growth of the green bond market.

Major companies in the green bonds market are focusing on integrating blockchain technology, such as tokenizing digital green bonds, to enhance transparency, streamline transactions, and improve the traceability of environmental impact. Tokenization of digital green bonds involves representing these bonds as digital tokens on a blockchain, which increases liquidity, reduces transaction costs, and provides greater transparency in trading and managing these bonds. For instance, in November 2023, Societe Generale Group, a France-based provider of commercial, retail, investment, and private banking services, launched a digital green bond issued as a security token. This bond is directly registered on the Ethereum public blockchain by SG-FORGE. The innovative use of blockchain enhances the transparency and traceability of ESG data. The security tokens were fully subscribed to by two leading institutional investors, AXA Investment Managers and Generali Investments, through a private placement. This transaction marks Société Générale's first use of blockchain technology to leverage the unique benefits of digital bonds, including improved transparency, traceability, and efficiency in transaction processing and settlements.

In January 2022, Amundi, a France-based asset management company, acquired Lyxor Asset Management from Société Générale for an undisclosed amount. This acquisition enhances Amundi's resources, expertise, and market presence, enabling the company to capitalize on the growing demand for green bonds. The deal supports sustainable growth and reinforces Amundi’s commitment to responsible investment. Lyxor Asset Management is a France-based asset management company specializing in green bonds and innovative investment solutions.

Major companies operating in the green bonds market are JPMorgan Chase & Co., Bank of America Securities Inc., HSBC Holdings plc, Citigroup Inc., Morgan Stanley, The Goldman Sachs Group Inc., ING Bank N.V., Mitsubishi UFJ Financial Group Inc., UBS Group AG, Barclays PLC, Deutsche Bank AG, Asian Development Bank, Intesa Sanpaolo S.p.A., Crédit Agricole S.A., UniCredit S.p.A., Credit Suisse Group AG, Coöperatieve Rabobank U.A., Nordea Bank Abp, Raiffeisen Bank International AG, Skandinaviska Enskilda Banken AB, TD Securities Inc., Robeco Institutional Asset Management B.V., CFI Education Inc., Climate Bonds Initiative, Green Bond Corporation.

North America was the largest region in the green bonds market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the green bonds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the green bonds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Green bonds are fixed-income financial instruments designed to raise capital for projects that offer environmental benefits. These projects typically aim to reduce carbon emissions, improve energy efficiency, manage natural resources, or support other sustainable initiatives.

The main types of green bonds include corporate bonds, project bonds, asset-backed securities (ABS), supranational, sub-sovereign, and agency (SSA) bonds, municipal bonds, and financial sector bonds. Corporate bonds are a type of debt security issued by companies to raise capital for projects specifically targeting environmentally sustainable initiatives, such as renewable energy projects, energy efficiency upgrades, and other eco-friendly ventures. Issuers of green bonds can be from both the public and private sectors, including energy or utility companies, financial institutions, other corporations, government agencies, and local authorities.

The green bonds market research report is one of a series of new reports that provides green bonds market statistics, including green bonds industry global market size, regional shares, competitors with an green bonds market share, detailed green bonds market segments, market trends and opportunities, and any further data you may need to thrive in the green bonds industry. This green bonds market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The green bonds market consists of revenues earned by entities by providing services such as advisory services, trading and brokerage services, and legal and compliance services. The market value includes the value of related goods sold by the service provider or included within the service offering. The green bond market also includes sales of green government bonds, green securitized bonds, green ETFs, and green covered bonds. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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