Key Messages

Clean-energy investment continues to expand
Global clean-energy capital expenditure reached a record $2.2 trillion in 2025, 10 percent higher than a year earlier and equivalent to 65 percent of total energy capex.

Modest headline growth masks a stark divergence
Emerging market green, social, sustainability and sustainability-linked (GSSS) bond issuance rose 2.2 percent to $186.8 billion in 2025. China surged 51 percent to a record $111.1 billion, becoming the world’s largest issuer. Outside China, however, emerging market issuance contracted 31 percent, with the steepest declines in Latin America (–56 percent) and South Asia (–68 percent).

Sustainable bonds in emerging markets outside China lead in fixed-income share
Excluding China, GSSS bonds reached 2.6 percent of total emerging market fixed-income issuance in 2025, above developed markets at 2.5 percent. China’s share stood at 1.6 percent.

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