- CLIMATE-RELATED INDICATORS
Experimental indicators on sustainable finance
Our sustainable finance indicators give an overview of issuances and holdings of sustainable debt securities in the euro area[1]. These indicators provide information on the proceeds raised to finance sustainable projects, and thus also on the progress of the transition to a net-zero economy. They will bring more transparency to the financial markets and are relevant for the inclusion of climate change considerations when designing and implementing the ECB’s monetary policy, as well as when analysing economic developments and financial stability.
When using the data, analysts should be particularly aware of the methodological decision to currently include all degrees of assurance (including self-labelled) in the definition of sustainable debt securities.
You will find on this page:
- Issuances of sustainable debt securities in the euro area
- Holdings of sustainable debt securities in the euro area
- Issuances and holdings of green debt securities by country and sector
- Data access
This dataset is already relatively comprehensive and is published in the form of experimental indicators. Please consult the methodology report and the technical annex for further details on the methodology, data sources and limitations.
Issuances of sustainable debt securities in the euro area
The outstanding amount of sustainable debt securities issued in the euro area has more than doubled in the last two years. Securities designed to finance green and social projects, which account for the majority of the market (Chart 1), have seen a particularly strong increase. Over the same period, sustainability-linked bonds recorded the highest growth rate. However, despite the relatively broad definition (all levels of assurance are considered, and no restrictions are imposed on the underlying sustainability standard or taxonomy), the relevance of these instruments in the overall debt securities market remains minor (Chart 1).
Chart 1
Euro area issuances of sustainable debt securities
(Left-hand scale: EUR billions, outstanding amounts at face value; right-hand scale: percentages)

Source: Centralised Securities Database (CSDB).
Notes: Observed amounts refer to the last day of the reference period. The share of total issuances represents the amount of all sustainable securities as a share of the outstanding amounts of all debt securities issued in the euro area.
Holdings of sustainable debt securities in the euro area
Since the beginning of 2021 euro area holdings of sustainable debt securities have grown continuously, similar to the trend observed for euro area issuances. These instruments are becoming increasingly relevant investment alternatives but overall remain a minor portfolio item (Chart 2). While euro area investors seem to prefer sustainable debt securities issued in the euro area, the euro area as a whole is a net buyer of these instruments – that is, its holdings outperform its issuances.
Chart 2
Euro area holdings of sustainable debt securities
(Left-hand scale: EUR billions, outstanding amounts at face value; right-hand scale: percentages)

Sources: CSDB and Securities Holdings Statistics (SHSS).
Notes: Observed amounts refer to the last day of the reference period. The share of total holdings represents the amount of all sustainable securities as a share of the holding amounts of all debt securities in the euro area.
Issuances and holdings of green debt securities by country and sector
France and Germany are the top issuers and holders of green debt securities in the euro area, accounting for more than half of the market (Chart 3). The Netherlands is the third-largest issuer and Luxembourg is the third-largest holder. The remaining euro area countries represent a small share of both the issuances and holdings of the green bond market. Some countries have only residually entered the market or are yet to enter it.
Chart 3
Issuances and holdings of green debt securities by country
(EUR billions; Q3 2022; outstanding amounts at face value)

Sources: CSDB and SHSS.
Note: Observed amounts refer to the last day of the reference period.
Governments, monetary financial institutions, and non-financial corporations are the leading sectors for issuing green debt securities in the euro area, representing comparable shares of the market (Chart 4). With regard to holdings of green debt securities in the euro area, other financial institutions (mostly investment funds) are the main investors in the market, followed by monetary financial institutions, including central banks. The remaining sectors play a very residual role in holdings, with households entering into the green debt market only indirectly, via investment funds.
Chart 4
Issuances and holdings of green debt securities by sector
(EUR billions; Q3 2022, outstanding amounts at face value)

Sources: CSDB and SHSS.
Note: Observed amounts refer to the last day of the reference period.
Data access
The aggregated data for the experimental sustainable finance indicators are published in the ECB’s Statistical Data Warehouse (SDW) as part of the CSDB-Derived Securities Issues Statistics (CSEC) and the Securities Holdings Statistics (SHSS) datasets.
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Securities holdingsSecurities issuesCharts dataSustainable debt securities classification. Green: debt securities where the proceeds are used to finance projects with clear environmental benefits. Social: debt securities where the proceeds are used to finance projects that address social issues and seek to achieve positive social outcomes. Sustainability: debt securities where the proceeds are used to finance a combination of both green and social projects. Sustainability-linked: debt securities where the issuers are committed to future improvements in sustainability outcomes, with no restrictions on how the proceeds can be used.