Europe has maintained its lead in the global green, social and sustainability (GSS) bond market in 2024, with green bonds accounting for the majority of new issuance and assets under management, according to Amundi’s latest Annual Impact Report.
The report confirmed that the green bond segment is no longer viewed as a niche investment class, but rather as a “well-established and mature” market, now representing 60 per cent of the total GSS bond market. New green bond issuance in 2024 reached €442 billion ($518 bn), lifting the total market value to €2.22 trillion ($2.6 tn), largely driven by financial institutions, utilities, agencies and sovereign issuers.
Europe continued to dominate global issuance, contributing 55 per cent of the total. Germany led the way with €49 billion, followed by France (€41 billion), the Netherlands (€21 billion), Italy (€17 billion) and Spain (€12 billion). Japan rose in the rankings, while the United States slipped behind its peers. Amundi itself recorded more than €5 billion in green bond assets under management during the year.
“The green bond market has experienced significant growth over the past fifteen years, reaching €2.22 trillion. It is now mature and offers a wide range of opportunities we are committed to explore and invest in, on behalf of our clients,” said Alban de Faÿ, Head of Sustainable Responsible Investment Processes for Fixed Income at Amundi.
Amundi’s impact analysis highlighted that its green bond funds helped avoid an average of 322 tonnes of CO₂ emissions for every €1 million invested between July 2023 and June 2024. The firm’s funds — including the ARI Impact Green Bond, Amundi Funds Impact Euro Corporate Short Term Green Bond, and the Amundi Impact Ultra Short Term Green Bond — finance projects ranging from renewable energy and energy efficiency to clean transport, sustainable land use and water management.
The report emphasised that transparency remains a central feature of green bonds, allowing investors to track how proceeds are deployed, the specific environmental projects financed, and the measurable climate benefits achieved.
