Germany and Italy were Europe’s top issuers of green bonds in Q3 of 2022 according to S&P Global Market Intelligence analysis.

Germany led the region with $15.89 billion of internationally aligned green bond issuance, according to data from the Climate Bonds Initiative. This is down 7.6% from $17.2 billion a year earlier but up 55% from $10.26 billion in the previous quarter. The analysis also found:

• Italy had the second-highest issuance among European countries, with $8.32 billion, ahead of France. This is a sharp increase from $220 million in the previous quarter and $600 million a year before.

• Italy’s strong showing was mainly driven by a jumbo sovereign issuance worth €6 billion in September. Sustainable debt issuance has gained acceptance across Europe, but France and Germany are expected to remain the “powerhouses” of the sustainable debt market in the region, with sovereign issuance being the key driver.

• Europe issued $35.23 billion in internationally aligned green bonds in the third quarter, falling from $75.61 billion in the same period last year data shows. Despite the drop, Europe remained the highest-contributing region to green debt globally during the quarter.