Chinese issuers collected $22.9 billion in green bond proceeds in 2019, just ahead of the $19.6 billion raised by U.S. issuers and the $17.1 billion from France. China has led the world in green bond issuance since 2016, but saw its dominant grip loosen in 2019 as proceeds fell more than 21% from 2018's issuance. Among the top 10 issuers, all but China had at least double-digit growth in 2019.
A total $173.4 billion in green bonds were issued during 2019, according to Refinitive, a 31% increase from 2018 that represented 2.2% of global bond issuance. Despite being only a sliver of the total bond market, green bond market share has increased threefold since 2015. Europe, as a collective, remains the leader in total issuance. Total 2019 proceeds for the region were $95 billion in 2019.
Additionally, Refinitive noted that countries involved in China's Belt and Road Initiative issued $57.4 billion through some 140 green bonds. French energy company ENGIE was the lead issuer with $2.7 billion in proceeds from a pair of bonds, followed by Apple's $2.2 single bond issuance.