The Global Green Finance Index 15 - Supplement "Momentum Builds On Sovereign Sustainability-Linked Bonds"

The fifteenth edition of the Global Green Finance Index (GGFI 15) was published on 24 April 2025. GGFI 15 evaluates green finance offerings from 95 major financial centres around the world. The GGFI serves as a valuable reference into the development of green finance for policy and investment decision-makers.

There has been a continuing drop in confidence in the development of green finance in financial centres. In the last edition of the index, the average rating was down 1.96%, whereas in this edition the average rating is down 5.91% compared with GGFI 14, with all centres dropping in the ratings. This may reflect changes in the outlook for the economy generally and the change in government direction in the US.

We continue to see strong performance from Western European centres, which reflects their history of developing green finance products and expertise. US centres perform less well in GGFI 15, reflecting uncertainty over the future policy direction in the US. Canadian centres perform well. The general commitment of a city or jurisdiction to sustainability is a strong influence on the depth and quality of green finance in a financial centre.

Among those responding to the GGFI survey, Green Loans, Renewable Energy Investment, and Social and Impact Investment are rated as the areas of green finance with most impact, while ESG Analytics, Renewable Energy Investment, and Sustainable Infrastructure are seen as the areas of most interest.

Policy and Regulatory Frameworks, Public Awareness, and Renewables are listed by respondents as the major drivers of green finance. These underline the importance of regulatory frameworks and demand in green finance.

In the supplement to this edition of the GGFI, we provide an update on the development of sovereign sustainability-linked bonds (SSLBs) and their potential to provide support in emerging economies in particular. We also review recent changes in the frameworks governing their issuance provided by international, national, and regional authorities.

Index Results

• London retained its first position in the index, while Zurich, Singapore, and Geneva retained second, third, and fourth positions.
• Oslo and Toronto entered the top 10 in this edition of the index, replacing New York and Los Angeles.
• Western European centres take seven of the top 10 places, with Canadian centres taking two. Singapore is the only Asia/Pacific centre in this leading group. No US centres feature in the top 10.
• The margins separating centres at the top of the index are small. Among the top 10 centres the spread of ratings is only 13 points out of 1,000.
• Fifteen centres rose 10 or more places in the rankings. Six centres fell 10 or more places.