Global market and China’s status Europe remained the largest issuer of GSS+ instruments, contributing $405 billion, which constituted around 46% of the global total. The By the end of 2023, the cumulative issuance of Climate Bonds Initiative-aligned green, social, sustainability and sustainability-linked bonds (collectively referred to as GSS+) reached $4.4 trillion in value globally. In 2023 alone, issuance aligned with GSS+ totalled $872 billion, a 3% increase from $843 billion in 2022.20 Green bonds represented the majority, accounting for 67% of the total GSS+ issuance in 2023 (see Figure 4), and are the type of bond most closely associated with nature-related themes due to their clear alignment with environmental and ecological objectives. Asia-Pacific followed as the second-largest region, issuing $189.4 billion in green bonds – approximately one-third of the global GSS+ aligned issuance – with China alone contributing 44% of the Asia-Paci fic total. China’s prominence in the global sustainable bonds market, particularly among emerging economies, is largely driven by robust domestic policies and international cooperation.21 Latin America also saw strong momentum, registering a 49% year-on-year increase, and standing out as the only region where sustainability bonds represent the largest share of GSS+ instruments. While the US experienced a 38% decrease in aligned issuances, influenced by rising anti-ESG sentiment, it remained a signi ficant participant in the sustainable bonds market. Notably, the US was the second-largest issuer of green bonds, representing approximately 1 6% of global green bond issuances.222.1 Sustainable bonds Global cumulative green, social, sustainability and sustainability-linked bonds (2018-2023, in $ billion)FIGURE 4 020040060080010001200 2018 2019 2020 2021 2022 20232273587168438721.015 67%18%12%3%Green bonds by country (2023)Global green, social, sustainability and sustainability-linked bonds (2023) Sustainability bonds Social bonds Sustainability-linked bonds Green bondsUnited States China Japan Europe Others51%17%13% 16% 3% Source: Data integrated from the World Investment Report 2024 and the Climate Bonds Initiative. A Brief Review Nature-Related Sustainable Finance in China: 11

Nature Related Sustainable Finance in China 2025