Eurostat, the statistical office of the European Union

D.3: Excessive deficit procedure II (for data)

D.1: Excessive deficit procedure, methodology and GFS (for technical questions)

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The data have been collected as a one-off voluntary survey on the green and sustainability bonds issued by the general government sector (S.13 as defined in the European system of Accounts (ESA 2010)).
The data covers the outstanding amounts of green and sustainability bonds at the end of the period, at face value. The data collection covers all issuances either certified according to international standards or simply labelled as "Green/Sustainable" by the issuer.

There is no ESA 2010 definition of green bonds. Green bonds statistics covers green and sustainability bonds, as defined by existing market standards and practices.

At time of the survey, European entities wishing to issue green bonds can use several internationally recognised standards, among them the most widely known being the Green Bond Principles and the Sustainability Bond Guidelines (International Capital Markets Association) and Climate Bond Standard (Climate Bonds Initiative). 

The data relate to green bonds issued by the general government sector of the economy, as defined in the European system of accounts (ESA 2010), paragraph 2.111: The general government sector (S.13) consists of institutional units which are non-market producers whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth. The general government is divided in four subsectors central government (S.1311), state government (S.1312), local government (S.1313) and social security (S.1314).

Participants to the survey reported the following coverage of green bonds statistics:

S.13: Spain, Denmark, Ireland, France, Hungary, Lithuania, Latvia, Luxembourg, Austria and Poland

S.1311: Italy, the Netherlands, Sweden and Slovenia

S.1311 and S.1312: Belgium, Germany and Switzerland

For respondents to the survey indicating a coverage corresponding to S.1311 or S.1311 and S.1312, this may reflects that reporting for S.1313 is either not available or zero.

Eleven Members States replied that at the time of the survey, they had not issued green bonds: Bulgaria, Czechia, Cyprus, Estonia, Greece, Finland, Malta, Portugal, Romania and Finland.

Green bonds are debt securities according to ESA 2010 financial instruments classification, whose proceeds are used to finance projects, investments or policies pursuing environmentally sustainable objectives.

The statistical unit is an institutional unit as defined in ESA 2010. The institutional units are grouped into the general government sector and its subsectors.

General government sector and its subsectors

European Union, Euro area, national data for each EU Member States and EFTA countries

2019 to 2022

Not applicable; data is in current prices.

Data is measured in millions of national currencies

Green bonds statistics refer to stocks of debt securities at the end of the year. 

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

The survey is a one-off data collection.

no news release.

Dedicated page in "Statistics Explained"

Aggregated data is released in gov_gb

No

No

please see above.

The collection is documented.

Not applicable

Not applicable

Eurostat does not regularly collect separate data on the stock of debt issued by the Member States’ general governments in the form of green/sustainability bonds. The ESA 2010 system covers financial transactions and stocks based on the ESA 2010 nomenclature of financial instruments, and not on the allocation of proceeds or on the marketing denomination of the bonds. Given the growing attention on sustainable finance, Eurostat acknowledged that it could be useful to have a snapshot of the stocks of green/ sustainability bonds issued by general government in the context of the development of the Regulation of the European Parliament and of the Council on European green bonds which foresees the definition of a European green bonds standard (EuGBS).

not known.

see comments on coverage above.

Data on green bonds are not separately identified within the Excessive Deficit Procedure notification by Member States nor ESA 2010 transmission programme. Therefore, the data were collected from the national statistical authorities and in some cases complemented by Eurostat using the publicly available sources. The data collected provides a good overview of green bonds issuance over the period in review. However, the sectoral coverage of the data may not be complete, in particular for the local government sector. The emissions of green bonds from this sector are nevertheless presumed to be low.

Not applicable

Not applicable

not applicable (one-off, voluntary data collection)

not applicable (one-off, voluntary data collection)

Please see above.

Data is collected as a one-off voluntary data collection.

The financial instrument definition and valuation are consistent with those of the gross consolidated debt. The green bonds statistics is a subset the gross consolidated debt. Government debt is defined as the total consolidated gross debt at nominal (face) value outstanding at the end of the year and consolidated between, and within the sectors of general government. This definition is supplemented by Council Regulation (EC) No 479/2009 as amended, specifying the components of government debt with reference to the definitions of financial liabilities and instruments according to the European System of National and Regional Accounts (ESA 2010).

The additivity of the countries' data is assured.

The data collection consisted of a one-off voluntary survey, mainly relying on existing disaggregated source data on government debt securities.

Not applicable

Not applicable.

The data collection consisted of a one-off voluntary survey, mainly relying on existing disaggregated source data on government debt securities.

One-off

Voluntary survey.

The data was verified according to internal coherence, concepts used, coverage, etc.

On the basis of disaggregated source data.

not applicable

Not applicable.