MySustainableCorner – April 2026

This month in a nutshell

• Since early 2026, the EuGBs format has resulted in 7 issuances from banks, utilities, as well as an agency and a supranational issuer. Issuance amounts, mainly around €500–600 M), have also reached levels of €1 bn up to €4 bn, demonstrating the market's capacity to absorb significant volumes. In total, €7.9 bn was issued in the first quarter of 2026, indicating the visibility and readability of this market segment.
• For investors, the added value of the EuGBS format lies mainly in its high regulatory requirements. Funds must be strictly aligned with the EU Taxonomy: technical screening criteria, the Do No Significant Harm principle, and minimum social safeguards. This requirement, supported by verifiable data and independent audit, strengthens the environmental credibility and comparability of issuances.
• The UK government intends to abolish the supplementary carbon tax on fossil fuel power plants, citing the need to reduce energy costs for consumers. This decision comes amid growing political pressure on purchasing power and risks undermining national climate objectives. In Italy, several political parties are also advocating for the easing of environmental taxes on energy, following a concerning European trend.
• Orbital data center projects aim to address the digital sector's energy bottleneck: currently, data centers already consume approximately 2.2% of French electricity (≈10 TWh/year). In orbit, they could operate with near-continuous solar power (without a day/night cycle) and utilize the vacuum of space for passive cooling. Contrary to what one might think, the main barrier is not technological but economic, particularly the launch cost.

Chart of the month

Evolution of sustainable bond issuance volumes by sector in Europe ($bn)

Governments and supranational entities remain the primary issuers of sustainable bonds (over €203 billion by the end of 2025), followed by Financials and Utilities for corporate issuers.

Source: Ostrum AM, Bloomberg, March 2026