MySustainableCorner – October 2025

This month in a nutshell

• The Net Zero Banking Alliance (NZBA) has been weakened this year by a series of departures. Several major American, Canadian, Japanese and British institutions have left the alliance in a political and regulatory environment that has become more challenging. In response, the NZBA has decided to end its formal membership structure and move towards a model based on voluntary guidelines, fueling fears of increased fragmentation of climate commitments and reporting standards within the sector.
• The French SRI (Socially Responsible Investment) label, Europe's leading sustainable finance label, launched a major national campaign last month. This communication campaign takes the form of videos designed to remind French people of the existence and importance of this label. With a new logo, this initiative, entitled ‘Change the world, not your ambitions’, aims to encourage French investors to direct their savings towards responsible investments.
  Video (in French only): https://www.youtube.com/watch?v=fYc9QrF0too
• Green bond issuance from European REITs has been particularly active in recent weeks. Two new issuers, Klépierre and Warehouses de Pauw, entered the market with their first green bonds, both of which were well received by investors. Proceeds are mainly allocated to highly energy-efficient buildings, supporting the decarbonization of the real estate sector, whose operations alone account for around 26% of global energy-related CO2 emissions. Building renovation is emerging as a key lever to reduce the carbon footprint of existing assets. According to the OID, a renovated building emits 17% less CO2 over 50 year. For a 10,000m² property, it is roughly 6,000 tons of CO2 avoided, equal to the annual emissions of 1,300 cars.
• In early October, the Government of Canada launched its fifth 30-year green bond issue, denominated in Canadian dollars, with demand exceeding $1.9 billion for the $1 billion sought. The new issue programme advances Canada's investments in renewable energy, climate action and environmental protection. It is now an important tool in Canada's strategy to achieve net-zero emissions by 2050.

Chart of the month

Evolution of sustainable bond issuance volumes (Europe)

Evolution of Green, Social, Sustainability and Sustainability-linked bond issuance volumes in Europe between 2018 and estimated at the end of 2025, in euro equivalent.

Source: Bloomberg (for data from 2018 to end of September 2025)