Top 10 African Countries with the Largest Green Bond Issuances in 2025

In Summary:

• Green bonds are driving funding for clean energy and climate projects across Africa.
• Leading issuers attract strong international and domestic investor confidence.
• Issuances strengthen sustainable finance frameworks and market credibility.
• Green bonds support long-term economic resilience and climate adaptation.

Deep Dive!!

Monday, 22 December 2025 – Green bonds are debt instruments whose proceeds are earmarked for environmentally beneficial projects such as renewable energy, climate adaptation infrastructure and sustainable urban development. Although Africa accounted for a small share of global green bond volumes through 2024–2025, with total aligned issuance at roughly USD 1.35 billion in 2024 and falling short of peak levels seen earlier, activity continues to concentrate in markets with deeper financial systems or strong policy support.

Issuances in 2025 reflect both sovereign commitment to climate action and innovation at state and corporate levels. Larger economies and regional innovators have led the way, issuing green bonds either directly through national debt programmes or via sub-sovereign and corporate channels. These instruments not only fund climate-aligned projects but also help develop local capital markets and signal investor confidence in sustainable finance on the continent.

10. Kenya

Kenya’s green bond market has been supported by regulatory guidance, private sector innovation and demonstration transactions that show investor appetite for climate-linked debt. First green bonds in 2019 helped establish a pipeline for renewable energy and sustainable infrastructure financing, and by 2025 Kenya continues issuing or structuring transactions that anchor climate-aligned investment through Nairobi’s capital markets.

The growth in Kenya’s issuance reflects broader efforts to integrate ESG into financial markets, improving guidelines and creating frameworks that clarify eligible uses and reporting requirements. While total volumes remain smaller than peer markets, Kenya’s activity is notable for its role as a frontier in sustainable finance in East Africa.

9. Zambia

Zambia’s Copperbelt Energy Corporation (CEC) issued one of the country’s first corporate green bonds, raising around USD 200 million to fund sustainable power infrastructure and climate-resilient electricity systems. This landmark issuance not only diversifies green finance in Southern Africa but also deepens Zambia’s engagement with sustainability-linked instruments.

The CEC green bond demonstrates how private sector issuers can leverage debt markets to scale climate solutions, particularly in energy transition contexts where electrification and clean power are national priorities. Corporate issuance augments sovereign and development bank activity in building Africa’s green capital market.

8. Egypt

Egypt’s sustainable finance ecosystem features both national and private sector momentum, including a notable $500 million sustainability bond issued by Arab African International Bank that allocated around 75 percent of proceeds to green projects such as energy efficiency and small-scale renewables.

These developments reflect Egypt’s broader climate goals and institutional capacity to structure large-scale sustainable instruments. Even though not all proceeds are exclusively green, Egypt’s combined sustainable bond activity places it ahead of many peers in total climate-related issuance for 2025.

7. Morocco

Morocco, home to the Noor solar complex and significant renewable capacity, continues to channel investor interest into climate-aligned capital instruments. Bonds and blended finance structures linked to solar and renewable infrastructure mobilise investment that supports North Africa’s energy transition and reinforces Morocco’s role as a renewable energy leader.

While precise sovereign green issuance totals for 2025 are emerging, linked and structured instruments connected to Morocco’s clean energy pipeline contribute materially to the region’s green financing footprint.

6. South Africa

South Africa’s deep capital markets remain central to green bond growth in Africa. Financial institutions such as Nedbank have issued substantial green and sustainability-linked bonds, including large tranches that together approach USD $900 million, underscoring the market’s maturity and investor demand.

These bank-led instruments fund renewable energy, sustainable buildings and infrastructure projects, and they anchor Africa’s largest sustainable debt market by both volume and product diversity. South Africa’s corporate green issuances in 2025 show continued leadership in mobilising capital at scale for climate-aligned investment.

5. Nigeria

Nigeria expanded its sovereign green bond programme with a ₦50 billion sovereign green bond issued in June 2025 to finance renewable energy, afforestation and other climate-resilient sectors. This third issuance reflects a sustained policy commitment to embedding environmental finance within the national debt strategy.

Complementing sovereign activity, sub-national issuers such as Lagos State launched Africa’s first certified sub-national green bond alongside a larger conventional issue, reinforcing Nigeria’s role as a pioneer in climate-linked municipal debt. Oversubscription and strong demand highlight investor appetite for ESG instruments even at regional government levels.

4. Côte d’Ivoire

While specific 2025 green bond figures are less readily available, Côte d’Ivoire’s earlier $1.1 billion sustainability bond, which included green components and aligned with international standards, positions the country within Africa’s top tier of sustainable finance issuers.

This issuance helps underpin a broader capital market framework where ESG-linked bonds can fund climate mitigation and adaptation infrastructure, forestry, and water projects, expanding the scale and impact of green issuance in West Africa.

3. Senegal

Senegal secured a highly oversubscribed domestic bond offering in mid-2025, reflecting strong investor confidence and robust appetite for public debt; while not exclusively green, its climate finance commitments and renewable expansion efforts position it strongly for future green issuances.

Senegal’s renewable expansion under its JETP and coastal restoration programs signal a growing climate finance orientation that can translate into larger green bond volumes as frameworks and demand deepen.

2. African Development Bank (Pan-Africa)

Although not a country, the African Development Bank (AfDB) dominates Africa’s green bond landscape. Its EUR 500 million green benchmark and series of sustainable bonds have financed renewable and resilience projects across multiple countries, catalysing further issuance and setting pricing and structural benchmarks for African markets.

As the continent’s largest sustainable bond issuer by value, AfDB’s continued leadership underpins much of Africa’s 2025 green financing and influences sovereign and private sector activity.

1. South Africa

Accounting both sovereign-linked and private sector issuances, South Africa retains the largest aggregate green bond market in Africa, supported by major institutional issuers and strong investor interest. Large bank-led green and sustainability bond packages in 2025 continue to set the pace on the continent.

South Africa’s combined volumes, notably instruments tallying near USD $900 million, underscore its depth and leadership in sustainable finance, making it Africa’s most significant source of green bond capital in 2025.

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