The Spanish sustainable finance market closed out 2025 with a volume of 76,968 million euros (+17%) and an increase in both the number of active issuers (30, compared with 23 in 2024) and the number of transactions (68, compared with 64).
The available data for the first half of 2026 confirm this trend: the volume of ESG bonds issued by Spanish issuers between January and June now totals 15.6 billion euros, compared to 9.9 billion in the same period of 2025 (+58%), within a primary market that as a whole has grown by 7%, exceeding 75 billion euros (Société Générale, July 2026).
Sustainable loans and promissory notes: the most dynamic segment
Sustainable loans account for more than half of ESG financing
In 2025, sustainable loans and credits were the main source of sustainable financing in Spain, totaling 43,991 million euros (+21%), which represented 57% of the market’s total volume .
In the commercial paper market, the MARF ended the year with 22 registered green or sustainable programs ( three more than in 2024), and according to the most recent data from BME, there are now 25 companies with sustainable programs listed on the market. PKF Attest served as the placement agent for several of these transactions, including Pikolin’s 140 million euro offering.
Sustainable bonds: lower issuance volume, greater selectivity
Sustainable bond issuance in Spain fell by 10% in 2025 (to 21,732 million euros), with green bonds declining by 18% while sustainable bonds—those that combine green and social projects—grew by 31%.
Globally, the first quarter of 2026 has followed this trend of adjustment: global issuance of sustainable bonds reached $230.3 billion, down 9% from the same period in 2025, although the cumulative total is now approaching $7 trillion (Climate Bonds Initiative). For the year as a whole, Moody’s forecasts stable issuance at around $900 billion, with transition financing (estimated at $40 billion) as one of the segments with the most growth potential.
Regulation and refinancing will shape the market in 2026
In Spain, maturities of sustainable bonds in 2026 will total 13,155 million euros, which should drive new refinancing issuances throughout the year. On the regulatory front, the transition period for the registration of external verifiers of European Green Bonds with ESMA ended on June 21, consolidating this standard as a benchmark of quality for future issuances.
Overall, the data confirm that the market is moving toward a phase of maturity in which credibility carries more weight than volume, and in which the MARF remains a particularly accessible avenue for medium-sized companies.
For more information on sustainable promissory note or bond programs, please contact PKF Attest’s Sustainable Finance department.
Sources
– OFISO 2026 Annual Report, *Sustainable Finance in Spain in 2025* (Spanish Observatory on Sustainable Finance, of which PKF Attest a member)
– Société Générale, Spanish primary market data for H1 2026, via Forbes Spain (July 2026)
– Climate Bonds Initiative, *Sustainable Debt: Global State of the Market, Q1 2026 – Moody’s, *Global Sustainable Bonds Outlook 2026
– BME, “SMEs and Sustainable Finance at the MARF” (February 2026)
– ILP Abogados, Regulatory Timeline for Regulation (EU) 2023/2631 on European Green Bonds
Carmen Lucio Pereira
Head of the Sustainable Finance Department at PKF Attest
