Green and sustainability sukuk issuance reached $11.9 billion in the first nine months of 2024, up 18% from the same period in 2023. Issuance from GCC issuers has been the main driver of market growth in recent years, a trend that is expected to continue. The region’s commitment to sustainability and growing investor demand for ESG-compliant financial instruments have significantly boosted the market.

Demand for green and sustainability sukuk remains higher than for traditional sukuk, which points to a new group of investors having entered the sukuk market. These are agnostic investors who seek to align with the ESG criteria incorporated in their investment mandates regardless of the Shariah compliance of the investment instrument.

The "Green and Sustainability Sukuk Update 2024" report is a collaboration between London Stock Exchange Group (LSEG), the Islamic Finance Council UK (UKIFC) and the Global Ethical Finance Initiative (GEFI) as one of the outcomes of the HLWG in its third and final year. This update includes the latest statistics and insights on green and sustainability sukuk, highlights from the roadmap we proposed in the 2022 report, and profiles of some of this year’s notable issuances.

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