Bond reporting 2025 - Sustainable Development Goals

Since then, AFD has steadily increased the share of its bond issuances in sustainable format, reflecting the close interconnection between environmental and social considerations in its efforts to support a just transition.

By participating in our bond issuances, investors support AFD’s financing activities and the methodology applied to integrate sustainable development considerations. Through its activities, AFD helps channel capital flows towards developing countries, where financing needs and potential impacts are greatest.

In 2025, investor confidence was once again reflected in strong momentum for SDG bond issuances: more than half of AFD’s funding programme was carried out in this format, representing over €4.8 billion equivalent. This steadily increasing volume demonstrates investors’ growing interest in financing that contributes to the Sustainable Development Goals and the increasingly important role of SDG bonds in AFD’s funding strategy.

This momentum has been accompanied by an evolution in AFD’s reference framework: the SDG Bond Framework was updated in 2024 to better reflect the Group’s strategic priorities and respond more effectively to investors’ needs and expectations. This update enhances the relevance and clarity of the SDG Bond Framework, ensuring closer alignment with AFD’s sustainable development commitments and priorities.

This 2025 Impact Report is the first to be published under the updated SDG Bond Framework. It therefore marks a new milestone in AFD’s commitment to transparency and accountability towards investors, presenting the results and impacts of financing mobilised to support sustainable development. AFD’s sustainable bond issuance programme thus continues to grow and evolve, building on the momentum initiated with AFD’s first climate bond issuance in 2014.