Sustainable Bonds in a Maturing Market

Host:

• Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics

Guest:

• Agnes Grouc, Co-head Sustainable Capital Markets Solutions, BNP Paribas
• Begum Gursoy, Director, Market Development, Morningstar Sustainalytics

On the Next Phase of Sustainable Finance

This episode of Sustainability in Conversation explores how the sustainable debt markets are maturing as investors and issuers shift their focus from commitments and frameworks to evidence, delivery and long-term credibility. Agnes Gourc, Co-Head of Sustainable Capital Market Solutions at BNP Paribas, joins Begum Gusoy, Director, Market Development at Morningstar Sustainalytics, to discuss evolving investor expectations, the continued role of labeled bonds in capital markets, and why capital allocation and transition planning have become critical indicators of a credible sustainability strategy. Their conversation examines the integration of sustainable finance across debt markets and what that means for issuers, banks, and investors navigating the next phase of market development.

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Key Moments

00:00:00 Introduction

00:01:17 A conversation with Agnes Gourc

00:04:34 How are sustainable fixed income transactions being discussed today?

00:09:34 How are investors assessing the cost/benefits of issuing labeled debt?

00:16:27 How is the greater focus on climate credibility showing up in use of proceed bond issuances?

00:20:40 What are some challenges in surfacing the entity-level transition story in issuances?

00:28:55 How do you see the sustainable debt market evolving?

00:34:48 Sign off

Links to Select Resources

• Global Sustainable Fund Flows: Q2 2026 in Review