Monitoring of Capital Flows to Sustainable Investments (European Commission DG FISMA)

Summary

• In 2025, large European companies invested EUR 512 billion in green and transition assets, representing 21% of overall corporate investment in the European Union.p.4
• EU Taxonomy-aligned CapEx reached EUR 330 billion in 2025, bringing cumulative reported investment since 2022 above EUR 1.2 trillion.p.12
• Additional CapEx supporting the transition from Tier 1 companies with credible transition plans reached EUR 182 billion in 2025.p.29
• Issuance under the European Green Bond Standard (EuGBs) format reached EUR 58.8 billion as of 23 September 2026.p.45
• Combined SFDR Article 8 and Article 9 fund assets reached EUR 9.6 trillion by Q2 2026, with Article 8 funds attracting EUR 327.3 billion in net inflows during 2025.p.7

Key insights

1. Six Member States—Germany, France, Italy, Spain, the Netherlands, and Denmark—accounted for 81% of total reported EU Taxonomy-aligned CapEx in 2025.p.5
2. Electricity supply represents the single largest destination sector for Taxonomy-aligned CapEx, accounting for 46% of total reported aligned investment in 2025.p.13
3. Across the electrification value chain, 60.9% of aligned CapEx in 2025 was concentrated in deployment and network infrastructure.p.24
4. Post-issuance data indicates that 36% of activities funded by European green bonds in 2026 were aligned with the EU Taxonomy.p.43
5. Financial corporates represent the largest share of European green bond issuance between 2020 and June 2026, holding a 34% market share.p.40
6. SFDR Article 8 funds attracted EUR 327.3 billion in net inflows in 2025, whereas Article 9 funds recorded net outflows of EUR 20.7 billion.p.7
7. Average reported Taxonomy alignment reached 2.3% for Article 8 funds and 8.8% for Article 9 funds by Q2 2026.p.7