Despite global macroeconomic uncertainty in some key regions, we anticipate that GSSSB issuance will increase modestly to $0.95 trillion-$1.05 trillion in 2024, from $0.98 trillion in 2023. Green bonds will continue their dominance in GSSSB markets, buoyed by increased demand for environmental projects across all geographies. Transition and blue bonds may also gain traction in the GSSSB market in 2024. We believe that issuers in middle- and low-income countries will strive to increase their share of GSSSB issuance given their large unmet funding needs.