U.S. Corporate ESG Issuance by State of Domicile (US$)
Source: BloombergNEF, State Legislature. Historical average annual issuance reflects ESG issuance across 2018 – 2023
Divestment Law
Pro-ESG
Both Anti-ESG and Boycott Law
Anti-ESG Law
Boycott Law
No Position
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CA
MN
ME
CO
IL
MD
UT
ND
AR
FL
WV
MT
ID
KS
IN
NC
NH
WY
TX
OK
KY
TN
AL
WA
OR
NV
AZ
NM
SD
IA
NE
MO
WI
MI
LA
MS
GA
SC
VA
OH
PA
NY
VT
MA
RI
CT
NJ
DE
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WY
TX
OK
KY
TN
AL
MT
NC
ID
KS
IN
NH
UT
ND
AR
FL
WV
MN
CO
IL
MD
ME
CA
WA
OR
NV
AZ
NM
SD
IA
MO
WI
LA
MS
GA
SC
VA
MI
OH
PA
NE
NY
CT
VT
MA
RI
NJ
DE
WA
OR
NV
AZ
NM
SD
IA
MO
WI
LA
MS
GA
SC
VA
MI
OH
PA
NE
NY
CT
VT
MA
RI
NJ
DE
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CA
Total ESG Issuance (2023)
$7.8B
$7.8B
Contributing States
$9.2B
Historical Average Annual Issuance
-15%
Percentage Change
-32%
Percentage Change
$3.9B
$2.7B
Total ESG Issuance (2023)
$0.7B
MD
Contributing States
$1.9B
CO
Historical Average Annual Issuance
-78%
Percentage Change
$0.9B
Historical Average Annual Issuance
$0.2B
Total ESG Issuance (2023)
$0.2B
FL
Contributing States
-100%
Percentage Change
$3.4B
Historical Average Annual Issuance
$0.0B
Total ESG Issuance (2023)
No company in North Carolina has priced an ESG-labeled bond since the state’s passing of an anti-ESG bill in June 2023, despite NC-based issuers bringing an average $3B of annual supply historically.
-3%
Percentage Change
$2.7B
Historical Average Annual Issuance
$2.6B
Total ESG Issuance (2023)
$0.5B
TN
$2.1B
TX
Contributing States
Issuance from companies in Texas have placed the state among the
Top 5 largest for ESG debt in 2023; meanwhile the state legislature has introduced over 12 anti-ESG bills in H1’23 alone.
-28%
Percentage Change
$23.9B
Historical Average Annual Issuance
$17.2B
Total ESG Issuance (2023)
Contributing States
$0.1B
AZ
$1.2B
OR
$0.4B
WA
$1.5B
IA
$2.9B
PA
$0.7B
OH
$1.2B
MI
$0.3B
WI
$0.9B
NJ
$0.8B
MA
$0.4B
CT
$5.5B
NY
$1.4B
VA
$0.1B
DE
-31%
Percentage Change
$43.9B
Historical Average Annual Issuance
$30.5B
Total ESG Issuance (2023)
Total across all categories
WA
OR
AZ
IA
WI
VA
MI
OH
PA
NY
CT
MA
NJ
DE
Pro-ESG Law
Both Anti-ESG and Boycott Law
Anti-ESG Law
Boycott Law
No Position
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-32%
Percentage Change
$3.9B
Historical Average Annual Issuance
$2.7B
Total ESG Issuance (2023)
-78%
Percentage Change
$0.9B
Historical Average Annual Issuance
$0.2B
Total ESG Issuance (2023)
-100%
Percentage Change
$3.4B
Historical Average Annual Issuance
$0.0B
Total ESG Issuance (2023)
-3%
Percentage Change
$2.7B
Historical Average Annual Issuance
$2.6B
Total ESG Issuance (2023)
-28%
Percentage Change
$23.9B
Historical Average Annual Issuance
$17.2B
Total ESG Issuance (2023)
Contributing States
Contributing States
$0.2B
FL
Contributing States
Contributing States
Divestment Law
Pro-ESG Law
Both Anti-ESG and Boycott Law
Anti-ESG Law
Boycott Law
No Position