State of the Sovereign Transition 2025
11 November 2025
The second edition of our annual sovereign report, assessing the climate change performance of 85 countries
The State of the Sovereign Transition 2025 report provides a comprehensive assessment of how countries are progressing towards global climate goals, including alignment with the Paris Agreement. Using the ASCOR framework, the report evaluates sovereign climate performance and helps investors understand how countries are managing the transition to a low-carbon and climate-resilient economy.
The report assesses 85 countries across different income levels, expanding coverage from previous years and representing a significant share of global emissions and sovereign bond markets. Countries are evaluated across three key pillars: emissions pathways, climate policies, and climate finance, providing a structured, comparable view of national climate action and transition readiness.
As part of TPI Centre’s flagship State of Transition series, the report highlights key trends, gaps and opportunities in sovereign climate performance. It serves as an investor-focused benchmarking tool, supporting analysis of climate risks and opportunities in sovereign debt markets and enabling more informed engagement with governments on climate policy, ambition and financing needs.