Green bond issuance got off to a shaky start in 2022, but picked up in the second quarter, according to data from the Climate Bonds Initiative published on Thursday .

The investor-focused non-profit organization promotes large-scale investment in the low-carbon economy. It screens self-labeled green bonds, including green, social, sustainability, sustainability-linked and transition labeled debt.

In the first half of 2022, issuance of bonds aligned with international climate targets reached a combined volume of $417.8 billion, a 27% drop from the same period in 2021.

In the second quarter of 2022, green issuance picked up 25% from the first quarter to reach $121.3 billion, Climate Bonds found in its Sustainable Debt Market Summary H1 2022.

The year has seen numerous negative impacts on bond issuance, including Russia’s invasion of Ukraine, the subsequent European energy crisis, rising interest rates and high volatility, but the second quarter brought signs of a rebound. “We expect a steady revival to continue throughout 2022,” Krista Tukiainen, head of markets and data for Climate Bonds, said in a news release on the data.

The cumulative volume of all bonds issued to date — green, social, sustainability, sustainability-linked, and transition bonds known as GSS+ — was $3.3 trillion by the middle of 2022, Climate Bonds Initiative found.

Issuance of bonds labeled green, the largest category with $1.9 trillion in volume to date has grown 50% each year since 2007. This year’s progress was 21% behind volumes in the first half of 2021, at $218.1 billion compared to $277.5 billion one year earlier.

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