ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2022

The ASEAN sustainable finance market contracted by 32% in 2022 to USD 36bn due to rising inflation and interest rates, though volumes remained double those of 2020. Singapore continues to lead the region, accounting for 60% of 2022 issuance. While green bonds and loans showed the most resilience, sustainability-linked bonds (SLBs) saw a nearly 90% plunge. Sovereign issuance remained robust, with Singapore and the Philippines entering as new sovereign issuers. The report highlights a shift toward local currency denomination in green debt and a critical need for mandatory, science-based corporate transition plans to avoid greenwashing and support hard-to-abate sectors.

• The ASEAN sustainable finance market experienced its first-ever contraction in 2022, decreasing by 32% year-on-year to a total volume of USD 36bn, primarily due to global adverse market conditions such as rising interest rates and inflation.
• Market performance varied significantly by instrument type in 2022: green bonds and loans were the most resilient (falling 26%), while sustainability-linked bonds (SLBs) dropped by nearly 90% and sustainability-linked loans (SLLs) fell by 40%.

APA

Almeida, M., & Wong, C. X. (2023). ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2022. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/cbi_asean_sotm_2022_02f.pdf

Chicago

Almeida, Miguel, and Chi Xiang Wong. ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2022. Climate Bonds Initiative, 2023. https://www.climatebonds.net/files/documents/publications/cbi_asean_sotm_2022_02f.pdf.

Wikipedia

{{cite report |last1=Almeida |first1=Miguel |last2=Wong |first2=Chi Xiang |title=ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2022 |publisher=Climate Bonds Initiative |date=May 2023 |url=https://www.climatebonds.net/files/documents/publications/cbi_asean_sotm_2022_02f.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{almeida2023asean, author = {Almeida, Miguel and Wong, Chi Xiang}, title = {{ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2022}}, institution = {Climate Bonds Initiative}, year = {2023}, month = may, url = {https://www.climatebonds.net/files/documents/publications/cbi_asean_sotm_2022_02f.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }