ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2021

The ASEAN sustainable debt market experienced rapid growth in 2021, with GSS debt issuance reaching USD 24 billion and sustainability-linked instruments reaching USD 27.5 billion. Singapore remains the regional leader, while the green theme continues to be the most popular. The report highlights the emergence of the ASEAN Taxonomy for Sustainable Finance and the growth of local currency issuances, particularly in Singapore and Thailand.

• The ASEAN green, social, and sustainability (GSS) debt market grew by 76.5% year-on-year in 2021, with annual issuance reaching USD 24bn compared to USD 13.6bn in 2020.
• Sustainability-linked bonds (SLBs) and loans (SLLs) saw exponential growth in 2021, with a combined volume of USD 27.5bn, which is more than three times the 2020 figure of USD 8.6bn.
• Singapore is the dominant regional market for sustainable finance, issuing USD 13.6bn in GSS debt in 2021 and accounting for 84.5% of the cumulative SLL and SLB market with USD 33.6bn.
• Green themed debt remains the most prevalent in the region, representing 63.9% of GSS deals in 2021 and 72% of the cumulative GSS market (USD 39.4bn) between 2016 and 2021.
• Buildings and Energy are the primary sectors for green use-of-proceeds, together accounting for 79.5% of cumulative green debt UoP in ASEAN from 2016 to 2021.
• Sovereign issuance is the primary driver of the social and sustainability (S&S) market, responsible for 51% of the volume in 2021, largely due to the reopening of a Thai sustainability bond.
• There is a significant gap in external reviews for green debt; 59% of all green deals in 2021 had no review, an increase from 47% in 2020.
• Thailand is the most prolific source of unlabelled climate-aligned debt in ASEAN, accounting for 96% of the total regional volume of USD 2.9bn.
• The ASEAN Taxonomy for Sustainable Finance (Version 1) was published in November 2021, introducing a Foundation Framework with a decision tree to classify activities as green, amber (transition), or red (excluded).
• The Energy Transition Mechanism (ETM), launched in 2021 by Indonesia, the Philippines, and the ADB, aims to accelerate the transition from coal to clean energy by retiring coal-fired power plants early.

APA

Manuamorn, O. (., Nguyet, P. M., & Tukiainen, K. (2022). ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2021. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/ASEAN-Sustainable-Debt-Market-2021.pdf

Chicago

Manuamorn, Ornsaran (Pomme), Phi Minh Nguyet, and Krista Tukiainen. ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2021. Climate Bonds Initiative, 2022. https://www.climatebonds.net/files/documents/publications/ASEAN-Sustainable-Debt-Market-2021.pdf.

Wikipedia

{{cite report |last1=Manuamorn |first1=Ornsaran (Pomme) |last2=Nguyet |first2=Phi Minh |last3=Tukiainen |first3=Krista |title=ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2021 |publisher=Climate Bonds Initiative |date=June 2022 |url=https://www.climatebonds.net/files/documents/publications/ASEAN-Sustainable-Debt-Market-2021.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{manuamorn2022asean, author = {Manuamorn, Ornsaran (Pomme) and Nguyet, Phi Minh and Tukiainen, Krista}, title = {{ASEAN SUSTAINABLE FINANCE STATE OF THE MARKET 2021}}, institution = {Climate Bonds Initiative}, year = {2022}, month = jun, url = {https://www.climatebonds.net/files/documents/publications/ASEAN-Sustainable-Debt-Market-2021.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }