Article Sidebar
Main Article Content
Abstract
Climate change presents an urgent and far-reaching global challenge, and current mitigation efforts remain insufficient to limit global temperature rise to the 1.5°C threshold set under the Paris Agreement. Although Southeast Asia contributes only modestly to global greenhouse gas emissions, the region faces disproportionately severe climate risks stemming from rapid population growth, accelerating industrialization, and continued dependence on fossil fuels. In this context, green finance—particularly the issuance of green bonds—has emerged as a pivotal instrument for mobilizing capital toward environmentally sustainable development and supporting the achievement of the Sustainable Development Goals (SDGs). The European Union has made notable progress in constructing a comprehensive and coherent regulatory framework for sustainable finance, exemplified by the EU Green Bond Standard, the EU Taxonomy, and related disclosure requirements. These mechanisms collectively enhance market integrity, promote investor confidence, and ensure the environmental credibility of financial instruments. By contrast, ASEAN member states confront persistent challenges, including regulatory fragmentation, limited institutional capacity, and underdeveloped legal infrastructures, which hinder the effective deployment and scaling of green bonds across the region. This article conducts a comparative legal and policy analysis of green bond frameworks in the EU and ASEAN, examining their respective regulatory architecture, implementation mechanisms, and degree of alignment with international standards. Through this comparison, the study identifies critical gaps within ASEAN’s regulatory landscape and highlights opportunities for strengthening sustainable finance governance. The article ultimately recommends the adoption of harmonized taxonomies, the formulation of coherent national policies, and the enhancement of regional cooperation as essential strategies for advancing a robust and credible green bond market in the ASEAN region.
Keywords
Article Details
Copyright (c) 2025 Nguyen Phuong Dung, Vu Truc Hanh
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
a. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
b. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
c. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
References
Aini, Andini Nurul, Citra Sukmadilaga, and Erlane K. Ghani. ‘Green Bonds, Investor Attention and Stock Market Reaction: Evidence from ASEAN Countries’. International Journal of Energy Economics and Policy 13, no. 6 (2023): 334–43. https://doi.org/10.32479/ijeep.15162.
Air Liquide. Air Liquide Has Successfully Issued a 500 Million Euros Green Bond to Finance the Energy Transition. Press Release. Air Liquide, 2025. https://www.airliquide.com/group/press-releases-news/2024-05-23/air-liquide-has-successfully-issued-500-million-euros-green-bond-finance-energy-transition.
Anwar, Raja Syamsul, Madelena Mohamed, Salbiah Mohamed Hamzan, et al. Report on The Roles of ASEAN Central Banks in Managing Climate and Environment-Related Risks. ASEAN Central Banks and Monetary Authorities. Bank Negara Malaysia, 2020. https://www.bnm.gov.my/documents/20124/914558/2020-11-17+ASEAN+Task+Force+Report_for+publication.pdf.
ASEAN. ‘About ASEAN’. https://asean.org/about-asean/.
ASEAN. ASEAN Annual Report 2022–2023: ASEAN Matters-Epicentrum of Growth. Vol. 43. The ASEAN Secretariat, 2023. https://asean.org/wp-content/uploads/2023/07/NEW-FINAL-ASEAN-Annual-Report-2022-2023.pdf.
Asean Green Bond Standards. The ASEAN Capital Markets Forum (ACMF), 2019. https://www.theacmf.org/sustainable-finance/publications/asean-green-bond-standards.
ASEAN Secretariat. ASEAN Statistical Yearbook 2022. In ASEAN Main Portal, vol. 18. ASEAN, 2022. https://www.aseanstats.org/publication/asyb2022/.
ASEAN WC-CMD. Report on Promoting Sustainable Finance in ASEAN. The ASEAN Working Committee on Capital Market Development, 2020. https://www.theacmf.org/sustainable-finance/publications/report-on-promoting-sustainable-finance-in-asean.
Atwoli, Lukoye, Gregory E. Erhabor, Aiah A. Gbakima, et al. ‘COP27 Climate Change Conference—Urgent Action Needed for Africa and the World’. JAMA 328, no. 22 (2022): 2215–16. https://doi.org/10.1001/jama.2022.20637.
Azhgaliyeva, Dina, Anant Kapoor, and Yang Liu. Green Bonds for Financing Renewable Energy and Energy Efficiency in South-East Asia: A Review of Policies. No. 1073. ADBI Working Paper Series. Asian Development Bank Institute, 2020. https://www.adb.org/publications/greenbonds-financing-renewable-energy-efficiency-southeast-asia.
Azhgaliyeva, Dina, and Zhanna Kapsalyamova. Policy Support in Promoting Green Bonds in Asia. No. 1275. ADBI Working Paper Series. Asian Development Bank Institute, 2021. https://www.adb.org/publications/policy-support-promoting-green-bonds-asia.
Bartha, Emese. ‘Germany Plans EUR3 Billion Syndicated Tap of August 2053 Green Bund’. Currency. MarketScreener (UK), 3 June 2024. https://uk.marketscreener.com/news/latest/Germany-Plans-EUR3-Billion-Syndicated-Tap-of-August-2053-Green-Bund-46886188/.
Bloomberg Professional Services. ‘Green Bonds Reached New Heights in 2023’. 8 February 2024. https://www.bloomberg.com/professional/insights/trading/green-bonds-reached-new-heights-in-2023/.
CBI. ‘Climate Bonds Standard: Globally Recognised, Paris-Aligned Certification of Debt Instruments, Entities and Assets Using Robust, Science-Based Methodologies’. In Climate Bonds. Climate Bonds Standard Version 4.3. Climate Bond Certified, 2025. https://www.climatebonds.net/files/documents/CBI_Standard_V4.3_FINAL_2025-08-20-102147_gbqn.pdf.
Claquin, Tanguy. ‘Germany Issues a €6.5 Billion Inaugural Green Bond’. Crédit Agricole CIB. https://www.ca-cib.com/news/germany-issues-eu65-billion-inaugural-green-bond.
Cochu, Annica, Carsten Glenting, Dominic Hogg, et al. Study on the Potential of Green Bond Finance for Resource-Efficient Investments. European Commission: Directorate General for the Environment, 2016. https://data.europa.eu/doi/10.2779/234777.
Dan, Anamaria, and Adriana Tiron-Tudor. ‘The Determinants of Green Bond Issuance in the European Union’. Journal of Risk and Financial Management 14, no. 9 (2021): 446. https://doi.org/10.3390/jrfm14090446.
Devadason, Evelyn S., Lurong Chen, Yuanita Suhud, et al. ASEAN Integration Report 2022. API Report No. 07. ASEAN Prosperity Initiative (API). Institute for Democracy and Economic Affairs (IDEAS) & The Friedrich-Naumann-Stiftung For Freedom (FNF), 2022. https://www.aseanprosperity.org/publications/research-papers/asean-integration-report-2022/.
Eckstein, David, Maik Winges, Vera Künzel, and Laura Schäfer. Global Climate Risk Index 2020: Who Suffers Most from Extreme Weather Events? Wether-Related Loss Events in 2018 and 1999 to 2018. Briefing Paper. With Rixa Schwarz, Wanja Amling, Emma Opfer, and Juan Carlos Zevallos Diaz. Global Climate Risk Index 2020. Germanwatch Nord-Süd Initiative e.V, 2019. https://www.germanwatch.org/sites/default/files/20-2-01e%20Global%20Climate%20Risk%20Index%202020_14.pdf.
Emese Bartha. ‘Germany Issues EUR3 Billion in Syndicated Tap of August 2053 Bund’. In ADVN. August 2023. https://uk.advfn.com/stock-market/share-news/Germany-Issues-EUR3-Billion-in-Syndicated-Tap-of-A/91915024.
ESMA. Final Report on Greenwashing: Response to the European Commission’s Request for Input on “Greenwashing Risks and the Supervision of Sustainable Finance Policies”. Nos ESMA36-287652198–2699. The European Securities Markets Authority (ESMA), 2024. https://www.esma.europa.eu/sites/default/files/2024-06/ESMA36-287652198-2699_Final_Report_on_Greenwashing.pdf.
European Commission. Strategy for Financing the Transition to a Sustainable Economy. COM(2021) 390 final. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. European Commission, 2021. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021DC0390.
European Commission. ‘The European Green Bond Standard - Supporting the Transition’. 2023. https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/european-green-bond-standard-supporting-transition_en.
European Parliament. ‘Green Bonds: More Transparency, No Greenwashing’. 10 February 2023. https://www.europarl.europa.eu/topics/en/article/20230928STO06003/green-bonds-more-transparency-no-greenwashing.
European Parliament. ‘Green Deal: Key to a Climate-Neutral and Sustainable EU’. 22 June 2022. https://www.europarl.europa.eu/topics/en/article/20200618STO81513/green-deal-key-to-a-climate-neutral-and-sustainable-eu.
European Union. European Green Bonds. Infographic. Council of the European Union: General Secretariat, 2023. https://www.consilium.europa.eu/en/infographics/european-green-bonds/.
Forster, Piers M., Christopher J. Smith, Tristram Walsh, et al. ‘Indicators of Global Climate Change 2022: Annual Update of Large-Scale Indicators of the State of the Climate System and Human Influence’. Earth System Science Data 15, no. 6 (2023): 2295–327. https://doi.org/10.5194/essd-15-2295-2023.
Green Finance Platform. France Has Issued an EUR 7.5 Billion Green Bond. Directorate General of the Treasury, 2017. https://www.greenfinanceplatform.org/policies-and-regulations/france-has-issued-eur-75-billion-green-bond.
Guterres, António. Statement by the Secretary-General at the Conclusion of COP27 in Sharm El-Sheikh. Statements. United Nations Secretary-General, 2022. https://www.un.org/sg/en/content/sg/statements/2022-11-19/statement-the-secretary-general-the-conclusion-of-cop27-sharm-el-sheikh.
Heng, Jacqueline. ‘A Guide to the European Green Bond Standard’. Lexology, 7 November 2023. https://www.addleshawgoddard.com/en/insights/insights-briefings/2023/finance/guide-to-the-european-green-bond-standard/.
Hirschmann, R. ‘Largest Issuers of Green Bonds in Germany in 2023 (In Billion U.S. Dollars)’. In Statista. Statista, 2024. https://www.statista.com/statistics/1293978/largest-issuers-of-green-bonds-in-germany/?srsltid=AfmBOoqYnFauoyFrmNtOLkxm8tg98xwviPp3BY_aA92lZWKzG3y3s36M.
Hunjra, Ahmed Imran, and John W. Goodell, eds. The Palgrave Handbook of Green Finance for Sustainable Development. Palgrave Studies in Green Finance. Springer International Publishing, 2024. https://doi.org/10.1007/978-3-031-65756-6.
ICMA. Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds. The Green Bond Principles. ICMA, 2021. https://www.icmagroup.org/assets/documents/Sustainable-finance/2022-updates/Green-Bond-Principles_June-2022-280622.
International Monetary Fund: World Economic Outlook | Population Millions of People. IMF, 2025. https://www.imf.org/external/datamapper/LP@WEO/OEMDC/ADVEC/WEOWORLD.
Jones, Huw. ‘Regulators Lack Resources to Tackle Greenwashing, Says EU Watchdog’. Reuters (London), 4 June 2024. https://www.reuters.com/sustainability/regulators-lack-resources-tackle-greenwashing-says-eu-watchdog-2024-06-04/.
KPN. KPN Successfully Issues € 500m Green Hybrid Bond. 11 June 2024. https://ir.kpn.com/news-and-events/news/news-details/2024/KPN-successfully-issues--500m-Green-Hybrid-Bond/default.aspx.
Kramer, Esther. European Green Bond Standard: Initial Appraisal of a European Commission Impact Assessment. PE 694.239. Initial Appraisal of a European Commission Impact Assessment. European Parliamentary Research Service (EPRS), 2021. https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/694239/EPRS_BRI(2021)694239_EN.pdf.
Kyoto Protocol to the United Nations Framework Convention on Climate Change, UNTC XXVII-7-a (1997). https://treaties.un.org/Pages/ViewDetails.aspx?src=TREATY&mtdsg_no=XXVII-7-a&chapter=27&clang=_en.
Lichtenberger, Andreas, Joao Paulo Braga, and Willi Semmler. ‘Green Bonds for the Transition to a Low-Carbon Economy’. Econometrics 10, no. 1 (2022): 11. https://doi.org/10.3390/econometrics10010011.
Löffler, Kristin Ulrike, Aleksandar Petreski, and Andreas Stephan. ‘Drivers of Green Bond Issuance and New Evidence on the “Greenium”’. Eurasian Economic Review 11, no. 1 (2021): 1–24. https://doi.org/10.1007/s40822-020-00165-y.
Mack, Sebastian. ‘Turning Green into Gold: How to Make the European Green Bond Standard Fit for Purpose’. Policy Brief. In Jacques Delors Centre. Hertie School: Jacques Delors Centre, 2022. https://www.delorscentre.eu/en/publications/detail/publication/green-bond-standard.
Maragopoulos, Nikos. ‘Anticipating the EU Green Bond Standard: The Core Elements of the European Green Bond Regulation’. In Oxford Law Blogs. Oxford Business Law Blog, 7 July 2023. https://blogs.law.ox.ac.uk/oblb/blog-post/2023/07/anticipating-eu-green-bond-standard-core-elements-european-green-bond.
Meo, Muhammad Saeed, and Marcin Staniewski, eds. Green Bonds and Sustainable Finance: The Evolution of Portfolio Management in Conventional Markets. Routledge International Studies in Money and Banking. Routledge, 2024.
Mohsin, Muhammad, Farhad Taghizadeh-Hesary, and Han Phoumin. ‘Role of Green Technology Financing in Renewable Energy Development in Asean’. In Green Finance and Renewable Energy in ASEAN and East Asia, 1st edn. Routledge-ERIA Studies in Development Economics. Routledge, 2023.
Mutarindwa, Samuel, Dorothea Schäfer, and Andreas Stephan. ‘Certification against Greenwashing in Nascent Bond Markets: Lessons from African ESG Bonds’. Eurasian Economic Review 14, no. 1 (2024): 149–73. https://doi.org/10.1007/s40822-023-00257-5.
Nagpal, Divyam, and Diala Hawila. Renewable Energy Market Analysis: Southeast Asia. IRENA, 2018. https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2018/Jan/IRENA_Market_Southeast_Asia_2018.pdf.
Neste Corporation. Neste Corporation Issues EUR 500 Million Green Bond. Stock Exchange Release. 2021. https://neste.com/news/neste-corporation-issues-eur-500-million-green-bond.
OECD. Mobilising Bond Markets for a Low-Carbon Transition. Green Finance and Investment. OECD Publishing, 2017. https://doi.org/10.1787/9789264272323-en.
Paris Agreement, UNTC XXVII-7-d (2015). https://treaties.un.org/Pages/ViewDetails.aspx?src=TREATY&mtdsg_no=XXVII-7-d&chapter=27&clang=_en.
Park, Stephen Kim. ‘Investors as Regulators: Green Bonds and the Governance Challenges of the Sustainable Finance Revolution’. In Stanford Journal of International Law, vol. 54. no. 1. Rochester, NY, 2018. https://doi.org/10.1007/s40804-023-00278-2.
Phan, Thuy Chung. ‘Impact of Green Investments, Green Economic Growth and Renewable Energy Consumption on Environmental, Social, and Governance Practices to Achieve the Sustainable Development Goals: A Sectoral Analysis in the Asean Economies’. International Journal of Engineering Business Management 16 (December 2024). https://doi.org/10.1177/18479790241231725.
Phoumin, Han, Farhad Taghizadeh-Hesary, and Fukunari Kimura, eds. Green Finance and Renewable Energy in ASEAN and East Asia. Routledge-ERIA Studies in Development Economics. Routledge, Taylor & Francis Group, 2024. https://doi.org/10.4324/9781003397670.
Pyka, Michal. ‘The EU Green Bond Standard: A Plausible Response to the Deficiencies of the EU Green Bond Market?’ EBOR: European Business Organization Law Review 24, no. 4 (2023): 623–43. https://doi.org/10.1007/s40804-023-00278-2.
Qiu, Jiahui, Sharon Seah, and Melinda Martinus. ‘Examining Climate Ambition Enhancement in Asean Countries’ Nationally Determined Contributions’. Environmental Development 49 (March 2024): 1–13. https://doi.org/10.1016/j.envdev.2023.100945.
Ramos Muñoz, David. Greening the Bond Market: A European Perspective. 1st edn. With Agnieszka Smoleńska. EBI Studies in Banking and Capital Markets Law Series. Springer International Publishing AG, 2023.
Regulation (EU) 2020/852, OJ L 198, 22.6.2020, p. 13–43 (2020). https://eur-lex.europa.eu/eli/reg/2020/852/oj.
Runyon, Natalie. ‘Are Allegations of Greenwashing Part of ESG Fraud? It Depends on Whom You Ask’. Thomson Reuters, 12 September 2022. https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/greenwashing-esg-fraud/.
Sadiq, Muhammad, Thang Le-Dinh, Trung Kien Tran, FengSheng Chien, Thi Thu Hien Phan, and Pham Quang Huy. ‘The Role of Green Finance, Eco-Innovation, and Creativity in the Sustainable Development Goals of ASEAN Countries’. Economic Research-Ekonomska Istraživanja 36, no. 2 (2023). https://doi.org/10.1080/1331677X.2023.2175010.
Seah, Sharon. ‘Obstacles to Decarbonisation in Southeast Asia’. Article. Fulcrum: Analysis on Southeast Asia, 5 April 2023. https://fulcrum.sg/aseanfocus/obstacles-to-decarbonisation-in-southeast-asia/.
Segal, Mark. ‘France Issues First-Ever Inflation-Linked Green Bond’. ESG Today (France), 27 May 2022. https://www.esgtoday.com/france-issues-first-ever-inflation-linked-green-bond/.
Segal, Mark. ‘Germany’s Inaugural Federal Green Bond Issue Meets Strong Demand, 5x Oversubscribed’. ESG Today, 3 September 2020. https://www.esgtoday.com/germanys-inaugural-green-bond-issue-meets-strong-demand-5x-oversubscribed/.
Sertore, Serena. 15 Years on, Green, Social and Sustainability Bonds Are Still the Future of Sustainable Finance. European Investment Bank, 2022. https://www.eib.org/en/stories/15-years-green-bond.
Sudan, Falendra Kumar. ‘Leveraging Green Bonds to Address Debt Sustainability and Economic Recovery in South Asia: Lessons from EU and ASEAN Countries’. Regional Economic Development Research 4, no. 2 (2023): 101–20. https://doi.org/10.37256/redr.4220233543.
Tariq, Anam, and Arshad Hassan. ‘Role of Green Finance, Environmental Regulations, and Economic Development in the Transition towards a Sustainable Environment’. Journal of Cleaner Production 413 (August 2023). https://doi.org/10.1016/j.jclepro.2023.137425.
Tolliver, Clarence, Alexander Ryota Keeley, and Shunsuke Managi. ‘Green Bonds for the Paris Agreement and Sustainable Development Goals’. Environmental Research Letters 14, no. 6 (2019): 1–15. https://doi.org/10.1088/1748-9326/ab1118.
Tran, Ngoc Thanh, Hai-Tuan Nguyen, Trung Kien Tran, Gia Luat Diep, Thi Huong Nhai Nguyen, and Nguyen Tran Thai Ha. ‘Environmental Outlook of Asean-5 through the Lens of Green Bonds, Environmental Technologies and Financialization’. International Journal of Engineering Business Management 16 (December 2024). https://doi.org/10.1177/18479790241238129.
UNFCCC. ‘Maintaining a Clear Intention to Keep 1.5°C within Reach: Key Takeaways from COP27’. United Nations Climate Change, 26 October 2022. https://unfccc.int/maintaining-a-clear-intention-to-keep-15degc-within-reach.
UNFCCC. ‘Mobilizing More Financial Support for Developing Countries: Key Takeaways from COP27’. United Nations Climate Change, November 2022. https://unfccc.int/process-and-meetings/conferences/sharm-el-sheikh-climate-change-conference-november-2022/five-key-takeaways-from-cop27/mobilizing-more-financial-support-for-developing-countries.
UNFCCC. United Nations Climate Change: Annual Report 2022. UNFCCC: United Nations Framework Conventionon Climate Change, 2023. https://unfccc.int/sites/default/files/resource/UNClimateChange_AnnualReport_2022.pdf.
United Nations Framework Convention on Climate Change (UNFCCC), UNTC XXVII-7 (1992). https://treaties.un.org/Pages/ViewDetailsIII.aspx?src=TREATY&mtdsg_no=XXVII-7&chapter=27&Temp=mtdsg3&clang=_en.
Wahab, Muhammad Zarunnaim, and Asmadi Mohamed Naim. ‘Assessment on the Asean Standards to Support Sustainable and Responsible Investments (SRIs) and Green Bonds’. Journal of Emerging Economies and Islamic Research 9, no. 2 (2021): 76–87. https://doi.org/10.24191/jeeir.v9i2.13112.
Wigglesworth, Robin. ‘Green Bonds Are Bunkum: And Investor Don’t Care’. FT Alphaville. The Financial Times, 16 September 2024. https://www.ft.com/content/4796ae28-4dda-4ae4-9d37-525374864e7a.
World Economic Forum. The Global Risks Report 2024: Insight Report. 19th edn. World Economic Forum, 2024. https://www.weforum.org/publications/global-risks-report-2024/.
References
Aini, Andini Nurul, Citra Sukmadilaga, and Erlane K. Ghani. ‘Green Bonds, Investor Attention and Stock Market Reaction: Evidence from ASEAN Countries’. International Journal of Energy Economics and Policy 13, no. 6 (2023): 334–43. https://doi.org/10.32479/ijeep.15162.
Air Liquide. Air Liquide Has Successfully Issued a 500 Million Euros Green Bond to Finance the Energy Transition. Press Release. Air Liquide, 2025. https://www.airliquide.com/group/press-releases-news/2024-05-23/air-liquide-has-successfully-issued-500-million-euros-green-bond-finance-energy-transition.
Anwar, Raja Syamsul, Madelena Mohamed, Salbiah Mohamed Hamzan, et al. Report on The Roles of ASEAN Central Banks in Managing Climate and Environment-Related Risks. ASEAN Central Banks and Monetary Authorities. Bank Negara Malaysia, 2020. https://www.bnm.gov.my/documents/20124/914558/2020-11-17+ASEAN+Task+Force+Report_for+publication.pdf.
ASEAN. ‘About ASEAN’. https://asean.org/about-asean/.
ASEAN. ASEAN Annual Report 2022–2023: ASEAN Matters-Epicentrum of Growth. Vol. 43. The ASEAN Secretariat, 2023. https://asean.org/wp-content/uploads/2023/07/NEW-FINAL-ASEAN-Annual-Report-2022-2023.pdf.
Asean Green Bond Standards. The ASEAN Capital Markets Forum (ACMF), 2019. https://www.theacmf.org/sustainable-finance/publications/asean-green-bond-standards.
ASEAN Secretariat. ASEAN Statistical Yearbook 2022. In ASEAN Main Portal, vol. 18. ASEAN, 2022. https://www.aseanstats.org/publication/asyb2022/.
ASEAN WC-CMD. Report on Promoting Sustainable Finance in ASEAN. The ASEAN Working Committee on Capital Market Development, 2020. https://www.theacmf.org/sustainable-finance/publications/report-on-promoting-sustainable-finance-in-asean.
Atwoli, Lukoye, Gregory E. Erhabor, Aiah A. Gbakima, et al. ‘COP27 Climate Change Conference—Urgent Action Needed for Africa and the World’. JAMA 328, no. 22 (2022): 2215–16. https://doi.org/10.1001/jama.2022.20637.
Azhgaliyeva, Dina, Anant Kapoor, and Yang Liu. Green Bonds for Financing Renewable Energy and Energy Efficiency in South-East Asia: A Review of Policies. No. 1073. ADBI Working Paper Series. Asian Development Bank Institute, 2020. https://www.adb.org/publications/greenbonds-financing-renewable-energy-efficiency-southeast-asia.
Azhgaliyeva, Dina, and Zhanna Kapsalyamova. Policy Support in Promoting Green Bonds in Asia. No. 1275. ADBI Working Paper Series. Asian Development Bank Institute, 2021. https://www.adb.org/publications/policy-support-promoting-green-bonds-asia.
Bartha, Emese. ‘Germany Plans EUR3 Billion Syndicated Tap of August 2053 Green Bund’. Currency. MarketScreener (UK), 3 June 2024. https://uk.marketscreener.com/news/latest/Germany-Plans-EUR3-Billion-Syndicated-Tap-of-August-2053-Green-Bund-46886188/.
Bloomberg Professional Services. ‘Green Bonds Reached New Heights in 2023’. 8 February 2024. https://www.bloomberg.com/professional/insights/trading/green-bonds-reached-new-heights-in-2023/.
CBI. ‘Climate Bonds Standard: Globally Recognised, Paris-Aligned Certification of Debt Instruments, Entities and Assets Using Robust, Science-Based Methodologies’. In Climate Bonds. Climate Bonds Standard Version 4.3. Climate Bond Certified, 2025. https://www.climatebonds.net/files/documents/CBI_Standard_V4.3_FINAL_2025-08-20-102147_gbqn.pdf.
Claquin, Tanguy. ‘Germany Issues a €6.5 Billion Inaugural Green Bond’. Crédit Agricole CIB. https://www.ca-cib.com/news/germany-issues-eu65-billion-inaugural-green-bond.
Cochu, Annica, Carsten Glenting, Dominic Hogg, et al. Study on the Potential of Green Bond Finance for Resource-Efficient Investments. European Commission: Directorate General for the Environment, 2016. https://data.europa.eu/doi/10.2779/234777.
Dan, Anamaria, and Adriana Tiron-Tudor. ‘The Determinants of Green Bond Issuance in the European Union’. Journal of Risk and Financial Management 14, no. 9 (2021): 446. https://doi.org/10.3390/jrfm14090446.
Devadason, Evelyn S., Lurong Chen, Yuanita Suhud, et al. ASEAN Integration Report 2022. API Report No. 07. ASEAN Prosperity Initiative (API). Institute for Democracy and Economic Affairs (IDEAS) & The Friedrich-Naumann-Stiftung For Freedom (FNF), 2022. https://www.aseanprosperity.org/publications/research-papers/asean-integration-report-2022/.
Eckstein, David, Maik Winges, Vera Künzel, and Laura Schäfer. Global Climate Risk Index 2020: Who Suffers Most from Extreme Weather Events? Wether-Related Loss Events in 2018 and 1999 to 2018. Briefing Paper. With Rixa Schwarz, Wanja Amling, Emma Opfer, and Juan Carlos Zevallos Diaz. Global Climate Risk Index 2020. Germanwatch Nord-Süd Initiative e.V, 2019. https://www.germanwatch.org/sites/default/files/20-2-01e%20Global%20Climate%20Risk%20Index%202020_14.pdf.
Emese Bartha. ‘Germany Issues EUR3 Billion in Syndicated Tap of August 2053 Bund’. In ADVN. August 2023. https://uk.advfn.com/stock-market/share-news/Germany-Issues-EUR3-Billion-in-Syndicated-Tap-of-A/91915024.
ESMA. Final Report on Greenwashing: Response to the European Commission’s Request for Input on “Greenwashing Risks and the Supervision of Sustainable Finance Policies”. Nos ESMA36-287652198–2699. The European Securities Markets Authority (ESMA), 2024. https://www.esma.europa.eu/sites/default/files/2024-06/ESMA36-287652198-2699_Final_Report_on_Greenwashing.pdf.
European Commission. Strategy for Financing the Transition to a Sustainable Economy. COM(2021) 390 final. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. European Commission, 2021. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021DC0390.
European Commission. ‘The European Green Bond Standard - Supporting the Transition’. 2023. https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/european-green-bond-standard-supporting-transition_en.
European Parliament. ‘Green Bonds: More Transparency, No Greenwashing’. 10 February 2023. https://www.europarl.europa.eu/topics/en/article/20230928STO06003/green-bonds-more-transparency-no-greenwashing.
European Parliament. ‘Green Deal: Key to a Climate-Neutral and Sustainable EU’. 22 June 2022. https://www.europarl.europa.eu/topics/en/article/20200618STO81513/green-deal-key-to-a-climate-neutral-and-sustainable-eu.
European Union. European Green Bonds. Infographic. Council of the European Union: General Secretariat, 2023. https://www.consilium.europa.eu/en/infographics/european-green-bonds/.
Forster, Piers M., Christopher J. Smith, Tristram Walsh, et al. ‘Indicators of Global Climate Change 2022: Annual Update of Large-Scale Indicators of the State of the Climate System and Human Influence’. Earth System Science Data 15, no. 6 (2023): 2295–327. https://doi.org/10.5194/essd-15-2295-2023.
Green Finance Platform. France Has Issued an EUR 7.5 Billion Green Bond. Directorate General of the Treasury, 2017. https://www.greenfinanceplatform.org/policies-and-regulations/france-has-issued-eur-75-billion-green-bond.
Guterres, António. Statement by the Secretary-General at the Conclusion of COP27 in Sharm El-Sheikh. Statements. United Nations Secretary-General, 2022. https://www.un.org/sg/en/content/sg/statements/2022-11-19/statement-the-secretary-general-the-conclusion-of-cop27-sharm-el-sheikh.
Heng, Jacqueline. ‘A Guide to the European Green Bond Standard’. Lexology, 7 November 2023. https://www.addleshawgoddard.com/en/insights/insights-briefings/2023/finance/guide-to-the-european-green-bond-standard/.
Hirschmann, R. ‘Largest Issuers of Green Bonds in Germany in 2023 (In Billion U.S. Dollars)’. In Statista. Statista, 2024. https://www.statista.com/statistics/1293978/largest-issuers-of-green-bonds-in-germany/?srsltid=AfmBOoqYnFauoyFrmNtOLkxm8tg98xwviPp3BY_aA92lZWKzG3y3s36M.
Hunjra, Ahmed Imran, and John W. Goodell, eds. The Palgrave Handbook of Green Finance for Sustainable Development. Palgrave Studies in Green Finance. Springer International Publishing, 2024. https://doi.org/10.1007/978-3-031-65756-6.
ICMA. Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds. The Green Bond Principles. ICMA, 2021. https://www.icmagroup.org/assets/documents/Sustainable-finance/2022-updates/Green-Bond-Principles_June-2022-280622.
International Monetary Fund: World Economic Outlook | Population Millions of People. IMF, 2025. https://www.imf.org/external/datamapper/LP@WEO/OEMDC/ADVEC/WEOWORLD.
Jones, Huw. ‘Regulators Lack Resources to Tackle Greenwashing, Says EU Watchdog’. Reuters (London), 4 June 2024. https://www.reuters.com/sustainability/regulators-lack-resources-tackle-greenwashing-says-eu-watchdog-2024-06-04/.
KPN. KPN Successfully Issues € 500m Green Hybrid Bond. 11 June 2024. https://ir.kpn.com/news-and-events/news/news-details/2024/KPN-successfully-issues--500m-Green-Hybrid-Bond/default.aspx.
Kramer, Esther. European Green Bond Standard: Initial Appraisal of a European Commission Impact Assessment. PE 694.239. Initial Appraisal of a European Commission Impact Assessment. European Parliamentary Research Service (EPRS), 2021. https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/694239/EPRS_BRI(2021)694239_EN.pdf.
Kyoto Protocol to the United Nations Framework Convention on Climate Change, UNTC XXVII-7-a (1997). https://treaties.un.org/Pages/ViewDetails.aspx?src=TREATY&mtdsg_no=XXVII-7-a&chapter=27&clang=_en.
Lichtenberger, Andreas, Joao Paulo Braga, and Willi Semmler. ‘Green Bonds for the Transition to a Low-Carbon Economy’. Econometrics 10, no. 1 (2022): 11. https://doi.org/10.3390/econometrics10010011.
Löffler, Kristin Ulrike, Aleksandar Petreski, and Andreas Stephan. ‘Drivers of Green Bond Issuance and New Evidence on the “Greenium”’. Eurasian Economic Review 11, no. 1 (2021): 1–24. https://doi.org/10.1007/s40822-020-00165-y.
Mack, Sebastian. ‘Turning Green into Gold: How to Make the European Green Bond Standard Fit for Purpose’. Policy Brief. In Jacques Delors Centre. Hertie School: Jacques Delors Centre, 2022. https://www.delorscentre.eu/en/publications/detail/publication/green-bond-standard.
Maragopoulos, Nikos. ‘Anticipating the EU Green Bond Standard: The Core Elements of the European Green Bond Regulation’. In Oxford Law Blogs. Oxford Business Law Blog, 7 July 2023. https://blogs.law.ox.ac.uk/oblb/blog-post/2023/07/anticipating-eu-green-bond-standard-core-elements-european-green-bond.
Meo, Muhammad Saeed, and Marcin Staniewski, eds. Green Bonds and Sustainable Finance: The Evolution of Portfolio Management in Conventional Markets. Routledge International Studies in Money and Banking. Routledge, 2024.
Mohsin, Muhammad, Farhad Taghizadeh-Hesary, and Han Phoumin. ‘Role of Green Technology Financing in Renewable Energy Development in Asean’. In Green Finance and Renewable Energy in ASEAN and East Asia, 1st edn. Routledge-ERIA Studies in Development Economics. Routledge, 2023.
Mutarindwa, Samuel, Dorothea Schäfer, and Andreas Stephan. ‘Certification against Greenwashing in Nascent Bond Markets: Lessons from African ESG Bonds’. Eurasian Economic Review 14, no. 1 (2024): 149–73. https://doi.org/10.1007/s40822-023-00257-5.
Nagpal, Divyam, and Diala Hawila. Renewable Energy Market Analysis: Southeast Asia. IRENA, 2018. https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2018/Jan/IRENA_Market_Southeast_Asia_2018.pdf.
Neste Corporation. Neste Corporation Issues EUR 500 Million Green Bond. Stock Exchange Release. 2021. https://neste.com/news/neste-corporation-issues-eur-500-million-green-bond.
OECD. Mobilising Bond Markets for a Low-Carbon Transition. Green Finance and Investment. OECD Publishing, 2017. https://doi.org/10.1787/9789264272323-en.
Paris Agreement, UNTC XXVII-7-d (2015). https://treaties.un.org/Pages/ViewDetails.aspx?src=TREATY&mtdsg_no=XXVII-7-d&chapter=27&clang=_en.
Park, Stephen Kim. ‘Investors as Regulators: Green Bonds and the Governance Challenges of the Sustainable Finance Revolution’. In Stanford Journal of International Law, vol. 54. no. 1. Rochester, NY, 2018. https://doi.org/10.1007/s40804-023-00278-2.
Phan, Thuy Chung. ‘Impact of Green Investments, Green Economic Growth and Renewable Energy Consumption on Environmental, Social, and Governance Practices to Achieve the Sustainable Development Goals: A Sectoral Analysis in the Asean Economies’. International Journal of Engineering Business Management 16 (December 2024). https://doi.org/10.1177/18479790241231725.
Phoumin, Han, Farhad Taghizadeh-Hesary, and Fukunari Kimura, eds. Green Finance and Renewable Energy in ASEAN and East Asia. Routledge-ERIA Studies in Development Economics. Routledge, Taylor & Francis Group, 2024. https://doi.org/10.4324/9781003397670.
Pyka, Michal. ‘The EU Green Bond Standard: A Plausible Response to the Deficiencies of the EU Green Bond Market?’ EBOR: European Business Organization Law Review 24, no. 4 (2023): 623–43. https://doi.org/10.1007/s40804-023-00278-2.
Qiu, Jiahui, Sharon Seah, and Melinda Martinus. ‘Examining Climate Ambition Enhancement in Asean Countries’ Nationally Determined Contributions’. Environmental Development 49 (March 2024): 1–13. https://doi.org/10.1016/j.envdev.2023.100945.
Ramos Muñoz, David. Greening the Bond Market: A European Perspective. 1st edn. With Agnieszka Smoleńska. EBI Studies in Banking and Capital Markets Law Series. Springer International Publishing AG, 2023.
Regulation (EU) 2020/852, OJ L 198, 22.6.2020, p. 13–43 (2020). https://eur-lex.europa.eu/eli/reg/2020/852/oj.
Runyon, Natalie. ‘Are Allegations of Greenwashing Part of ESG Fraud? It Depends on Whom You Ask’. Thomson Reuters, 12 September 2022. https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/greenwashing-esg-fraud/.
Sadiq, Muhammad, Thang Le-Dinh, Trung Kien Tran, FengSheng Chien, Thi Thu Hien Phan, and Pham Quang Huy. ‘The Role of Green Finance, Eco-Innovation, and Creativity in the Sustainable Development Goals of ASEAN Countries’. Economic Research-Ekonomska Istraživanja 36, no. 2 (2023). https://doi.org/10.1080/1331677X.2023.2175010.
Seah, Sharon. ‘Obstacles to Decarbonisation in Southeast Asia’. Article. Fulcrum: Analysis on Southeast Asia, 5 April 2023. https://fulcrum.sg/aseanfocus/obstacles-to-decarbonisation-in-southeast-asia/.
Segal, Mark. ‘France Issues First-Ever Inflation-Linked Green Bond’. ESG Today (France), 27 May 2022. https://www.esgtoday.com/france-issues-first-ever-inflation-linked-green-bond/.
Segal, Mark. ‘Germany’s Inaugural Federal Green Bond Issue Meets Strong Demand, 5x Oversubscribed’. ESG Today, 3 September 2020. https://www.esgtoday.com/germanys-inaugural-green-bond-issue-meets-strong-demand-5x-oversubscribed/.
Sertore, Serena. 15 Years on, Green, Social and Sustainability Bonds Are Still the Future of Sustainable Finance. European Investment Bank, 2022. https://www.eib.org/en/stories/15-years-green-bond.
Sudan, Falendra Kumar. ‘Leveraging Green Bonds to Address Debt Sustainability and Economic Recovery in South Asia: Lessons from EU and ASEAN Countries’. Regional Economic Development Research 4, no. 2 (2023): 101–20. https://doi.org/10.37256/redr.4220233543.
Tariq, Anam, and Arshad Hassan. ‘Role of Green Finance, Environmental Regulations, and Economic Development in the Transition towards a Sustainable Environment’. Journal of Cleaner Production 413 (August 2023). https://doi.org/10.1016/j.jclepro.2023.137425.
Tolliver, Clarence, Alexander Ryota Keeley, and Shunsuke Managi. ‘Green Bonds for the Paris Agreement and Sustainable Development Goals’. Environmental Research Letters 14, no. 6 (2019): 1–15. https://doi.org/10.1088/1748-9326/ab1118.
Tran, Ngoc Thanh, Hai-Tuan Nguyen, Trung Kien Tran, Gia Luat Diep, Thi Huong Nhai Nguyen, and Nguyen Tran Thai Ha. ‘Environmental Outlook of Asean-5 through the Lens of Green Bonds, Environmental Technologies and Financialization’. International Journal of Engineering Business Management 16 (December 2024). https://doi.org/10.1177/18479790241238129.
UNFCCC. ‘Maintaining a Clear Intention to Keep 1.5°C within Reach: Key Takeaways from COP27’. United Nations Climate Change, 26 October 2022. https://unfccc.int/maintaining-a-clear-intention-to-keep-15degc-within-reach.
UNFCCC. ‘Mobilizing More Financial Support for Developing Countries: Key Takeaways from COP27’. United Nations Climate Change, November 2022. https://unfccc.int/process-and-meetings/conferences/sharm-el-sheikh-climate-change-conference-november-2022/five-key-takeaways-from-cop27/mobilizing-more-financial-support-for-developing-countries.
UNFCCC. United Nations Climate Change: Annual Report 2022. UNFCCC: United Nations Framework Conventionon Climate Change, 2023. https://unfccc.int/sites/default/files/resource/UNClimateChange_AnnualReport_2022.pdf.
United Nations Framework Convention on Climate Change (UNFCCC), UNTC XXVII-7 (1992). https://treaties.un.org/Pages/ViewDetailsIII.aspx?src=TREATY&mtdsg_no=XXVII-7&chapter=27&Temp=mtdsg3&clang=_en.
Wahab, Muhammad Zarunnaim, and Asmadi Mohamed Naim. ‘Assessment on the Asean Standards to Support Sustainable and Responsible Investments (SRIs) and Green Bonds’. Journal of Emerging Economies and Islamic Research 9, no. 2 (2021): 76–87. https://doi.org/10.24191/jeeir.v9i2.13112.
Wigglesworth, Robin. ‘Green Bonds Are Bunkum: And Investor Don’t Care’. FT Alphaville. The Financial Times, 16 September 2024. https://www.ft.com/content/4796ae28-4dda-4ae4-9d37-525374864e7a.
World Economic Forum. The Global Risks Report 2024: Insight Report. 19th edn. World Economic Forum, 2024. https://www.weforum.org/publications/global-risks-report-2024/.