Global sustainable finance issuance dips to US$1.23t in 2025

The bank said green loans accounted for the largest share of its sustainable finance transactions by number.

Global sustainable finance issuance totalled US$1.23t in the first nine months of 2025, down from US$1.30t over the same period a year earlier, according to ING.

In a release, the bank said issuance slowed in the third quarter, with global volumes reaching US$377b. This was 14% lower than the previous quarter and 6% below the level recorded in the third quarter of 2024.

According to ING, green bonds remained the largest component of sustainable finance issuance globally, whilst green loans recorded strong year-on-year growth. The bank attributed the increase in green loans mainly to rising corporate demand.

In the Asia-Pacific region, ING said sustainable finance issuance reached US$345b in the first three quarters of 2025. The bank said the region is on track for another record year despite the broader global slowdown.

ING also disclosed its own sustainable finance activity, saying it mobilised €110b in the first nine months of 2025, up 29% from a year earlier. The bank said €43.3b was mobilised in the third quarter alone, a 54% increase compared with the same period in 2024.

The bank said green loans accounted for the largest share of its sustainable finance transactions by number. It added that it completed 139 sustainable finance transactions in the third quarter.

By region, ING said 62% of the volume mobilised in the quarter came from Europe, the Middle East and Africa, followed by the Americas at 24% and Asia-Pacific at 14%.

ING highlighted its involvement in financing data centres, saying it has completed more than 200 data-centre-related deals globally. It cited a €640m euro-denominated asset-backed securitisation completed in 2025 with Vantage Data Centres.

In the Asia-Pacific region, ING said it reached its full-year sustainable finance volume target by September. The bank said activity was led by demand from financial institutions and the technology, media and telecommunications sector, and it noted early growth in transition-labelled transactions extending into 2026.

The release also referenced developments in the Philippines’ energy transition. ING cited Department of Energy targets of 35% renewable energy in the power mix by 2030 and 40% by 2040, and said year-to-date sustainable finance issuance in the country has exceeded US$10 billion.

On data-centre demand, ING cited an International Energy Agency projection that global data-centre electricity consumption could rise by 130% by 2030. It added that the Philippines is targeting 1 gigawatt of hyperscale data-centre capacity by 2026.