Asia shows standout growth across sustainable lending and debt capital markets - ING Sustainable Finance Pulse (Issue 7, 2025)

Hong Kong, 13 October 2025 – ING, a global leader in sustainable finance, has released its latest Sustainable Finance Pulse (Issue 7, 2025), highlighting continued momentum of sustainable finance issuance in the second quarter of 2025. The report notes that global volumes rebounded strongly, with Asia Pacific (APAC) emerging as a standout region—on track for a record-breaking year driven by robust activity across sustainable lending and debt capital markets.

While the first quarter was marked by disruption and uncertainty, the second quarter demonstrated the sector’s resilience and adaptability. Commitment to sustainability remains firm, even as policy landscapes shift and new challenges emerge. Across APAC, sustainable finance transactions rose across all markets, underscoring the region’s accelerating transition and growing investor appetite for climate-aligned capital.

Key Takeaways from Sustainable Finance Pulse (Issue 7, 2025)

Global Sustainable Finance Trends
•    Year-to-date global sustainable finance issuance reached USD 852 billion—slightly below H1 2024’s USD 909 billion, but consistent with 2023 and 2022 levels.
•    Q2 2025 saw USD 432 billion in issuance, outperforming second-quarter volumes from the previous two years.
•    Regional divergence intensified: The US contracted due to reduced sustainability policy support; EU shifted focus toward competitiveness. ESG policy development slowed across several jurisdictions. APAC is on track for a record-breaking year, driven by strong issuance from corporates and financial institutions.

ING’s Performance
•    ING mobilised €68 billion in sustainable finance in H1 2025—a 19% increase year-on-year.
•    Q2 alone contributed €38 billion, up 16% versus H2 2024.
•    Sustainability-linked loans remained ING’s top product, followed by green bonds and green loans.
•    Green loans saw a 48% increase in transaction count and a 17% rise in volumes compared to Q2 2024.
•    ING’s regional volume breakdown: EMEA (61%), Americas (26%), APAC (13%).
•    ING saw standout growth in sustainable lending and debt capital markets across APAC.

EV Transition & Infrastructure
•    China is leading the global EV race, with EVs expected to reach nearly 50% of new car sales by 2025—up from over 40% in 2024.
•    Europe projects 27% EV share; the US trails at 10%.
•    Despite rising adoption, global fleet penetration remains low at 5%.
•    Charging infrastructure is lagging—especially in Southern and Eastern Europe, where Germany records 23 EVs per charger.

Candy Tang, director of Sustainable Solutions Group for ING Mainland China and Hong Kong SAR said: “APAC is on track for a record-breaking year in sustainable issuance, fuelled by corporates across Greater China and the broader Asia-Pacific region demonstrating strong commitments to decarbonisation and climate risk management, with net-zero targets firmly in focus. In Greater China, clients are increasingly incentivised to structure sustainable financing instruments, not only because these align with their decarbonisation goals, but also thanks to continued support from the Green and Sustainable Finance Grant Scheme launched by the Hong Kong Monetary Authority. As for instrument types, green bonds remain a key contributor to overall volume due to their straightforward structure, while sustainability-linked loans continue to appeal to clients seeking flexible tools to implement their decarbonisation strategies.”

Driving change: financing the future of EV charging

Electric vehicles (EVs) and charging infrastructure are among the fastest-growing sectors in ING’s sustainable finance portfolio. While the global shift to electric mobility is gaining momentum, adoption rates vary widely across regions—underscoring the need for targeted investment and scalable solutions. ING is committed to accelerating this transition by financing innovative technologies and partnering with key players across the EV charging ecosystem. 

Lynn Song, chief economist for ING Greater China, commented: “China is setting the pace in global car market electrification, with EVs—including battery electric vehicles and plug-in hybrids—on track to represent nearly 50% of new car sales by 2025. In 2024 alone, they already surpassed 40%. This rapid momentum is fuelled by a resilient domestic supply chain, aggressive production scale-up, and targeted policy support that continues to lower costs and widen consumer access. Together with efforts to streamline excess capacity among EV-only manufacturers, these forces have propelled the world’s largest car market toward this milestone far earlier than expected, and well ahead of its global peers.”

To support this transition, ING continues to collaborate with key players in the EV charging sector—financing innovative solutions and enabling large-scale deployment across APAC and beyond. ING’s new Amsterdam-based Transition Accelerator team is actively incubating clean mobility innovations, with recent transactions supporting the rollout of thousands of fast-charging points across Europe and the US.

ING Climate Update 2025

ING remains committed to financing the transition to net zero by 2050. The bank continues to assess client transition plans, refine its engagement methodology, and monitor progress to support future sustainable technologies.

ING’s latest Climate Update 2025 details its ongoing efforts to accelerate the shift to a low-carbon economy. In 2024, ING supported 835 sustainability deals, with another 400 closed in H1 2025—mobilising capital to incentivise clients’ decarbonisation plans and finance the transition. ING also became the first global systemically important bank to have targets validated by the Science Based Targets initiative (SBTi).

James Poon, country manager for Mainland China and Hong Kong SAR, said, “Global geopolitical uncertainty is creating challenges for the sustainability transition, but sustainable finance remains essential in mobilising capital, driving innovation, and ensuring long-term economic growth. At ING, we are dedicated to reducing emissions, building a sustainable future, and fostering inclusivity for all stakeholders. Our efforts are grounded in partnerships, collaboration, and policy advocacy, as we work to drive the systemic change needed to accelerate the transition.”

Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on Opens in a new tabhttps://ing.com/sustainability/climate-action/our-climate-approach