Sustainable finance proves resilient at USD 852bln YTD; ING sees strong momentum in the Philippines

Manila, Philippines, 29 September 2025 – ING, a global leader in sustainable finance, has released its latest Opens in a new tabSustainable Finance Pulse (Issue 7, 2025), highlighting continued momentum in global issuance amid shifting policy landscapes and geopolitical uncertainty. Year-to-date global sustainable finance issuance totalled USD 852 billion—slightly below H1 2024’s USD 909 billion, but broadly consistent with 2023 and 2022 levels. Q2 alone saw USD 432 billion in issuance, surpassing second-quarter figures from the previous two years.

Regional trends diverged sharply. The US saw a contraction in issuance due to reduced sustainability policy support, while the EU shifted focus towards competitiveness. ESG policy development slowed across several jurisdictions. In contrast, Asia-Pacific (APAC) is on track for a record-breaking year, driven by strong activity from corporates and financial institutions.

ING’s strongest first half on record

Against this backdrop, ING delivered its strongest first half on record, mobilising €68 billion in sustainable finance—a 19% increase compared to H1 2024. This performance was underpinned by solid growth across both quarters, with Q2 2025 contributing €38 billion, up 16% versus H2 2024.

Sustainability-linked loans remained ING’s leading product category, followed by green bonds and green loans. Green loans showed particularly robust growth, with a 48% increase in the number of transactions and a 17% rise in volumes compared to Q2 2024, reflecting rising demand.

ING saw the number of sustainable finance transactions increase across all regions. EMEA remained the largest contributor to volume mobilised (61%), followed by the Americas (26%) and Asia Pacific (13%). APAC stood out for its strong growth in sustainable lending and debt capital markets, while the Americas held up well despite geopolitical uncertainties.

Strategic opportunity for the Philippines

APAC’s momentum creates strategic opportunities for the Philippines, which has committed to a 75% reduction in greenhouse gas emissions by 2030 under its Nationally Determined Contribution. The country’s Power Development Plan also targets a power generation mix of 35% comprising of renewable energy by 2030 and 50% by 2040. These ambitions are supported by a strengthening green finance ecosystem, including the Bangko Sentral ng Pilipinas' Sustainable Finance Framework and Taxonomy Guidelines.

“The strength we see in sustainable finance markets, even amid global uncertainties, confirms that moving to a low-carbon economy is both an environmental need and an economic opportunity,” said Jun Palanca, country manager for ING Philippines. “In the Philippines, we see huge potential across multiple sectors—particularly in renewable energy, sustainable infrastructure, and emerging areas like electric transport.”

Driving change: Accelerating the electric vehicle (EV) transition

Electric vehicles and charging infrastructure are among the fastest-growing sectors globally, with China nearing 50% of new car sales, Europe at 27%, and the US at 10%.

In the Philippines, where transport contributes 22.8% of the country’s carbon emissions, government incentives and the Electric Vehicle Industry Development Act are driving adoption. These measures are gaining traction—recent data shows that EV sales and registrations are rising. However, infrastructure gaps remain a key challenge, creating demand for new financing solutions to accelerate the transition and unlock broader market potential.

To help address this global shift, ING launched its Amsterdam-based Transition Accelerator team—designed to incubate promising innovations, scale early-stage technologies, and forge cross-value chain connections for systemwide change. The team has engaged over 300 prospects across four focus areas: clean mobility services (including EV charging infrastructure), sustainable materials, industrial innovation, and nature-based infrastructure.

In the first half of 2025 alone, ING closed four major EV charging transactions, including a €433 million green financing deal with Electra to deploy 15,000 charging points across nine European countries by 2030, and financing for EVgo to roll out approximately 2,100 fast-charging stalls across major US metropolitan areas.

ING Climate Update 2025

ING remains committed to financing the transition to net zero by 2050. The bank is on track to deliver €7.5 billion in renewables financing annually by year-end and continues progressing toward its €150 billion sustainable finance target by 2027.

ING’s latest Opens in a new tabClimate 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).

For the Philippines, this means continued support for clean energy projects, sustainable infrastructure development, and innovative financing solutions for businesses and communities—positioning the country as a key player in Southeast Asia’s clean energy 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://www.ing.com/climate.