Sustainable finance reaches USD 1,231 bn; ING APAC sees strong PH growth

Metro Manila, Philippines, 17 December 2025 – ING, a global leader in sustainable finance, has released its Opens in a new tabSustainable Finance Pulse (Issue 8, 2025), revealing that global sustainable finance issuance reached USD 1,231 billion in the first three quarters of 2025. This represents a modest decline from the USD 1,298 billion recorded in the same period last year.

Q3 2025 issuance totalled USD 377 billion globally, marking a 14% quarter-on-quarter decrease and 6% lower compared to Q3 2024. Green bonds continue to dominate as the preferred instrument, while green loans have shown strong year-on-year growth driven by corporate demand worldwide.

In the Asia-Pacific (APAC) region, USD 345 billion Q1-Q3 sustainable finance issuance signals continued growth since 2021, putting the region on track for another record year.

“Even against a backdrop of geopolitical uncertainty and shifting policy signals, sustainable finance has proven remarkably resilient,” said Deepali Bhargava, head of research and chief economist for ING APAC. “Corporates in APAC are pressing ahead with decarbonisation, and the rapid growth of AI and data centres is creating powerful new demand for clean energy, keeping sustainable finance central to funding the transition in 2026 and beyond.”

ING delivers robust Q3 performance

ING mobilized €110 billion in sustainable finance for the first three quarters of 2025 – a 29% increase compared to the same period in 2024. This growth was driven by a consistent performance across three quarters, with Q3 contributing €43.3 billion, representing 54% growth versus Q3 2024.

Green loans led ING's leading product category by number of transactions, surpassing sustainability-linked loans and green bonds. The uptick in green lending has been seen across all regions, driven by renewables and strong demand for highly efficient data centers and real estate.

ING completed a total of 139 sustainable finance transactions in Q3 2025. The EMEA region remained the largest contributor to volume mobilized at 62%, followed by the Americas at 24% and APAC at 14%. The Americas maintained steady performance despite geopolitical uncertainties, while APAC saw strong client demand for sustainable finance products, particularly from financial institutions and the technology, media, and telecommunications sectors.

ING is also leading the race in data center financing, completing over 200 data center deals worldwide and helping pioneer the first euro-based asset-backed securitization for data centers – a €640 million transaction with Vantage Data Centres in 2025.

ING APAC sees continued growth; the Philippines accelerates energy transition

ING APAC achieved its year-end sustainable finance volume target by September, driven by robust client demand across the region. Financial Institutions (FIs) and the Telecommunications, Media and Technology (TMT) sectors remained key contributors, highlighted by multiple data centre transactions closed in 2025. Beyond these traditional drivers, momentum is building across a broader range of industries, reflecting the deepening integration of sustainability into corporate strategies. The region is also witnessing the early rise of transition-labelled transactions, with further growth expected into 2026.

"APAC’s sustainable finance market is demonstrating remarkable resilience, with ING APAC reaching our year-end volume target three months ahead of schedule,” said Diana Tang, director for Sustainable Solutions Group (APAC) for ING. “What we're seeing across the region is a fundamental shift in how clients see sustainability, from a compliance requirement to a driver of business value and competitive advantage. ING's role is to provide the financing solutions and sector expertise that enable our clients across APAC to execute their transition strategies effectively."

The Philippines is capitalizing on this regional momentum with measurable progress in its energy transition. The Department of Energy's (DOE) energy roadmap established an ambitious target of 35% renewable energy share in the power generation mix by 2030 and 40% by 2040 under the Clean Energy Scenario. This is spurring renewables growth and in turn the growth of the sustainable finance market, with year-to-date issuances exceeding USD10bn. The country's Green Energy Auction also secured commitments for approximately 10.2 gigawatts of renewable energy capacity. In a historic milestone, the Philippines is set to record an annual decline in coal power generation for the first time in almost 20 years.

Data centers driving sustainable energy demand across APAC

Data centers and charging infrastructure are among the fastest-growing sectors globally. With AI driving exponential growth, the International Energy Agency projects a 130% increase in data center power consumption by 2030. This surge creates both challenges and opportunities for sustainable finance.

In the Philippines, the data center market is experiencing robust growth, with the country targeting 1 gigawatt of hyperscale data center capacity by 2026. The government has actively urged hyperscale data centers to adopt green practices, with the Department of Energy's Green Energy Option Program enabling large electricity consumers, including data centers, to source power directly from renewable energy suppliers. Leading facilities in the country are already transitioning to 100% renewable energy operations. This alignment between data center growth and renewable energy infrastructure creates significant opportunities for sustainable finance solutions that support both digital transformation and climate objectives.

ING as a champion for sustainable finance

Amid evolving policy frameworks and shifting client priorities on sustainable finance, ING enables clients to transition through innovative financing structures, deep sector expertise, and long-term partnerships. As markets across APAC, including the Philippines, continue to develop their sustainable finance frameworks, ING's global capabilities and local presence position the bank to support clients in executing their transition plans effectively.

"The global sustainable finance market's resilience creates a strong foundation for growth in our Philippine operations," said Jun Palanca, country manager for ING Philippines. "We're seeing increased client interest in sustainable finance products across multiple sectors, and we're responding by strengthening our local team's expertise and expanding our product offerings. ING Philippines is committed to being a leading partner for companies driving the country's energy transition, supporting projects that deliver both environmental impact and commercial value."

ING's progress toward its €150 billion annual sustainable finance target by 2027 reflects sustained client demand for financing solutions that support decarbonization strategies. The bank remains committed to delivering the expertise and capital that enable clients across sectors and regions to transition to a low-carbon economy and greener energy sources.

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.