APAC, AI and data centres drive global sustainable finance momentum: ING Sustainable Finance Pulse (Issue 8, 2025)

Singapore, 2 December 2025 – ING has released Opens in a new tabIssue 8 of its quarterly Sustainable Finance Pulse, spotlighting Asia-Pacific (APAC) as the growth engine of global sustainable finance, even as worldwide issuance eases from last year’s levels.

Global sustainable finance issuance totalled about USD 1.23 trillion in the first three quarters of 2025 – slightly below USD 1.298 trillion in the same period of 2024 but higher than in 2023 – with green bonds remaining the most popular and largest instrument.

In Q3 2025, issuance totalled USD 377 billion, 14% lower quarter-on-quarter and 6% below Q3 2024. Still, it remained well above the Q3 2023 trough of USD 291 billion, suggesting the market has broadly stabilised despite complex policy debates.

APAC remains a bright spot in global issuance

Against this backdrop, APAC remains the standout region in sustainable finance, with regional issuance reaching around USD 345 billion in the first three quarters of 2025, extending consecutive annual growth since 2021 and positioning the region for yet another record year.

Growth is driven by strong engagement from corporates and financial institutions, as well as the development of transition-finance frameworks across key markets that are expected to unlock further labelled issuance.

For ING, 2025 was already a record year in APAC by September, with sustainable finance volumes mobilised for clients roughly doubling year-on-year. Demand has been broad-based, with traditionally strong interest from financial institutions and TMT clients.

‘Hitting our full-year APAC sustainable finance target three months early underlines how robust the region’s sustainable finance market is”, said Martijn Hoogerwerf, head of Sustainable Solutions Group, ING APAC. “Our APAC clients not only want access to the sustainable finance market, but they also want tailored advice on financing structures that support their transition strategies.”

Recent ING APAC highlights include:

• ING acting as Joint Sustainability Coordinator on AirTrunk’s USD 2.24 billion facility to build a green hyperscale data centre in Singapore.
• ING’s role as Sole Green Coordinator on SERT’s second green bond issuance.
• ING acting as Sole Arranger and Sole Sustainability Coordinator on BDO’s PHP 115 billion ASEAN Sustainability Bond – the largest single corporate bond issuance in the Philippines to date.

“The strength of APAC’s sustainable finance market provides a solid platform for growth in Singapore and across South and Southeast Asia,” said Anand Sachdev, country manager for ING Singapore and head of South and Southeast Asia. “We’re seeing rising demand for green and sustainability-linked financing from sectors such as technology, media and telecom, particularly as clients expand data-centre capacity and integrate AI. ING is committed to partnering with businesses to accelerate their transition strategies, delivering solutions that combine environmental impact with commercial value.”

“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.”

Strong momentum in ING’s sustainable finance performance

In the first nine months of 2025, ING mobilised €110 billion of sustainable finance, up 29% year-on-year from €85.3 billion. The third quarter alone contributed €43.3 billion, a 54% year-on-year increase.

Green loans accounted for over half f ING’s sustainable finance transactions in Q3 for the first time, underscoring rising demand for transition-focused financing. Renewable energy financing remained strong, alongside interest in highly efficient data centres and real estate.

By region, EMEA remained the largest contributor to volume mobilised at 62%, followed by the Americas (24%) and APAC (14%). Across all regions, both deal volumes and the number of transactions increased.

Data centres, AI and energy drive the next global wave of investment

Opens in a new tabIssue 8 of the Sustainable Finance Pulse examines how data centres sit at the heart of the digital and AI economy and what this means for energy systems and sustainable finance.

Data volumes are expected to be more than 20 times higher by 2030 than in 2018, driving a global wave of investment in new capacity. At the same time, data centre energy demand could rise by around 130% by 2030, intensifying scrutiny around efficiency, grid impact and emissions – and putting financial structures under the spotlight.

With over 200 data centre transactions completed worldwide, ING is a pioneer and one of the leading financiers at the intersection of the energy and digital sectors, using green and sustainability-linked structures to encourage operators to cut emissions, improve efficiency and invest in technologies such as advanced cooling systems.

Outlook: Robust markets heading into 2026

ING expects full-year 2025 sustainable finance issuance to be broadly in line with 2024 and for the market to remain robust heading into 2026, supported by continued corporate decarbonisation commitments, rising demand for renewable power from data centres and AI, evolving regulatory frameworks and a renewed focus on climate ambition following COP30.

Recent C-suite surveys show sustainability remains a top strategic priority, with CEOs increasingly treating it as a driver of revenue and competitiveness rather than just compliance or cost. They are prioritising value-adding initiatives such as resilient supply chains, circular-economy practices and sustainable product innovation, which is feeding into stronger demand for ING’s sustainable finance solutions and advisory.

ING remains committed to mobilising €150 billion per year in sustainable finance by 2027, including €7.5 billion in annual renewables financing commitments by end-2025, and to supporting clients with credible transition plans across high-impact sectors.

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.