ANZ Sustainable Finance Insights Q3 2026

Global market issuance, at a glance  |  Key transactions  |  Policy and governance updates: Global, Australia, New Zealand, Asia, Europe, North America  |  ANZ news and updates

Global market issuance, at a glance

Notes: Sustainable Finance debt market comprises of Green Bonds, Social Bonds, Sustainability Bonds, Sustainability-Linked Bonds, Transition Bonds, Sustainability-Linked Loans, Green Loans, Sustainability Loans, Social Loans and Transition Loans.

Cumulative global sustainable finance issuance

Green, sustainability, social, transition and sustainability-linked debt issuance reached a record USD1.85trn in the nine months ended 30 September 2026, bringing total market cumulative issuance to approximately USD14.3trn. Although total Q3 Sustainable Finance debt issuance declined 2% YoY, bond issuance for the quarter remained strong, increasing 11% YoY to USD516bn to represent 89% of total Q3 issuance. Green Bonds represented the largest share of total sustainable finance issuance at 40%, closely followed by Social Bonds at 36%.

{CFINFOGRAPHIC: sustainable-finance-insights-chart-1.svg}
Source: Bloomberg, for the period ended 30 September 2026 (sourced 5 October 2026)
Note: Bloomberg implemented changes to the BNEF sustainable debt dataset during the 3rd quarter of 2025. These changes have significantly increased reported issuance volumes, particularly in Social Bond format. Much of this issuance was in North America.
 

Regional sustainable finance issuance^disclaimer

Europe led global sustainable finance issuance growth in Q3 2026, with quarterly volumes increasing 9% YoY to USD180.8bn, whilst Asia increased 3% YoY to USD128.6bn. North America remained the largest market in Q3, accounting for 44% of global quarterly issuance, despite volumes declining 10% YoY to USD254.1bn. Australian issuance increased 52% YoY to USD12.9bn in Q3 2026.

On a cumulative basis, Europe accounts for 40% of total issuance followed by North America (36%) and Asia (20%). Australia accounted for 2% of the total cumulative issuance.

{CFINFOGRAPHIC: sustainable-finance-insights-chart-2.svg}

Source: Bloomberg for the period ended 30 September 2026 (sourced 5 October 2026)
Note: Bloomberg implemented changes to the BNEF sustainable debt dataset during the 3rd quarter of 2025. These changes have significantly increased reported issuance volumes, particularly in Social Bond format. Much of this issuance was in North America.

Key transactions

Notable ANZ-supported transactions

• Deal spotlight

• FleetPartners Group completed a AUD400m asset-backed securitisation, its tenth Australian ABS issuance, including a AUD100m green ABS tranche aligned with the International Capital Market Association (ICMA) Green Bond Principles 2021. The green tranche exclusively funds leases for electric vehicles and has been certified as a “Climate Bond” by the CBI. ANZ acted as Joint Lead Manager.
  
  
• The South Australian Government Financing Authority (SAFA) priced its AUD1.5bn 2035 Sustainability Bond increase in July, taking total outstandings to ~AUD4.446bn. The transaction aligns with SAFA’s Sustainability Bond Framework (November 2023). Proceeds will be allocated to eligible environmental and social projects supporting the Government of South Australia's sustainability objectives. ANZ acted as Joint Lead Manager.
  
  
• SA Power Networks executed a AUD285m syndicated Green Loan in July 2026, under its recently updated Sustainable Financing Framework. The transaction is believed to be the first Green Loan in Australia to be fully aligned with the Australian Sustainable Finance Taxonomy. ANZ acted as Mandated Lead Arranger, Bookrunner and Sole Green Loan Coordinator.
  
  
• Endeavour Energy established a new AUD750m syndicated Sustainability-Linked Loan (SLL) facility to support one of Australia’s largest electricity distribution networks. The facility incorporates sustainability-linked KPIs relating to greenhouse gas emissions reduction including scope 3 emissions, landfill waste diversion and net habitat gain. Following the financing, 100% of Endeavour Energy’s bank debt incorporates SLL terms. ANZ acted as Sustainability Coordinator, Mandated Lead Arranger and Bookrunner.
  
  
• Property for Industry Limited (PFI) introduced adjustable Green debt tranches into its funding structure, enabling PFI’s funding structure to evolve alongside its Eligible Asset development pipeline. Consistent with PFI’s sustainability strategy, all significant new developments will target New Zealand Green Building Council’s 5 Green Star certification, whilst PFI continues to enhance the sustainability performance of existing assets. The transaction was supported by an updated Green Finance Framework consistent with the ICMA Green Bond Principles 2025 and the Loan Market Association (LMA), Asia Pacific Loan Market Association (APLMA), and Loan Syndications and Trading Association (LSTA) Green Loan Principles 2025. ANZ acted as lender and Joint Sustainability Coordinator.
  
  
• Tata Communications secured a USD275m Sustainability-Linked Loan (SLL) in August 2026. The SLL is structured to be in line with Tata Communications’ SLL Framework which was released in 2024 and aligned with their SBTi-validated Scope 1-3 emissions reduction targets. This is ANZ’s third SLL with Tata Communications where ANZ was Sustainability Coordinator. ANZ acted as Sole Sustainability Coordinator, Mandated Lead Arranger and Bookrunner and Facility Agent.
  
  
• CMB International Leasing Management Limited (CMB Leasing) has issued USD600m of 3-year floating rate “Clean Power” themed green bonds, as part of its USD20bn MTN program. The net proceeds of the bonds will be used to finance and/or refinance eligible green projects related to solar power generation under the Renewable Energy category as defined in CMB Leasing’s Sustainable Finance Framework. The Framework was updated and published in July 2026 and aligns with the latest ICMA and LMA principles. Moody’s has issued a second party opinion on the Framework, confirming its alignment with the latest principles. ANZ acted as Joint Bookrunner and Joint Lead Manager.
  
  
• Ho Chi Minh Development Bank secured a USD721m international syndicated social loan, the largest such facility raised by a Vietnamese organisation. The transaction was structured in accordance with the LMA, APLMA and LSTA Social Loan Principles and the bank's Sustainable Finance Framework. Proceeds will support financial inclusion through lending to micro, small and medium-sized enterprises, with a particular focus on women-owned businesses in Vietnam. ANZ acted as Mandated Lead Arranger and Bookrunner.
  
  
• Community Housing Funding Agency (CHFA) raised an additional NZD200m in social bonds, one year on from issuing New Zealand's first domestic social bonds. This represents CHFA’s fourth successful issuance since entering New Zealand’s capital markets in September 2025. Bond proceeds will support community and affordable housing across New Zealand. ANZ acted as sole Lead Manager and Sustainability Coordinator.
  
  
• Bekaert completed a EUR250m ESG-linked Schuldschein financing in July 2026. The financing comprises 3-year and 5-year tranches with a sustainability-linked pricing mechanism tied to GHG emissions, water consumption and waste reduction targets. ANZ participated as lender.
  
  
• Gaw Capital Partners has closed a HKD4.29bn loan backed by its Regent Hong Kong hotel, with lender commitments exceeding the target amount. The three-year loan drew 13 lenders including nine banks that joined during syndication and was oversubscribed during the syndication process. The 497-room Regent Hong Kong is a luxury waterfront hotel on Victoria Harbour owned by Gaw Capital and operated by IHG Hotels & Resorts. The facility is a sustainability-linked term loan, featuring two key sustainability performance targets focusing on electricity consumption and EarthCheck certification. ANZ acted as Mandated Lead Arranger, Underwriter and Bookrunner, as well as SLL Structuring Bank. 

Notable transactions globally

• ESB issued an inaugural EUR500m 10-year European Green Bond (EuGB), becoming the first Irish issuer to issue under the EuGB Regulation. The bond was issued under ESB's updated Green Finance Framework and accompanying EuGB Factsheet, with proceeds to be allocated to eligible investments supporting the decarbonisation of Ireland's energy system, including electricity transmission and distribution infrastructure, renewable energy generation and battery energy storage systems. The transaction is one of the earliest corporate issuances under the new EuGB regime, which requires enhanced EU Taxonomy alignment, disclosure and external review requirements relative to traditional green bond frameworks.
  
  
• New Zealand’s Local Government Funding Agency launched a Sustainable Water Action Loan (SWALe) Lending Programme. It states that each SWALe is a SLL, with borrowers who enter into a SWALe being required to report against and meet two KPIs: a compulsory Nitrogen & Phosphorus KPI, and any one of three optional KPIs relating to Biogenic GHG Emissions, Embodied Carbon, or Water Efficiency.
  
  
• MuniFin (Municipality Finance Plc) issued a EUR1bn 5-year Green Bond, being its first euro-denominated green benchmark bond of the year and the tenth anniversary of its green bond programme. Final orders exceeded EUR8.1bn, representing more than eight times oversubscription and reportedly constituting both the largest green bond order book in MuniFin's history and the largest order book achieved by a Nordic SSA green bond issuer. Strong demand enabled the issuer to tighten pricing by 3 basis points during execution and achieve a 1 basis point greenium, according to a Joint Lead Manager on the transaction. Proceeds will be allocated to eligible projects under MuniFin's Green Finance Framework, supporting environmentally sustainable investments by Finnish municipalities and public sector entities.
  
  
• TenneT Netherlands priced a EUR2.5bn dual-tranche Green Bond, comprising a EUR1.5bn 7-year tranche and a EUR1bn 15-year tranche issued under its Dutch State-guaranteed funding programme. The transaction attracted combined orderbooks exceeding EUR17bn, reflecting exceptionally strong investor demand for large-scale energy-transition infrastructure financing. Proceeds will support investments in the Dutch electricity transmission network, including grid expansion and reinforcement required to facilitate renewable energy integration and broader electrification of the economy.

Policy and governance updates

Global  |  Australia  |  New Zealand  |  Asia  |  Europe  |  North America

Global

• Climate Bonds Initiative (CBI) updated their Climate Bonds Taxonomy and interactive platform in July. The updates aim to allow users to explore climate science aligned mitigation, adaptation and resilience opportunities within a single framework. Key changes are: expanded mitigation coverage across key transition sectors, the introduction of selected resilience investments, a revised structure covering eligible economic activities, physical assets and measures while removing "excluded activities", the incorporation of selected criteria from local taxonomies as globally applicable standards, and the launch of a new interactive, searchable and filterable taxonomy format.
  
  
• CBI has also proposed an "equivalence methodology" intended to recognise alignment between credible sustainable finance taxonomies, with the Australian Sustainable Finance Taxonomy selected as the pilot framework. The initiative aims to improve interoperability and support cross-border sustainable finance markets.
  
  
• The Greenhouse Gas Protocol (GHG Protocol) announced in July that GHG Protocol and the ISO will combine their corporate carbon accounting standards into what they say will be a single, harmonised global accounting standard. They aim for the publication of a single, co-branded corporate standard, with an integrated public consultation on the future corporate standard planned for Q2 2027. The decision, which will integrate the two most widely used carbon accounting standards, aligns with the COP30 Action Agenda which calls for greater harmonisation of global GHG accounting standards.
  
  
• The International Finance Corporation (IFC) updated its Green Bond Framework in July. IFC states that proceeds from IFC’s Green Bonds support the financing of projects that address a diverse range of environmental objectives, including adaptation and resilience, biodiversity and nature, ocean and water protection, climate change mitigation, and a circular economy. The updated framework highlights outcomes such as quality jobs, resilient livelihoods, and inclusive economic participation as integral components of climate-smart business. The Second Party Opinion was provided by S&P Global Ratings, who confirmed the framework’s full alignment with the Green Bond Principles published by ICMA.
  
  
• The International Sustainability Standards Board (ISSB) proposed updates to the ISSB Sustainability Disclosure Taxonomy to reflect amendments made to GHG emission disclosures in 2025. In addition, the ISSB released an exposure draft for a new International Financial Reporting Standards (IFRS) Practice Statement on nature-related disclosures.
  
  
• The Partnership for Carbon Accounting Financials (PCAF) announced seven priority areas for its 2026-2028 Standard Development Cycle. The priorities include developing new GHG emission methodologies for asset-based finance and insurance claims in addition to developing implementation resources for standards relating to inventory fluctuation, transient finance and agriculture, forestry and land-use change. These priorities will form part of PCAF’s broader objective of developing robust globally applicable GHG accounting guidance.
  
  
• To support the rollout of the Corporate Net Zero Standard V2.0, which will become operational in 2027, the Science Based Targets initiative (SBTi) launched a Readiness Assessment Service allowing companies to validate the suitability of their existing targets to the new Standard and identify actions required to update targets to meet the new criteria. In addition, SBTi published its Mandatory Five-Year Review Guidance and a Commitment and Target Statuses Document. These documents aim to provide companies with greater clarity over the relevance and validity of their existing targets in relation to their business operations and compliance with SBTi requirements.
  
  
• The Taskforce on Nature-related Financial Disclosures (TNFD) continues to work towards its goal of having all additional sector guidance (in relation to its recommendations published in 2023) released and supporting the ISSB in initiating a standard-setting process on nature-related risks and opportunities. In addition to releasing sector guidance for the technology, communications, and alternative fuels sectors, the TNFD has released guidance on how to incorporate considerations of environmental crime when assessing an organisation’s nature-related risks and opportunities. On top of this, a discussion paper proposing refinements to invasive alien species disclosure metrics has been published by TNFD and is open for public consultation.
  
  
• The UNEP FI has published a Conceptual Framework for Sustainability Risk Integration aiming to provide jurisdiction-neutral scalable guidance to Financial Institutions on how to embed sustainability risks into existing risk management systems. The framework sits within the ecosystem of the UN’s Principles for Responsible Banking, a voluntary global benchmark developed to denote what constitutes responsible banking practices that are aligned with UN SDGs and the Paris Agreement.
  
  
• Further, the UNEP FI has, in its endeavour to strengthen the integration of sustainability into financial markets, also released an Adaptation Finance Taxonomy Playbook. The Playbook aims to provide clarity over definitions of adaptation finance within taxonomies thereby encouraging greater functionality and interoperability of taxonomies in relation to activities which contribute to climate adaptation and resilience as opposed to mitigation. 

Australia

• The Australian Government published voluntary guidance to help organisations plan for the impacts of the net zero transition and changing climate on their operations. They state that the guidance gives practical advice, examples and material on good practice resources. It focuses on the Australian context.
  
  
• The Australian Government established the Office of AI in July with the stated aim of accelerating the development and implementation of Australian AI standards. The standards are expected to be legislated in early 2027 and would introduce legal obligations for data centres to underwrite their own power supply, fully cover grid connection cost and improve water efficiency. The proposed standards also aim to bolster safety practices around AI use and training.
  
  
• The Australian Securities and Investments Commission (ASIC) has published its review of climate-related financial disclosures (CRFD) lodged by entities with financial years ending 31 December 2025. ASIC identified opportunities to improve forward-looking information and disclosures involving assumptions or judgments. Its eight action items include clearer links between sustainability and financial reporting, explanations of judgments and measurement uncertainty and recognition of climate targets imposed by law or regulation.
  
  
• ASFI announced it has taken a step towards expanding the Australian Sustainable Finance Taxonomy to include adaptation and resilience by convening the inaugural Steering Committee meeting for the Australian Adaptation and Resilience Taxonomy Scoping Project. The project will assess international approaches and their relevance to Australia, define the objectives, users and use cases for taxonomy expansion, identify priority sectors and activities, develop and validate a methodology for adaptation and resilience criteria, and deliver a clear roadmap for expanding the Australian Taxonomy.
  
  
• The Australian Treasury released a consultation paper on improving the efficiency of CRFD with proposed reforms centred on four principles: ensuring alignment between Australian Accounting Standards Board S2 (AASB S2) and its international baseline counterpart, IFRS S2; reducing compliance costs associated with sustainability reporting (including delaying the required transition from limited to reasonable assurance and reducing the burden of information requests across supply chains); minimising disruptions for reporting entities; and enabling the 2028-29 review of the CRFD regime to focus on systemic implementation issues rather than efficiency enhancements. The reforms would require amendments to the Corporations Act 2001 and AASB S2.
  
  
• Australia’s Clean Energy Regulator made amendments to the National Greenhouse and Energy Reporting (NGER) Scheme. The amendments, which will apply from the 2026-2027 reporting year onwards, update reporting requirements around renewable fuels, fugitive emissions from coal mines and oil and gas operations, Scope 2 emissions and methane emissions.
  
  
• The Treasury Laws Amendment (Financial Reporting System Reform) Act 2026 passed Parliament, reforming Australia’s financial reporting framework by combining the functions and powers of the Financial Reporting Council, Australian Accounting Standards Board, and Auditing and Assurance Standards Board into a single body, the External Reporting Australia. The body will oversee accounting, auditing, assurance and sustainability standard-setting.
  
  
• Implementation of reforms to Australia’s Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) are now underway. Australia’s new independent environmental regulator, the National Environmental Protection Agency (EPA), was established on 1 July 2026. The National EPA consolidates regulatory functions of Australia’s environmental laws into one agency, with the intention to strengthen oversight, rebuild trust and modernise national environmental regulation. Key workstreams include regulating development to protect matters of national environmental significance. This was followed in August by registration of the first four National Environmental Standards, which set principles that must be met when future projects are assessed under the EPBC Act.
  
  
• The Safeguard Mechanism (SGM) is the Australian Government’s policy for reducing emissions at Australia’s largest industrial facilities. The SGM sets legislated limits on the annual GHG emissions of these facilities, in line with Australia’s emission reduction targets. The Department of Climate Change, Energy, the Environment and Water (DCCEEW) is currently undertaking its scheduled review of the SGM, to ensure the reformed scheme settings remain appropriately calibrated and continue to deliver emissions reductions in line with Australia’s targets. The review considers a range of SGM settings, including whether the scheme is appropriately incentivising onsite abatement, scheme coverage arrangements and the future role of Australian Carbon Credit Units (ACCUs) and international carbon units. Public consultation has now closed, with updated policy positions and any draft rule amendments expected in early 2027.
  
  
• The Australian Government joined over 90 countries in ratifying the High Seas Biodiversity Treaty. The Treaty covers conservation and sustainable use of biodiversity in oceanic areas beyond national jurisdiction – known as the “high seas” – which account for more than 60% of global oceans. The High Seas Biodiversity Act 2026 commenced on 23 October 2026.
  
  
• The Australian Government unveiled its Sustainable Ocean Plan, the nation’s first overarching plan for its ocean and ocean economy. The plan intends to guide collective action to address increasing challenges faced by Australia’s ocean and coasts; adapt to, mitigate and build resilience to climate change and extreme marine events; and sustainably grow Australia’s AUD229bn ocean economy. To guide implementation across eight focus areas, the Australian Government has committed to establishing the National Ocean Steering Committee and National Ocean Advisory Group.
  
  
• Australia’s Nature Repair Committee consulted on a proposed third method for the Nature Repair Market, the world’s first legislated national biodiversity market. The proposed Enhancing Native Vegetation method would support projects in Australia’s productive and historically cleared terrestrial areas, with flexibility for proponents to restore, enhance and/or maintain native vegetation. The Committee’s consultation follows 2025 consultation on method design, with this round focused on whether the proposed method meets the required biodiversity integrity standards.
  
  
• The Australian Government has identified low carbon liquid fuels (LCLF) as a Future Made in Australia priority. Feedback from the LCLF industry suggests that supply-side support alone is unlikely to attract necessary investment to grow domestic production. In response, the Government is now consulting on a potential demand mechanism, with views sought as to level of policy ambition, fuel coverage, crediting arrangements and carbon intensity requirements. The consultation is intended to inform most of the core design decisions that will shape future operation of the mechanism.

New Zealand

• New Zealand’s Advertising Standards Authority (ASA) released an updated self-regulatory Advertising Standards Code, which requires environmental claims to be truthful and substantiated by evidence reflecting scientific and technological developments. Advertisers must not omit material information affecting consumers’ understanding of environmental impacts. This applies to new advertising from 1 February 2027.
  
  
• The External Reporting Board (XRB) launched a consultation on a new climate reporting roadmap which proposes replacing the current NZ climate standards with NZ IFRS S2. The proposed NZ IFRS S2 aims to align New Zealand’s climate reporting with both the IFRS S2 (international climate reporting standard) and the AASB S2 (Australia’s climate-related disclosure standards) while also incorporating modifications to reflect New Zealand’s legislative and regulatory environment.
  
  
• An amendment bill to the Climate Change Response Act 2002 was introduced to the New Zealand Parliament in July and is expected to be passed after the general election in November. The proposed amendments would, among other things, simplify the administration of various compliance processes, make imported carbon dioxide a mandatory covered activity under the NZ Emissions Trading Scheme (ETS), establish a new market reporting and conduct regime for unit trading, reduce complexity for forestry participants by providing greater regulatory flexibility, create a framework for recognising additional carbon removal activities, allow national adaptation plans to be amended at any time and require local councils to prepare adaptation plans.

Asia

• Singapore’s Accounting and Corporate Regulatory Authority (ACRA) commenced public consultation on the draft Singapore Sustainability Disclosure Standards (SDS). The SDS is comprised of two standards: SFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information; and SFRS S2 Climate-related Disclosures, both of which are derived from the ISSB’s IFRS S1 and S2 standards and adapted for the Singaporean context. ACRA simultaneously launched the Sustainability Assurance Board of Knowledge to develop Singapore’s sustainability assurance capabilities. By 2030, the SDS will mandate climate-related reporting for large non-listed companies.
  
  
• In July, the Chinese Government published the 15^th Five-Year Plan for Addressing Climate Change (2026-2030) and signalled an effort to expand China’s emissions trading market. Shortly after the Government announced plans to include additional high-emission industries, such as petrochemicals, to participate in carbon trading and plans to incentivise participation in the voluntary carbon market. China’s Ecological and Environmental Code also came into force in August, consolidating more than 30 laws and 100 administrative regulations into a single framework for the systematic governance of ecological and environmental protection. The Code integrates provisions relating to pollution prevention and control, ecological protection and green and low-carbon developments including providing a statutory legal basis for China’s carbon emission trading market thereby strengthening the enforceability of trading allowances and emission data verification.
  
  
• The South Korean Financial Services Commission (FSC) released its final roadmap for the Korean Sustainability Disclosure Standards (KSDS) expanding the scope of companies who will be subject to disclosure requirements and confirming timetable of the KSDS rollout. Companies listed on the KOSPI with total assets of KRW10trn or more, reduced from the previously proposed KRW30trn threshold, will begin reporting from 2027, followed by companies with KRW5trn or more in assets, reduced from the previously proposed KRW10trn threshold, from 2028. The roadmap also confirms that disclosure of Scope 3 emissions and third-party assurance will remain voluntary until 2030. The KSDS will be implemented progressively from 2027. Following the release of the roadmap, the South Korean National Assembly amended the Financial Investment Services and Capital Markets Act to facilitate the implementation of the KSDS.
  
  
• The Hong Kong Government, in its 2026 Policy Address, committed to advancing the development of green and sustainable finance, announcing plans to explore participation in cross-boundary carbon trading, introduce a green equity designation scheme on the HKEX, achieve full adoption of ISSB Standards by large public entities by 2028 and explore new applications of Hong Kong’s Taxonomy for Sustainable Finance.
  
  
• In September, HKMA published a prototype of and launched a consultation on Phase 2B of the Hong Kong Taxonomy for Sustainable Finance. The proposed taxonomy adds 10 new mitigation and transition activities, enhances climate change adaptation methodology and addresses location-specific climate needs through the introduction of a process-based approach and introduces four new environmental objectives (biodiversity, nature, and ecosystem protection; sustainable use and conservation of water resources; pollution prevention and control; and resource efficiency and circular economy).
  
  
• Japan’s Ministry of Environment has updated its guidelines on green and sustainability linked bonds and loans setting out the characteristics of a credible internationally accepted green bond or SLL and providing guidance on the use of external reviews to enhance the transparency and credibility of sustainable finance instruments.
  
  
• The Monetary Authority of Singapore (MAS) and the People’s Bank of China held the annual China Green Finance Taskforce meeting in September. With more than 50 industry and regulatory participants in attendance, discussion focused on expanding collaboration on taxonomy interoperability of transition activities, encouraging the issuance of green panda bonds and advancing adaptation and resilience priorities across sector. Emerging areas of interest such as biodiversity credits were also discussed.
  
  
• The Mongolian Government launched version 2 of their SDG Finance Taxonomy to the UN High-level Forum on Sustainable Finance. The taxonomy which is revised from its 2023 publication adopts a technical screening criteria and introduces an assessment approach to incorporate methodology in alignment with international taxonomies and increase the interoperability across regions.
  
  
• The Thailand Public Debt Management Office updated the Kingdom of Thailand Sustainability-Linked Financing Framework, which includes a KPI aimed at increasing the share of protected terrestrial and freshwater areas, including Other Effective Area-Based Conservation Measures, to at least 30% of Thailand’s territory by 2030. This is in addition to a KPI targeting a reduction in Thailand’s net GHG emissions.
  
  
• Thailand’s Securities and Exchange Commission amended regulations in September to strengthen disclosure requirements for ESG bonds and the issuance of transition and amber bonds. Under the revised framework, transition bonds must comply with standards developed by ICMA and CBI, while eligible amber activities are defined under the Thailand Taxonomy.
  
  
• Hong Kong’s Securities and Futures Commission and the China Securities Regulatory Commission announced several initiatives aimed at strengthening regulatory cooperation and deepening the harmonisation of Hong Kong and Mainland China’s capital markets. One initiative involves encouraging the development of green finance via piloting programmes designed to support the disclosure of climate-related transition plans by listed companies in both markets.

Europe

• The European Central Bank (ECB) is applying a new climate risk factor within its collateral framework, enabling it to reduce the lending value of corporate bonds pledged by banks when issuers are assessed as being more exposed to climate transition risks. The climate factor incorporates sector-level transition risk, firm-level indicators (including GHG emissions, decarbonisation targets and climate-related disclosures) and asset-level vulnerability. The ECB indicated that issuers with higher emissions, weaker transition plans and less comprehensive climate disclosures may be subject to larger collateral haircuts, with utilities, materials and transport among the sectors expected to be most affected. The measure forms part of the ECB’s broader integration of climate considerations into monetary policy and will be reviewed periodically as climate-risk methodologies, data and regulatory frameworks evolve.
  
  
• The European Commission released its proposed Electrification Action Plan and EU Emissions Trading System (ETS) review, suggesting a slower pace for the reduction of its carbon market's emissions cap to annual cuts of 3.7% during 2031-2035, and 1.7% from 2036 onwards (previously 4.3% for 2024-2027 and 4.4% from 2028-2030). The proposal would also extend the issuance of ETS allowances into the 2040s (cap was previously to be reduced to zero by 2039). The proposal forms part of the Commission’s broader efforts to support industrial competitiveness, decarbonisation and energy independence.
  
  
• The European Commission revised the European Sustainability Reporting Standards (ESRS) with the aim of reducing compliance burdens and improving consistency of the ESRS with other EU legislation and international reporting standards. The revision simplifies reporting requirements, reducing mandatory datapoints by more than 60% and total datapoints by more than 70%. Additional revisions to the ESRS were adopted in September establishing a voluntary sustainability reporting standard for companies not subject to mandatory reporting under the CSRD. The reporting standard limits the extent of ESG data that large companies can request from SMEs and creates a single reference framework for companies outside the scope of the CSRD.
  
  
• The European Commission's accounting adviser, EFRAG, has released draft ESG reporting rules for consultation that are proposed to apply to non-EU companies with annual European revenue exceeding EUR450m, which is estimated to cover around 1,200 companies from the 2028 financial year. EFRAG has stated that the objective of ESRS-40a reporting is to ensure a level playing field for undertakings operating in the EU market, as well as to improve transparency on the impacts on people and the environment of non-EU undertakings with relevant EU activities.
  
  
• Separately, EFRAG released a draft ESRS XBRL taxonomy and a draft list of revised datapoints intended to provide the technical structure needed to digitalise ESRS disclosures. The final taxonomy is expected to be submitted by the end of 2026.
  
  
• The European Commission has proposed a common rating scheme for data centres with the aim of ensuring transparent information on their use of energy and water. The proposed regulation, which is currently subject to a two-month scrutiny period by the European Parliament, builds on the Electrification Action Plan and the Strategic Roadmap on digitalisation and AI in the Energy Sector.
  
  
• The European Commission adopted three certification methodologies for carbon farming under the Carbon Removals and Carbon Farming Regulation.
  
  
• The European Securities and Markets Authority (ESMA) published its first list of approved ESG rating providers in August under the EU's new ESG Ratings Regulation, as it seeks to increase supervision of ESG ratings. It has also published a list of companies that have notified ESMA of their intention to comply with the regime, including names such as Sustainable Fitch, Sustainalytics, Bloomberg, and S&P. The Commission Delegated Regulation 2026/1119, now in force, establishes the technical standards regarding information ESG rating providers must submit when applying for registration with the ESMA.
  
  
• The Türkiye Emission Trading System (ETS) Regulation came into force in August, establishing a regulatory framework for Türkiye’s ETS including detailed rules on emission permits, monitoring, verification and allowance allocations for large emitters. The system is to be rolled out gradually through a pilot phase; the Carbon Market Board will work on developing a set timeline for the regulation’s implementation. On a separate note, the Carbon Market Board has released two new guidelines around the compulsory duty for issuers who label debt instruments as green, social or sustainability linked.
  
  
• The UK’s HM Revenue and Customs published a list of international carbon pricing schemes that will qualify for carbon relief when the UK Carbon Border Adjustment Mechanism (CBAM) becomes operational in 2027.
  
  
• The UK Government has proposed amending the Companies Act 2006 to simplify sustainability reporting. The proposed amendments would see the removal of a prescribed list of disclosure requirements on specific ESG matters and instead mandate companies to report only on ESG issues which are financially material to their performance. A consultation on the proposals has been launched and closes on 30 November 2026.

North America

• The California Air Resources Board (CARB) submitted various regulations for approval that detail the requirements and implementation of the Climate Corporate Data Accountability Act (SB 253) and the Climate-Related Financial Risk Act (SB 261). In July, CARB proposed regulations that would defer the first reporting deadline for Scope 1 and 2 emissions from August to November 2026, while also confirming that enforcement discretion will be applied in the first year. Guidance and proposed regulations relating to Scope 3 emission reporting, which is scheduled to commence in 2027, along with various other technical aspects of the climate disclosure laws are ongoing.
  
  
• The Canadian Government established an Expert Taskforce on Natural Capital Accounting and Nature Financing which will provide independent advice on how the Government can best measure, value and account for nature in decision-making, develop recommendations on how to mobilise private investment for nature-positive outcomes and consult with Indigenous Partners to incorporate their perspectives on conservation.
  
  
• The Canadian Government is also exploring a policy framework to trade internationally transferred mitigation outcomes (ITMOs), with the aim of enabling Canadian companies to participate in international carbon markets.
  
  
• Canada Pension Plan Investment Board (CPP Investments) announced additional portfolio-level disclosures related to its carbon footprint, introducing a snapshot of carbon intensity and transition governance indicators across the Fund’s holdings. While CPP Investments has reported portfolio carbon footprint metrics since 2018, it states the enhanced reporting provides a point-in-time view of the composition of that footprint by classifying individual portfolio holdings across two dimensions: Carbon Intensity and Transition Governance.
  
  
• The Canadian Taxonomy and Transition Planning Council in collaboration with the Canadian Climate Institute and Business Future Pathways published a draft methodology report for the development of a voluntary Canadian sustainable finance taxonomy. In its current form, the taxonomy would separate climate-aligned economic activities into three categories: green, transition and abatement. The proposed methodology is said to be guided by six core principles which includes ensuring definitions and assessment criteria are grounded in climate science, the taxonomy is interoperable with taxonomies in other jurisdictions, is scalable across organisations of varying size and maturity and it is forward looking. The taxonomy for six priority sectors is scheduled to be finalised by the end of 2027 as mandated by the Canadian Government.

ANZ news and updates

ANZ is financing a sustainable transition by mobilising and deploying capital to support our customers to transition. ANZ’s highlights for the quarter include:

Sustainable Finance Awards

Crisil Coalition Greenwich Voice of Client New Zealand Large Corporate Relationship Banking Study 2026

• =#1 Lead Bank Penetration for ESG/Sustainable Finance 2025-2026 (equal #1)
  
  
• #1 ESG/Sustainable Finance Bank of Choice amongst those seriously considering undertaking an ESG loan in the next 12 months 2025-2026

This is in addition to the Sustainable Finance Awards from the Crisil Coalition Greenwich Voice of Client Australia Large Corporate Relationship Banking Study 2026 published in the Q2 2026 ANZ Sustainable Finance Insights. 

ANZ publications and research

• From feedstocks to fuel security: building Australia’s biofuels future examines how biofuels and other low-carbon liquid fuels could strengthen Australia’s fuel security, support regional economic development and contribute to decarbonisation, particularly in hard-to-electrify sectors such as aviation, freight, mining and agriculture.
  
  
• ANZ and the Energy Efficiency Council released Forgotten Fuel factsheets that highlight the benefits of key efficient and electric solutions in Australian homes. The Forgotten Fuel factsheets accompany the Forgotten Fuel series of reports. They offer a simple overview of the upfront costs of products and their installation, the annual energy bill savings realised by installing the products, as well as the associated payback periods for doing so.
  
  
• A recent Commodity Call report published by ANZ Research highlights a constructive outlook for European and Australian carbon markets, with tightening emissions policies and compliance obligations expected to support long-term demand growth. In Europe, EUAs continue to benefit from Fit for 55 reforms and declining allowance supply, while in Australia, ACCU demand is expected to strengthen as the SGM becomes more stringent, although adequate near-term supply is likely to moderate price gains.
  
  
• ANZ reflected on the first year of its Fuelling the Fire strategy, highlighting progress in advancing First Nations economic self-determination through improved financial inclusion, expanded financial education initiatives, increased access to finance for First Nations businesses and strengthened cultural capability across the organisation. The update outlines how ANZ is embedding First Nations perspectives into its core banking activities while supporting business growth, entrepreneurship, leadership development and long-term economic participation.
  
  
• An analysis on China’s changing role in the energy transition examines how growing demand for critical minerals, renewable energy technologies, batteries and electric vehicles is reshaping regional trade flows. The article highlights the increasing importance of decarbonisation, energy security and digitalisation, noting that low-carbon technologies and advanced manufacturing are becoming central drivers of future economic growth and investment across the Asia-Pacific region.
  
  
• ANZ and The University of Queensland announced a pilot tool designed to improve understanding of First Nations business participation across the Australian economy. By bringing together public supply-chain and business data, the initiative aims to help organisations identify opportunities for procurement, investment and commercial partnerships, supporting stronger engagement with Indigenous-owned businesses and greater First Nations economic participation. 

ANZ Sustainable Finance, “Out and About”

• Hong Kong Green Week (7-11 September 2026) brought together policymakers, financial institutions, corporates and investors to discuss Asia's sustainable growth priorities. Organised by the HKMA, the event focused on six key themes: inclusive transition, climate adaptation and resilience, green technology, green trade and supply chain resilience, nature and biodiversity conservation, and investing for social impact.
  
  
• In Singapore, ANZ hosted APLMA’s Beyond Green: The Next Frontier in Sustainable Finance seminar. Discussions highlighted the growing focus of sustainable finance beyond traditional green projects, including transition, adaptation, social impact and innovative financing structures to address real-world sustainability challenges.
  
  
• ANZ’s Sustainable Finance New Zealand team attended the Responsible Investment Association of Australasia (RIAA) Conference Aotearoa held in Tāmaki Makaurau, Auckland where Head of Sustainable Finance NZ, Dean Spicer discussed opportunities to unlock Aotearoa’s impact capital pipeline, while Associate Director Camden Howitt joined a discussion on emerging nature finance models, investor perspectives, and what is required to attract private capital into nature and climate resilience outcomes.
  
  
• In Melbourne, ANZ hosted the Energy Efficiency Council’s Productive Future-ready Businesses Summit. ANZ’s Head of Climate and Environment Strategy Michelle Sichlau noted: “Finance plays an important role in supporting businesses to seize the opportunity of electrification and switching to low-carbon fuels to improve energy resilience and productivity.”
  
  
• ANZ hosted customers and partners at the Bush Heritage Australia Allies for Nature Breakfast in Melbourne, which featured a panel discussion on placing nature at the centre of decision-making.
  
  
• Bronwyn Corbet, Executive Director, Sustainable Finance, participated in the Deakin Business School and Steward Leadership Institute panel discussion to explore how capital can be deployed to deliver economic returns alongside tangible climate adaptation and mitigation outcomes.
  
  
• Cindy Arthur, Head of ESG, ANZ Business & Private Bank, was named a finalist for the ESG and Sustainability Initiative of the Year Award at the Women in Banking and Finance (WiBF) Industry Awards. 

{CFINFOGRAPHIC: akl-riaa-conference-nz-2026.jpg}