ANZ Sustainable Finance Insights, Q3 2025

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

All market data is sourced from Bloomberg/BloombergNEF and includes original and tapped issuance, unless otherwise noted.

Graph 1 and 2: Sustainable debt issuance broadly consistent, driven by bond markets

Notes:
Comprises Sustainability-Linked Loans, Green Loans, Social Loans, Sustainability Loans and Transition Loans.

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Source: Bloomberg/BloombergNEF, for the period ended 30 September 2025 (sourced 7 October 2025)
Bloomberg / Bloomberg NEF implemented changes to the BNEF sustainable debt dataset during the quarter. These changes have significantly increased reported issuance volumes, particularly in Social Bond format. Much of this issuance was in North America.

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Source: Bloomberg/BloombergNEF, for the period ended 30 September 2025 (sourced 7 October)
Bloomberg / Bloomberg NEF implemented changes to the BNEF sustainable debt dataset during the quarter. 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: New Zealand’s Community Housing Funding Agency (CHFA) inaugural social bond
  
  • CHFA successfully priced an A+ rated NZD200m social bond, issuing a NZD100m fixed rate 3-year bond and a NZD100m 5-year bond, attracting 19 investors for its debut issue. The transaction was issued under CHFA’s Social Finance Framework, aligned to the International Capital Market Association (ICMA) Social Bond Principles and Social Loan Principles. Proceeds will finance community housing providers across New Zealand, supporting the delivery of affordable housing.
    
    
  • The programme is backed by a NZD150m Crown funding facility and has received a Second Party Opinion from S&P Global Ratings.
    
    
  • The transaction was New Zealand’s first domestic social bond, a notable innovation in sustainable finance.
    
    
  • The structure supports the government's social housing reforms and aims to unlock long term institutional capital for social housing providers. The importance of the transaction in the New Zealand housing market was acknowledged by the Housing Minister, Chris Bishop who said: “This means NZD200m in cheaper lending is now available for Community Housing Providers. It will help them deliver more social homes as well as more affordable homes, at lower cost. I congratulate CHFA on leading this innovation, and for being the first domestic issuer of social bonds in New Zealand. I look forward to seeing all the great outcomes this unlocks for families and communities across New Zealand.”
    
    
  • ANZ Acted as Sole Lead Arranger and Sustainability Coordinator.
• ANZ provided a green structured asset finance facility to subsidiary companies associated with ComfortDelGro Corporation Australia (CDC) to support the delivery of an electric battery bus operations under the Victoria Government’s Zero Emission Bus Transition Plan. The facility, aligned with APLMA Green Loan Principles, will fund over 370 electric buses, charging infrastructure and depot upgrades, helping replace 600 diesel buses and cut emissions by 45,000 tonnes annually. ANZ acted as Sole Lender.
  
  
• Endeavour Energy has successfully secured AUD2.065b in financing through a Sustainability-Linked Loan facility, partially refinancing its inaugural AUD920m Sustainability-Linked Loan from March 2022. The facility is aligned with the APLMA Sustainability-Linked Loan Principles. The financing supports Endeavour Energy’s strategic ambition to decarbonise the grid by 2035. Key performance indicators include Scope 1 and 2 greenhouse gas emissions reduction, operational waste diversion from landfill, and net habitat gain, with a new Scope 3 emissions target also introduced. ANZ acted as Joint Sustainability Coordinator, Lender and MLAB.
  
  
• Metlifecare Limited completed its second Sustainability-Linked Loan, completing a NZD1.25b debt refinancing in March, incorporating 3 Key Performance Indicators ‘KPIs’ being; Diversion of construction waste from landfill, Employee Wellbeing, measured by the WELL Equity Rating and GHG emissions reductions in alignment with the Metlifecare’s SBTi approved targets. The inclusion of the WELL Equity Rating as a KPI is believed to be the first for the New Zealand market. ANZ acted as Sole Sustainability Coordinator.
  
  
• The World Bank (International Bank for Reconstruction and Development, IBRD, rated Aaa/AAA) priced a NZD600m 7-year benchmark bond in the Kauri market, marking its return after a nearly two-year hiatus. The issuance attracted strong demand from domestic and international investors, with proceeds supporting the World Bank’s sustainable development activities aligned with its Sustainability Bond Guidelines. ANZ acted as Joint Lead Manager.
  
  
• In July 2025, Impact Investment Exchange (IIX) priced the seventh Women’s Livelihood Bond™ (WLB7), a USD60m blended finance transaction certified under the Orange Bond Principles™. The issuance includes a USD52.8m 4-year senior tranche and a USD7.2m first-loss subordinated tranche, supported by a 40% portfolio guarantee from the Swedish International Development Cooperation Agency (Sida). Proceeds will empower over 773,000 women and girls across India, Indonesia, the Philippines, and Sri Lanka through initiatives in financial inclusion, clean energy, agriculture, and water and sanitation. The bond aligns with ICMA’s Green, Social, and Sustainability Bond Guidelines and contributes to multiple UN SDGs, including SDG 1 (No Poverty), SDG 5 (Gender Equality), and SDG 13 (Climate Action). ANZ acted as Placement Agent.
  
  
• OCBC Sydney priced a AUD1b three-year senior green floating rate note (FRN). The transaction aligns with OCBC’s Green Bond Framework. Sustainalytics provided a second-party opinion, confirming the framework’s alignment with market standards and the transaction’s contribution to environmental sustainability. ANZ acted as Joint Lead Manager.
  
  
• Bright Food Singapore Holdings Pte Ltd, a subsidiary of China’s Bright Food Group, issued a EUR-denominated sustainability bond in July 2025, listed on Börse Stuttgart. The bond, equivalent to approximately USD943m, matures in 2030 and is among the largest corporate sustainability bonds executed in Q3 2025 based on Bloomberg data. This issuance reflects the growing investor appetite for ESG-linked debt within the consumer goods sector. ANZ acted as Joint Book Runner.
  
  
• China Mengniu Dairy Company Limited has issued CNY3.5b in Sustainability Bonds, comprising CNY2b due in 2030 with a 2.0% coupon, and CNY1.5b due in 2035 with a 2.3% coupon. The net proceeds will be used to refinance existing debt, with an equivalent amount allocated to eligible green and social projects under Mengniu’s sustainable finance framework. The bonds will be listed on the Hong Kong Stock Exchange for professional investors only and are rated BBB+ by S&P Global Ratings. ANZ acted as Joint Lead Manager and Joint Bookrunner.
  
  
• Ørsted secured approximately TWD90b in project financing for the 632 MW Greater Changhua 2 Offshore Wind Farm in Taiwan. The financing package includes support from multiple Export Credit Agencies. The project consists of Greater Changhua 2a, which is operational, and Greater Changhua 2b, currently under construction with expected commissioning by the end of 2025. The financing is backed by long-term power purchase agreements with Taipower and a corporate offtaker. ANZ acted as Lead Arranger and Lender.
  
  
• FleetPartners Group Limited announced that it successfully priced its ninth Australian asset-backed securitisation, the FP Turbo Series 2025-1 Trust, raising AUD400m. The transaction is backed by operating, finance, and novated lease receivables originated by FleetPartners. It includes a green ABS tranche aligned with the ICMA Green Bond Principles and certified as a ‘Climate Bond’ by CBI, exclusively funding leases for electric vehicles. ANZ acted as Joint Lead Manager
  
  
• The International Development Association (IDA, rated Aaa/AAA), part of the World Bank Group, launched its inaugural Australian dollar Kangaroo Sustainable Development Bond, raising AUD1.75b. The 5-year bond matures on August 29, 2030, has an annual coupon of 4%, and an issue price of 99.978%. It was priced at +45.95 basis points over the 2.5% Australian government bond due May 2030, offering investors an annual yield of 4.005%. Proceeds will support IDA’s mission to end extreme poverty and boost shared prosperity through development projects focused on job creation, health, energy access, and build resilience. The issuance attracted strong demand from a global investor base including asset managers, central banks, and bank treasuries. ANZ acted as Joint Lead Manager.
  
  
• In July, Iberdrola announced a GBP3.6b green loan for its East Anglia Three offshore wind farm. Co-developed with Masdar, the project will generate enough clean energy to power 1.3 million UK homes and is backed by long-term PPAs, including one with Amazon. The financing is aligned to Iberdrola's Green Financing Framework, to cover the construction costs of the wind turbines, substations, submarine cables and converter stations, both onshore and offshore. Supported by 23 banks, this financing package ranks among the largest corporate sustainable finance transactions globally as of August 2025, reinforcing Iberdrola’s leadership in accelerating the energy transition. ANZ acted as Mandated Lead Arranger.

Notable transactions globally

• Malaysia Rail Link Sdn Bhd (MRL) issued approximately USD589m in ESG bonds in July 2025, marking its third sustainable bond issuance for 2025 and establishing it as the largest ESG bond issuer in Malaysia for the first half of 2025. This substantial funding supports the East Coast Rail Link (ECRL), aimed at shifting freight and passenger traffic from road to low-carbon rail transport. The project aligns with Malaysia’s national low-carbon transport strategy and broader climate objectives.
  
  
• San Francisco Bay Area Rapid Transit District (BART) issued its first green bond of USD926m in 2025 to fund sustainable transit projects, including energy-efficient infrastructure upgrades and low-emission vehicle investments. This issuance comes amid a notable slowdown in U.S. municipal sustainable bond issuance, which has totalled just under USD20b for 2025 - less than half of the full-year volume recorded in 2024 with one quarter remaining. BART’s bond underscores continued investment in green infrastructure despite broader market challenges.
  
  
• The International Bank for Reconstruction & Development (IBRD) led this week with its first US dollar benchmark sustainability bond of its fiscal year 2026 worth USD5b. The 2035-dated sustainability bond attracted significant investor interest and achieved the largest orderbook for a 10-year bond from IBRD with USD13b worth of orders. The latest deal takes the total raised by IBRD to over USD310b.
  
  
• Sydney-based data centre specialist AirTrunk secured AUD16b (USD10b) in sustainability-linked refinancing to support its Asia-Pacific expansion. Backed by over 60 financiers, the deal comprises four individual transactions structured as green loans and SLLs. KPIs include energy and water efficiency, renewable energy adoption, gender pay equity, net-zero emissions by 2030, and social impact initiatives.
  
  
• Itochu REIT Corporation became the first corporate issuer of an Orange Bond, raising JPY15.2b (USD101m) in a gender equality-focused transaction. The three-year bond, carrying a 1.11% coupon, is also the first Orange Bond issued by a Japanese entity. It follows the publication of Itochu’s Orange Bond Framework in August 2025, which received an external review from Impact Investment Exchange (IIX) confirming alignment with the Orange Bond Principles introduced in 2022. Proceeds will support two flagship initiatives: a female worker empowerment program at a Guatemalan coffee plantation within Itochu’s supply chain, and fertility support for female employees, including subsidies for egg freezing and infertility treatments, to address career mobility challenges in Japan’s trading sector. The bond’s innovative structure and targeted impact make it a landmark transaction in the emerging Orange Bond market, which aims to advance UN SDG 5 on gender equality.
  
  
• German development bank KfW issued a EUR3bn (USD3.5n) seven-year green bond with a 2.625% coupon, drawing exceptional investor demand with an orderbook surpassing EUR16b. This marks the largest-ever orderbook for a seven-year green benchmark from KfW and brings the total raised under its green bond programme to over EUR105b, reinforcing its position as one of the world’s leading sustainable finance issuers.
  
  
• Germany's DZ Bank issued one of the largest green Pfandbriefs, valued at EUR1b (USD1.17b) and maturing in 2030. The transaction carries a coupon of 2.5% and attracted strong investor demand with the allocable order book totalling just under €2 billion. This deal is one of only five sustainable Pfandbriefs to have been issued worth EUR1billion, with the rest being issued by Berlin Hyp, Norddeutsche Landesbank and ING.
  
  
• Saudi Awwal Bank (SAB), a leading Saudi Arabian lender, launched its debut US dollar-denominated Tier 2 green bond, becoming the first Middle Eastern firm to issue a sustainable bond in this regulatory capital format. The 10-year subordinated bond, callable after five years, is issued under SAB’s USD5b Medium-Term Note programme and aligns with Basel III capital requirements. Proceeds will support eligible green projects. The transaction follows SAB’s USD650m Tier 1 green sukuk issued in May, the bank’s first-ever sustainable bond. With global Tier 2 sustainable bond issuance nearing record levels in 2025, SAB’s entry marks a significant milestone for sustainable capital markets in the Middle East.
  
  
• Nordic Investment Bank (NIB) has issued its inaugural Sustainability-Linked Loans financing Bond (SLLB), becoming the first supranational, sovereign and agency (SSA) issuer to launch such an instrument in the global capital markets. The SEK1.75b 5-year bond will finance exclusively NIB-financed sustainability-linked loans aligned with science-based emission reduction climate targets. The bond has been issued under NIB’s SLLB Framework which was also published in September.
  
  
• The Kingdom of Denmark has issued DKK7bs in 10-year green bonds under the European Union Green Bond (EuGB) framework in September. The Kingdom of Denmark is the first sovereign to issue green bonds aligned with the EuGB framework. The European green bond was issued as a twin bond (both green and non-green bonds). The proceeds from the green bonds will be used to refinance expenditures on sustainable land use, renewable energy and clean transportation.

Policy and governance updates

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

Global

• APLMA, LMA, and LSTA have jointly launched the Guide to Transition Loans under a collaborative taskforce. This document provides clarity on what constitutes labelled transition finance, offering guidance on how it can be integrated into existing financial instruments. The guide introduces a voluntary, cross-jurisdictional framework for asset/project-level, use-of-proceeds transition loans, financial instruments designed to support climate-aligned activities that fall outside the traditional “green” classification.
  
  
• The Net Zero Banking Alliance (NZBA) announced on October 3rd, that its members have voted to transition from a member-based alliance and to establish its guidance as a framework. As a result of this decision, NZBA has ceased operations. Alongside the announcement, UNEP FI published its updated Guidance for Climate Target Setting for Banks, outlining key principles for target setting net zero GHG emissions goals in alignment with the Paris Agreement. The GHG Protocol and the International Organization for Standardization have announced a strategic partnership to develop unified global standards for greenhouse gas accounting and reporting. The entities will harmonise their existing GHG standards and co-develop new standards for GHG emissions accounting and reporting.
  
  
• SBTi has launched the Financial Institutions Net-Zero Standard, which it says is a science-based, robust, and credible framework that enables financial institutions to align financial flows with pathways to limit global warming and achieve net-zero emissions by no later than 2050. It is intended to cover financial institutions’ lending, asset ownership, asset management, insurance underwriting, and capital markets activities. SBTi also has a public consultation open on the draft Power Sector Net-Zero Standard, until 3 November.
  
  
• The PRI has published the first part of an updated Sustainable Finance Policy Toolkit, which outlines the challenges investors face in addressing sustainability-related risks and explores the role of financial authorities in mitigating these challenges. The guide examines the challenges faced by investors in scaling up responsible investment, financial authorities’ sustainability-related policy ambitions observed across G20 countries, and the policy measures that financial authorities can implement to create an enabling environment for responsible investors and to address sustainability-related government goals and related risks, opportunities and impacts.
  
  
• The PRI has also issued a guide for private markets investors to assess and manage sustainability risks in the supply chains of investee companies. The guidance is intended to be used by investors and portfolio companies to inform, review and benchmark supply chain due diligence and management practices. The guide outlines regulatory, operational, and financial implications for investors and corporate stakeholders before investment and during the holding period. Findings of the guide underscore that embedding supply chain visibility requirements and due diligence, both pre-investment and during ownership, is no longer optional but is a strategic driver of value creation and protection and an enabler of exit readiness. 
  
  
• The IFC has released Blue Finance Guidelines Version 2.0. IFC’s first Guidelines for Blue Finance were launched in 2022, identifying eligible blue project categories to guide IFC’s investments to support the blue economy, in line with the Green Bond Principles and Green Loan Principles. IFC’s Guidelines for Blue Finance Version 2.0 is designed to help financial institutions and market stakeholders identify, structure, and scale investments that contribute to the sustainable use of water and ocean resources.
  
  
• T. Rowe Price and IFC, have also launched the T. Rowe Price Emerging Markets Blue Economy Bond Strategy, which they state is an innovative investment strategy aimed at catalysing the corporate blue bond market.
  
  
• The Network for Greening the Financial System has published a note on Target Setting and Transition Plans, outlining the mitigation and adaptation targets that FIs may incorporate in transition plans. The note also suggests actions that micro-prudential authorities could take to assess and support targets. The NGFS has also published an input paper on integrating adaptation and resilience into transition plans, intended to inform the G20 Sustainable Finance Working Group’s priority to scale up adaptation finance. 
  
  
• The UN Environment Programme Finance Initiative has launched a consultation on proposed guidance for banks setting nature impact targets. 

Australia

• On 18 September 2025, the Australian Government announced its 2035 climate change target through a joint media release by Prime Minister Anthony Albanese, Treasurer Jim Chalmers, and Minister for Climate Change and Energy Chris Bowen. The submission sets a national emissions reduction target of 62% to 70% below 2005 levels by 2035, based on independent advice from the Climate Change Authority. The announcement outlines priority actions including clean electricity expansion, electrification, green hydrogen, carbon removals, and the strategic use of ACCUs to support emissions reduction across sectors. It is backed by funding commitments such as a AUD5b Net Zero Fund, AUD2b for clean energy finance, and targeted investments in clean fuels, EV infrastructure, and energy efficiency. The submission forms part of Australia’s updated contribution to the Paris Agreement and reinforces its commitment to achieving net zero emissions by 2050.
  
  
• Australia’s first National Climate Risk Assessment, released in September 2025 by the Department of Climate Change, Energy, the Environment and Water (DCCEEW), highlights escalating physical, economic, and social risks under warming scenarios of 1.5°C, 2°C, and 3°C. The report warns of mounting productivity losses, insurance stress, and biodiversity threats, with cumulative wealth impacts potentially reaching AUD4.2tr by 2100. It underscores the urgency of coordinated adaptation planning and stronger emissions targets and served as the evidence base for Australia’s National Adaptation Plan and 2035 Paris submission.
  
  
• Australia’s National Climate Adaptation Plan, released in September 2025 by the DCCEEW, sets a clear roadmap to build resilience against rising climate risks. It focuses on protecting vulnerable communities, infrastructure, and ecosystems through coordinated action across governments and industries. Key initiatives include the AUD1b Disaster Ready Fund and embedding adaptation into health and infrastructure policies, supporting Australia’s shift toward net-zero by 2050.
  
  
• Australia’s NABERS has published version 2 of its Sustainable Finance Criteria which includes updated targets, expanded building sectors, and new rating types to support the growth of the Sustainable Finance market. The Criteria is intended to align closely with the Australian Sustainable Finance Taxonomy, with the aim of enhancing consistency and comparability for all market participants.
  
  
• The Australian Government published a consultation paper on Sustainable Investment Product Labels, seeking views on possible policy options to underpin a labelling framework. A detailed design proposal is expected to follow in late 2025 and implementation of the sustainable investment product labels is targeted for 2027. Consultation closed on 29 August.
  
  
• The Australian Government has announced an increase in the capacity target of its Capacity Investment Scheme (CIS) from 32GW to 40GW. The CIS is an Australian Government revenue underwriting scheme to accelerate investment in renewable energy generation, such as wind and solar, as well as clean dispatchable capacity, such as battery storage.
  
  
• The Australian Sustainable Finance Institute (ASFI) has noted that they are working to create Australian Sustainable Finance Taxonomy-aligned bond guidance, likely in early 2026.
  
  
• ASFI has also released ‘Integrating Nature into Finance’, a new research report that explores science-based methods for developing draft taxonomy nature criteria for agriculture, forestry and land management.
  
  
• The Australian Treasury has launched a consultation paper for feedback on guidance they are developing for best practices for climate related transition planning. This will allow organisations to identify and develop strategies in response to climate-related risks and opportunities and helps inform the decisions of potential investors and lenders.
  
  
• AEMO has released its 2025 Electricity Statement of Opportunities report, a 10-year outlook on the investments needed to maintain reliability in the National Electricity Market (NEM). AEMO notes that, reflecting the positive investment momentum underway to meet growing demand and replace retiring generation, the report shows improved reliability outlooks, reliant on all expected investments being delivered on time and in full.

New Zealand

• The External Reporting Board (XRB) of New Zealand has published three staff guidance documents on the preparation of GHG emission disclosures under NZ CS1: staff guidance on uncertainty and data quality, staff guidance on consolidation approaches for GHG emissions, and staff guidance on excluding GHG emissions sources. The documents explain key GHG emissions accounting concepts and clarify uncertain aspects in the standards related to GHG emissions disclosures.
  
  
• The XRB has published a document summarising feedback on the international alignment of New Zealand’s Climate Standards, showing stakeholder desire for alignment with international frameworks, including the ISSB’s IFRS S2 Climate-related Disclosures and Australia’s AASB S2 Climate-related Disclosures.
  
  
• The XRB has also published a consultation document on proposed amendments to the climate and assurance standards. In response to feedback about challenges, XRB has suggested allowing an additional two years for the reporting and assurance of scope 3 GHG and the reporting of anticipated financial impacts.
  
  
• The New Zealand Government announced a new loan guarantee scheme to allow community housing providers to deliver more social homes for less. Under the scheme, the Crown will guarantee 80 per cent of loans provided to eligible Community Housing Providers by participating banks which includes ANZ. The scheme can support up to NZD900m in both new lending and the refinancing of up to 50 per cent of community housing providers’ existing lending.
  
  
• The New Zealand Government has assured the power companies in which it is a majority shareholder, that capital is available to support investment in critical electricity infrastructure. MBIE is inviting the energy sector to provide feedback on how the Government can work in partnership with industry to kickstart new projects that will help boost New Zealand’s energy supply and ensure energy ‘security’. 

Asia

• The Hong Kong Monetary Authority has launched a consultation on the phase 2A prototype of the Hong Kong Taxonomy for Sustainable Finance. Key enhancements in this phase include expanding sector coverage to include manufacturing and information and communications technology, increasing the number of economic activities from 12 to 25, technical screening criteria updates, and the incorporation of a climate change adaptation objective for water and inclusion of transition ‘elements’. 
  
  
• On September 24, 2025, during a United Nations Climate Summit, Chinese President Xi Jinping announced China's first-ever economy-wide greenhouse gas emissions reduction target: a 7–10% cut from peak levels by 2035. This pledge aligns with China's broader goal of achieving carbon neutrality by 2060. In addition to the emissions target, Xi outlined plans to increase the share of non-fossil fuels in total energy consumption to over 30% and expand the installed capacity of wind and solar power to 3,600 gigawatts by 2035.
  
  
• In addition, China has announced two measures to advance national transition plans. The People’s Bank of China, the National Financial Regulatory Administration and the National Forestry and Grassland Administration have jointly issued a new financial framework to track the growth of China’s forestry sector. Guidelines have also been released to advance the country’s carbon trading market. 
  
  
• Vietnam issued its National Green Taxonomy following the Prime Minister’s signing of Decision 21/2025/QD-TTg. The taxonomy defines 45 eligible sectors across seven industry groups, under which projects may qualify for green financing if they comply with applicable environmental licensing procedures, and demonstrate a positive contribution to the environment. The taxonomy came into effect on 22 August 2025. 

Europe

• The European Central Bank (ECB) announced it will adapt its collateral framework to introduce a climate factor, which could reduce the value assigned to eligible assets pledged as collateral, depending on the extent to which an asset is judged to be impacted by climate related uncertainties.
  
  
• EFRAG has published what it describes as a revised and simplified Exposure Drafts of the European Sustainability Reporting Standards (ESRS), and launched a 60 day public consultation survey to gather feedback from stakeholders across the EU, which ended on 29 September.
  
  
• The European Commission also proposed amending the European Climate Law to set an EU climate target to reduce the EU’s net GHG emissions by 90% by 2040, relative to 1990. The EU Commission notes that achieving the target will put the EU on course towards climate neutrality by 2050. The proposal has been submitted to the European Parliament and the Council for discussion and adoption under the ordinary legislative procedure. The EU is required to submit an updated Nationally Determined Contribution (NDC) under the Paris Agreement, ahead of the UN Climate Change Conference (COP 30) taking place in November 2025 in Brazil.
  
  
• The European Commission issued a call for applications to appoint up to 28 members to its third Platform on Sustainable Finance, an expert advisory group in the EU sustainable finance ecosystem. Members will advise on simplifying Taxonomy technical screening criteria, expanding the inclusion of new economic activities across all six environmental objectives, improving usability, monitoring sustainable capital flows, and advancing transition finance policy - supporting the overhaul introduced under the February 2025 Omnibus package.
  
  
• The EU’s General Court rejected action taken by Austria to remove gas and nuclear power in the EU taxonomy for sustainable activities. The European Commission “was entitled to take the view that nuclear energy generation has near to zero greenhouse gas emissions and that there are currently no technologically and economically feasible low-carbon alternatives at a sufficient scale, such as renewable energy sources, to cover the energy demand in a continuous and reliable manner,” the Luxembourg-based EU tribunal said in a statement.
  
  
• The UK Government announced it will not proceed with its long-anticipated UK Green Taxonomy, concluding that it would not be the most effective tool to advance green investment. After reviewing consultation responses - where 55% of stakeholders were either negative or ambivalent - HM Treasury decided to channel efforts into alternative sustainability tools, such as transition planning, the UK Sustainability Reporting Standards, and sector-specific roadmaps.
  
  
• The UK Government confirmed it will bring ESG ratings providers within the regulatory perimeter under the Financial Services and Markets Act, as outlined in its Financial Services Growth and Competitiveness Strategy. A draft statutory instrument has been published following industry consultation, with the new regime aiming to enhance transparency, methodology disclosure, and accountability in ESG assessments. The move aligns the UK with global developments, including the EU and IOSCO frameworks, and is intended to strengthen investor confidence and support the integrity of sustainable finance markets. The strategy also highlights sustainable finance as one of five priority growth opportunities for the UK.
  
  
• The UK's Transition Finance Council published draft Transition Finance Guidelines for consultation by 19 September. These guidelines provide a voluntary, globally interoperable framework to assess the credibility of entities transitioning toward net zero, The guidance centres on four key principles of the UK's Transition Plan Taskforce disclosure framework (credible ambition, action, transparency, and dependencies).
  
  
• The UK Financial Conduct Authority (FCA) released a letter summarising observations of the SLL market since its 2023 review. Improvements were noted, including selection of more relevant KPIs, streamlined and material SPTs, and better internal monitoring by banks. However, it observed challenges such as low pricing incentives and inconsistent articulation of how SLLs contribute to banks’ sustainable finance targets. The FCA encourages clearer governance, robust verification, and transparency to maintain market integrity and avoid greenwashing.
  
  
• The FCA has updated its Sustainability Reporting Requirements webpage to clarify how firms subject to the TCFD and SDR rules can report under both frameworks. The FCA intends to consult later in 2025 on how listed companies will adopt the UK SRS following the publication of a draft by the government in June.
  
  
• The FCA has proposed minor amendments to the SDR in its Quarterly Consultation Paper, with the aim of providing firms more flexibility in product-level sustainability reporting. The proposed changes include the ability to publish reports covering periods shorter than 12 months in certain circumstances.

North America

• On 4 July 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. This comprehensive legislation encompasses numerous provisions, with an emphasis on tax provisions, fossil fuels, manufacturing, land privatisation, border enforcement, and the rollback of certain climate resilience and clean energy elements previously established by the 2022 Inflation Reduction Act. Notably, the OBBBA introduces new restrictions on clean energy tax credits, stipulating that projects must commence construction by 4 July 2026 or be placed in service by 31 December 2027 to remain eligible.
  
  
• The United States and the European Union issued a joint statement on a Framework on an Agreement on Reciprocal, Fair, and Balanced Trade (the Framework Agreement) including 19 key terms. It reflects acknowledgement by the European Union of the concerns of the United States, and a joint determination to resolve trade imbalances. The Framework Agreement is intended to be a first step in a process that can be further expanded over time.
  
  
• CleanTrade has become the first clean energy marketplace and transaction platform to receive regulatory approval from the US Federal Commodity Futures Trading Commission (CFTC). CleanTrade will provide a marketplace for financially settled clean energy contracts, or virtual power purchase agreements (VPPAs), and provide transparency and liquidity for physical power purchase agreements and project-specific renewable energy certificates.

Other selected global reads for sustainable finance

• The UN Global Compact and Accenture published a 2025 CEO Study that finds that 88 percent of CEOs believe the business case for sustainability is stronger than five years ago, and that 99 per cent of CEOs plan to maintain or increase their sustainability commitments, prioritising initiatives that deliver measurable business value. The study draws on insights from nearly 2,000 CEOs across 128 countries.
  
  
• The Loan Market Association published the Autumn 2025 Horizons newsletter including sections on the real economy transition and nature based opportunities, highlighting both areas as opportunities for the lending sector.
  
  
• Seamless published the 2024 National Clothing Benchmark for Australia, a report which provides a national baseline and material flow analysis of clothing Australia, capturing how clothing was produced, consumed, circulated and disposed of.
  
  
• The Australian Institute of Company Directors published an article exploring the headline “ESG is Dead”, exploring the urgent rethink required for sustainability strategies and how sustainability can be revived amid the pursuit of long term value and resilience. 

ANZ news and updates

As a global bank supporting sustainable finance market growth, ANZ is working with customers to help them transition to net zero emissions by 2050. ANZ’s highlights for the quarter include:

ANZ Sustainable Finance, “Out and About”

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• Katharine Tapley and Daniel Ota, ANZ Head of Environmental Markets spoke at the Carbon Market Institute Summit in Melbourne, joining panels exploring the centrality of markets to restoring and protecting nature, and a national carbon markets strategy to scale long-term removals, respectively. Katharine and Daniel were also joined by Alex Burns, Traditional Owner Economic Development Lead at ANZ, joining a panel on opportunities for Indigenous leadership in carbon and nature.
  
  
• Executive Director David Simmons attended ReGen 2025, Australia’s circular resource expo in Sydney. David spoke on a panel exploring the challenges and opportunities in "Designing finance for a circular economy transition". The theme for the 2025 event was "Aligning for Regeneration: A Collective Movement for Sustainable Progress”.
  
  
• Cindy Arthur, head of ESG for ANZ Australia Commercial, spoke as a special guest at a Bush Heritage Women in Conservation event in Darwin.
  
  
• Members from the New Zealand Sustainable Finance team attended the KangaNews New Zealand Debt Capital Market Summit 2025 in Auckland, with Director Fran Burley moderating a panel on the big picture capex and financing needs and the role of sustainability.
  
  
• Dean Spicer, Head of Sustainable Finance New Zealand, presented at the Future of Financial Services Conference in Auckland.
  
  
• Stella Saris Chow joined a panel discussion at ReThink on "Rethinking Real Estate Finance: Green Bonds and Sustainable Investment in APAC" on 11 September 2025 at the Wan Chai convention centre with Carmen Tsang, CACIB, Simon Yu of JLL and Steven Pringle of GRESB
  
  
• Stella Saris Chow also provided a presentation on energy decarbonisation and opportunities for finance.at the Australia Korea Business Council Joint Meeting in Seoul on 17 September. It was an opportunity to connect with many clients and industry leaders to hear how Australia and Korea are partnering to tackle the challenge to decarbonise our economies, through innovation and investment.
  
  
• Executive Director Jenny Fan moderated a panel hosted by ANZ in Hong Kong for the Australian Chamber of Commerce in Hong Kong, on ESG careers.
  
  
• Environmental Markets Director John Erbacher attended the Banking & Financial Services Law Association annual Conference in Queenstown, speaking on the panel “New assets out of thin air- carbon credits for banking lawyers”. 

ANZ Publications and Research

• Q3 Carbon Market Chartbook: ANZ Research assesses recent trends, demand dynamics and price forecasts for various carbon markets, covering Europe (EUA), Australia (ACCU), New Zealand (NZU) and China (CCER). Market fundamentals considered include the respective policy environments, energy fuel costs, and local trends in power and industrial sectors.
  
  
• ANZ Research published an update on Australia’s emissions as at 30 June 2025. Australia’s annual greenhouse gas emissions declined 2.4% in the year ending June 2025, according to preliminary data from the National Greenhouse Gas Inventory. This follows a 1.4% annual decline in the year ending March 2025. Excluding the land use, land use change and forestry (LULUCF) sector, annual emissions fell 2.0% in the year to June 2025. Annual emissions declined in all sectors apart from transport, LULUCF and waste (which were flat).
  
  
• In the lead up to the Carbon Market Institute Summit, Daniel Ota published a thought leadership piece Carbon removals are essential to net zero - Carbon Market Institute.