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ANZ Sustainable Finance Insights, Q3 2023

Sustainable finance

2023-10-27 05:30

In this issue:

Quarterly highlights  |  Market update  |  Global update  |  Australia  |  New Zealand  |  Asia  |  Europe/The UK  |  Other International  |  ANZ updates  |  Sustainability reading

Quarterly highlights: 5 in 5 for Q3 2023

  1. Issuance continues to decline: quarterly global green, social, sustainability, and sustainability-linked (GSSS) issuance was at a record low since Q3 2020.

    Total GSSS issuance was down 35.3% quarter-on-quarter (q/q) to a three year low of in Q3 2023. The substantial Q3 fall was broad-based across labels, regions and industries, indicating market-wide drivers. Amid decreased issuance, green bonds continue to be the most preferred label and are on record pace for issuance in 2023. 

  2. Regulation: non-financial disclosures continue to dominate regulatory and policy discussions.

    Following the launch of the final versions of the ISSB IFRS S1 and S2, many countries have commenced research to endorse the standards and to apply the requirements locally (e.g., Australia Climate-related financial disclosure, New Zealand Mandatory climate-related disclosures, Singapore – Recommendations by the Sustainability Reporting Advisory Committee, the EUEuropean Sustainability Reporting Standards, and the UKUK Sustainability Disclosure Standards)

  3. Climate action: Global leaders agree to accelerate existing sustainable development and net-zero commitments.

    At the UN SDG Summit, leaders committed to improve access to capital for lower income countries to support sustainable development. In convergence, G20 leaders agreed to accelerate efforts to triple renewable energy capacity by 2030.

  4. Transition: The focus on credible transition plans to achieve the goals of Paris Agreement continues to gain momentum.

    Meetings which convened global leaders highlighted the need to deliver firm transition policies. Regulatory bodies are seeking alignment and interoperability between the various guidelines and standards.

  5. Nature: the launch of the Taskforce for Nature-related Financial Disclosures (TNFD) recommendations confirm that nature is now an established theme. Updates to the nature-related regulatory and policy landscape is expected to follow.

    The value of nature is now being recognised as governments and corporates begin to establish nature and biodiversity targets.

If this format interests you, listen and subscribe to ‘5 in 5 with ANZ’, a new daily financial markets podcast featuring the latest news, trends and insights from ANZ economists based around the world. The podcast was launched on August 1, 2023.

Market update

All market data are sourced from BloombergNEF as at 30 September 2023 and includes original and tapped issuance, unless otherwise noted. Below provides an excerpt from the detailed market analysis conducted by ANZ Research. See the full market update prepared by ANZ Research. 

Graph 1: Global sustainable debt market by product (label) by quarter

{CFINFOGRAPHIC: global-sustainable-debt-market-by-product.svg}

Graph 2: Global sustainable debt Issuance: use of proceeds vs sustainability-linked

{CFINFOGRAPHIC: global-sustainable-debt-issuance.svg}

Global update

A series of notable events were held in the September quarter. Early September saw the meeting of the G20 leaders in New Delhi, India. Shortly following this, the 78th General Assembly UN was held in New York, convening the SDG Summit which served as a “rallying cry to recharge momentum”. In parallel, the Climate Ambition Summit was convened by the UN Secretary-General, and the Climate Group hosted the annual New York Climate Week. Notable announcements addressed key themes including climate action, nature, transparency, regulation and the role of financing. Many of these key themes are expected to be a focus of COP28 as well, which will take place from 30 November until 12 December 2023. ANZ’s Head of Sustainable Finance, Katharine Tapley, will attend COP28.

Beyond announcements at notable events, industry associations also announced key updates aligned to the sustainability themes identified by ANZ, including transition and nature.

Sustainability developments and updates from the regulatory and legal environment


Notable transactions

  • Port of Melbourne issued its inaugural AUD475m sustainability-linked loan, which links to two sustainability indicators covering Scope 1 and 2 emissions reduction, and a mental health first aid workplace certification together with an overarching gateway target tied to engagement with port stakeholders to facilitate Scope 3 emissions reduction. This is a landmark transaction in Australia’s ports sector, and is believed to be the first SLL in the sector to include Scope 3 engagement targets. ANZ acted as Joint sustainability coordinator and Joint mandated lead arranger and bookrunner.

Sustainability developments and updates from the regulatory and legal environment

New Zealand

Notable transactions

Sustainability developments and updates from the regulatory and legal environment


Notable transactions

Sustainability developments and updates from the regulatory and legal environment

Europe/The UK

Notable transactions

Sustainability developments and updates from the regulatory and legal environment

Other International

Sustainability developments and updates from the regulatory and legal environment

ANZ updates

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

Research and publications

Sustainability news

  • In a panel at the Carbon Market Institute’s Australasian Emissions Reduction Summit, ANZ CEO, Shayne Elliott, said there was “no shortage of money” to fund the energy transition but emphasised the need for a “coherent plan” to coordinate the various global taxonomies, regulations, disclosures, standards, and targets which would support a less complex and more efficient and effective transition. ANZ was a major sponsor of the event.

  • ANZ Hong Kong hosted a Chinese Sustainable Finance Luncheon on 30th August with around 35 clients from around 20 Chinese and Hong Kong clients. At the event, our clients heard from ANZ regarding Chinese economic updates with the rising importance on ESG, introduction of sustainable finance products with case studies, as well as sharing from Moody’s about the importance of an International Second Party Opinion.

  • ANZ Institutional hosted the sixth annual ANZ Finance & Treasury Forum which explored the overarching theme of innovation. The innovation discussion was applied to many areas including technology, geopolitics, future banking and sustainability. Stephanie Vallance, Executive Director Sustainable Finance moderated a panel discussion covering innovation in the sustainable capital markets and its role in delivering a net zero and nature-positive future. The panel discussion included insights from Zoe Whitton (Pollination), Natasha Garcha (IIX) and Jonas Millqvist (EIFO).

  • ANZ and KangaNews led a roundtable discussion focused on nature and biodiversity. Participants discussed evolving expertise in the climate space and how this could be used to help deliver faster action on nature. ANZ attendees were Katharine Tapley, Head of Sustainable Finance and Mark Bennet, Head of Agribusiness and Specialised Commercial.

Sustainability reading

ANZ Sustainable Finance Insights, Q3 2023
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ANZ contacts

ANZ has a global sustainable finance team with presence in Sydney, Melbourne, Brisbane, Perth, Auckland, Wellington, Singapore, Hong Kong, London and New York.

Feedback and enquiries can be directed to See key contacts from each jurisdiction below.



Katharine Tapley

Head of Sustainable Finance
T: +61 2 8937 6092
Based in Sydney

New Zealand

Dean Spicer

Head of Sustainable Finance, New Zealand
T: +64 4 381 9884
Based in Wellington


Stella Saris Chow

Head of Sustainable Finance, International
T: +65 6708 2896
Based in Singapore

UK and Europe

Emily Tonkin

Head of Sustainable Finance, UK and Europe
T: +44 77 7134 3112
Based in London

Portfolio and Analytics

Jo White

Head of Portfolio, Sustainable Finance Portfolio & Analytics
T: +61 2 8937 6062
Based in Welliington


Australian Competition and Consumer Commission

Abu Dhabi Global Market

The Association of Southeast Asian Nations

The Australian Sustainable Finance Institute

Carbon Border Adjustment Mechanism

Corporate Sustainability Reporting Directive

European Financial Reporting Advisory

Environmental, Social, Governance

European Sustainability Reporting Standards

Emissions Trading Scheme

Gross National Income

Global Reporting Initiative

Hong Kong Monetary Authority

International Capital Markets Association

Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services

International Renewable Energy Agency

International Sustainability Standards Board International Financial Reporting Standards Standard 1: General Requirements for Disclosure of Sustainability-related Financial Information

International Sustainability Standards Board International Financial Reporting Standards Standard 2: Climate-related Disclosures

Monetary Authority of Singapore

Members for the European Parliament

New Zealand Emissions Units

Reserve Bank of Australia

Science Based Targets initiative

Sustainable Development Goals

Sustainability-Linked Loan

Taskforce for Climate-related Financial Disclosures

Taskforce for Nature-related Financial Disclosures

Taxonomy Technical Expert Group

United Nations


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