Q1 25 Sustainable Finance Market Update
In this quarter's Sustainable Finance Market Update, we delve into the market movements in the volatile first months of 2025. We also provide updates on recent transactions, updates of the Loan Principles that govern sustainable finance loan markets, as well as in the industry, including economic research on Blue economy and a special report on how the Australian Carbon Market is evolving.
Q1 2025 Market recap
Global sustainable debt issuance has seen a slow start to 2025 reaching US$310bn, down 45% from Q1 2024. The Australian and New Zealand market has remained strong, bucking the global downward trend as issuance reached US$11.7bn down only 8% from Q1 2024. Sustainable bonds continue to dominate the sustainable finance market, accounting for 79% of global sustainable finance debt issuance at US$245bn, and 97% in Australia and New Zealand according to Environmental Finance. Sustainable loan markets have been impacted by global macroeconomic volatility and shifting tone in ESG sentiment.
Sustainable bonds
- In Q1 2025, cumulative sustainable bond issuance volumes passed US$6trn. This milestone was reached just a year after the global market passed the US$5trn landmark.
- Green bonds captured 54% of sustainable bond issuance in 2025, up from 31% in Q1 2024. This was driven by strong issuances from Sovereigns and Supranationals. Notable issuances in the first three months of the year included green bonds from Italy (€5bn), the United Kingdom (£5bn) and the European Investment Bank (€12bn).
- Sustainability bond (green and social proceeds) issuance reached US$61bn in Q1 2025, reflecting a 1% year-on-year increase. While this may not seem significant at first glance, it is notable given that overall sustainable debt issuance is down by 45% and it was the only label to report year on year growth. The International Bank for Reconstruction and Development (IBRD) accounted for three of the largest 15 sustainable bond issuances during the first three months of 2025. This included two US$6bn deals in January and March, and a €3 billion transaction in January. Sustainability bonds have also bolstered the Australian and New Zealand markets, accounting for 42% of sustainable bond issuances, thanks to issuances from TCorp (A$1.5bn) and SAFA (A$2bn).
- Social bond issuance fell 19% to US$42.9bn in Q1 2025, driven by Agencies and Financial Institutions, which accounted for 42% and 29% of social bond issuances respectively.
- From their much smaller base, Sustainability-Linked Bond (SLB) issuances continued to retract in 2025, falling 30% from 2024 to US$6.9bn, driven by increased scrutiny over structures and ambition of targets. This is the slowest start to the year for SLB issuance since 2020.
Sustainable loans
- Sustainable loan issuance has seen a year-on-year decrease globally. Not immune from the macroeconomic conditions impacting the broader loan market, issuances have fallen in Q1 2025 compared to Q1 2024 by 74% to US$64bn.
- The global market was primarily driven by Sustainability-Linked Loans (SLLs), which totalled US$44bn, down 77% year-on-year, and green loans, which reached US$20bn, a 66% decrease from the previous year.
- However, SLLs remain an attractive structure for issuers, it’s the third most used sustainable debt instrument, after the green and now the sustainability bonds with higher issuance volume since the beginning of 2025. It’s expected that SLL volumes will increase through the year as many existing SLLs come due for refinancing, however borrowers still navigate headwinds due to changing regulations notably on reporting, greenwashing concerns and shifting tones on ESG sentiment.
Notable Sustainable Finance transactions in Q1 2025 in Australia
Dyno Nobel’s second Sustainability-Linked Loan
In 2021, Dyno Nobel (formerly Incitec Pivot) were Australia's first company in the chemical manufacturing and a hard to abate sector to execute a Sustainability-Linked Loan (SLL). Fast forward to 2025, and Dyno Nobel has built upon this achievement with a second SLL.
The refreshed SLL introduces a new set of sustainability targets, highlighting their most material sustainability focus areas, including progress in their climate change strategy, having now completed several decarbonisation projects. The targets include absolute scope 1 and 2 greenhouse gas emissions reductions, increasing representation of women across the workforce, and improving employee safety.
Westpac acted as Joint Sustainability Coordinator.
SA Power Networks' return to Green Bond market
Westpac acted as a Joint Lead Manager for SA Power Networks' (SAPN) latest green bond issuance. This A$535 million dual-tranche deal, comprising 3-year and 10-year bonds, marks SAPN as one of Australia's largest corporate issuers of green bonds.
Scott Gillen, Acting Chief Financial Officer of SAPN, said "SA Power Networks is pleased to come back to the Australian Medium Term Note market with our second Use of Proceeds Green Bonds. The support shown by investors confirms our position to integrate sustainability across the whole of our business, including our financial strategy. We were very encouraged by our engagement with the new investors on this transaction and the return of investors from our first green bond issuance in 2024. We received excellent guidance by our joint lead managers, to navigate a choppy market."
Joel Morton, Westpac's Director of Debt Capital Markets, highlighted the positive reception from investors. "SAPN were duly rewarded by investors for their engagement with the market, able to achieve both pricing and volume outcomes despite a broad risk-off tone in wider markets," Morton noted.
The proceeds from this green bond issuance will be directed towards financing distribution assets that support South Australia's transition to a distributed and decarbonised energy system, aligning with SAPN’s Sustainable Financing Framework.
Westpac acted as JLM
Westpac launches Australia’s first Social Tailored Deposit a medium to long term investment, designed for customers seeking investments that are focussed on delivering improved social outcomes. The deposit is aligned to the Westpac’s Sustainable Finance Framework and has been designed to link with assets that meet ICMA Social Bond Principles. Commenting on the deposit, Morningstar Sustainalytics’ Head of Sustainable Fixed Income Research Barbara Lambotte said, “The Westpac Social Tailored Deposit is the first framework that Morningstar Sustainalytics has opined on, both in Australia and globally, that is solely dedicated to the issuance of social deposit products. Based on our assessment, Morningstar Sustainalytics is confident that Westpac is well positioned to issue social tailored deposits and that the Westpac Social Tailored Deposit is credible, impactful and aligns with the core components of the Social Bond Principles 2023.”
Finance from the deposits will be directed to initiatives that promote access to essential services, affordable housing or accelerate socioeconomic advancement and empowerment. City of Sydney Lord Mayor Clover Moore said, “This investment will support affordable housing projects and essential education, healthcare and transport services, while the returns help fund our long-term capital works program. Socially sustainable investment doesn’t just make financial sense, it’s the right thing to do. We hope to set an example and send a signal to the broader market that we support the development of more socially sustainable investment options.”
Westpac’s Social Tailored Deposit follows the successful launch of its world-first Green Tailored Deposit in 2018.
Zenith Energy completes A$1.9bn debt refinancing
Zenith Energy Pty Limited, one of Australia’s leading Independent Power Producers, has successfully completed a significant A$1.9 billion refinancing and upsizing of its existing bank debt facilities. Zenith specialises in the delivery of sustainable and reliable remote hybrid power generation solutions for clients supporting the energy transition, producing gold, lithium, rare earths, and nickel, together with Zenith’s urban microgrid business. Zenith’s solutions are critical for enabling the powering of remote mining operations to transition towards renewable energy, while maintaining the necessary reliability for 24/7 operations.
The transaction, backed by a strong syndicate of Australian and international lenders including Westpac, creates substantial funding headroom, enabling Zenith to seize immediate opportunities presented by the decarbonisation of Australia’s mining sector. Notably, a portion of the transaction includes green loan facilities underpinned by Zenith’s Green Finance Framework, developed in line with the Asia Pacific Loan Market Association’s Green Loan Principles. This framework underscores Zenith’s commitment to sustainability and its ambition to deliver renewable power technologies and lower emissions solutions for mine site energy supplies.
Zenith’s CFO, Tim Cipolloni, commented: “This transaction is perfectly timed to assist the delivery of our pipeline of growth projects, which are focused on renewable energy penetration. The green loan portion of our facilities recognises our success in delivering high penetration renewables solutions for our customers and sets the framework for continued implementation of these types of projects, which are critical for us to support our mining clients achieve their decarbonisation objectives.”
Westpac was a lender
Reporting season in high-grade space
This quarter has seen a run of sustainable finance framework reporting in the high-grade space. Notably, the AOFM released their inaugural Grean Treasury Bond allocation report well ahead of schedule (within 18 months of issuance), the report can be found here, alongside the AOFM’s 1-page summary. In the semi-government space, NSW’s released their updated Sustainability Programme pool, with the update showing an A$19.2bn pool buoyed by the addition of further public transport & school infrastructure funding. SAFA’s inaugural report, released in early February stepped through its proceeds allocation & impact metrics stretching back to FY19, the scale of the pool & wide-ranging eligible expenditures underlining the State’s approach.
Sustainable Finance News
Sustainable Finance Loan Principles and Guidance Updates
The APLMA, LMA and LSTA jointly published updated versions of the Green Loan Principles, Social Loan Principles, Sustainability-Linked Loan Principles and related Guidance (here, here and here, respectively). The documents were last updated in 2023, and as a general note, the primary focus of the revisions was to clarify compliance with the principles, and market participants are aided in this regard with a new inclusion of an “Interpretation of Terms.” The LSTA shared a summary of the key updates, while British law firm Slaughter and May also provided summaries across the Green and Social Loan Principles and Sustainability-Linked Loan Principles.
Australian Sustainable Finance Action Plan 2025-27
The Australian Sustainable Finance Action Plan 2025-2027 was released, building upon the Australian Sustainable Finance Roadmap (2020) which recognized the need for bold action to reshape Australia’s financial system. It sharpens focus on 26 priority actions across 8 key domains for a financial system that supports a prosperous and inclusive economy, and a better future for all Australians. These include reducing emissions, building climate resilience, protecting and restoring nature, enabling First Nations economic self-determination, and driving community resilience and financial inclusion.
ASIC Guidance on Sustainability Reporting
On 31 March, ASIC released its regulatory guide on sustainability reporting (RG 280). The guidance covers preparation and content of sustainability reports, the interaction of sustainability reporting requirements with other obligations and disclosures (including product disclosure statements, operating and financial review requirements) and outlines ASIC’s role in supporting administration of the mandatory reporting regime, including its proposed ‘proportionate and pragmatic’ approach to supervision and enforcement, as well as relief from reporting and exercise of directions power.
Key updates featured on WestpacIQ this quarter include:
Emerging solutions on the way to net-zero – the 2025 Carbon Market Institute & Westpac Carbon Market Report is the second in the annual series that examines how Australia’s carbon market is evolving, with the latest insights from a range of experts.
ESG Impact: What you need to know – March 2025 – covering policy updates across low carbon liquid fuels, accounting for ecosystems and green hydrogen; an industry update covering Rio Tinto’s solar and battery deal with Australian company Edify energy; and innovation with a planned cable project for Australia and NZ.
ESG Impact: What you need to know – February 2025 – covering policy updates across tax incentives for green hydrogen and critical minerals, NSW government’s green bank’s (the Energy Security Corporation) first investment mandate, and a funding boost for green iron; and innovation with a floating power system that can increase renewable energy generation capacity while conserving water.
Sustainable Finance Spotlight
Blue Economy
In this edition we shine the spotlight on the Sustainable Blue Economy (SBE) and the Blue Bonds, as it is perhaps the most popular of the labelled instruments underpinning the financing of the SBE.
The World Bank defines:
- Blue Economy as “the sustainable use of ocean resources to promote economic growth, social inclusion, and the preservation or improvement of livelihoods, while at the same time ensuring environmental sustainability of the oceans and coastal areas”.
- Blue Bond as a “debt instrument issued by governments, development banks or others to raise capital from impact investors to finance marine and ocean-based projects that have positive environmental, economic and climate benefits”.
ICMA GBP recognise “blue bonds” as bond issuances with the objective of emphasising the importance of the sustainable use of maritime resources and of the promotion of related sustainable economic activities. Green bonds that finance 100% blue projects can be labelled by an issuer as “Blue Bonds”, as such Blue Bonds are often considered as a subset of the Green Bonds, by many market participants. Without, the availability of a specific Blue Bond Principle, market participants look towards existing market standards such as the GBP, SBP, SBG, SLBs and the globally accepted classification system Practitioner’s Guidelines for Blue Finance jointly issued by IFC, together with ICMA, UN Global Compact, UNEP FI and ADB, for additional thematic guidance to prevent “bluewashing”.
First issued in 2018 by The Republic of Seychelles, the Blue Bond market is relatively recent addition to the sustainable debt market, and still in its nascent stage, but if growth continues at the same rate as seen on the more mature green bond market, blue bonds could mobilise up to $14bn of new finance in 2030 and offer a tangible solution to bridging the financing gap and close almost 10% of the estimated annual funding gap for SDG 14 , one least funded global sustainability goals.
Closer to home, in paper from SystemIQ – Scaling Ocean Finance, highlights the APAC region to be rich in ocean natural capital and home to some of the most biodiverse ecosystems on the planet, with ~70% of the world’s coral reefs, ~50% of mangroves and includes 40+ coastal countries. But equally, the region is highly vulnerable to climate change, with rapidly growing adaptation needs. Sea level rise, floods and storms threaten coastal areas, where many major cities are located. Of the world’s 10 most vulnerable cities to future coastal flooding, nine are in APAC. This has contributed to APAC’s dominance in the Blue Bond market, with over 60% of global issuance by value.
With the Blue Bond market representing less 0.5% of the sustainable debt market , there are still numerous untapped opportunities in existing sub-sectors and emerging markets areas as identified in a recent research paper from Westpac - A Sustainable Marine Sector. A must read!
The Sustainable finance team recommends
Nothing like a simple design and infographic to tell a story, and climate stripes do just that: each stripe represents one year, with colours transitioning from cool blues to warm reds to represent the increases in temperature seen throughout the past 150 years or more. Want to see where Australia, your hometown or your favourite place has been faring? Head to #showyourstripes for a visual clue.
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