Sustainable Finance Market Update Q1 2026

Our Q1 2026 Sustainable Finance Market Update reviews global and Australian market activity amid continued issuance moderation. This edition explores trends across sustainable bonds and loans, highlights notable transactions from the quarter and examines developments shaping the role of sustainable finance in supporting Australia’s digital infrastructure transformation. You’ll also find the latest market news and insights from across the sustainable finance landscape.

Market recap – Q1 2026

Figure 1 – Global Sustainable Finance Issuance by Year. Source: Bloomberg/Westpac

Figure 2 – Australian Sustainable Finance Issuance by Year. Source: Bloomberg/Westpac

Global sustainable debt issuance totalled USD 388bn in Q1 2026, representing a 10% decline compared to the prior corresponding period and sitting below the three‑year Q1 average of approximately USD 445bn. The rolling 12‑month average fell below USD 400bn for the first time in nearly two years, highlighting the continued moderation in global labelled activity.

Australia also recorded softer volumes, with total sustainable debt issuance of USD 9bn in Q1, down from USD 10.1bn in the previous quarter.

Sustainable Bonds

Globally, sustainable bonds continued to dominate overall issuance, with Green Bonds remaining the largest sub‑label, recording USD 190bn in Q1.

Sustainable Bonds represented 89% of total sustainable issuance, reflecting ongoing weakness in the Sustainable Loan market.
Sustainability Bonds recorded their strongest ever Q1, with USD 92bn in issuance.
While Transition Bonds have yet to be issued in Australia, global issuance has continued to build momentum, with USD 4bn issued during the quarter.
In Australia, Green Bonds and Sustainability Bonds were the only sub‑labels issued over the period.

Sustainable Loans

The Sustainable Loan market continues to face challenges, with issuance volumes declining both globally and in Australia. Global sustainable loan issuance has fallen sharply over the past 12 months, with Q1 volumes of USD 42bn, well below the prior corresponding period (USD 115bn). Australian Sustainable Loan issuance volume was USD 2.3bn for the quarter.

Green Loans remained the dominant sub‑label, both globally (USD 26bn) and in Australia (USD 2.1bn), accounting for the majority of labelled loan issuance.
The Sustainability-linked loan sub-label continues to moderate, with global issuance below USD 20bn for three consecutive quarters, compared to typical quarterly volumes of USD 60–100bn during 2022–2024.
Australia accounted for 5.5% of global sustainable loan issuance in Q1, offering a modest bright spot against an otherwise subdued market backdrop.

Notable Sustainable Finance Transactions - Q1 2026

NBN – Sustainability Bond

NBN Co Limited issued its inaugural Australian dollar Sustainability Bond in March 2026, raising AUD 850m. Priced on 12 March, the transaction represented the first Australian dollar benchmark issuance since the onset of the renewed conflict in the Middle East. Despite heightened market volatility, the deal attracted strong demand from both domestic and offshore investors, culminating in a final orderbook exceeding AUD 2.25bn. NBN’s Sustainability Bond Framework includes commitments to energy efficiency, access to essential services and socio‑economic advancement and empowerment.

Westpac acted as a Joint Lead Manager.

Mirvac – Green Bond

Mirvac printed a AUD 300m Green Bond to finance eligible green projects, assets, or activities that meet Climate Bonds Standards, in line with its existing Sustainable Financing Framework. The transaction highlighted the continued strength of high‑quality Asian demand in the domestic market, with 43% of allocations placed offshore into Asia and 80% allocated to high‑quality real money accounts.

Westpac acted as a Joint Lead Manager.

Meridian Energy - Green Bond

Meridian Energy printed AUD 400m of its inaugural Kangaroo bond in late March, attracting over AUD 1.65bn of investor demand despite a volatile market backdrop. Investor feedback was positive, with strong appetite for a new issuer in labelled format in the Australian dollar market. The transaction adopted an intraday execution approach, differing from the standard two‑day process, yet still achieved strong domestic participation which supported a faster execution. Proceeds are expected to be used to finance renewable energy and energy efficiency projects.

Westpac acted as a Joint Lead Manager and Sole Sustainability Coordinator.

Igneo Infrastructure Partners – Green Loan

In March, Igneo Infrastructure Partners (Igneo) closed its inaugural AUD 185m green tranche credit facility for the Australia New Zealand Diversified Infrastructure Fund, alongside the development of a Green Finance Framework. The Framework defines six eligible project categories: renewable energy, energy efficiency, waste management, clean transportation, sustainable water management and green buildings. Project selection is informed by market taxonomies including the Australian Sustainable Finance Taxonomy and the Climate Bonds Standard. Igneo obtained a Second Party Opinion from DNV confirming alignment with the Green Loan Principles.

Westpac acted as a Joint Sustainability Coordinator.

Aviation Capital Group – Sustainability-Linked Loan

In January 2026, Aviation Capital Group (ACG), a US‑based aircraft lessor, extended and upsized its Sustainability‑Linked Loan to USD 575m, with maturity extended to January 2029. The transaction embeds sustainability considerations into ACG’s financing strategy by linking pricing to performance against two KPIs: increasing the proportion of new‑generation aircraft in its fleet and reducing the carbon intensity of its owned aircraft portfolio. ACG manages a portfolio of over 450 aircraft, with 73% comprising new‑generation, lower‑emissions models. The facility supports fleet modernisation and ongoing investment in more fuel‑efficient aircraft.

Westpac was a lender.

Sustainable Finance News

Notable Offshore Transactions

Chile has issued a landmark EUR 1.5bn sovereign Sustainability‑Linked Bond linked to biodiversity outcomes, reinforcing its position as a pioneer in sovereign SLB markets. The bond is the first sovereign issuance aligned with biodiversity targets under the Kunming‑Montreal Global Biodiversity Framework. It includes a 25 basis point margin step‑down mechanism, tied to targets to increase the proportion of national land covered by conservation and effectively managed protected areas. The transaction highlights growing innovation in nature‑linked finance and illustrates how biodiversity considerations are becoming increasingly central within the sustainable finance market – check out last quarter’s newsletter for more on nature and sustainable finance.

Emirates NBD has completed a landmark USD 1bn dual‑tranche blue and green bond issuance under its Euro Medium Term Note Programme. The transaction comprised a USD 300mn three‑year blue bond and a USD 700mn five‑year green bond, making it the largest dual‑tranche blue‑green bond issued by a financial institution globally and the largest blue bond in the Gulf. Proceeds will be allocated in line with Emirates NBD’s Sustainable Finance Framework to support marine conservation, sustainable water management and other climate‑related initiatives.

The Asian Development Bank issued a USD 100m, 5‑year Green Bond to raise investor awareness of accelerating glacier melt and associated climate risks across Asia. The issuance is aligned with ADB’s Green and Blue Bond Framework, with proceeds allocated to projects supporting climate‑resilient infrastructure, integrated water resource management and disaster risk reduction.

ASFI releases Debt Guidance

March 2026 saw the Australian Sustainable Finance Institute release its Australian Taxonomy‑aligned Debt Guidance, supporting the application of the Australian Sustainable Finance Taxonomy (Australian Taxonomy) to use‑of‑proceeds debt instruments. Developed in collaboration with Australian Treasury, sovereign and semi‑sovereign debt managers and our very own Charlotte Plaisant Millecamps and Linh Quach, the guidance supports the interpretation and use of the Australian Taxonomy and promotes a common understanding of terms and processes for issuers, investors, coordinators and external reviewers. The guidance marks a shift from taxonomy development to practical market implementation and is intended to improve how the Australian Taxonomy can be used to support the issuance of use-of-proceeds debt.

Climate Action Week & ASFI release on Priority Actions for Financing Adaptation & Resilience

Climate Action Week 2026 was hosted in March under the theme “Change happens locally”, focusing on how locally led action can fuel global momentum. The week featured 228 events, with over 13,000 tickets sold, delivered through a diverse mix of formats catering to different levels of engagement. Notably, 60% of attendees were aged between 20 and 49, underscoring growing momentum among younger Australians for stronger action on climate goals. Speakers this year included The Hon. Chris Bowen MP and former Prime Minister Malcolm Turnbull, alongside leaders from finance, government and industry.

During the week, ASFI convened stakeholders from across the economy to explore how Australia can strengthen the financing of climate adaptation and resilience. Discussions reflected a shared understanding that climate risks are increasing, while investment in adaptation and resilience is not yet occurring at the required pace. Following the event, ASFI published an outcomes report outlining key barriers and priority areas to support greater capital allocation. A consistent message from the discussion was that the challenge is not a lack of capital, but rather the systems, structures and coordination needed to deploy it effectively.

Sustainalytics exits the SPO market

Sustainalytics has announced it will exit the Second Party Opinion (SPO) market, marking a notable development in the sustainable finance ecosystem. A long‑standing SPO provider, Sustainalytics played a key role in shaping standards and supporting integrity in labelled debt markets over more than a decade. The decision reflects challenging market dynamics with lower issuances and increasing competition for SPO services. Sustainalytics will complete existing client commitments before winding down the business, while continuing to focus on its core ESG ratings, data and research offerings.

Sustainable Finance Spotlight - Sustainable Finance and Digital Infrastructure

With Australia’s digital economy continuing to expand, so too does the infrastructure it’s built on. This infrastructure keeps us connected to friends and family, our businesses running efficiently and our essential services online. From cloud computing and e-commerce to artificial intelligence (AI), our demand for data and connectivity is accelerating and coming with it, the need for resilient and sustainable digital infrastructure. Data centres are a core part of the digital infrastructure economy and have emerged as enablers of this transformation. However, as their presence in Australia grows, so too does the imperative to ensure they operate in line with community expectations and environmental standards. Recent government announcements and the development of sustainable finance taxonomies offer a pathway to support this growth responsibly.

The post Covid-19 pandemic years have seen a sharp rise in digital activity. Internet traffic has grown by more than 20% annually since 2020, driven by the expansion of online services, remote work and AI applications. This growth has created a corresponding need for fast, reliable infrastructure that can handle a lot of use to support the digital economy.

This growth comes with scrutiny as 80% of Australian data centres are located in metropolitan areas and their visibility in communities brings with it a social license to operate. As demand increases, so too does the expectation that these facilities will be developed and operated in a way that is energy and water efficient and aligned with broader sustainability goals.

Turning to the economics, the contribution of digital infrastructure to Australia is increasingly evident. In 2025, data centre investment was a driver of business investment and GDP growth in Australia (PDF 1MB). The Clean Energy Finance Corporation (CEFC) has projected that AI, cloud computing and digital infrastructure could attract between $85–135 billion in investment over the next decade.

This presents an opportunity and one that ought to be harnessed sustainably. As the sector grows, maintaining public trust and ensuring alignment with national interests should be essential. This includes managing energy and water use, supporting grid stability and contributing to Australia’s decarbonisation goals.

Australia, with access to clean energy, is well-positioned to contribute to sustainable digital infrastructure. Data centres require energy and, for the most part, water to operate, with their efficiency typically measured by Power Use Effectiveness (PUE)¹. PUE quantifies the proportion of a data centres power used directly for computing versus supporting infrastructure - the lower the PUE indicates a more energy efficient data centre. The median PUE of Australian data centres is 1.30 compared to the global average of 1.56. Unlike some international peers, Australian facilities typically avoid on-site fossil fuel combustion for their main power source, instead drawing from a grid that is decarbonising.

Government policy is also reinforcing this trajectory towards more energy efficient data centres. The Federal Government now requires all data centre services procured by the Commonwealth to meet a five-star NABERS rating (equivalent to a PUE of 1.34). New guidelines released earlier this year outline expectations for data centre and AI infrastructure developers, including prioritisation of projects that are energy and water efficient and aligned with national clean energy objectives. The Green Building Council of Australia also recently announced a Sustainable Data Centres program aimed at exploring what best practice sustainability outcomes for data centres in Australia could look like.

Alongside these Government initiatives and expectations, sustainable finance frameworks are developing screening criteria to assess data centres. The NABERS rating system and the Australian Sustainable Finance Taxonomy provide technical screening criteria to assess the environmental credentials of data centres. These tools enable issuers to credibly label their assets as ‘green’ or ‘sustainable’, helping to attract ESG-focused capital and can support investors screening and assessing new investments. Recent transactions include AirTrunk’s AUD 16bn (ex Japan) sustainable financing with a mixture of green and sustainability-linked loans tied to energy and water efficiency, renewable energy adoption and gender pay equity as well as Stack Infrastructure’s AUD 1.3bn Green Loan in 2025 for their Melbourne hyperscale campus.

Australia’s digital infrastructure sector is set for continued growth, which is good for the economy and increasingly is recognised by policymakers and market participants. But it must be delivered in a way that is conscious, efficient and aligned with the expectations of the communities these assets operate in. Sustainable finance can offer a pathway to support this. By including labels or linking investment to measurable outcomes (ie. PUE reductions, renewable energy use and water conservation), sustainable finance could help ensure that digital infrastructure development contributes positively to Australia’s net zero ambitions and maintains its social license.

¹Other measures of data centre efficiency include Water Use Effectiveness and Renewable Energy Factor (DCCEEW, 2021).

The Sustainable finance team recommends

Our Sustainable Finance team recently welcomed Kaitlin Edwards, who has joined as a Director based in Melbourne. Kaitlin returns to Australia following a number of years in the United Kingdom, where she worked on the structuring of green, social and sustainability‑linked loans for clients across Europe, the Middle East and Africa. She is keen to connect with new and existing organisations interested in sustainable finance, so if you are in Melbourne please feel free to reach out to Kaitlin for a coffee and chat!

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