The ESG bond market in China continues to expand, with the introduction of its first Green Bond in London. China currently has an outstanding ESG bond balance of $298.8 billion, with new issuances in the previous month totaling $13.4 billion, more than half of which comes from the manufacturing sector. By 2025, the Chinese government plans to issue its first Green Bond for sale on the London Stock Exchange, marking a significant step towards aligning China's ESG standards with international levels.

New ESG bond issuances in the United States have contracted by over 13 times year-on-year (YoY) after BlackRock slowed its investments in response to Trump’s anti-ESG policies, alongside rising interest rate and inflation forecasts. In February 2025, new ESG bond issuances amounted to only $0.4 billion, down from $6.1 billion in February 2024, resulting in an outstanding ESG bond balance of $279.3 billion.

The Thai ESG bond market remains stable but is expected to accelerate its growth due to the transfer of LTF funds into Thai ESG funds in the future. The outstanding balance of Thai ESG bonds stands at $25.1 billion, with the Ministry of Finance preparing to propose measures for transferring investment units from LTF funds that will mature by the end of this year into Thai ESG funds. The amount flowing into the ESG market will depend on the tax reduction limits and the lock-up period, which will become clearer by the end of March.