Mobilizing Private Capital for Sustainable Development Through Sustainable Bonds: Case Studies from Indonesia and Thailand

Southeast Asia faces significant climate financing challenges alongside increasing exposure to climate-related risks and environmental disruptions. Sustainable bonds are emerging as an important mechanism for mobilizing private capital to support climate resilience and sustainable development across ASEAN. The region’s Green, Social, Sustainability, and Sustainability-Linked (GSS+) bond market has expanded steadily, supported by ASEAN standards and initiatives led by the Asian Development Bank. Case studies from Indonesia and Thailand highlight how sustainable bonds have financed renewable energy, affordable housing, and climate adaptation projects while strengthening regional capital markets and encouraging broader participation in sustainable finance. Expanding sustainable capital markets will be essential to unlocking greater private-sector participation in the region’s sustainable development agenda.

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