扩大新兴市场可持续债务的规模（英）

Scaling Sustainable Debt in Emerging Markets The possibilities of labeled debt November 2025 Scaling Sustainable Debt in Emerging Markets November 2025 Scaling Sustainable Debt in Emerging Markets November 2025 © Bloomberg Finance L.P.2025 No portion of this document may be reproduced, scanned into an electronic system, distributed, publicly displayed or used as the basis of derivative works without the prior written consent of Bloomberg Finance L.P. For more information on terms of use, please contact sales.bnef@bloomberg.net. Copyright and Disclaimer notice on page 19 applies throughout. Contents Section 1. Foreword 3 Section 2. Executive Summary 1 Section 3. Sustainable debt market landscape 3 3.1. State of sustainable finance markets 3 Section 4. Challenges and opportunities for growth 7 4.1. Driving the adoption of labels 7 4.2. A diversity of issuers will boost growth 10 4.3. Growth beyond the green label 11 Section 5. Innovative case studies in labeled sustainable finance 14 5.1. Blue bonds show potential as a novel instrument: DP World 14 5.2. Novel structure brings transparency to sustainability-linked debt markets: Emirates NBD SLLB 15 5.3. Strong investor demand exists for long tenor labeled debt: MTR Corporation 17 About us 19 Scaling Sustainable Debt in Emerging Markets November 2025 © Bloomberg Finance L.P.2025 No portion of this document may be reproduced, scanned into an electronic system, distributed, publicly displayed or used as the basis of derivative works without the prior written consent of Bloomberg Finance L.P. For more information on terms of use, please contact sales.bnef@bloomberg.net. Copyright and Disclaimer notice on page 19 applies throughout. Section 1. Foreword Trillions of dollars are needed globally to address the challenges posed by climate change. Sustainable debt markets are one way to meet this gap and fund solutions, though these markets must grow significantly to avoid the greatest impacts of the climate crisis. Increasing sustainable capital flows will be essential across markets, but for emerging economies, such instruments can play a valuable role in offering transparency and issuer accountability, attracting global investors. Understanding the current state of sustainable debt in these markets, as well as the challenges and opportunities they face, is key to accelerating climate progress. Commissioned by the Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) as part of its strategic partnership on sustainable finance, and produced by BloombergNEF, this report examines the state of the sustainable debt market in the Middle East, North Africa and emerging Asia Pacific and investigates barriers and possibilities for growth. The report also presents three case studies: a blue bond from DP World, a sustainability-linked loan bond from Emirates NDB and a green bond and loan from MTR Corporation, with the support of th