The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) today (18 November) published a research report titled Scaling Sustainable Debt in Emerging Markets, with BloombergNEF as a knowledge partner, which presents key findings from a joint research project that explores the potential of labelled debt for facilitating sustainable development in emerging markets.
The research report shows that labelled sustainable debt markets across the Middle East and North Africa (MENA) and emerging Asia Pacific (APAC) have significant room to grow, with many issuers and borrowers financing sustainable projects with unlabelled instruments. Government support to offset labelling costs and provide guidance can ease the challenges when issuers go to market. Encouraging greater corporate issuance and expanding beyond the green label as well as typical structures present other avenues for growth.
The report also features three case studies showcasing innovation in sustainable finance beyond conventional labels, tenors and structures: a blue bond from DP World, a sustainability-linked loan bond from Emirates NBD, and long-tenor green bond and loan from MTR Corporation Limited.
Mark Steward, Chief Executive of the DFSA, said, “This research provides valuable insight into how sustainable debt is evolving across the MENA and emerging APAC regions. The US$94 billion issuance record in 2024 reflects growing investor confidence and the resilience of our markets. Our focus remains on supporting all forms of sustainable and transition finance to ensure that the market within the DIFC (Dubai International Financial Centre), United Arab Emirates (UAE), and across the region remains robust and credible for the long term.”
Eddie Yue, Chief Executive of the HKMA, said, “Sustainable debt is a promising tool for bridging the multi-trillion-dollar climate financing gap in emerging markets. Through this joint research, we aim to explore solutions to remove the barriers faced by issuers and identify opportunities for growth. As Asia’s leading sustainable finance hub that arranges 45% of the region’s international green bond issuances in 2024, Hong Kong is committed to leveraging our infrastructure and know-how to support emerging markets in reaching their sustainable development goals.”
Jon Moore, Chief Executive of BloombergNEF, said, “Sustainable debt helps build trust and transparency in the financial market. The effort by the HKMA and the DFSA to drive the development of sustainable debt markets provides valuable support to scale up finance and investment for energy transition. We hope this report and our industry leading insights can help regulators and market participants navigate this transition and capture opportunities that advance global sustainability objectives.”
The insights from the report will be discussed during the DFSA–HKMA Joint Climate Finance Conference on 26 November in Dubai.
The full report is available here.
More information on the DFSA–HKMA Joint Climate Finance Conference is available here.
About HKMA
The HKMA is Hong Kong’s central banking institution. The HKMA’s main functions are: (i) maintaining currency stability within the framework of the Linked Exchange Rate System; (ii) promoting the stability and integrity of the financial system, including the banking system; (iii) helping to maintain Hong Kong’s status as an international financial centre, including the maintenance and development of Hong Kong's financial infrastructure; and (iv) managing the Exchange Fund.
About DFSA
The DFSA is the independent regulator of financial services conducted in and from the DIFC, a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in the DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. DFSA supervises exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). The DFSA is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in the DIFC. Please refer to the DFSA’s website for more information.
Hong Kong Monetary Authority
18 November 2025
