Thailand’s new disclosure and emissions assurance rules strengthen the information available to assess corporate climate risks, while the EU reiterated that carbon credits cannot substitute for domestic emissions reductions. Beijing’s energy plan pairs transition targets with investment funds and electricity-market reforms, linking policy objectives with financing and project revenue mechanisms.

Financial institutions reported growth in sustainable finance alongside gaps in its coverage. Deutsche Bank’s record quarter included newly counted equity investments, while SEB highlighted how little corporate sustainable financing reaches climate resilience. Agricultural Development Bank of China deployed capital for green projects within a broader investment programme, underscoring the importance of examining what headline financing totals include.

1. Thailand phases in ISSB disclosures from FY2027 with mandatory emissions assurance

Thailand’s Securities and Exchange Commission published strengthened sustainability disclosure rules on 28 October, requiring listed companies to report information aligned with ISSB standards on a phased basis. SET50 constituents begin with FY2027 information, reported in 2028, followed by SET100 constituents for FY2028 and remaining SET-listed companies for FY2029. The final group, including mai-listed companies, REITs and specified funds and trusts, begins with FY2030 information. Greenhouse gas emissions disclosures must be verified by assurance providers applying internationally recognised standards. Transitional relief includes exemptions from first-year comparative information and initial Scope 3 emissions disclosure.

On 17 September 2026, Malaysia’s Advisory Committee on Sustainability Reporting, chaired by Securities Commission Malaysia, deferred the first mandatory reasonable assurance requirements to 2028 to allow improvements in reporting processes, controls and data quality. Although the assurance regimes differ, the implementation challenge is relevant to Thailand’s first reporting group: SET50 companies must prepare reliable emissions records and assurance arrangements ahead of their initial disclosures.

2. GCF approves $1.9 billion, taking annual climate finance approvals to record $3.2 billion

The Green Climate Fund’s 46th Board meeting in Songdo approved $1.9 billion in climate financing, taking annual approvals to a record $3.2 billion. The outcome announced on 29 October included $140 million for industrial decarbonisation in South Africa and Namibia through Climate Fund Managers’ Climate Investor Three facility. South Africa’s SA-H2 Fund receives $84 million and Namibia’s SDG Namibia One Fund $56 million, supporting infrastructure including green hydrogen, ammonia and methanol.

SA-H2 had already reached a ZAR 3.0 billion ($180.3 million) first close in August, backed by investors including the Public Investment Corporation and Sanlam Life. GCF’s first-loss equity adds risk protection to a platform already attracting domestic institutional capital, with funding supporting project development and construction. DBSA, which oversees the GCF programme, describes it as the fund’s first platform dedicated to decarbonising industrial value chains in Africa.

3. Deutsche Bank reports record sustainable finance quarter as measurement expands

Deutsche Bank reported EUR 32.0 billion ($35.6 billion) in sustainable and transition finance volumes for the third quarter, its strongest quarter since launching its sustainability strategy. The total includes, for the first time, EUR 7.0 billion ($7.8 billion) of private-client equity investments in companies meeting particularly stringent sustainability criteria, affecting comparisons with earlier periods. Cumulative volumes since January 2020 reached EUR 555.0 billion ($617.7 billion), against a EUR 900.0 billion ($1,001.7 billion) target for end-2030. The figures exclude DWS.

Transition finance contributed EUR 6.4 billion ($7.1 billion), up from EUR 4.3 billion ($4.8 billion) in the second quarter. From January 2026, the bank began classifying specified new sustainability-linked financing as transition finance rather than sustainable finance. Transactions highlighted in its results included a guarantee facility for wind turbine manufacturer ENERCON and participation in TenneT Germany’s European Green Bond issuance.

4. Masdar raises $600 million through inaugural blue bond

Masdar, the Abu Dhabi renewable energy developer backed by TAQA, ADNOC and Mubadala, announced a $600 million five-year blue bond on 27 October under its $6 billion Global Medium Term Note programme. Rated AA- by S&P and Fitch, the transaction attracted a peak order book of $1.5 billion. Proceeds will support maritime renewable energy projects, including offshore wind. The bond carries a 5.875% dollar coupon; Masdar said it was swapped into euros at a 4.374% yield to align funding with European investment exposure.

The issuance takes total funding raised under Masdar’s bond programme to $3.35 billion since 2023. By end-2025, the company had allocated $2.3 billion to 30 renewable energy projects across ten countries. Its updated framework extends eligible uses to blue projects, subject to assessments intended to minimise biodiversity impacts. Masdar described the transaction as the highest-rated public corporate blue bond issued globally to date.

5. Iberdrola returns to direct US borrowing with $1.6 billion green bond issuance

Spanish multinational electricity company Iberdrola priced $1.6 billion of green bonds in the US market on 27 October, its first direct transaction there since 2009, to finance or refinance electricity networks and renewable facilities. Demand exceeded $5 billion, with 116 investors participating. The issuance comprises two $800 million tranches maturing in 2029 and 2033, carrying coupons of 5.40% and 5.85%, respectively. Iberdrola expects annual US investments of approximately $5 billion in the coming years.

Iberdrola last borrowed directly in the US market in September 2009, raising $2 billion. Its US subsidiaries have remained active borrowers in the intervening period. The latest transaction broadens the parent’s funding options for its US investment programme, with financing costs that Iberdrola said were comparable with the euro market.

6. EU reiterates limits on carbon credits at UN human rights dialogue

The EU said carbon credits cannot substitute for substantial and rapid domestic emissions reductions during a UN General Assembly dialogue on 29 October. Responding to Special Rapporteur Elisa Morgera’s report on carbon credits and human rights, it said any use of credits must ensure environmental integrity, avoid double-counting and protect local communities’ rights. It also raised concerns about threats against environmental human rights defenders, including through strategic lawsuits against public participation.

The EU asked how states should determine which categories of carbon-credit projects genuinely protect the climate and human rights, and how affected communities should participate in that assessment. For companies using credits in climate claims, these considerations concern both the evidence supporting claimed reductions and the social conditions under which projects operate.

7. SEB identifies resilience financing gap as sustainable debt transactions grow

Nordic lender SEB’s Sustainable Finance Outlook, published on 27 October, highlights a mismatch between growing sustainable finance volumes and limited allocation to climate resilience. Global sustainable debt transactions reached $1.6 trillion in the first nine months of 2026, up 15% year-on-year, while less than 3% of reported corporate sustainable financing allocations since 2013 went towards reducing vulnerability to climate risk. The report examines physical exposure at fund, company and asset levels, identifying water stress as a dominant hazard across market segments.

Among the assets examined, SEB identifies 48 European data centres with particularly high physical climate risk exposure. Asset locations and operating requirements can leave companies vulnerable to flooding, heat and water shortages despite low emissions or strong governance. The report connects physical-risk assessment with the financing of water and adaptation infrastructure, where ageing assets, underinvestment and rising demand create substantial investment needs and challenges in structuring bankable projects.

8. EU public climate finance rises as mobilised private funding declines

The Council of the EU published international climate finance figures on 29 October, reporting EUR 32.3 billion ($36.0 billion) from public sources and EUR 9.3 billion ($10.4 billion) in mobilised private funding for 2025. The public total combines bilateral commitments and multilateral disbursements. Adaptation and activities combining adaptation with mitigation accounted for 48% of public funding, while grants represented 41%. Private mobilisation included guarantees, syndicated loans, direct investments and credit lines.

Compared with the previously reported 2024 figures, public finance increased 1.9% from EUR 31.7 billion ($35.3 billion), while mobilised private funding fell 15.5% from EUR 11.0 billion ($12.2 billion). Within the public total, the European Investment Bank’s contribution increased 12.5% to EUR 2.7 billion ($3.0 billion).

9. Agricultural Development Bank completes capital deployment supporting green and other investment

Agricultural Development Bank of China completed CNY 315.0 billion ($47.3 billion) in deployment under its 2026 policy-based financial instruments on 28 October. The bank said the funding supports projects with approximately CNY 4.39 trillion ($659.0 billion) in total investment, covering green and low-carbon development alongside artificial intelligence, the digital economy, consumption and other sectors. The allocation includes CNY 65.2 billion ($9.8 billion) for private investment and projects involving private capital. The bank did not disclose a separate green allocation.

The instruments supplement project capital and work alongside lending to address financing shortfalls that can delay construction. The bank said its next phase would focus on monitoring fund use, managing investments and strengthening coordination with loans. The deployment continues an approach used across China’s three policy banks in 2025, when their combined CNY 500.0 billion ($75.1 billion) programme supported more than 2,300 projects.

10. Beijing municipality links energy investment funds with electricity-market reforms

Beijing municipality published its new energy system plan for 2026–2030 on 28 October, combining renewable energy expansion with investment funds, private participation and electricity-market reforms. Targets include a 27.6% non-fossil share of energy consumption and two gigawatts of additional wind and solar capacity by 2030. New computing centres are to use 100% green electricity, while existing data centres face a power usage effectiveness target below 1.35. The plan also supports storage, charging infrastructure and building retrofits.

The plan calls for green energy and low-carbon industry investment funds to support technology commercialisation and encourages private participation in energy infrastructure. Reforms include competitive bidding for new wind and solar projects, expanded interprovincial electricity trading and stronger green certificate mechanisms, complementing the green electricity requirements for new computing centres.