UNLEASHINGSustainableFinanceinSoutheastAsiaNOVEMBER2022CONNECTWITHUSwbg.org/Malaysia@WorldBankMalaysia@WB_AsiaPacifichttp://bit.ly/WB_blogsMYUNLEASHINGSustainableFinanceinSoutheastAsia©2022InternationalBankforReconstructionandDevelopment/TheWorldBank1818HStreetNWWashingtonDC20433Telephone:202-473-1000Internet:www.worldbank.orgThisworkisaproductofthestaffofTheWorldBankwithexternalcontributions.Thefindings,interpretations,andconclusionsexpressedinthisworkdonotnecessarilyreflecttheviewsofTheWorldBank,itsBoardofExecutiveDirectors,orthegovernmentstheyrepresent.TheWorldBankdoesnotguaranteetheaccuracy,completeness,orcurrencyofthedataincludedinthisworkanddoesnotassumeresponsibilityforanyerrors,omissions,ordiscrepanciesintheinformation,orliabilitywithrespecttotheuseoforfailuretousetheinformation,methods,processes,orconclusionssetforth.Theboundaries,colors,denominations,andotherinformationshownonanymapinthisworkdonotimplyanyjudgmentonthepartofTheWorldBankconcerningthelegalstatusofanyterritoryortheendorsementoracceptanceofsuchboundaries.NothinghereinshallconstituteorbeconstruedorconsideredtobealimitationuponorwaiveroftheprivilegesandimmunitiesofTheWorldBank,allofwhicharespecificallyreserved.RightsandPermissionsThematerialinthisworkissubjecttocopyright.BecauseTheWorldBankencouragesdisseminationofitsknowledge,thisworkmaybereproduced,inwholeorinpart,fornoncommercialpurposesaslongasfullattributiontothisworkisgiven.Attribution:Pleasecitetheworkasfollows:WorldBankandInstituteofFinanceandSustainability(2022)“UnleashingSustainableFinanceinSoutheastAsia(November),WorldBank,Washington,DC.Anyqueriesonrightsandlicenses,includingsubsidiaryrights,shouldbeaddressedtoWorldBankPublications,TheWorldBankGroup,1818HStreetNW,Washington,DC20433,USA;fax:202-522-2625;e-mail:pubrights@worldbank.org.Coverphoto:©MunsyaRahman.UsedwiththepermissionofMunsyaRahman.Furtherpermissionrequiredforreuse.Coverdesign:GoodNewsResourcesSdn.Bhd.UNLEASHINGSustainableFinanceinSoutheastAsiaNOVEMBER20226UNLEASHINGSustainableFinanceinSoutheastAsia|NOVEMBER2022TableofContentsAcknowledgements..........................................................................................................................................11Foreword............................................................................................................................................................12Abstract.............................................................................................................................................................10ExecutiveSummary.........................................................................................................................................16CHAPTER1:TheStateofSustainableFinanceinSelectSoutheastAsianCountries........................................................261.1.Introduction..........................................................................................................................................281.2.CharacterizingSustainableFinancialMarkets.......................................................................................361.2.1.SustainableDebtMarkets..........................................................................................................361.2.2.PrivateEquityMarketsforSustainability......................................