Hanoi (VNA) - The sustainable bond market of member economiesof the Association of Southeast Asian Nations (ASEAN), China, Japan, and theRepublic of Korea expanded 29.3% last year, outpacing the 21% growth of theglobal and euro-area sustainable bond markets, according to a new report by theAsian Development Bank (ADB).

Outstanding sustainable bonds in the economiesreached 798.7 billion USD by the end of 2023, and accounted for around 20% ofglobal sustainable bonds, the latest edition of Asia Bond Monitor released onMarch 21 showed.

As of the end of 2023, the global and euro-area sustainable bond market reached4 trillion USD and 1.5 trillion USD, respectively.

ADB Chief Economist Albert Park said that ASEAN sustainable bond issuance madeup a higher share of local currency financing and long-term financing in 2023,driven by public sector participation.

Financial conditions in emerging East Asia improvedmarginally between December 1, 2023 and February 29, 2024 as the US Federal Reserve wasexpected to ease its monetary stance, while inflation continued to moderate andmost economies posted sound economic growth in the region.

Sustainable bonds are bond instruments that areused to finance projects and programmes with environmental and social benefits./.