Trump Campaign Against ESG Hits Emerging-Market Green Bonds (1)

The backlash in the US on climate issues is hitting the ability of many emerging markets to raise funds for environmental projects.

Their sales of green bonds have fallen by about a third in 2025 to $8 billion, the slowest start to a year since 2022, when excluding China’s issuance, according to data compiled by Bloomberg. The drop comes despite an 18% increase in overall bond issuance from emerging markets to $225 billion.

The development follows the US exiting from the Paris Agreement on climate targets and from a leading role in an energy transition partnership for South Africa, ...