Asia’s fastest-growing market for debt billed as “socially responsible” has drawn criticism after data showed the vast majority of this funding has been raised for jobs and housing rather than the environment.
South Korea has for several years been one of the world’s hottest markets for debt raised according to environmental, social and governance principles. Banks, industrial groups and the government have repeatedly touted the benefits to society from the Won64.7tn ($54.7bn) in ESG notes issued since May 2018.
But less than 3 per cent of the funding has been focused solely on environmental projects, South Korean stock exchange data shows, raising concerns over “greenwashing” and weak regulatory oversight.
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