Thailand’s Green Debt Boom: How the Thailand Green Bond Market Is Deepening Fast

Policy and market infrastructure are helping issuers move faster. The OECD describes how the Securities and Exchange Commission (SEC) introduced green bond issuance guidelines in December 2018, then expanded them in May 2019 to include social and sustainability bonds. It also highlights fee waivers tied to sustainable bonds, including filing fee waivers for SLB and green, social and sustainability bond issuers that adopt the Thailand Taxonomy or ASEAN Taxonomy with external verification. In parallel, ThaiBMA waived registration fees for sustainable bonds registered by June 2022 and exempted annual registration fees for bonds with maturities over seven years. The SEC and ThaiBMA also launched an ESG bond information platform in 2020 to centralise issuance details, external reviews and applicable standards.

Disclosure Rules and Taxonomies Are Raising the Bar

Thailand’s regulatory push is also tightening the link between capital raising and credible disclosure. A Bangkok Post report says that by 2031, all 800 listed companies on the Stock Exchange of Thailand (SET) are required to disclose ESG information, including greenhouse gas (GHG) reduction plans, in accordance with the IFRS Sustainability Disclosure Standards (IFRS S1 and S2). The same report says requirements will be phased in, starting with SET50 companies in 2027, followed by SET100 and the remaining listed firms. It adds that IPO applicants on the Thai bourse will be required to report sustainability information from the outset. To support credibility, the SEC is establishing a framework for independent verification of climate data, relying on roughly 30 accredited verifiers recognised by Thailand’s Greenhouse Gas Management Organization and other international bodies.

These shifts create a direct incentive for corporates to structure debt that fits investor expectations. Deloitte’s 2025 report argues that organisations in Thailand can do more to strengthen ESG data collection and reporting systems and expand partnerships across value chains, given rising regulatory expectations and disclosure standards. It also points to regulators such as the SET, SEC and Bank of Thailand (BOT) formulating new policies on carbon tax, emissions trading and incentives to reduce greenhouse gas emissions. Deloitte further notes that frameworks and guidelines for sustainability bond issuance, ESG disclosure standards and the Thailand Taxonomy for green economic activities reinforce Thailand’s commitment to carbon neutrality by 2050 and net zero greenhouse gas emissions by 2065.

Momentum is visible in issuance patterns, even as product mixes evolve. The Bangkok Post reports Thailand’s ESG bond market rebounded strongly, with SLB issuance rising from 86.4 billion baht in 2020 to 208 billion last year. Separately, the SEC has said corporate green bonds—primarily from the power generation sector—have gained strong investor interest, and it has observed oversubscription rates for recent green issues, even if green premiums are not yet consistent in the Thai market. Against this backdrop, the Thailand green bond market is being shaped by a combination of tighter disclosure, stronger verification expectations and a clearer taxonomy-driven pathway that can help issuers compete for ESG capital.