CSBA launches phase three to bolster green bond market

CSBA launches phase three to bolster green bond market

Synopsis: Phase three aims at expanding access to sustainable financing instruments and deepening Cambodia’s capital markets.

The Cambodia Sustainable Bond Accelerator (CSBA) programme has officially entered its third phase, inviting applications from potential green and sustainable bond issuers till the end of August.

This Phase Three aimed to expand access to sustainable financing instruments and deepen Cambodia’s capital markets.

The CSBA programme—launched in early 2023—is a collaborative initiative by the Securities and Exchange Regulator of Cambodia (SERC), United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), Global Green Growth Institute (GGGI), supported by Luxembourg’s Global Trust Fund on Sustainable Finance Instruments, according to a joint statement on August 4.

It is implemented in partnership with the Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB), and GuarantCo, part of the Private Infrastructure Development Group. For Phase Three, the programme also welcomed the Credit Guarantee Corporation of Cambodia (CGCC) as a new partner.

This new phase targeted both public and private sector entities that are seeking technical assistance to issue green, sustainability or sustainability-linked bonds.

Successful applicants will receive hands-on support such as bond issuance planning, technical guidance on sustainable finance frameworks, second-party opinion facilitation and potential investment enhancement through the CSBA’s network of guarantors.

Speaking on behalf of the consortium, Sou Socheat, Delegate of the Royal Government in charge as Director General of SERC, said,

“This initiative aims to unlock financing for projects that address Cambodia’s climate mitigation and adaptation priorities—ranging from renewable energy and clean transportation to smart agriculture, energy efficiency, and green buildings.”

“Through Phase Three, we seek to empower more Cambodian issuers to access capital markets and mobilise investments that align with our national climate goals. We remain committed to building a robust, transparent, and inclusive sustainability bond ecosystem for capital market actors, which supports long-term economic growth and environmental resilience,” Socheat added.

Based on the joint statement, Cambodia’s bond market has doubled in size since the start of the CSBA from just $200 million in 2023 to over $400 million in 2025.

This rapid expansion highlighted growing investor confidence, proactive regulatory measures and the programme’s catalytic role in mainstreaming sustainable debt instruments, the statement added.

The CSBA has been instrumental in building market readiness by equipping issuers with the tools, knowledge, and investor access needed to launch successful bond offerings.

It has also promoted wider private sector participation in green and sustainable finance, positioning the Kingdom as a rising market for climate-aligned investments in the region.

So far, the programme has supported over $60 million in green bond issuances by Cambodian companies, with more than $100 million in upcoming deals currently in development.

Its contribution to technical capacity building, awareness-raising and innovative financing mechanisms has attracted growing interest from both domestic and international investors.