Sales of green bonds from emerging markets have fallen by about a third in 2025, reaching USD 8 bln, the slowest start to a year since 2022, excluding China’s issuance. The decline is attributed to the US exiting the Paris Agreement and the Republican Party’s efforts to ban environment, social, and governance (ESG)-based investment strategies. Despite the decline, countries like Saudi Arabia continue to issue green bonds, with Europe and China taking a bigger role in sustainable investments.