Last year, green bond issuances in the Asia-Pacific region hit record levels, raising $18.89 billion. Of that Mainland China’s green bond market accounted for $8.13 billion, according to the Hong Kong Stock Exchange (HKEX).

Clifford Chance has advised the Republic of Indonesia on the offering of $1.25 billion of “green” sukuk, or sharia-compliant investments in renewable energy and other environmental assets. Indonesia is the first Asian sovereign to issue the same.