Thailand's ESG bond market grew 14.7% in H1 2025 to 1.08 trillion baht (5.9% of total debt outstanding), driven primarily by government reopenings and state-sponsored issuances. Private sector ESG issuance surged 78.3% but concentrated in energy and transport; however, only 19.7% of private issuance funded new sustainable projects. Kasikornbank Research forecasts full-year 2025 issuance at 200 billion baht, with growth dependent on planned 30 billion baht in government SLB issuance amid headwinds including high bond yields, narrowing greenium spreads, and cautious corporate investment outlook.