Turkey received 11.7 percent share from ESG issuances

Turkey received an 11.7 percent share in the dollar-denominated Environmental, Social and Governance (ESG) issuances of emerging markets.

In the analysis published by Fitch Ratings, the Gulf Cooperation Council (GCC) continued to be the region that contributed the most to emerging markets' dollar-denominated ESG debt instrument issuances in the 9-month period of 2026, accounting for approximately 39 percent of total issuances excluding China.

While ESG issuances are mainly concentrated in Saudi Arabia and the United Arab Emirates, dollar-denominated ESG issuances in emerging markets excluding China amounted to 15 billion dollars in the January-September period. However, this figure decreased by 40 percent compared to the same period last year.

Among emerging markets, Saudi Arabia received a 20.9 percent share in dollar-denominated ESG issuances during this period. This country was followed by the United Arab Emirates with 17.8 percent, Brazil with 15.9 percent, India with 12.5 percent and Turkey with 11.7 percent.

The total amount of ESG debt instruments in circulation in the GCC increased by 18 percent on an annual basis, exceeding $72.9 billion, as of the end of the third quarter of 2026.

Sukuk accounted for 43 percent of this total, supported by demand from Islamic banks, which have a significant share in GCC banking systems.

According to the analysis, the GCC is expected to remain the largest contributing region among emerging markets, supported by sustainability and energy transition plans, diversification of funding sources and demand from sustainability-focused international investors.

Although it is predicted that the GCC's ESG exports may increase in the last quarter of this year and in 2027, it was stated that geopolitical volatility continues to pose a downside risk.