Sustainable finance in Latin America | White & Case LLP

GSS bonds and different types of sustainable finance have turn out to be a mainstream function of Latin American debt capital markets

Sustainability points in Latin America have lengthy been intently linked to finance, however by no means extra so than at present. Latin America’s tropical forests are among the many most biodiverse ecosystems on earth—and extremely susceptible to the more and more important results of local weather change. The area’s economies are closely reliant on extractive industries and different sectors that depend upon these pure assets and ecosystems. This has the potential to trigger tensions between short-term revenue priorities and longer-term sustainability targets. It’s due to this fact unsurprising that environmental, social and governance (ESG) concerns have turn out to be extra vital in related sectors like mining, oil & fuel, energy, forestry, agriculture, fisheries and trade usually.

This text focuses on the state of sustainable finance in Latin America (together with inexperienced, social, sustainable and sustainability-linked devices) and the alternatives to make use of sustainable finance to handle growth priorities within the area.

Latin America’s tropical forests are among the many most biodiverse ecosystems on earth—and extremely susceptible to the more and more important results of local weather change.

Sustainable finance

The European Fee defines sustainable finance as: “the method of taking ESG concerns under consideration when making funding selections within the monetary sector, resulting in extra long-term investments in sustainable financial actions and initiatives.”1 Since 2015, sustainability within the context of finance has come to be seen largely when it comes to the UN Sustainable Growth Objectives (SDGs)2 and the Paris Settlement commitments on local weather change. Right now, no trade or market exists that’s insulated from the priority of shareholders, buyers, lenders, staff, customers or society-at-large in terms of ESG-related efficiency or the dangers and impacts of local weather change. This elevated concern has led to larger motivation for creating financing merchandise to facilitate attaining the targets, defending towards the impacts or adapting to the adjustments, whether or not social, environmental or financial.

Mechanisms corresponding to blended finance, ESG-linked loans, inexperienced or social bonds, ESG concerns in overseas direct funding (FDI) and even some features of fairness capital markets and commerce, show how the sphere of sustainable finance is as various as the problems it seeks to handle.

Latin American international locations are additionally properly conscious of the interdependencies between sustainability and financial growth, commerce and funding, all of that are the topic of quite a few worldwide and regional commerce and funding agreements, together with the United States-Mexico-Canada Commerce Settlement (USMCA). Like its predecessor, the North American Free Commerce Settlement (NAFTA), USMCA accommodates a number of environmental provisions and a aspect settlement on environmental and different sustainability safeguards.

Though not a direct type of funding, these CERs will be traded and bought, and utilized by industrialized international locations to fulfill part of their emission discount targets beneath the Kyoto Protocol.

Financing local weather adaptation and safety towards international warming

Underneath the Kyoto Protocol, which preceded the Paris Settlement by nearly 20 years, Latin American international locations weren’t thought-about main contributors to international greenhouse fuel (GHG) emissions. They had been due to this fact not topic to binding targets to cut back GHG emissions. Brazil, for instance, was categorized as a “carbon sink” because of the potential of the Amazon rainforest to sequester GHGs to cut back international warming. Underneath the Paris Settlement, alternatively, all ratifying international locations have been required to current their nationwide targets, often known as Nationally Decided Contributions (NDCs). Article 6 of the Paris Settlement establishes mechanisms that contribute to the mitigation of GHG emissions and assist sustainable growth3 together with the Kyoto Protocol’s clear growth mechanism (CDM), which permits emission-reduction initiatives in creating international locations to earn licensed emission-reduction (CER) credit, every equal to at least one metric tonne of CO2. Though not a direct type of funding, these CERs will be traded and bought. Industrialized international locations can and do use them to fulfill part of their emission-reduction targets beneath the Kyoto Protocol. Whereas China and India have accounted for almost all of CDM initiatives over time, Latin American international locations have additionally made intensive use of the CDM to create CERs.4

By the top of July 2021, 8,222 initiatives had been registered globally beneath the CDM, representing a discount of simply over 1 billion metric tonnes of CO2-equivalent GHG emissions. Latin American initiatives accounted for 12.6 % of that discount (see determine 1).

 Breakdown of CDM projects globally (pie chart) and by country in Latin America (scatter chart)

View full picture: Breakdown of CDM initiatives globally (pie chart) and by nation in Latin America (scatter chart) (PDF)

Inexperienced, social, sustainability and sustainability-linked bonds

The primary-ever inexperienced bond (labeled a “Local weather Consciousness Bond”) was issued on July 4, 2007 by the European Funding Financial institution. Since then, internationally, whole ESG debt together with GSS bond issuances have reached US$3 trillion, with US$1 trillion being added in eight months throughout late 2020 and early 2021, alone5 (see determine 2). By comparability, the Group for Financial Co-operation and Growth (OECD) estimated in 2017 that annual inexperienced funding required to restrict international warming to a two-degree rise will exceed US$4.3 trillion.6 By late July 2021, GSS issuances in Latin America had reached US$45 billion for the yr—roughly 1.7 occasions the full GSS issuances for the area in 2020 (see determine 3). Clearly, GSS bonds have gotten a extra vital function in Latin American finance.

Cumulative debt issuance of ESG debt worldwide

View full picture: Cumulative debt issuance of ESG debt worldwide (PDF)

Utilizing sustainability-linked bonds in Latin America

Whereas inexperienced bonds are probably the most established and properly developed of the ESG debt devices, they usually account for the lion’s share of GSS bond issuances worldwide, sustainability-linked bonds (SLBs) have gotten more and more widespread instead. For the reason that Worldwide Capital Market Affiliation (ICMA) revealed ideas for SLBs in mid-2020, they’ve turn out to be the fastest-growing type of issuance in Latin America (see infographic in determine 3). The important distinction between inexperienced, social and sustainability bonds, and sustainability-linked bonds, is that the previous are meant to fund particular ESG-related initiatives, whereas the latter are linked to attaining outlined ESG efficiency aims.

Latin American GSS bonds have been issued each in worldwide and native capital markets, and in a wide range of currencies. In 2020, as an illustration, Banco del Estado de Chile issued a social bond termed a “girls’s bond” denominated in Japanese yen, elevating the equal of US$95 million to enhance girls entrepreneurs’ entry to monetary and non-financial providers in Chile and to assist the financial empowerment of ladies within the nation.8 The Chilean authorities has additionally issued sovereign GSS bonds denominated in euros. The commonest denominations nevertheless are native Latin American currencies and the US greenback.

The Latin American GSS bond market in additional element

GSS issuance in Latin America is led by the non-public sector, with company issuers answerable for 62 % of the full GSS issuances. Sovereign and supranational issuers represented 35 % and three % of the full GSS bond issuance, respectively. When it comes to quantity, the sovereign issuances have been far bigger, they usually account for 44 % of the quantity so far. This combine varies extensively throughout Latin American international locations, nevertheless. The non-public sector (particularly forestry and paper firms) has been much more dominant in Brazil, as an illustration, than in Chile (see infographic in determine 3).

Vitality has been probably the most funded sector, with half of Latin America’s inexperienced proceeds devoted to renewable vitality initiatives (primarily photo voltaic and wind) excepting Chile, the place transport ranks first. Nevertheless, land use and trade, that are significantly under-funded globally, signify nearly 1 / 4 of the issuance in Latin America. In distinction, inexperienced buildings and water, that are each generally funded globally, are among the many least funded sectors in Latin America.

Just like elsewhere on the planet, Latin America’s monetary sector has additionally begun to advertise inexperienced finance initiatives lately. Mexico’s Central Financial institution and Colombia’s monetary system regulator are members of the worldwide Community for Greening the Monetary System. Mexico’s Local weather Monetary Advisory Board joined the Monetary Facilities for Sustainability community, asserting plans to show the nation right into a regional chief in inexperienced finance (though such remark was made previous to the present pandemic). A number of non-public sector Latin American banks have issued GSS bonds, so as to use the proceeds to lend to prospects to fund initiatives which might be aligned with ESG aims.

Figure 3: GSS bond issuances in a range of currencies and by a variety of issuer types have become an important feature of Latin American capital markets

View full picture: Determine 3: GSS bond issuances in a spread of currencies and by a wide range of issuer varieties have turn out to be an vital

Latin American GSS bond issuances from the first issuances in 2014 to early July 2021, by bond type

View full picture: Latin American GSS bond issuances from the primary issuances in 2014 to early July 2021, by bond sort (PDF)

GSS bonds by number of issuances

View full picture: GSS bonds by variety of issuances and GSS bonds by whole deal dimension (in US$) (PDF)

Traders have at all times been involved with “greenwashing” however by no means extra so than at present, with the stakes being as excessive as they’re.

Choose GSS bond issuances throughout the previous 5 years within the main Latin American markets


  • In September 2021, Rumo S.A., Brazil’s largest logistics operator when it comes to whole quantity transported, offering rail transport logistics, port dealing with and warehousing providers by way of its Luxembourg subsidiary, issued US$500 million of 4.200% sustainability-linked notes due 2032. The rate of interest and redemption value for the bonds are tied to sure specified “sustainability efficiency targets” Rumo established to restrict its greenhouse fuel emissions to the equal of 11.82 gigatonnes of CO2 each year by the top of 2026
  • In June 2021, JBS S.A., the world’s largest protein firm and second-largest meals firm primarily based on internet income, by way of its Luxembourg subsidiary, issued US$1 billion in combination principal quantity of three.625% sustainability-linked senior notes due 2032. The rate of interest for the bonds is tied to sure specified “sustainability efficiency targets” JBS established to cut back its international greenhouse fuel emissions depth by roughly 16 % by the top of 2025 and 30 % by the top of 2030
  • In Might 2021, Iochpe-Maxion S.A., a world chief within the manufacturing of automotive metal wheels and among the many world leaders within the manufacturing of aluminum wheels for mild autos, by way of its Austrian and Mexican subsidiaries, issued US$400 million of inaugural 5.000% sustainability-linked notes due 2028. The rate of interest for the bonds is tied to sure specified “sustainability efficiency targets” Iochpe established to cut back its greenhouse fuel emissions by roughly 30 % by the top of 2025
  • In April 2021, a seven-year US$1 billion bond issued by Brazil’s Natura Cosméticos S.A. was, as of its date, the largest-ever single sustainability-linked issuance within the area. Underneath the phrases of the brand new sustainability-linked bond, Natura goals to cut back greenhouse fuel emissions by 13 % and enhance the usage of post-consumer recycled plastic in packaging to 25 % by 20269


  • In 2019, Chile issued the primary sovereign inexperienced bond in Latin America for US$950 million; the usage of the proceeds is for initiatives associated to metro strains, electromobility, set up of photo voltaic panels, sustainable buildings and water monitoring methods
  • In June and July 2019, the Republic of Chile issued two sovereign Licensed Local weather Bonds, the primary inexperienced sovereign bonds within the Americas. One was issued within the US market (US$1.4 billion), the opposite was a Eurobond (€861 million). The proceeds can be used primarily to finance low-carbon transport, but additionally sustainable buildings, renewable vitality and water administration initiatives
  • In June of 2020, Atlas Renewable Vitality issued US$253 million of notes within the type of a personal placement, the proceeds of which had been used to develop two solar energy initiatives in Chile. The transaction was the biggest photo voltaic photovoltaic (PV) inexperienced non-public placement in Latin America so far. The transaction additionally marked the primary time that noteholders took on development danger as a part of a construction to finance a greenfield photo voltaic mission in Latin America


  • In December 2016, Bancolombia, Colombia’s largest industrial financial institution, issued its first inexperienced bond for 3.5 billion Colombian pesos (US$115 million), the proceeds of which can be used to broaden monetary providers for personal sector investments that assist tackle local weather change. It was the primary inexperienced bond issued by a industrial financial institution in Latin America


  • The primary sovereign social bond on the planet was issued within the worldwide market by Ecuador in 2020, for US$400 million, to develop the general public program Casa para Todos, meant to offer entry to first rate, reasonably priced housing to greater than 24,000 households. This issuance was backed by a US$300 million assure of the Inter-American Growth Financial institution (IDB), permitting the operation to be extra enticing for worldwide buyers and decreasing monetary prices to the federal government of Ecuador


  • In December 2016, Mexico Metropolis issued its inaugural MXN 1 billion (roughly US$50 million) inexperienced bond, the proceeds of which can be used to develop initiatives associated to environment friendly use of vitality, enchancment within the provide and high quality of consuming water, in addition to sustainable transport. Mexico is among the solely international locations in Latin America with native authorities inexperienced bond issuances
  • In October 2018, Fondo Especial para Financiamientos Agropecuarios (FEFA), a Mexican governmental growth belief devoted to agriculture, issued its inaugural MXN 2.5 billion (US$130 million) inexperienced bond, the proceeds of which can be used to finance its mortgage to the agricultural sector. It was the primary Licensed Local weather Bond beneath the Protected Agriculture Standards, which was developed beneath the Local weather Bond Initiative (CBI) with the assist of the IDB and FEFA

GSS bond certification and score

How GSS and comparable bonds ought to be licensed and rated stays an evolving area. GSS bonds fund such a variety of initiatives {that a} diploma of flexibility is required, however this should be balanced with investor want for assurance that their funding actually goes to contribute to achievement of the SDGs. Whereas consensus exists typically about what constitutes a inexperienced bond or funding, exterior evaluation processes and requirements can differ extensively. Two approaches look like gathering extra momentum than others, nevertheless. The primary is that of ICMA, which has revealed ideas for inexperienced bonds, social bonds, sustainability bonds and sustainability-linked bonds. The second is that of the Local weather Bonds Initiative, particularly the Local weather Bonds Customary and Certification Scheme. The certification course of for the latter is carried out by way of clearly outlined procedures, whereas the previous depends on exterior verifiers making use of their very own methodologies.

Plenty of indices have additionally emerged, with various standards making use of for inclusion. These embrace:

  • The Bloomberg Barclays MSCI Inexperienced Bond Index, which is a multi-currency benchmark that features native forex debt markets tracked by the Barclays International Mixture Index
  • The Financial institution of America Merrill Lynch (BAML) Inexperienced Bond Index, which tracks efficiency of debt issued by quasi-governments and firms the place the proceeds of the problem are for use solely for initiatives and actions that promote local weather or different environmental sustainability functions
  • The Customary & Poor’s (S&P) Inexperienced Bond Index and the S&P Inexperienced Bond Choose Index (that are multi-currency benchmarks that embrace bonds issued by multilateral, authorities and company issuers, the previous of which was developed collaboratively by S&P Dow Jones Indices and Infrastructure Credit score Alpha Group LLC)
  • The Solactive Inexperienced Bond Index, which is a rules-based, market value-weighted index engineered to reflect the inexperienced bond market

Whereas third-party certification is vital, considerations regularly come up about whether or not GSS bonds at all times find yourself getting used for his or her acknowledged functions and have a significant affect on SDGs or mitigating local weather change extra typically. Traders have at all times been involved with “greenwashing,” however by no means extra so than at present, with considerations about local weather change and different ESG points being seen with as a lot concern as they’re. The worth of property beneath administration by managers making use of ESG information to funding selections has risen sharply over the previous decade, to US$38 trillion in 2020.10 Moreover, what asset managers in Latin America may require when it comes to ESG reporting differs generally from that required within the US, Europe and Asia-Pacific.

Maybe on account of the speedy growth in GSS finance, ESG information out there is rising that’s unstructured, opaque and non-standard in format. Because of this, some buyers and asset managers are shifting from relying upon third-party certifiers to assembling their very own information on the ESG credentials of the property wherein they select to take a position. A wholesome marketplace for uncooked ESG information has emerged consequently. Bloomberg, as an illustration, now provides its prospects with reported ESG information for nearly 12,000 firms and greater than 410,000 securities in additional than 100 international locations, masking greater than 15 years of historic information.11 The newly launched Sustainable Fitch suite of ESG merchandise additionally consists of instruments to assist buyers to guage the relative ESG credentials of monetary devices and entities.

When thought-about along with different transparency drivers, corresponding to financial institution disclosure necessities for ESG dangers, and likewise growing regulatory necessities, it follows that entities utilizing any supply of sustainable finance would do properly to make sure that their very own ESG reporting is obvious, unambiguous and complete.

International environmental agreements to which Latin American countries are parties

View full picture: Worldwide environmental agreements to which Latin American international locations are events (PDF)

ESG regulatory and coverage frameworks are evolving

Latin American international locations have collectively ratified roughly 20 worldwide environmental agreements (desk 1). A few of these create obligations on the a part of developed nations to offer funding and different assets to creating nations together with these in Latin America, to encourage sustainable financial growth. In apply, nevertheless, such funding compromise has proved inadequate to satisfy its function, and extra assets have been sought by way of totally different mechanisms. Lately, the ESG safeguards constructed into these mechanisms have turn out to be extra widespread, and specific.

As is common in worldwide regulation, ratifying states take steps essential to make sure that their home laws aligns with their obligations beneath these agreements and treaties, in some circumstances promulgating new regulation for this function. Concerning GSS bonds particularly, the next present and up to date developments ought to be famous:


The Monetary Superintendency of Colombia (SFC) grew to become the primary banking regulator in Latin America to publish a regulatory framework for inexperienced bonds, on September 7, 2020, incorporating worldwide requirements and together with voluntary course of tips that had been established by the Worldwide Capital Market Affiliation, in addition to taxonomies issued by the European Union and the Local weather Bonds Initiative.

Costa Rica

The native Bolsa Nacional de Valores has a inexperienced bond customary that follows the ICMA Inexperienced Bond Rules (GBPs) and applies to each non-public and public points. The rules enable bonds that adjust to ICMA or CBI ideas to be thought-about as “inexperienced” within the native market. Exterior evaluations should be carried out, by CBI accredited verifiers or others who can present acceptable proof of expertise in environmental and sustainability evaluation.


The Bolsa de Santiago opened a Inexperienced and Social Bond Market Section, following collaboration with native non-governmental organizations (NGOs) so as to enhance market transparency and forestall greenwashing. The trade organized actions associated to those devices by way of a sequence of necessities acknowledged in such Inexperienced and Social Bond Market Section. The aim of such framework is to simplify the issuance framework and make their authorization and supervision simpler and extra environment friendly. Tips equipped are just like ICMA ideas and the CBI Local weather Bond Customary. An exterior verification report can also be required.

A raft of latest ESG-related laws is into consideration in Congress in Chile, together with a proposal to ban coal-fired energy crops from 2025, and a Framework Regulation on Local weather Change.

Different Latin American international locations are enterprise comparable initiatives, and these will probably collect momentum later in 2021 and into 2022, because the COP26 Convention in Glasgow unfolds and yields new agreements.

Committing to carbon discount in Latin America

The NDCs revealed beneath the Paris Settlement require ratifying governments to take motion to realize the SDGs, particularly to reduce international warming. These will little doubt be bolstered at COP26. In flip, it will probably enhance demand for GSS bonds and the sorts of initiatives and different actions that they fund. Though this could current alternatives that result in extra issuances, it’s going to probably additionally lead to nearer scrutiny. Issuers and buyers ought to pay attention to and keen to accommodate not solely the commitments which were made within the area, but additionally the priorities, within the context of sustainable growth.

NDCs differ extensively throughout Latin America when it comes to the urgency they apply to handle local weather change impacts and within the scale of the targets. Closely forested international locations profit from offsetting a few of their GHG emissions by way of oxygen produced by their forests, within the quest for net-zero carbon, however sociopolitical concerns additionally play a job. The vitality sector particularly faces a transparent divide between international locations which might be actively pursuing transition from fossil fuels to renewables, and people which might be nonetheless prioritizing fossil fuel-based applied sciences. In Mexico, the Inter-Ministerial Local weather Change Fee (Comisión Intersectorial de Cambio Climático or CICC) authorised the nation’s up to date NDC in December 2020, however as an alternative of setting progressively extra formidable targets, it merely “reaffirmed” the targets established 5 years in the past, and which have been extensively criticized as being insufficient.

Blended finance mechanisms for sustainable growth

Blended finance is an method to structuring funding preparations in ways in which enable buyers with totally different aims (e.g., monetary return versus optimistic environmental or social affect) to take a position alongside one another. In accordance with the Worldwide Finance Company (IFC), blended finance is “the usage of comparatively small quantities of concessional donor funds to mitigate particular funding dangers and assist rebalance risk-reward profiles of pioneering investments which might be unable to proceed on strictly industrial phrases.”12

Blended finance is now a well known structuring method in financing important initiatives, together with in pursuit of the SDGs. The IFC, as an illustration, regularly applies blended finance—crowding in non-public finance to ship sustainable affect in rising and frontier markets.

For personal buyers, it could possibly mitigate danger and poor returns for that danger, in comparison with different funding choices out there. For buyers prioritizing moral concerns, it could possibly leverage out there funding to create a larger degree of funding than would have been doable by itself.

As a technique, blended finance preparations will be very versatile. Financing will be structured as debt, fairness, risk-sharing, or assure merchandise with totally different charges, tenor, safety or rank. Underneath choose services, they will also be performance-based incentive constructions. Options rely, amongst different issues, available on the market obstacles and failures that must be addressed and the necessities of donors.

From fiscal yr 2010 to 2020, the IFC deployed US$1.6 billion of concessional donor funds to assist 266 high-impact initiatives in additional than 50 international locations, leveraging US$5.8 billion in IFC financing and greater than US$6.8 billion from different non-public sources.13

Different multilateral banks (MDBs) which might be actively funding GSS initiatives in Latin America, both by way of subscribing to GSS bonds or by way of structured finance or in any other case, embrace the IDB and the Corporacion Andina de Fomento – Banco de Desarrollo de América Latina (CAF) the central American (Banco Centroamericano de Integración Económica, CABEI) and FONPLATA, in addition to country-specific growth banks corresponding to BNDES in Brazil.14

Desk 2: Standing of Latin American international locations concerning carbon-neutrality targets

Nation Signature Ratification Carbon-neutrality
goal date
Argentina 22-April-16 21-September-16 2050 Coverage doc issued
Belize 22-April-16 22-April-16 2050 Goal beneath dialogue
Bolivia 22-April-16 5-October-16 Not acknowledged
Brazil 22-April-16 21-September-16 2050 Coverage doc issued
Chile 20-April-16 10-February-17 2050 Laws proposed
Colombia 22-April-16 12-July-18 2050 Coverage doc issued
Costa Rica 22-April-16 13-October-16 2050 Coverage doc issued
Ecuador 26-April-16 20-September-17 2050 Goal beneath dialogue
El Salvador 22-April-16 27-March-17 Not acknowledged
Guyana 22-April-16 20-Might-16 2050 Goal beneath dialogue
Guatemala 22-April-16 25-January-17 Not acknowledged Goal beneath dialogue
Honduras 22-April-16 21-September-16 Not acknowledged
Mexico 22-April-16 21-September-16 2050 Goal beneath dialogue
Nicaragua 23-October-17 2050 Goal beneath dialogue
Panama 22-April-16 21-September-16 2050 Coverage doc issued
Paraguay 22-April-16 14-October-16 Not acknowledged
Peru 22-April-16 25-July-16 2050 Goal beneath dialogue
Suriname 22-April-16 13-February-19 N/A Carbon-neutrality achieved
Uruguay 22-April-16 19-October-16 2050 Coverage doc issued
Venezuela 22-April-16 21-July-17 Not acknowledged

Supply: Local weather Change Information, up to date to July 7, 2021

The way forward for sustainable finance in Latin America

Investor demand for GSS bonds and different sustainable finance devices is unlikely to subside anytime quickly. This may be seen within the diploma to which such issuances are over-subscribed, and the low coupon charges achieved. A sympathetic administration within the US, the prospect of a inexperienced bond customary within the EU, common ESG concern as the consequences of local weather change turn out to be extra seen, and ESG drivers in Asia-Pacific all converge to guarantee us that these devices can be with us for a very long time, and can proceed to develop and turn out to be extra subtle. COP26 will, if something, probably speed up this course of. In coming years, we anticipate to see the standards for sustainable finance turn out to be extra stringent and extra uniform requirements emerge, as buyers demand larger transparency. As demand for ESG transparency will increase, and regulatory and coverage frameworks turn out to be higher developed, so ESG requirements will even more and more be included in funding preparations extra typically. Within the interim, correctly designed GSS bonds and different sustainable finance devices are more likely to stay widespread with buyers and issuers alike.

1 European Fee (2021), Overview of Sustainable Finance, European Fee web site, out there at:
3 L. L. Benites-Lazaro, P. A. Gremaud and L. A. Benites (2015), Enterprise Accountability Concerning Local weather Change in Latin America: An Empirical Evaluation from Clear Growth Mechanism (CDM) Mission Builders, The Extractive Industries and Society, Quantity 5, pp. 297-306.
4 United Nations Framework Conference on Local weather Change (UNFCCC) web site, accessed on August 20, 2021, out there at:
5 Bloomberg NEF (2021), Sustainable Debt Issuance Hits $3 Trillion Threshold, out there at:
6 OECD (2017), Mobilizing Bond Markets for a Low-Carbon Transition, Inexperienced Finance and Funding, Paris, France: OECD Publishing.
8 BancoEstada (2021), BancoEstado Focuses on Gender for Financial Reactivation by Efficiently Issuing a Ladies’s Bond in JPY. BancoEstada web site, out there at:
9 Financial Fee for Latin America and the Caribbean (ECLAC) (2021), Capital Flows to Latin America and the Caribbean: First 4 Months of 2021 (LC/WAS/TS.2021/5), Santiago, 2021, p. 5.
10 P. Torres and B. Foster (2020), Opening the Black Field of ESG Information. Environmental Finance. Summer season 2021, p. 12.
11 Ibid.
12 IFC (2021), Blended Concessional Finance. IFC web site, out there at:
13 Ibid.
14 M. L. Hoyos (2020), Multilateral Growth Banks in Latin America and the Caribbean. Yale Faculty of Administration web site, out there at:

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