ANÁLISE DO MERCADO DE DÍVIDA SUSTENTÁVEL NA AMÉRICA LATINA E CARIBE 2022

The sustainable debt market in Latin America and the Caribbean (LAC) reached a cumulative total of USD 154.1 billion by the end of 2022. While the region represents only 4% of global sustainable debt, these instruments account for approximately 21% of the region's total debt volume from 2019 to 2022. The market is led by Chile, Mexico, and Brazil, with a strong presence of sovereign issuers and development banks. Key trends include the rise of sustainability-linked bonds (SLBs), the emergence of 'blue bonds' for ocean conservation, and the development of national taxonomies in Colombia and Mexico to standardize sustainable investments.

• The cumulative volume of green, social, sustainability, sustainability-linked, and transition (VSS+) bonds in Latin America and the Caribbean reached USD 154.1 billion by the end of 2022.
• Sustainable debt represents a significantly higher share of the regional debt market compared to the global average; between 2019 and 2022, VSS+ debt accounted for approximately 21% of the LAC regional volume of USD 535 billion, while the global share remained at 5%.
• Chile is the largest issuer of thematic bonds in the region with USD 43.2 billion and is the only country to have issued sovereign bonds under four of the five thematic labels (green, social, sustainable, and SLB).
• Brazil leads the region in green bonds (USD 15.2 billion) and sustainability-linked bonds (USD 11.9 billion), and is the only country in LAC to utilize all five thematic labels, including transition bonds.
• Mexico possesses the largest sustainability bond market in the region, totaling USD 17.8 billion, with a strong emphasis on sovereign issues (43%) and government-backed operations (26%).
• Sovereign issuance has grown rapidly, with a cumulative volume of USD 49.9 billion by the end of 2022, representing a 442% increase from June 2020.
• The region is seeing a trend toward 'blue economy' financing, exemplified by Belize's debt-for-nature swap to protect marine conservation and Barbados's blue bond operation to protect up to 30% of its marine space.
• National taxonomies are being developed to provide clarity and prevent greenwashing, with Colombia launching the first national green taxonomy in LAC on April 11, 2022, followed by Mexico in March 2023.
• Adaptation and resilience (A&R) financing is critical as the LAC region includes 9 of the 20 most climate-exposed countries globally, yet current financial flows are insufficient, with an estimated additional annual need of up to USD 18.1 billion.
• Hard currencies dominate the market, representing 74% of the total VSS+ market in LAC, as issuers use them to access international capital markets and reduce exchange rate volatility.

APA

Contreras, V. D., Lerner, A., Ambrosano, J., Costa, D., Borges, S., & Isaza, D. (2023). ANÁLISE DO MERCADO DE DÍVIDA SUSTENTÁVEL NA AMÉRICA LATINA E CARIBE 2022. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/4cac8a7e-10b3-4a46-bac9-21c69ad18834.pdf

Chicago

Contreras, Valeria Dagnino, Alicia Lerner, Julia Ambrosano, Daniel Costa, Sofía Borges, and Diana Isaza. ANÁLISE DO MERCADO DE DÍVIDA SUSTENTÁVEL NA AMÉRICA LATINA E CARIBE 2022. Climate Bonds Initiative, 2023. https://www.climatebonds.net/files/documents/publications/4cac8a7e-10b3-4a46-bac9-21c69ad18834.pdf.

Wikipedia

{{cite report |last1=Contreras |first1=Valeria Dagnino |last2=Lerner |first2=Alicia |last3=Ambrosano |first3=Julia |last4=Costa |first4=Daniel |last5=Borges |first5=Sofía |last6=Isaza |first6=Diana |title=ANÁLISE DO MERCADO DE DÍVIDA SUSTENTÁVEL NA AMÉRICA LATINA E CARIBE 2022 |publisher=Climate Bonds Initiative |date=August 2023 |url=https://www.climatebonds.net/files/documents/publications/4cac8a7e-10b3-4a46-bac9-21c69ad18834.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{contreras2023anlise, author = {Contreras, Valeria Dagnino and Lerner, Alicia and Ambrosano, Julia and Costa, Daniel and Borges, Sofía and Isaza, Diana}, title = {{ANÁLISE DO MERCADO DE DÍVIDA SUSTENTÁVEL NA AMÉRICA LATINA E CARIBE 2022}}, institution = {Climate Bonds Initiative}, year = {2023}, month = aug, url = {https://www.climatebonds.net/files/documents/publications/4cac8a7e-10b3-4a46-bac9-21c69ad18834.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }