Estado del mercado de deuda sostenible en América Latina y el Caribe 2022

The VSS+ debt market in Latin America and the Caribbean (LAC) reached a cumulative total of $154.1 billion by the end of 2022. While the market experienced a volume contraction in 2022 due to global inflation and rising interest rates, it represents approximately 21% of the region's total debt volume from 2019 to 2022. Sustainable bonds are the largest segment (35%), followed by green (28%), social (19%), and sustainability-linked bonds (SLBs) (17%). Chile, Mexico, and Brazil are the primary markets, with Chile being the only country to have issued sovereign bonds across four of the five thematic labels. The report highlights the emergence of 'blue bonds' and nature-debt swaps in the Caribbean and Ecuador, and emphasizes the need for standardized taxonomies and improved reporting transparency to attract further international capital.

• The cumulative VSS+ debt market in Latin America and the Caribbean reached $154.1 billion by the end of 2022, with the sustainable label holding the largest share at 35% ($54.4 billion), followed by green bonds at 28% ($42.4 billion), social bonds at 19% ($29.9 billion), and SLBs at 17% ($26.5 billion).
• The LAC VSS+ market is significantly more prominent relative to its total debt than the global average; while global VSS+ debt has maintained a 5% share of global capital markets, thematic debt in LAC represented approximately 21% of the regional volume between 2019 and 2022.
• Sovereign issuance has grown rapidly, totaling $49.9 billion across 30 bonds by the end of 2022. Chile is a regional leader, being the only country to have issued sovereign bonds under four of the five thematic labels (green, social, sustainable, and SLB).
• The market is heavily reliant on hard currencies, which represent 74% of the total VSS+ market in LAC, with the US dollar being the most dominant across green, sustainable, and SLB categories.
• Sustainability-linked bonds (SLBs) have seen significant growth, reaching $26.5 billion. Brazil is the largest local market for SLBs, accounting for 45% ($11.9 billion) of the regional volume.
• The 'blue economy' and nature-debt swaps are emerging as key innovative tools, exemplified by Barbados' $150 million debt conversion and Ecuador's $1.65 billion nature-debt swap for the conservation of the Galápagos Islands.
• Adaptation and resilience (A&R) financing is critical but underfunded; 22% of VSS+ issuances in LAC include A&R-related use of funds, and the region requires an additional annual increase of up to $18.1 billion to address losses and avoid future impacts.
• Taxonomy development is accelerating to provide market clarity and prevent greenwashing. Colombia was the first in the region to adopt a National Green Taxonomy in April 2022, followed by Mexico's Sustainable Taxonomy in March 2023.
• Reporting and transparency remain major obstacles; only about half of Latin American issuers reported on the allocation of funds after issuance in a 2021 sample. The IDB's Green Bond Transparency Platform (GBTP) is cited as a key tool to address this gap.

APA

Contreras, V. D., Lerner, A., Ambrosano, J., Costa, D., Borges, S., & Isaza, D. (2023). Estado del mercado de deuda sostenible en América Latina y el Caribe 2022. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/7343579d-1876-4e24-abc0-dd53a3411c91.pdf

Chicago

Contreras, Valeria Dagnino, Alicia Lerner, Julia Ambrosano, Daniel Costa, Sofía Borges, and Diana Isaza. Estado del mercado de deuda sostenible en América Latina y el Caribe 2022. Climate Bonds Initiative, 2023. https://www.climatebonds.net/files/documents/publications/7343579d-1876-4e24-abc0-dd53a3411c91.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=Estado del mercado de deuda sostenible en América Latina y el Caribe 2022 |publisher=Climate Bonds Initiative |date=August 2023 |url=https://www.climatebonds.net/files/documents/publications/7343579d-1876-4e24-abc0-dd53a3411c91.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{contreras2023estado, author = {Contreras, Valeria Dagnino and Lerner, Alicia and Ambrosano, Julia and Costa, Daniel and Borges, Sofía and Isaza, Diana}, title = {{Estado del mercado de deuda sostenible en América Latina y el Caribe 2022}}, institution = {Climate Bonds Initiative}, year = {2023}, month = aug, url = {https://www.climatebonds.net/files/documents/publications/7343579d-1876-4e24-abc0-dd53a3411c91.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }