ESTADO DEL MERCADO DE LAS FINANZAS SOSTENIBLES EN PERU 2022

The report provides a comprehensive overview of Peru's sustainable finance landscape, detailing the growth of Green, Social, and Sustainability (VSS+) bonds. It highlights Peru's role as a regional pioneer, starting with the first green bond in Latin America in 2014, and examines the current market composition where sustainable bonds dominate. The document identifies significant investment gaps in infrastructure, water management, and low-carbon transport, while outlining a roadmap for growth involving key public and private stakeholders. It also addresses systemic barriers such as low market liquidity, currency risk, and the need for a national green taxonomy.

• Peru was a regional pioneer in sustainable finance, issuing Latin America's first green bond in December 2014 via Energía Eólica S.A. for USD 204 million to fund two wind power projects.
• As of April 2022, Peru is the fourth largest sustainable market in Latin America and the Caribbean, with 16 operations totaling approximately USD 6.6 billion across VSS+ labels.
• Sustainable bonds are the dominant instrument in the Peruvian VSS+ market, accounting for 59% of the total volume as of April 2022, largely driven by sovereign issuances.
• Peru faces extreme climate vulnerability, with 70% of natural disasters linked to climate change and extreme weather like El Niño; losses could reach 6% of GDP by 2030 and 20% by 2050.
• There are significant infrastructure investment gaps in Peru, including a general deficit of USD 110 billion between 2019 and 2038, with the transport sector alone requiring approximately USD 49 billion by 2038.
• Peru's renewable energy potential is vastly underutilized; hydroelectric generation potential is 13 times the current installed capacity, and wind potential is 58 times the current capacity.
• The Peruvian government is developing a national green finance taxonomy, with a target to have it in place by 2025 to clarify eligible green activities.
• Several systemic obstacles hinder the growth of sustainable finance in Peru, including low market liquidity, high issuance costs for small bonds (< USD 100 million), and currency risk for international investors.
• The report identifies high-emission sectors critical to the economy—including mining, oil and gas, cement, and steel—as candidates for sustainability-linked bonds or transition bonds to align with a 1.5°C trajectory.

APA

Vazquez, I., Ambrosano, J., Souza, L., & Bonelli, R. (2022). ESTADO DEL MERCADO DE LAS FINANZAS SOSTENIBLES EN PERU 2022. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/ba5c7852-4858-438c-9ddb-436bab089224.pdf

Chicago

Vazquez, Iraís, Julia Ambrosano, Leisa Souza, and Raquel Bonelli. ESTADO DEL MERCADO DE LAS FINANZAS SOSTENIBLES EN PERU 2022. Climate Bonds Initiative, 2022. https://www.climatebonds.net/files/documents/publications/ba5c7852-4858-438c-9ddb-436bab089224.pdf.

Wikipedia

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BibTeX

@techreport{vazquez2022estado, author = {Vazquez, Iraís and Ambrosano, Julia and Souza, Leisa and Bonelli, Raquel}, title = {{ESTADO DEL MERCADO DE LAS FINANZAS SOSTENIBLES EN PERU 2022}}, institution = {Climate Bonds Initiative}, year = {2022}, month = sep, url = {https://www.climatebonds.net/files/documents/publications/ba5c7852-4858-438c-9ddb-436bab089224.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }