Estado del mercado en América Latina y el Caribe 2021

The Latin American and Caribbean (LAC) sustainable finance market grew significantly between 2019 and 2021, with total VSS emissions reaching USD 48.6 billion by June 2021. Chile, Brazil, and Mexico dominate the region, accounting for 77% of all VSS emissions. Green bonds are the largest segment (USD 30.2 billion), primarily driven by energy projects and sovereign issuances in Chile. The report also highlights the rise of social and sustainable bonds, the emergence of sustainability-linked bonds (SLBs), and the ongoing development of national green taxonomies in countries like Chile, Colombia, Mexico, and the Dominican Republic.

• The total volume of Green, Social, and Sustainable (VSS) debt issued in Latin America and the Caribbean reached USD 48.6 billion by the end of the first half of 2021, with green bonds accounting for 62% (USD 30.2 billion) of the market.
• Market concentration is high, with Chile (USD 17.8 billion), Brazil (USD 11.7 billion), and Mexico (USD 7.8 billion) together representing 77% of all VSS emissions in the region.
• Energy is the most funded sector in the LAC green bond market, representing 44% (USD 13.2 billion) of cumulative emissions, followed by transport at 28%.
• Chile is the only country in the region to have issued sovereign green bonds, and it is the only sovereign issuer globally with labeled agreements across all three main VSS themes.
• Sustainability-linked bonds (SLBs) have emerged as a significant instrument, with USD 10 billion issued by the end of June 2021, primarily by corporate issuers in Brazil, Mexico, and Chile.
• The region has seen pioneering sovereign social and sustainable issuances, including the world's first sovereign social bond from Ecuador and the first sovereign SDG bond from Mexico.
• External reviews are common for LAC green bonds, with over 88% of the total amount issued having some form of external review, though preferences vary by country (e.g., Second Party Opinions in Brazil and Climate Bonds Certifications in Chile).
• Several countries are developing national green taxonomies to provide scientific guidance for sustainable investments, including Chile, Colombia, Mexico, and the Dominican Republic.
• The US dollar remains the dominant currency for green bonds (60%), although there is a growing trend toward local currency issuances, particularly in Brazil where BRL transactions have nearly matched USD in number.

APA

Souza, L., & Tukiainen, K. (2021). Estado del mercado en América Latina y el Caribe 2021. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/cbi_lac_2020_sp_02d_fv_0.pdf

Chicago

Souza, Leisa, and Krista Tukiainen. Estado del mercado en América Latina y el Caribe 2021. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/cbi_lac_2020_sp_02d_fv_0.pdf.

Wikipedia

{{cite report |last1=Souza |first1=Leisa |last2=Tukiainen |first2=Krista |title=Estado del mercado en América Latina y el Caribe 2021 |publisher=Climate Bonds Initiative |date=September 2021 |url=https://www.climatebonds.net/files/documents/publications/cbi_lac_2020_sp_02d_fv_0.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{souza2021estado, author = {Souza, Leisa and Tukiainen, Krista}, title = {{Estado del mercado en América Latina y el Caribe 2021}}, institution = {Climate Bonds Initiative}, year = {2021}, month = sep, url = {https://www.climatebonds.net/files/documents/publications/cbi_lac_2020_sp_02d_fv_0.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }