Encuesta sobre bonos soberanos verdes, sociales y sostenibles

The report analyzes the issuance of sovereign green, social, and sustainable (VSS) bonds based on a survey of 19 issuers from developed and emerging markets. It finds that these instruments are primarily driven by climate mitigation goals and the desire to catalyze local green bond markets. The report details the decision-making process, which is typically led by ministers and supported by inter-ministerial working groups, and the preparation phase, which often involves 'budget tagging' to identify eligible expenditures. Key findings indicate that VSS bonds often attract higher demand and can achieve a 'greenium' (lower yields) compared to vanilla bonds, while diversifying the investor base. The document concludes that sovereign VSS bonds serve as a catalyst for broader market growth and provides a seven-step framework to propel the market toward the goal of net-zero emissions by 2050.

• As of November 2020, 22 governments had issued sovereign VSS bonds totaling $96 billion, with 14 additional governments indicating their intention to do so.
• The primary motivations for issuing sovereign VSS bonds are climate change mitigation and the development of local green bond markets, with the latter being a higher priority for developed market issuers.
• Decision-making is led by ministers; in emerging markets, the Ministry of Finance is typically the main contributor, while developed markets involve a broader range of ministries.
• Most sovereign VSS bonds finance existing budget expenditures rather than new projects, often utilizing 'budget tagging' to identify eligible green or social spending.
• The cost of issuing VSS bonds is generally similar to or lower than that of equivalent vanilla bonds, and they frequently experience higher oversubscription.
• A 'greenium' (lower yield compared to the yield curve) is common, particularly for large benchmark issues in euros in developed markets, though some emerging market bonds are priced with a premium.
• Sovereign VSS bonds diversify the investor base, with an average of 44% of transactions allocated to investors identifying as green.
• The issuance process is relatively efficient, with 89% of surveyed governments valuing their bonds in less than one year after the decision to emit was made.
• Sovereign VSS bonds act as a catalyst for the wider market by providing liquid, low-risk assets that encourage private sector and regional government issuance.

APA

Harrison, C., & Muething, L. (2021). Encuesta sobre bonos soberanos verdes, sociales y sostenibles. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Encuesta-de-bonos-soberanos-verdes-sociales-y-sostenibles.pdf

Chicago

Harrison, Caroline, and Lea Muething. Encuesta sobre bonos soberanos verdes, sociales y sostenibles. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/Encuesta-de-bonos-soberanos-verdes-sociales-y-sostenibles.pdf.

Wikipedia

{{cite report |last1=Harrison |first1=Caroline |last2=Muething |first2=Lea |title=Encuesta sobre bonos soberanos verdes, sociales y sostenibles |publisher=Climate Bonds Initiative |date=January 2021 |url=https://www.climatebonds.net/files/documents/publications/Encuesta-de-bonos-soberanos-verdes-sociales-y-sostenibles.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{harrison2021encuesta, author = {Harrison, Caroline and Muething, Lea}, title = {{Encuesta sobre bonos soberanos verdes, sociales y sostenibles}}, institution = {Climate Bonds Initiative}, year = {2021}, month = jan, url = {https://www.climatebonds.net/files/documents/publications/Encuesta-de-bonos-soberanos-verdes-sociales-y-sostenibles.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }