América Latina y el Caribe: Estado del mercado de las finanzas verdes 2019

The green bond market in Latin America and the Caribbean (LAC) experienced a strong recovery in 2019, driven largely by Chile's first sovereign green bonds. While Brazil, Chile, and Mexico dominate the regional volume, the market is characterized by a high prevalence of US dollar-denominated debt and a significant reliance on private placements. Energy remains the most funded sector, though LAC shows a uniquely high allocation toward land use and industry compared to global trends. The report highlights substantial untapped potential in sustainable agriculture and the 'blue economy' (ocean resources), suggesting that sovereign issuance and multilateral development bank support are key to scaling these markets.

• The green bond market in Latin America and the Caribbean (LAC) saw a significant rebound in the first half of 2019, with issuance volumes of USD 3.7 billion, which is three times higher than the same period in 2018.
• Brazil, Chile, and Mexico are the dominant markets in the region; Brazil accounts for 41% of total regional emissions, followed by Chile at 25% and Mexico at 14%.
• Chile became the first country in the region to issue sovereign green bonds in 2019, with two Certified Climate Bonds totaling USD 1.4 billion and EUR 861 million, primarily targeting low-carbon transport.
• Energy is the most funded sector in LAC, accounting for half of all green bond allocations, primarily for wind and solar projects.
• LAC exhibits a unique funding profile compared to the global market, with a relatively higher share of allocations going to Land Use and Industry, and a lower share for Buildings and Water.
• Hard currency dominates the regional market, with 82% of emissions in strong currencies, and 70% specifically denominated in US dollars (USD).
• Private placements are more popular in LAC than globally, representing 20% of the total amount and 27% of the number of bonds, often supported by multilateral development banks like the IFC and IDB.
• External reviews are common, with 90% of the issued amount benefiting from a second party opinion (SPO), green rating, or certification.
• Sustainable agriculture is significantly underfunded despite its economic importance; only 2% of total emissions and 10% of land-use emissions in LAC are related to agriculture.
• The 'blue economy' presents high potential for the Caribbean, where some states are leading with policies like the Caribbean Ocean Policy and the establishment of a Ministry of Maritime Affairs and Blue Economy in Barbados.
• Post-issuance reporting levels are generally high, with 88% of the issued amount having available reports, though corporate issuers report more frequently than public sector entities.

APA

Climate Bonds Initiative (2019). América Latina y el Caribe: Estado del mercado de las finanzas verdes 2019. https://www.climatebonds.net/files/documents/publications/ff5a6a09-6c0d-4216-b45d-d9d85535c918.pdf

Chicago

Climate Bonds Initiative. América Latina y el Caribe: Estado del mercado de las finanzas verdes 2019. 2019. https://www.climatebonds.net/files/documents/publications/ff5a6a09-6c0d-4216-b45d-d9d85535c918.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=América Latina y el Caribe: Estado del mercado de las finanzas verdes 2019 |date=2019 |url=https://www.climatebonds.net/files/documents/publications/ff5a6a09-6c0d-4216-b45d-d9d85535c918.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019amrica, author = {{Climate Bonds Initiative}}, title = {{América Latina y el Caribe: Estado del mercado de las finanzas verdes 2019}}, institution = {Climate Bonds Initiative}, year = {2019}, url = {https://www.climatebonds.net/files/documents/publications/ff5a6a09-6c0d-4216-b45d-d9d85535c918.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }