Rapport de cadrage sur les Obligations vertes de l'Union économique et monétaire ouest-africaine (UEMOA)

This scoping report by FSD Africa evaluates the feasibility of developing a green bond market within the West African Economic and Monetary Union (WAEMU). It identifies significant barriers, including underdeveloped regional financial markets, a lack of government-led climate initiatives, and limited stakeholder familiarity with international green bond standards. The report provides recommendations for capacity building, regulatory harmonization, and the identification of bankable green projects to attract both public and private investment for climate mitigation and adaptation.

• Three primary obstacles hinder the development of a green bond market in the region: the underdevelopment of the regional financial market compared to international standards, a lack of general climate initiatives from governments and industries, and low stakeholder familiarity with international green bond requirements.
• Green bonds in the region often compete with concessional financing, which can negatively impact the economic risk and pricing of public green bond issuances because international donors often provide cheaper loans or grants for renewable energy projects.
• There is a significant lack of bankable and standardized green project pipelines in the WAEMU region due to limited practical experience in implementing green eligibility criteria for project selection.
• The regional sovereign bond market is fragmented and lacks depth and liquidity, with national banks dominating the investor base and often preferring a 'buy and hold' strategy rather than trading on secondary markets.
• Energy is identified as the primary candidate sector for green bond financing due to its importance for economic development, alignment with Nationally Determined Contributions (NDCs), and the maturity of its actors.
• Côte d'Ivoire is highlighted as a strong candidate for sovereign green bonds, supported by its National Development Plan (PND) 2021-2025 and a history of diversifying its investor base through Eurobonds and Sukuks.
• Benin has demonstrated viability for labeled bonds, having issued a 500 million euro SDG-linked sovereign bond in 2019, though there is a noted preference for sustainability bonds over purely green bonds due to broader sectoral coverage.
• Political instability and security threats, particularly in the Sahel region (Mali, Burkina Faso, and Niger), negatively impact credit ratings and deter foreign direct investment, complicating the development of green finance.

APA

FSD Africa (2022). Rapport de cadrage sur les Obligations vertes de l'Union économique et monétaire ouest-africaine (UEMOA). https://fsdafrica.org/wp-content/uploads/2025/05/WAEMU-Green-Bond-Scoping-Report-Final-updated-French.pdf

Chicago

FSD Africa. Rapport de cadrage sur les Obligations vertes de l'Union économique et monétaire ouest-africaine (UEMOA). 2022. https://fsdafrica.org/wp-content/uploads/2025/05/WAEMU-Green-Bond-Scoping-Report-Final-updated-French.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Rapport de cadrage sur les Obligations vertes de l'Union économique et monétaire ouest-africaine (UEMOA) |date=7 September 2022 |url=https://fsdafrica.org/wp-content/uploads/2025/05/WAEMU-Green-Bond-Scoping-Report-Final-updated-French.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2022rapport, author = {{FSD Africa}}, title = {{Rapport de cadrage sur les Obligations vertes de l'Union économique et monétaire ouest-africaine (UEMOA)}}, institution = {FSD Africa}, year = {2022}, month = sep, url = {https://fsdafrica.org/wp-content/uploads/2025/05/WAEMU-Green-Bond-Scoping-Report-Final-updated-French.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }