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In 2020, China's green bond market saw a 21% decrease in total issuance to 289.5 billion RMB, partly due to the COVID-19 pandemic and the rise of pandemic-related bonds. Despite the decline, the market showed progress in aligning domestic standards with international ones, notably through the 2020 draft Green Bond Endorsed Project Catalogue which removed clean coal projects. Non-financial enterprises and government-supported institutions showed strong growth, while financial enterprise issuance declined. A significant gap remains between domestic and Climate Bonds Initiative (CBI) definitions, primarily because some domestic bonds allow funds to be used for general corporate operating capital. The report also highlights a massive stock of unlabelled climate-related bonds, totaling 325 billion USD, primarily in the transport sector, presenting a major opportunity for future green labelling and refinancing.

The report provides a comprehensive overview of China's green asset-backed securities (ABS) market as of 2020, detailing the regulatory environment, market trends, and specific case studies. It highlights that while the market has grown significantly, it remains a small portion of the overall green bond market and is dominated by state-owned enterprises. The document suggests improvements in data transparency, standardization of contracts, and the expansion of green residential and commercial mortgage-backed securities to attract more international investors.

The report provides a comprehensive overview of China's green securitisation market, noting its growth to 85 deals totalling RMB115bn by the end of 2020. It details the regulatory landscape involving the PBoC, CBIRC, CSRC, and NAFMII, and identifies state-owned enterprises as the primary originators. The analysis highlights renewable energy and low-carbon transport as the dominant collateral themes and suggests improvements in transparency, standardisation of green loans, and credit rating soundness to attract more international investors.

The sustainable finance market in Latin America and the Caribbean grew significantly between 2019 and 2021, with total VSS emissions reaching USD 48.6 billion by June 2021. Chile, Brazil, and Mexico dominate the market, accounting for 77% of all VSS emissions. Green bonds remain the largest segment (USD 30.2 billion), while social and sustainability bonds have seen rapid growth, particularly during the Covid-19 pandemic. Energy is the most funded sector, though transport and land use are significant. The report also highlights the emergence of sustainability-linked bonds (SLBs) and the ongoing development of national green taxonomies in countries like Chile, Colombia, and Mexico.

The report analyzes 75 green bonds totaling USD 75.9bn issued in H1 2021, finding that green bonds generally achieved higher book cover and greater spread compression than vanilla equivalents. It highlights a significant increase in allocations to green investors, reaching 66%, and provides evidence of a 'greenium' for 26 out of 33 non-sovereign bonds. Additionally, the report examines sovereign green bond issuance and concludes that green labels can enhance secondary market liquidity, particularly in the EUR utility sector.

The sustainable debt market saw record-breaking growth in H1 2021, with combined labelled issuance reaching USD 496.1 billion. Green bonds led the growth, particularly in developed markets, while sustainability-linked bonds (SLBs) emerged as a rapid growth segment for corporates. The report also highlights the nascent state of transition bonds and the need for standardized, ambitious definitions to avoid 'transition-washing'.

The report analyzes the challenges developing countries face when purchasing food at administered prices for public stockholding, which often exceeds WTO Aggregate Measure of Support (AMS) limits. It evaluates the 2013 Bali 'peace clause' and proposes five options for a permanent solution: updating reference periods for AMS calculations, redefining eligible production, exempting support when administered prices are below international levels, exempting Least Developed Countries (LDCs) and small economies, and expanding the Bali decision framework. The authors conclude that a modified Bali decision, combined with technical corrections to reference prices and production calculations, is the most promising path forward, provided transparency and anti-circumvention measures are maintained.

The document examines the potential for Indonesian subnational governments to issue green bonds to meet the national target of 23% renewable energy by 2025. While some provincial governments in Java are eligible based on Ministry of Finance criteria, issuance is hindered by complex bureaucratic procedures, a lack of profitable project pipelines, and investor preference for high credit ratings over 'green' labels. The authors recommend simplifying issuance requirements, implementing clearer central government policies on renewable energy tariffs and tax incentives, and targeting quasi-government institutions as initial investors.

The Chinese green bond market issued USD 44bn in 2020, a 21% decrease from 2019, partly due to the pandemic and a shift toward social-themed 'Pandemic Prevention and Control' bonds. While China remains a global leader, a significant portion of its issuance (USD 20.2bn) is not aligned with Climate Bonds Initiative (CBI) standards, primarily because local regulations allow proceeds to fund general working capital. However, the 2020 Green Bond Catalogue consultation draft marked a shift toward international alignment by removing 'clean coal' projects. Non-financial corporates, led by Beijing Jingneng Clean Energy, are becoming more prominent issuers, and there is a substantial pool of unlabelled climate-aligned debt, particularly in the transport sector, that presents refinancing opportunities.

The report finds that the fashion industry, particularly the fast-fashion model, is heavily reliant on synthetic fibers derived from oil and gas, with such materials making up 69% of all textiles. Analysis of 46 brands and 12 online retailers reveals a widespread lack of transparency and the prevalence of 'greenwashing,' where brands use misleading claims about sustainability or rely on 'downcycling' PET bottles into clothing rather than implementing true fiber-to-fiber circularity. The study highlights that many 'sustainable' collections actually contain higher percentages of synthetic fibers than standard lines, and that the industry largely ignores the issue of microplastic pollution. The authors call for urgent EU legislation on extended producer responsibility and stricter regulations on environmental claims to break the industry's dependence on fossil fuels.

The Brazilian sustainable debt market has grown to USD 10.8 billion, with green bonds dominating at 84% of the market. Land use is a primary driver, accounting for 67% of emissions across green, sustainable, sustainability-linked, and transition labels. The forestry sector is the most significant theme, led by pulp and paper companies like Suzano and Klabin. Bioenergy and agriculture are emerging sectors, while livestock remains a challenge but shows potential through transition bonds. The document highlights a significant investment potential of USD 163 billion for green agriculture in Brazil by 2030.

The North American GSS debt market reached USD 311bn by Q1 2021, dominated by the US and primarily driven by green-labelled instruments. While the US is the largest single-country source of GSS debt, the market is heavily concentrated in agency mortgage-backed securities (MBS) and municipal bonds, with limited participation from the real economy's heavy-emitting sectors. Canada's market is smaller but characterized by larger average deal sizes and a strong focus on hydropower. Both nations are seeing a shift toward more ambitious climate targets and enhanced disclosure requirements, though the US lags in post-issuance reporting quality compared to Canada.

The document evaluates green technologies for urban food production in Cape Town, categorising them into incremental and transformational levels based on Gliessman’s framework. It analyzes the financial viability of hydroponics, aquaponics, and complete Controlled Environment Agriculture (CEA) systems, while also identifying investment opportunities for different farm scales, from community gardens to large-scale commercial operations.

The Hong Kong green bond market in 2020 saw a record number of deals but an 18% decline in total volume to USD 2.09bn. Low-carbon buildings remained the primary theme for proceed allocations, though waste reached a record high. The market is supported by new government initiatives, including a 2050 carbon neutrality pledge and the Green and Sustainable Finance Grant Scheme. While local issuance is significant, mainland China entities continue to drive the broader green debt market arranged in Hong Kong.

The report argues that while the oil sector has historically driven Alberta's economy, its long-term outlook is bleak due to the rise of electric vehicles, global climate action, and price volatility. It recommends that the government shift industrial policy support away from combustible hydrocarbons toward economic diversification and managed transitions for workers.

The Nordic GSS bond market reached a cumulative USD 88.2bn by the end of 2020, representing 5% of the global GSS volume. Green bonds dominate the market at 96% of the total, with Sweden leading in cumulative issuance. The region shows high standards of transparency, with 99% of volume benefiting from external reviews.

The report evaluates fans, refrigerators, air coolers, and air conditioners for off-grid use, linking their power requirements to the World Bank's Multi-Tier Framework (MTF). It finds that efficiency gains allow cooling services to be accessible at lower energy tiers than previously thought. The document proposes a quality criteria framework (Rating A-D) to help investors and development programmes identify 'best available technologies' and recommends the use of results-based financing (RBF) and third-party testing to scale the market for sustainable, climate-friendly cooling.

The Nordic GSS bond market reached a cumulative volume of USD 88.2bn by the end of 2020, with green bonds accounting for 96% of this total. Sweden is the regional leader, contributing half of the green bond volume and issuing the first Nordic sovereign green bond in September 2020. The market is characterized by strong public sector participation and a high prevalence of low-carbon building projects. External review coverage is exceptionally high, with 99% of cumulative green bond volume reviewed, primarily through Second Party Opinions (SPOs).

The global sustainable debt market reached USD 1.7 trillion by the end of 2020, with USD 700 billion issued during the year. While green bonds remain the largest segment, social and sustainability bonds saw dramatic growth in 2020, largely driven by pandemic-related funding. The European Union has emerged as a global leader, integrating GSS bonds into its climate neutrality goals for 2050 and developing comprehensive taxonomies and standards to ensure market integrity.

The document argues that the US housing stock requires significant performance and health improvements, particularly for low-to-moderate-income households and communities of color. It suggests that the mortgage industry can bridge the gap between investor demand for ESG securities and the lack of market-ready green investments by streamlining green mortgage products. Specifically, it claims that Fannie Mae and Freddie Mac could generate over $2 trillion in green mortgage-backed securities within ten years.