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The document highlights the critical role of cold storage in Rwanda's horticulture sector, where a lack of reliable electricity—with only 23 percent of the rural population having access in 2018—contributes to significant food losses, such as an estimated 56 percent of tomatoes. An FAO assessment indicates that achieving the government's export target of 46,000 tonnes of horticulture products by 2024 could create a market potential for solar cold storage of up to USD 6,105,000, assuming a 75 percent adoption rate.

The LAC region has a high overall electrification rate of 97%, yet 18.1 million people remain without electricity and 65 million are underserved. The report argues that off-grid renewable energy solutions are the best fit for at least 40% of this access gap, particularly in rural 'last-mile' communities. While the region possesses vast renewable resources, market growth is hindered by socioeconomic constraints, limited regulatory frameworks for private off-grid actors, and a lack of coordinated data. The document provides detailed country profiles for Haiti, Honduras, and Suriname, highlighting their specific challenges and the potential for productive use of renewable energy (PURE) to drive local economic development.

The document argues that substituting portland cement with SCMs—such as fly ash, ground glass, natural pozzolans, and blast furnace slag—is a cost-effective way to reduce the embodied carbon of concrete. It highlights that up to 40% substitution is possible in the US, potentially saving 27 Mt CO2e per year and reducing emissions for specific applications by up to 80%. However, it notes that supply for some SCMs is geographically constrained or declining due to the phase-out of coal power, suggesting the reclamation of stored fly ash and the use of natural pozzolans as viable future alternatives.

The Brazilian sustainable debt market has grown to a cumulative USD 10.8bn, with green bonds dominating at 84% of the market. Land use is a primary driver of this growth, representing 67% of total volume across green, sustainability, sustainability-linked, and transition labels. Forestry is the leading agriculture-related theme with USD 6.4bn in funding, followed by agriculture (USD 848m) and bioenergy (USD 832m). While non-financial corporates lead issuances, financial institutions and government-backed entities are increasingly entering the market. The document highlights the emergence of performance-linked instruments like Sustainability-Linked Bonds (SLBs) and transition bonds, though it notes concerns regarding transparency and the need for science-based transition pathways to avoid greenwashing.

The report argues that India must shift its policy focus from large grid-scale projects to distributed renewable energy (DRE) to meet its target of 175 GW of renewable energy by 2022. It identifies a critical investment gap, estimating that annual DRE investment must increase from USD 2 billion in 2019 to USD 18 billion by 2024. Key barriers include the financial instability of state electricity distribution companies (DISCOMs), which has led to hostility toward net-metering and the imposition of grid support charges. The report recommends a rejuvenated policy framework that integrates DISCOMs as demand aggregators and service providers across several DRE applications, including rooftop solar, energy storage, EV charging, and solar-powered agricultural tools.

The ASEAN sustainable finance market reached a record high of USD 12.8bn in GSS bond and loan issuance in 2020. Singapore leads the region in volume, particularly through green loans for real estate, while Indonesia and Thailand show strong growth driven by sovereign issuances. The market is increasingly diversifying into sustainability-linked instruments and social bonds, although the latter remained less active in 2020. The report highlights the critical role of government support, the development of regional and national taxonomies, and the influence of Development Finance Institutions (DFIs) in scaling green infrastructure.

The report finds that while there is broad stakeholder interest and significant latent potential for green projects in Ghana—particularly in renewable energy, green housing, and water infrastructure—the green bond market is currently nascent with no prior issuances. Key barriers include a shallow debt capital market, a lack of formal issuance guidelines, limited technical capacity to identify eligible project pipelines, and a mismatch between issuer and investor expectations regarding pricing. The study suggests that government leadership, such as a sovereign green bond issuance planned for 2021/22, and the development of a dedicated green segment on the Ghana Stock Exchange are critical for catalyzing the market. It also emphasizes the need for credit enhancements and technical assistance to bridge the gap between speculative project ideas and bankable green bonds.

The report analyzes the mini-grid sectors in Sierra Leone and Nigeria, focusing on regulatory frameworks, tariff structures, subsidies, and the productive use of energy (PUE). It highlights that while Sierra Leone has established a regulatory framework, its market is nascent and characterized by a top-down, donor-funded approach, whereas Nigeria has a more mature, private-sector-led market. Key findings emphasize the need for Sierra Leone to shift toward a bottom-up approach, implement results-based financing (RBF), and integrate PUE to improve the commercial viability of mini-grids and reduce end-user tariffs.

The report identifies significant opportunities for green finance in Central America and the Caribbean (CAC), noting that while the market is small with only six deals to date, there is high potential for expansion in renewable energy, low-carbon transport, sustainable water and waste management, sustainable agriculture, and the blue economy. It highlights the role of the Central American Bank for Economic Integration (CABEI) and regional stock exchanges in driving this growth, while providing a guide for issuers to align with international standards like the Climate Bonds Taxonomy.

The report analyzes the green finance landscape in Central America and the Caribbean (CAC), noting that while the market is small—with only six green bond issuances as of June 2020—there is significant potential for growth in renewable energy, low-carbon transport, sustainable water, and waste management. It highlights the role of the Central American Bank for Economic Integration (CABEI) and the leadership of Costa Rica in climate ambition. The document provides a step-by-step guide for green financing and explores emerging opportunities in sustainable agriculture and the blue economy, while discussing the economic disruptions caused by COVID-19 and the 2020 hurricane season.

The report assesses the mini-grid sectors in Sierra Leone and Nigeria, focusing on regulatory frameworks, tariffs, subsidies, and productive use of electricity (PUE). It highlights that Sierra Leone's mini-grid tariffs (averaging USD 0.79/kWh) are higher than Nigeria's (averaging USD 0.58/kWh) due to differences in market scale, planning approaches, and household income. The document recommends that Sierra Leone adopt a long-term national strategy, streamline import duty exemptions, and implement a hybrid up-front cash grant/results-based financing (RBF) subsidy scheme to lower costs and attract private investment.

The South African small scale embedded generation (SSEG) market, dominated by rooftop solar PV, has grown to over 100,000 systems (over 1GW) as of 2020. However, market growth is hindered by an indistinct regulatory landscape and stakeholder uncertainty regarding licensing and registration. The document outlines a tiered regulatory framework based on capacity: systems under 100kW generally do not require NERSA registration (provided local utility conditions are met), those between 100kW and 1MW require NERSA registration, those between 1MW and 10MW require licensing, and those over 10MW require both licensing and ministerial determination. It emphasizes that all grid-connected generation must be registered with the relevant transmission or distribution grid operator, and for systems between 100kW and 1MW, a connection application to the distributor must precede the NERSA registration application.

The document outlines the regulatory requirements for embedded generation in South Africa, specifically focusing on the transition to a 100 MW license-exempt threshold. It details the two-phase process involving connection approval from a licensed distributor (municipality or Eskom) followed by registration with the National Energy Regulator of South Africa (NERSA).

The South African EV ecosystem is currently nascent and dominated by private sector activity, with limited local commercial production of battery cells and a reliance on imported components. While the country possesses significant reserves of battery minerals like manganese, it lacks extensive beneficiation capacity. The automotive sector, a major GDP contributor, is pivoting toward EVs to maintain competitiveness in export markets that are phasing out internal combustion engine (ICE) vehicles. Key barriers to adoption include high upfront costs, inadequate charging infrastructure, and a chronic shortage of technical skills. The report recommends that the City of Cape Town intervene through targeted incentives, procurement of EV fleets, and the development of charging infrastructure and skills training to stimulate a viable local value chain.

Colombia is the world's sixth-largest coal exporter, with the sector contributing approximately 1.1% of the national GDP and providing significant royalties. However, the global market is contracting as major importers in the Atlantic and Americas markets set phase-out dates for coal-fired power. While some industry associations suggest expanding into Pacific markets like China and India, high freight costs and those countries' own goals for carbon neutrality make this difficult. The Colombian government has historically supported the sector through various tax exemptions and incentives, such as the Plan Vallejo and Tax Refund Certificates. The report argues that Colombia must urgently diversify its economy and implement a just transition to mitigate the socio-economic risks of a structural decline in coal demand.

The proposal seeks USD 599,704 to help Brazil 'leapfrog' to sustainable commercial refrigeration by implementing Minimum Energy Performance Standards (MEPS) and energy labels for the first time in this sector. The project, implemented by UNEP, aims to reduce electricity demand and GHG emissions, as commercial refrigeration is estimated to account for 25% of energy consumption in an average Brazilian supermarket. Key activities include establishing a Policy Working Group, conducting a national market assessment, developing a Monitoring, Verification and Enforcement (MVE) framework, and creating guidelines for sustainable public procurement. The project also intends to share lessons learned with other MERCOSUR countries to create a regional multiplier effect.

The report examines the potential for green bonds and other sustainable financial instruments to drive the decarbonization of Mexico's construction sector, highlighting existing certifications, market examples, and regulatory goals.

The labelled green loan market in Australia and New Zealand is in its early stages, with 14 labelled green corporate loans recorded since 2018. While the loan market is significantly larger than the bond market, labelled bonds have historically led in sustainable finance. Growth is being driven by bank green lending targets, increasing ESG awareness among corporates, and institutional investor demand. The report highlights the potential for green loans to fund early-stage projects and the rise of sustainability-linked loans (SLLs), which incentivise overall corporate ESG performance rather than specific assets. It also notes the expansion of green consumer loans, particularly for energy-efficient homes and electric vehicles, and suggests regulatory incentives and improved corporate ESG frameworks to accelerate market development.

The scoping study examines gender bonds—debt instruments supporting women's empowerment—noting a lack of official guidance and eligibility criteria. It identifies three types of gender bonds: corporate behaviour, financial inclusion, and multilateral/DFI social bonds. While 13 gender-labelled bonds existed as of March 2020, the report finds that sub-Saharan Africa has not yet issued any, with varying levels of feasibility in South Africa, Nigeria, and Kenya based on investor appetite and market maturity.

The report finds that while China has a strong foundation for green bond reporting, quality varies significantly by bond type and regulatory regime, with financial bonds and offshore issuances performing best. It highlights a lack of standardization in environmental impact reporting and inconsistent external verification, particularly for enterprise bonds. To address these gaps, the report recommends mandatory environmental impact reporting, the creation of a standardized reporting template, the full implementation of an accreditation model for verifiers, and the establishment of a central data platform.