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The report examines how the Central Bank of Brazil (BCB) is leveraging its regulatory authority to align the national financial system with environmental goals. It details the BCB's 'BC# Sustainability Agenda', which introduces risk management requirements for social, environmental, and climate risks, and mandates disclosures based on TCFD recommendations. A significant portion of the analysis focuses on rural credit, where the BCB has implemented restrictions on financing for properties that violate the Forest Code or are located in protected areas. The report highlights the role of the Rural Environmental Registry (CAR) and the Rural Credit Bureau (SICOR) in monitoring compliance and suggests further integration of remote sensing data to enhance oversight.

The CCFLA and Urban-Act Subnational Assessment Tool is designed to help city and regional officials identify strengths and gaps in the regulatory, institutional, and financial environments necessary to scale urban climate finance. The tool evaluates 49 dimensions across four categories: Climate Policy, Budget and Finance, Climate Data, and Vertical and Horizontal Coordination. It provides a structured six-step application process—from institutional mapping to the development of follow-up roadmaps—and includes a comprehensive directory of external resources and global case studies to guide subnational governments in improving their creditworthiness, data reporting, and intergovernmental cooperation.

Africa possesses vast untapped renewable energy resources and critical minerals but faces significant barriers in financing, technology ownership, and value chain integration. While some progress has been made in solar, wind, and hydropower, the continent remains heavily reliant on imports for technology and patents. The document argues for strengthened partnerships, increased climate finance from the Global North, and the development of local manufacturing to ensure a just energy transition.

The report argues that the World Bank Group, Asian Development Bank, and Asian Infrastructure Investment Bank have policy gaps regarding 'captive coal'—coal plants dedicated to industrial facilities. It highlights how these loopholes risk funding carbon-intensive processing of minerals like nickel, which are essential for the energy transition, thereby undermining global climate goals.

The report details a record-breaking Q1 2024 for aligned GSS+ debt, with USD 272.7bn added. Green bonds dominated the market, while Europe remained the primary regional source. The report also highlights the growth of sovereign GSS+ issuance, the emergence of nuclear energy in green bond frameworks in North America, and the evolving alignment of sustainability-linked bonds (SLBs) with Climate Bonds' methodology.

The Climate Bonds Standard version 4.2 provides a science-based framework for certifying climate-aligned investments. It covers four primary certification paths: Use of Proceeds (UoP) debt instruments, specific assets, non-financial legal entities, and sustainability-linked debt (SLD). Certification requires independent verification by approved third parties and adherence to sector-specific criteria. For entities and SLDs, the standard emphasizes absolute measures tied to transition pathways, requiring climate mitigation performance targets (CMPTs) and robust transition plans. The standard also includes a specialized certification for agri-food entities focusing on deforestation- and conversion-free sourcing.

In 2023, Hong Kong's aligned GSS+ debt volume grew by 236% to USD 18.2 billion, driven primarily by the HKSAR Government's green bond issuance. The market is characterized by a strong preference for green-themed debt, with low-carbon buildings and land use as the primary use-of-proceeds categories. While the HKSAR Government dominates the local market, the Hong Kong Stock Exchange remains a key hub for offshore Chinese green bonds. The report also highlights the emergence of transition finance frameworks in mainland China and the introduction of the Hong Kong Taxonomy for Sustainable Finance to improve interoperability with international standards.

The report argues that fiscal policies—including roadmaps, tax incentives, guarantees, and subsidies—are essential to bridge the net-zero investment gap in the ASEAN+3 region. It identifies critical barriers such as a lack of suitable project pipelines, regulatory uncertainty, and the predominance of MSMEs. The document recommends a holistic approach combining these fiscal tools with non-fiscal policies like green taxonomies and mandatory climate disclosures to steer the financial sector toward sustainable development goals.

The Lagos State Climate Adaptation and Resilience Plan (LCARP) identifies critical climate risks—sea-level rise, extreme rainfall, and extreme heat—and proposes a $9 billion portfolio of 33 projects to mitigate these threats. The plan emphasizes diversifying financing mechanisms beyond concessional debt to include blended finance, grants, and nature-based solutions, while recommending policy and governance reforms to attract private investment.

In 2023, China maintained its position as the world's largest green bond market, though issuance volume saw a slight decrease. The market is characterized by a strong focus on renewable energy and low-carbon transport, with increasing alignment with international standards like the CBI definitions and the Common Ground Taxonomy. While social and sustainable bonds saw a rebound in volume, they face challenges regarding information disclosure and the use of proceeds for general operations. Sustainability-linked bonds (SLBs) remain globally leading in volume, but few issuers utilize greenhouse gas emission reduction targets. Policy progress includes the introduction of the 'Green Bond Principles' and the emergence of local transition finance guidelines in cities like Shanghai and Chongqing.

In 2023, China maintained its position as the world's largest green bond issuance market, despite a slight decline in total volume. The market is characterized by a strong preference for short-dated debt and a growing reliance on Second Party Opinions to enhance credibility. While green bonds are increasingly aligned with the 100% Use of Proceeds (UoP) rule, social and sustainability bonds face challenges with transparency and disclosure. Sustainability-linked bonds (SLBs) are prolific in number but rarely utilize greenhouse gas (GHG) reduction targets. Policy drivers include the China Green Bond Principles and the China-EU Common Ground Taxonomy, alongside emerging local transition finance guidelines for hard-to-abate sectors like steel and chemicals.

The report finds that the aligned GSS+ debt market reached a cumulative volume of USD 4.4 trillion by the end of 2023. Green bonds remain the dominant theme, with 2023 aligned volume reaching USD 587.6 billion, while sustainability and social bonds saw year-on-year declines. Conversely, aligned SLB volume grew by 95% to USD 22.9 billion. Europe was the largest source of aligned GSS+ debt in 2023, while the USA experienced a 38% decline due to anti-ESG sentiment. The report also highlights the growth of 'blue-labelled' debt and the increasing role of sovereign issuers in the GSS+ market.

The report examines the infrastructure funding gap in Canada, specifically within the water sector of the Canadian Prairies, and proposes a shift toward natural infrastructure. It identifies several private financing instruments—including carbon and biodiversity credits, outcome-based financing, natural asset companies, and insurance mechanisms—while emphasizing the need for intermediary organizations to coordinate stakeholders and the importance of Indigenous involvement in the reconciliation process.

The document defines the 'Agri-Food Deforestation and Conversion Free Sourcing' criteria for entities in the food value chain. It mandates a cut-off date of 31 December 2020, requiring that sourcing be free from deforestation and natural ecosystem conversion. The criteria specify different traceability and due diligence requirements based on the risk classification of the origin, with a commitment to full geolocation for all commodities by 2030. It also integrates human rights safeguards and annual verification processes to ensure climate integrity for certified entities.

The document outlines the technical requirements for agri-food entities to be certified as deforestation and conversion free (DCF). It establishes a cut-off date of 31 December 2020, mandates geolocation traceability for high-risk origins and specific commodities, and requires rigorous due diligence and annual verification. The criteria align with the EU Deforestation-Free Products Regulation (EUDR) and the Accountability Framework Initiative (AFi), extending protections to all natural ecosystems beyond forests.

The document provides a roadmap for Brazil to lead international efforts in reforming the global financial architecture, promoting country platforms for investment, and addressing gaps in adaptation and nature finance. It emphasizes the need for the G20 to scale up resources for Emerging Markets and Developing Economies (EMDEs) and suggests that Brazil lead by example by structuring its own Nationally Determined Contributions (NDCs) through a functional country platform by 2025.

The Green Bond Dataset (GBD) methodology establishes a science-based framework for screening self-labelled green debt instruments. To be included in the 'Aligned' list, a debt instrument must be self-labelled, have adequate public disclosure, and allocate 100% of net proceeds to green assets, with at least 90% meeting specific eligibility criteria. The methodology employs a three-step screening process: identification and pre-requisite checks, screening of green credentials against sector-specific definitions, and evaluation of the use of proceeds (UoP) threshold. Absolute exclusions apply to fossil fuel exploration, production, refining, and fossil fuel-based heat, cool, and electricity generation, regardless of the percentage of proceeds. The GBD allows for a 'margin of flexibility' of up to 10% for assets where alignment is uncertain or metrics are unavailable, and utilizes a two-year lookback period for complex expenditure assessments. While external reviews are recommended, they are not mandatory for GBD inclusion if equivalent information is disclosed. The document also distinguishes the GBD from the Climate Bonds Standard Certification scheme, noting that GBD inclusion is based on post-issuance screening of public data, whereas Certification is a voluntary pre-issuance application process.

The report examines the role of sustainable debt in transitioning the agri-food sector to net-zero, highlighting the need for finance to reach smallholder farmers. It introduces new Climate Bonds Sector Criteria for Agriculture Production and Deforestation and Conversion Free (DCF) Sourcing to standardize green activities. The analysis reveals that while sovereign issuers dominate the AFOLU sustainable debt market, there is a critical need for more material KPIs beyond scope 3 GHG emissions and greater transparency in the loan market to scale impactful investments.

The report identifies a critical need to accelerate building renovations in Europe, noting that approximately 97% of the region's building stock requires upgrades to meet 2050 net-zero targets. It argues that while the EU's 'Fit for 55' package and the Energy Performance of Buildings Directive (EPBD) provide a foundation, additional policy interventions are needed to unlock private capital and overcome financial and non-financial barriers. The document details 20 specific policy levers, including the implementation of Minimum Energy Performance Standards (MEPS), the phasing out of fossil-fuel subsidies by 2040, and the adoption of 'Building Renovation Passports'. It emphasizes the role of green bonds and mortgages, suggesting a voluntary EU-wide definition for green mortgages to improve data collection and risk management. The report also advocates for the electrification of heating via heat pumps over hydrogen blending and highlights the importance of addressing 'Whole Life Carbon' (WLC) in construction.

The document examines natural capital trends in Ethiopia, Indonesia, and Trinidad and Tobago from 1995 to 2020, finding a general decline or stagnation in per capita market natural capital following the 2008 financial crisis. It highlights extreme dependencies, such as Ethiopia's reliance on agricultural land and Trinidad and Tobago's vulnerability due to the collapse of fossil fuel asset values. Non-market natural capital, including forest area and land per capita, is declining across all three nations, exacerbated by population growth and climate change. The authors advocate for moving beyond GDP toward comprehensive wealth measures and recommend green development policies, increased financial mobilization for nature-based solutions, and improved environmental statistical capacity.