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The report argues that the EU steel sector faces a critical investment window as 74% of blast furnace capacity requires renewal by 2030. It advocates for a combination of carbon pricing, circular economy measures, and innovative finance tools like Carbon Contracts for Difference (CCfDs) to scale low-carbon technologies such as green hydrogen and Direct Reduced Iron (DRI). The document emphasizes that while public funds are insufficient, the green bond market and transition finance instruments can mobilize the necessary private capital, provided there are science-based standards to prevent greenwashing.

Africa's climate finance needs are estimated at USD 250 billion annually, yet only USD 29.5 billion was mobilized in 2020. The report identifies critical barriers—financial, governance, project-level, and infrastructure-related—across the energy, transport, buildings, and AFOLU sectors. It argues that bridging this gap requires 'climate finance innovation,' defined as using financial instruments to overcome barriers in novel contexts. The document details a toolbox of solutions, including blended finance, capital market instruments like YieldCos and Green Bonds, and results-based finance, while providing case studies such as TerraFund and Acorn to demonstrate how these tools can catalyze private investment.

The report details a comprehensive methodology for mapping green finance in India, focusing on mitigation activities across clean energy, energy efficiency, and clean transportation. It defines a taxonomy for green finance, identifies diverse data sources—including government budgets, OECD reports, and PSU financial statements—and establishes accounting principles to prevent double counting. The methodology employs specific proxy calculations for sectors like electric vehicles and rooftop solar, while utilizing a standard 70:30 debt-to-equity gearing ratio where specific project data is unavailable.

FSD Africa's Capital Markets team works to address financing gaps in Africa by developing enabling policies, market infrastructure, and innovative financial products. The report highlights the mobilization of approximately GBP 320 million through bond issuances, including pioneering green and gender bonds in countries like Nigeria, Kenya, and Morocco. It details the Africa Regulatory Support Programme (ARSP) and the African Local Currency Bond Fund (ALCB Fund) as key mechanisms for reducing currency risk and increasing private sector investment. Moving forward, FSD Africa is concentrating its efforts on five priority countries—Ethiopia, Ghana, Kenya, Morocco, and Nigeria—with a strong emphasis on green capital markets and natural capital finance.

Africa's annual climate finance needs are estimated at USD 250 billion, yet only USD 29.5 billion was mobilized in 2020. The report identifies critical barriers—financial, governance, project-level, and infrastructure-related—across the energy, transport, buildings, and AFOLU sectors. It argues that bridging this gap requires shifting from traditional grants and concessional debt toward innovative structures like YieldCos, Green Bonds, and blended finance to 'crowd-in' private capital. The document provides a toolbox for matching specific instruments to barriers and highlights four case studies: TerraFund for AFR100, the Sub-National Climate Finance Initiative, Acorn's green housing ecosystem, and the Revego Africa Energy Fund.

The document examines the challenges African countries face in accessing sustainable finance for regional infrastructure, noting a significant financing deficit and a lack of bankable projects. It highlights the disparity between climate mitigation and adaptation finance, arguing that adaptation is more critical for Africa's vulnerability. The brief analyzes the ASEAN regional approach—specifically its sustainability taxonomies and the ASEAN Catalytic Green Finance Facility—as a model for Africa. It evaluates current AU initiatives, such as the Alliance for Green Infrastructure in Africa and the Green Infrastructure Corridor for Intra-African Trade, and recommends integrating sustainability more deeply into AfCFTA protocols to attract investment and enhance climate resilience.

The document examines sustainability-linked bonds (SLBs) as a complement to green bonds, noting that their effectiveness in driving climate transitions depends on standardized performance indicators, science-based targets, and the mitigation of greenwashing risks. It calls for further research into the additionality of SLBs and their ability to incentivize carbon performance and system-level financial innovation.

The proposal seeks USD 2,545,711 over 36 months to address fiscal vulnerabilities and institutional gaps in the Dominican Republic. Key initiatives include developing a National Climate Finance Strategy, preparing for sovereign green bond issuance, implementing debt-for-climate swaps, and establishing a National Financing Vehicle. The program also aims to green the banking sector, integrate climate criteria into public-private partnerships (PPPs), develop a National Ecotourism Strategy, and create 436,065 green jobs through vocational training. Additionally, it provides technical support to accredit two national entities as GCF Direct Access Entities.

The 2021 Hong Kong GSS+ market saw significant expansion, with USD 14bn in labelled debt from Hong Kong issuers and a quadruple increase in GSS+ debt arranged or issued in the city to USD 57bn. Growth was driven by the HKSAR Government's green bond programme and a diversifying issuer base, including real estate and financial corporates. The report highlights the emergence of transition finance and the adoption of the Common Ground Taxonomy to facilitate cross-border green finance between China and the EU.

The report analyzes 21 international taxonomies to provide a framework for a potential Canadian transition taxonomy, emphasizing the need for science-based thresholds to avoid greenwashing in a resource-dependent economy.

The report analyzes the fiscal vulnerability of the BRIICS countries to the global energy transition. Using IEA scenarios, it projects significant declines in fossil fuel revenues by 2050, particularly under 1.5°C and 2°C pathways. To mitigate these risks, the authors propose a 'GSS bond support fund' to leverage near-term windfall revenues for decarbonization and suggest a broad suite of environmental fiscal reforms, including subsidy removal and the introduction of carbon pricing and road user charges.

The document argues that the short-term debt market, valued at USD55tn, is an underutilised source of green capital. It recommends that short-term debt be labelled green and integrated into thematic investment strategies, provided it aligns with the Climate Bonds Standard or EU Taxonomy. The paper outlines various eligible instruments—including Commercial Paper, Revolving Credit Facilities, and Green Repos—and emphasises the need for a 'pure-play' entity definition to facilitate certification for general corporate funding.

The global GSS+ bond market reached a cumulative issuance of $3 trillion by Q1 2022, despite a nearly 30% year-on-year decline in quarterly issuance due to interest rate hikes and the Russia-Ukraine war. While green and social bonds saw significant decreases, sustainability-linked bonds (SLBs) grew by over 100%, with 61% of their KPIs linked to greenhouse gas emission targets. China led global green bond issuance in Q1 2022, and the period saw the emergence of the first sovereign SLB from Chile and the first public sector SLB from the city of Helsingborg.

The ASEAN sustainable debt market experienced rapid growth in 2021, with GSS debt issuance reaching USD 24 billion and sustainability-linked instruments reaching USD 27.5 billion. Singapore remains the regional leader, while the green theme continues to be the most popular. The report highlights the emergence of the ASEAN Taxonomy for Sustainable Finance and the growth of local currency issuances, particularly in Singapore and Thailand.

The ASEAN+3 sustainable debt market reached USD 449 billion by Q3 2021, driven largely by the People's Republic of China, Japan, and Hong Kong, China. While green bonds remain dominant, the COVID-19 pandemic accelerated the issuance of social and sustainability-labeled instruments. Local currency (LCY) issuance represents 64% of the region's total sustainable debt, though this is unevenly distributed; Thailand has the highest LCY share at 98.5%, while Viet Nam and Indonesia rely heavily on foreign currencies. The report identifies barriers such as lack of market awareness, high transaction costs for small deals, and a shortage of bankable green projects. It recommends increasing sovereign GSS bond issuance, expanding the investor base through ETFs and indices, and establishing centralized sustainable finance platforms to improve project visibility.

The report defines financial aggregation as the use of instruments to combine multiple investments, projects, or participants to scale urban climate finance. It identifies key barriers to city-level investment, such as poor municipal creditworthiness and high upfront costs, and proposes supply-side aggregation (combining investor commitments) and demand-side aggregation (pooling project needs) as solutions. The document provides case studies from Africa, Asia, and South America, and emphasizes that these tools require a supportive 'enabling environment' characterized by fiscal autonomy and technical capacity.

The document examines how cities can measure sustainability using indexes and indicator systems, presenting a synthesized list of 310 indicators across four themes: environment, social, economy, and governance. It proposes a cyclical 'indicator pathway' for municipal decision-making, involving baseline definition, ex-ante impact assessment during planning, and ex-post impact assessment after project completion. The text notes a global trend toward increased municipal monitoring but highlights a lack of commonly accepted reporting criteria and challenges with non-SMART indicators.

China's green bond market experienced record growth in 2021, driven by the nation's '30·60' climate targets and the 14th Five-Year Plan. Annual issuance aligned with Climate Bonds definitions reached USD 68.2 billion, making China the second largest green bond market globally. The market saw a significant shift as non-financial corporates became the primary source of supply, overtaking financial corporates. Over 60% of the use-of-proceeds was directed toward renewable energy. The report also highlights the emergence of carbon neutrality bonds and transition finance as key tools for decarbonizing high-emitting sectors.

The 2021 Chinese green bond market experienced significant growth, with total labeled issuances reaching $109.5 billion. Non-financial enterprises became the dominant issuer type for the first time, and over 60% of funds were directed toward renewable energy. While the market is expanding rapidly, the report highlights a continued reliance on state-owned enterprises and a need for improved transparency and transition finance frameworks to meet long-term climate targets.

The Indian GSS debt market experienced significant growth in 2021, reaching a cumulative volume of USD 19.5 billion, with green bonds dominating the landscape. While the market is primarily driven by non-financial corporates and focused on utility-scale renewable energy, there is emerging activity in sustainability-linked bonds and potential for expansion into electric vehicles, waste management, and climate-smart agriculture. The Indian government is supporting this growth through the Ministry of Finance's Sustainable Finance Task Force and the planned issuance of a domestic sovereign green bond in 2022.