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The briefing argues that Brazil's new railroad authorization system, designed to streamline private sector infrastructure grants, lacks the necessary procedural clarity and transparency to ensure adequate socio-environmental oversight. It identifies critical gaps in the requirements for technical studies, the autonomy of the analyzing authority, and the public disclosure of project data, proposing specific amendments to PL no. 261/2018 to mitigate these risks.

The briefing by Climate Policy Initiative (CPI/PUC-Rio) examines the legal framework for private railway exploration in Brazil, specifically MP No. 1.065/2021 and PL No. 261/2018. It argues that while the authorization regime simplifies investment, it lacks procedural clarity and transparency, which may undermine the assessment of socio-environmental impacts. The authors identify critical gaps in the requirement for technical studies, the ambiguity of decision-making authority between the Ministry of Infrastructure and the National Land Transport Agency (ANTT), and the absence of mandatory publication for project documents, georeferencing, and financing conditions.

The policy brief examines how African pension funds can bridge the renewable energy investment gap in sub-Saharan Africa. It proposes the use of 'renewable energy-backed' (RE) bonds to align long-term pension obligations with energy infrastructure projects, reducing reliance on foreign currency and mitigating exchange risks. The author identifies a significant funding gap, noting that Africa requires approximately $70 billion in annual renewable energy investment until 2030, while actual investment in sub-Saharan Africa was only $10 billion in 2018 and $30 billion in 2019. To unlock this potential, the document recommends the creation of green banks to coordinate finance, the implementation of government-backed guarantee schemes to lower risk perceptions for regulators, and the removal of fossil fuel subsidies to improve the competitiveness of clean energy.

The report examines how green bonds and transition finance can support South Africa's shift from a coal-dependent energy system to a low-carbon economy. It highlights the critical role of the two largest emitters, Eskom and Sasol, and proposes various financial models, including sovereign green bonds and asset-backed securities, to attract international capital while managing the social implications of a 'Just Transition'.

The Electrical Grids and Storage Criteria provide a framework for certifying bonds that finance the construction, upgrade, and operation of electricity transmission, distribution, and storage infrastructure. Eligibility is based on two main components: a mitigation component, which ensures assets contribute to greenhouse gas reduction or support renewable energy integration, and an adaptation and resilience component, which requires issuers to assess and mitigate physical climate risks. The criteria cover a wide range of assets, from high-voltage transmission lines to battery storage facilities, and include specific methodological notes for determining system eligibility based on emission factors or generation capacity. To maintain certification, issuers must provide pre-issuance, post-issuance, and annual reporting to demonstrate ongoing compliance with these standards.

The document outlines the development of certification criteria for electrical grids and storage to mobilise private capital for low-carbon infrastructure. It establishes that most modern grid investments are eligible if they support the integration of renewables or are part of a system on a trajectory toward decarbonisation, adopting the EU taxonomy as a baseline. It specifically excludes pumped hydropower and hydrogen storage from this sector's scope. The criteria also mandate that issuers demonstrate climate resilience by assessing physical risks and implementing mitigation measures over the assets' operational lifetimes.

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 report identifies significant ESG risks in the aquaculture industry, specifically high fish mortality and the use of wild-caught fish in feed, which threaten long-term profitability and food security. It finds that most investors lack robust policies to mitigate these risks and warns that some 'green bonds' in the sector may be used for greenwashing. The document recommends that investors require investees to disclose supply chains, reduce mortality rates, and eliminate wild-caught fish in feed by 2025.

The report argues that the aquaculture industry faces significant systemic risks due to high fish mortality rates and a dependence on fishmeal and fish oil (FMFO) derived from wild-caught fish. It finds that most investors fail to integrate these material risks into their policies, often relying on inadequate certification schemes. The document highlights the economic cost of fish deaths, the threat to food security in regions like West Africa due to FMFO extraction, and the potential for 'greenwashing' through green bonds. It recommends that investors require full supply chain transparency, the elimination of wild-caught fish in feed by 2025, and the adoption of robust fish-welfare standards.

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 2020 research identifies a global universe of USD 913.2 billion in unlabelled climate-aligned bonds from 420 issuers across 45 countries. Transport is the dominant theme, accounting for 55% of the volume, followed by Energy (24%) and Water (10%). China is the largest single source, representing 36% of the global total, while Developed Markets (DM) account for 50%. The report emphasizes a significant opportunity for refinancing, as over 40% of these bonds will mature by 2024, potentially increasing the labelled green bond market by 65% within nine years if transitioned. The analysis also highlights the role of the EU Taxonomy in improving disclosure and the potential for green hydrogen and electric vehicle infrastructure to drive future issuance.

The report identifies significant climate risks to Canadian infrastructure, including permafrost degradation in the North and flooding in coastal and urban areas. It recommends a whole-of-society approach combining climate-informed planning, structural changes, and natural infrastructure solutions. While federal initiatives like the Climate Lens and the Disaster Mitigation and Adaptation Fund provide a foundation, the report argues for greater investment to close an infrastructure gap estimated up to CAD 1 trillion and the adoption of more diverse sustainable finance mechanisms.

The report identifies that Canada's physical infrastructure is the country's most significant climate risk zone, facing threats from extreme weather, permafrost degradation, and sea-level rise. It details specific vulnerabilities across transport, buildings, water, wastewater, maritime, and energy/ICT sectors, proposing a combination of structural modifications, improved monitoring, and nature-based solutions. The document evaluates federal initiatives like the Pan-Canadian Framework on Clean Growth and Climate Change and the Disaster Mitigation and Adaptation Fund, while highlighting a significant infrastructure deficit, particularly for First Nations communities. It advocates for an integrated, whole-of-society approach that combines scientific data with Indigenous knowledge and diversifies financing through sustainable and risk-based investments.

The report finds that fossil fuel subsidies in India increased relative to clean energy in FY 2020, with electricity transmission and distribution (T&D) remaining the largest subsidy category. While electric vehicle (EV) subsidies grew, renewable energy support stagnated. The authors argue that India's energy PSUs remain heavily skewed toward fossil fuel investments and lack clear decarbonization roadmaps. The report recommends a 'second generation' of clean energy support focusing on storage, green hydrogen, and offshore wind, alongside reforms to DISCOM finances and a strategic shift in PSU capital expenditure.

The 2021 State of Cities Climate Finance report finds that annual urban climate finance averaged USD 384 billion in 2017/2018, which is significantly lower than the estimated annual need of USD 4.5 to 5.4 trillion. Investment is heavily concentrated in OECD countries and China, with critically low levels in South Asia and Sub-Saharan Africa. The report emphasizes that while cities act as providers of infrastructure and stewards of regulation, their ability to mobilize finance depends on national-level governance, city-level capacity, and the alignment of climate-specific financial instruments. It recommends strengthening municipal finance fundamentals, integrating carbon pricing into capital planning, and utilizing catalytic funding to de-risk private investment in developing economies.

Egypt's updated NDC outlines a comprehensive strategy to mitigate greenhouse gas emissions and adapt to climate change by 2030. The plan focuses on transitioning the electricity sector to 42% renewable energy, reducing associated gas flaring in the oil and gas sector by 65%, and shifting transport toward low-carbon mass transit. Adaptation priorities include rehabilitating 20,000 km of irrigation canals, protecting the Nile Delta from sea-level rise, and enhancing agricultural resilience. Implementation is heavily dependent on international financial support, with an estimated total requirement of USD 246 billion.

The document examines the role of technical assistance in establishing green bond markets in China and Kenya, concluding that while such assistance is a critical element for transformative change in the finance sector, it is not sufficient on its own.

The report examines the green infrastructure landscape of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), highlighting significant investment needs across sectors such as low-carbon transport, renewable energy, and green buildings. It details the role of green finance, specifically green bonds and asset-backed securities, in bridging the funding gap between public budgets and the capital required for climate-resilient infrastructure. The document provides a sample pipeline of 70 green and potentially green projects and offers six strategic recommendations to unlock private capital, including the harmonisation of green definitions and the promotion of local government green bonds.

The report highlights significant investment potential in the Greater Bay Area's green infrastructure, particularly in low-carbon transport, renewable energy, water management, waste management, green buildings, and new infrastructure. It emphasizes the need to move beyond public funding and PPPs by leveraging green bonds, green ABS, and international capital markets, while recommending the unification of green definitions across the region to attract global investors.

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.