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The document argues that the European Central Bank (ECB) remains inactive regarding climate risks despite exploratory work. It claims the ECB's 'market neutrality' principle creates a 'carbon bias' that supports fossil fuel companies and warns that the bank's focus on 'green' or 'sustainability-linked' bonds may facilitate greenwashing. Furthermore, the author highlights a lack of transparency regarding the ECB's non-monetary portfolios and their exposure to carbon-intensive sectors.

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 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 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 Hydropower Criteria define the mitigation and adaptation requirements for hydropower facilities—including run-of-river, impoundment, and pumped storage—to qualify for Climate Bond certification. Mitigation eligibility is based on power density or GHG emissions intensity thresholds, which vary depending on whether the facility became operational before or after 2020. Pumped storage must additionally demonstrate a link to intermittent renewables or grid decarbonisation. Adaptation and resilience are assessed via the ESG Gap Analysis Tool, with strict limits on the number and nature of 'significant gaps' allowed. Issuers must provide evidence of these metrics and publicly disclose ESG assessments and any associated Environmental and Social Action Plans.

The Green Economy Coalition introduces the Triple B Framework to address capital misallocation and sluggish growth in the green transition. The framework identifies 'bottlenecks' (structural, processual, and cognitive barriers) and 'blind spots' (behavioral biases resulting from homogeneity in the finance industry) that hinder investment. It redefines 'blended finance' to include non-financial capital—such as social, political, and cultural capital—arguing that these are often more critical than financial capital in emerging markets. The report suggests that supporting 'ecosystem builders' and sequencing non-financial capital before financial injections can de-risk investments and better serve developing countries.

The document analyzes the evolving economic relationship between Africa and China, highlighting the need to move from an inequitable trade balance—where Africa primarily exports primary commodities and imports manufactured goods—toward increased industrialization and foreign direct investment (FDI). It emphasizes the role of Special Economic Zones (SEZs) and the African Continental Free Trade Area (AfCFTA) in attracting Chinese FDI and enhancing local value addition. Regarding infrastructure, the briefing notes that while China's Belt and Road Initiative (BRI) fills critical financing gaps, African nations must improve institutional capacity for fiscal management to ensure debt sustainability. Finally, it addresses the Fourth Industrial Revolution (4IR), suggesting that African countries leverage the AfCFTA to harmonize regulations on digital services and data flow to mitigate the digital divide and harness technological advancements.

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 finds strong evidence of a 'greenium' (pricing at a lower yield than vanilla equivalents) for 79% of the sampled green bonds in H2 2020. It highlights the success of Germany's twin bond structure and the emergence of the automotive sector as a source of green bonds, while noting that 56% of these bonds were allocated to dedicated green or ESG investors.

The report highlights Malaysia's leadership in sustainable finance, particularly through the issuance of green sukuk, and identifies a significant pipeline of green infrastructure projects. It emphasizes the need for private capital to meet a cumulative infrastructure investment requirement of roughly USD 460bn from 2016-2040. Key opportunities are detailed in renewable energy (especially solar and biomass), low-carbon transport (rail and EVs), sustainable water management, and waste-to-energy projects.

The document establishes a two-component eligibility framework for hydropower certification: a Mitigation Component and an Adaptation & Resilience (A&R) Component. The Mitigation Component uses a 'predictive screen' based on power density to identify low-risk assets, while others must undergo a GHG assessment using the G-res tool or on-site studies to meet emissions intensity thresholds of 100g CO2e/kWh (pre-2020) or 50g CO2e/kWh (post-2020). The A&R Component requires assets to be assessed via the ESG Gap Analysis Tool, with strict limits on the number of 'significant gaps' allowed and a requirement for an Environmental and Social Action Plan (ESAP) to close those gaps within 24 months. Additionally, the criteria mandate Free, Prior and Informed Consent (FPIC) for indigenous peoples and public disclosure of compliance data.

The Japanese green bond market grew by a third in 2020, reaching a cumulative issuance of USD 26.15 billion. Issuance is led by financial corporates and government-backed entities, with proceeds primarily allocated to buildings, transport, and energy. The report highlights a strong record of external reviews and post-issuance reporting, while identifying significant opportunities to scale up the market through the refinancing of unlabelled climate-aligned debt, particularly in the transport sector. Additionally, it outlines Japan's policy shift toward net-zero emissions by 2050 and the resulting development of green growth strategies and ESG disclosure frameworks.

This policy brief examines the supply and demand side barriers to financing climate-smart urban infrastructure, focusing on the role of National Development Banks (NDBs). It introduces a 12-dimension 'City Maturity Model' to help city officials improve their strategic, financial, and operational capacities to attract green investment. The brief highlights that while NDBs are well-positioned as intermediaries, only 4% of Public Development Banks are specifically mandated to finance local governments. It provides recommendations for city officials to engage national policymakers, strengthen revenue capture, and build technical expertise, supported by case studies from Cape Town, Chefchaouen, and Belo Horizonte.

In 2018, Kenya received KES 243.3 billion (USD 2.4 billion) in climate finance, which is approximately half of the annual funding required to meet its NDC targets. The report highlights a significant imbalance in fund allocation, with 79.8% of finance directed toward mitigation—primarily large-scale renewable energy—while adaptation received only 11.7%. Public finance accounted for 59.4% of the total, and private finance 40.7%. Major investment gaps exist in the water, forestry, and transport sectors. The document recommends scaling up adaptation finance, implementing private sector incentives for non-energy sectors, and operationalizing 'Segment 8' in the Integrated Financial Management and Information System (IFMIS) to improve climate expenditure tracking.

The report argues that while Canada has made positive climate commitments, there is a significant investment gap between current budget allocations and the funding required to reach net-zero emissions by 2050. By comparing federal spending with recommendations from expert coalitions, the document identifies critical funding shortages across seven sectors: transport, building retrofits, clean energy, nature and adaptation, agriculture, industry and innovation, and workforce development. It highlights that Canada's per capita climate spending during the pandemic is more than eight times lower than the promises made by the US under Joe Biden. The report calls for the 2021 Budget to prioritize deficit spending on green infrastructure, eliminate fossil fuel subsidies, and implement a just transition for workers, particularly in the coal, oil, and gas sectors.

The document examines the existential threats faced by small island developing states (SIDS), highlighting their extreme vulnerability to sea-level rise and economic shocks despite contributing less than 1% of global carbon emissions. It advocates for a transition from seeing themselves as 'small islands' to 'large ocean states' by leveraging their exclusive economic zones (EEZs) through the 'blue economy.' The brief emphasizes the need for innovative financing, such as blue bonds and debt-for-climate swaps, and the urgent transition to domestic renewable energy to reduce dependence on fossil fuel imports.

The document examines South Africa's reliance on international DFIs and MDBs to bridge a ZAR502 billion funding gap in its Infrastructure Build Programme, noting a historical hesitation to seek such aid. It highlights that while renewable energy has received the bulk of funding, there are significant gaps in project preparation skills and coordination. The author recommends that the Investment and Infrastructure Office (IIO) lead the coordination of donor assistance and that the government clarify funding structures and procurement processes to attract private investment.

The document analyzes the evolving economic relationship between Africa and China, highlighting a trade imbalance where Africa primarily exports raw commodities and imports manufactured goods. It suggests that the African Continental Free Trade Area (AfCFTA) and Special Economic Zones (SEZs) can attract Chinese foreign direct investment to boost local manufacturing. While China is a primary source of infrastructure funding via the Belt and Road Initiative, the report notes concerns over debt sustainability, though it argues these are often tainted by geopolitics. Finally, it discusses the opportunities and risks of the Fourth Industrial Revolution (4IR), urging African nations to harmonize regulations and improve digital infrastructure to avoid a widening digital divide.