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A report by the Climate Bonds Initiative and the Institute of Global Environmental Strategies (IGES) analyzing the state of the Japanese green finance market in 2021, covering green bond trends, unlabelled climate-aligned debt, and the evolving regulatory landscape for transition and sustainable finance.

This report analyzes climate finance in Nigeria for the 2019/2020 period, highlighting a significant investment gap between current funding levels and the requirements to meet the country's conditional Nationally Determined Contribution (NDC) targets.

This report presents the first research application of the AIIB – Amundi Climate Change Investment Framework (CCIF), a benchmark designed to assess investments against climate-related financial risks and opportunities based on the Paris Agreement. The research analyzes sectors, companies, and debt issuers, primarily focusing on corporates in EM Asia, to evaluate alignment with climate change mitigation, adaptation and resilience, and low-carbon transition objectives.

This guide details the methodology used by the Climate Bonds Initiative (CBI) to screen and categorize self-labeled debt instruments for inclusion in the CBI Green Bond Database. The process ensures that included bonds align with the Climate Bonds Taxonomy and industry standards to support the goals of the Paris Agreement.

The Kenya Green Bond Programme (2017-2021) aimed to accelerate the use of green bonds to finance climate mitigation and adaptation in Kenya. The project successfully mobilised GBP 64.95 million in private finance, supported three green finance transactions (including Kenya's first green bond), established regulatory guidelines and tax incentives, and trained over 20,000 bank employees and 16 verifiers.

The Nigeria Green Bond Programme, running from January 2018 to March 2023, aimed to increase the use of green bonds to finance green projects and assets in Nigeria by developing market guidelines, a pipeline of investments, and a pool of licensed verifiers.

The SADC Green Bonds Programme, implemented by FSD Africa and the Committee of SADC Stock Exchanges (CoSSE) from April 2021 to March 2024, aims to increase the use of green bonds to finance climate projects across SADC member countries.

This scoping report by FSD Africa evaluates the feasibility of developing a green bond market within the West African Economic and Monetary Union (WAEMU). It identifies significant barriers, including underdeveloped regional financial markets, a lack of government-led climate initiatives, and limited stakeholder familiarity with international green bond standards. The report provides recommendations for capacity building, regulatory harmonization, and the identification of bankable green projects to attract both public and private investment for climate mitigation and adaptation.

The WAEMU Green Bond Scoping Report, published by FSD Africa in September 2022, evaluates the feasibility of developing a Green Bond market within the West African Economic and Monetary Union. The report identifies significant potential for sovereign and corporate issuance, particularly in energy, agriculture, and transportation, but highlights critical barriers including underdeveloped regional financial markets, a lack of government focus on climate-resilient regulatory frameworks, and limited technical capacity among stakeholders to meet international green standards. It recommends targeted capacity building, the development of harmonized regional guidelines, and the use of technical assistance and risk-transfer instruments to attract investors and build a pipeline of bankable green projects.

The Green Guarantee Company (GGC) is a specialist guarantor designed to help public and private sector borrowers in emerging and frontier markets access long-term hard currency debt from global institutional investors for climate adaptation and mitigation projects. Managed by the Development Guarantee Group (DGG), the GGC provides full guarantees for bonds and loans of 5-20 years, aligned with the Climate Bond Standard (CBS), to mitigate sovereign and currency risks. The instrument includes a Technical Assistance (TA) facility to build issuer capabilities and market readiness. The GGC aims to catalyze approximately USD 10 billion in commercial term debt over its first decade, targeting sectors such as energy, transport, water, buildings, and waste, with an initial pilot phase in South Africa.

This briefing paper by FSD Africa examines the necessity and mechanisms for mobilising private finance to preserve and restore natural capital across Africa. It identifies a significant annual financing gap of over $100 billion and proposes a 'triple bottom line' investment approach focusing on landscape financing, restorative agriculture, and sustainable supply chains. The document outlines the roles of various stakeholders, including central banks, international development partners, and impact investors, in creating a 'natural capital aligned' investor base through green bonds, carbon credits, and specialist funds.

This report by FSD Africa analyzes the impact of the COVID-19 pandemic and the war in Ukraine on debt sustainability and financial market development in Ethiopia, Ghana, Kenya, Nigeria, and South Africa. It highlights a high risk of external debt distress for several of these nations and examines the trade-offs between short-term counter-cyclical fiscal measures and long-term financial market stability.

This report provides an overview of the global sustainable bond market for the first half of 2022, focusing on Green, Social, Sustainability, Sustainability-Linked, and Transition (GSS+) bonds. It details issuance volumes, regional trends, the emergence of new sovereign issuers, and the evolving policy landscape regarding sustainable finance taxonomies.

The Climate Bonds Initiative (CBI) Social and Sustainability Bond Database (SSBDB) Methodology outlines the criteria and process for identifying and classifying social and sustainability-labelled debt instruments. The database aims to provide transparency on global social and sustainability debt, including use-of-proceeds (UoP) bonds and sustainability-linked bonds (SLBs), while ensuring these instruments do not cause significant harm to climate change mitigation and adaptation.

The Capital Markets Impact Report by FSD Africa details the organization's efforts to develop African capital markets to address financing gaps in infrastructure, housing, and climate resilience. The report outlines FSD Africa's strategic shift toward five priority countries—Ethiopia, Ghana, Kenya, Morocco, and Nigeria—while maintaining a regional footprint. It highlights the use of technical assistance, grants, and direct investments to foster green and gender bonds, improve regulatory frameworks, and enhance market infrastructure to reduce dependency on bank-dominated financial sectors.

This policy brief examines the challenges and opportunities for securing sustainable finance to support Africa's regional infrastructure agenda, specifically within the framework of the Programme for Infrastructure Development in Africa (PIDA) and the African Continental Free Trade Area (AfCFTA). It highlights the gap between Africa's high climate vulnerability and its low access to sustainable finance, proposing lessons from the ASEAN region to improve project bankability and regulatory harmonisation.

This commentary examines the role of sustainability-linked bonds (SLBs) in decarbonizing the real economy and outlines necessary conditions for their effectiveness and areas for future research.

The Hong Kong Green and Sustainable Debt Market Briefing 2021, published by the Climate Bonds Initiative, analyzes the growth and composition of the GSS+ (green, social, sustainability, transition, and sustainability-linked) debt market in Hong Kong for the year 2021. The report highlights a significant expansion in green debt instruments, the role of the HKSAR Government in driving market growth, and the city's efforts to establish itself as an international green finance hub through the adoption of the Common Ground Taxonomy (CGT).

This discussion paper by the Climate Bonds Initiative proposes the certification of short-term debt instruments—defined as those with a maturity at issuance of less than 365 days—to mobilize more capital for climate action. It argues that while green bond standards have historically focused on longer-term debt, the USD55tn short-term debt market represents a significant untapped source of green capital. The paper outlines how various instruments, including Commercial Paper and Green Repos, can be certified under the Climate Bonds Standard, primarily through the Use of Proceeds (UoP) principle, and recommends the development of a 'pure-play' entity definition to further scale the market.

This report by the Climate Bonds Initiative provides an overview of the global sustainable bond market in the first quarter of 2022, noting that cumulative issuance of GSS+ bonds surpassed $3 trillion despite a quarterly decline in issuance volume due to market volatility, rising interest rates, and the Russia-Ukraine war.