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Social Infra Ventures (SIV) is developing a model for affordable housing in Morocco that integrates climate resilience and gender-responsive design. The instrument utilizes a combination of equity and mezzanine debt to fund a pilot project of 250 units, with the long-term goal of listing its rental portfolio as a Real Estate Investment Trust (REIT) on the Moroccan stock exchange to create a self-funding mechanism for expansion. SIV targets secondary cities to reduce land costs and focuses on underserved populations, particularly women, by providing both rental and sale options and incorporating childcare and safety features into community design. Environmentally, the project adheres to IFC EDGE and Building Resilience Index standards to reduce carbon emissions and increase adaptive capacity.

The 2022 Hong Kong GSS+ market saw a decline in bond volumes from local issuers due to macroeconomic pressures, but significant growth in debt arranged within the territory, totaling USD 80.5bn. The HKSAR Government remains a regional leader in green bond issuance, while the city continues to serve as a primary offshore financing platform for Mainland China's decarbonisation efforts.

The report provides a comprehensive overview of China's sustainable bond market in 2022, highlighting the record-breaking growth of green bonds and the emergence of transition finance tools. It details the scale of issuance, the shift toward stricter standards, the role of different issuers, and the specific application of sustainability-linked bonds (SLBs) and transition bonds in heavy industries.

The document outlines the benefits and application of the Climate Bonds Initiative's certification for commercial and residential buildings in Tokyo and 16 other Japanese cities, aiming for a zero-carbon future by 2050.

The report provides a comprehensive overview of Colombia's sustainable debt market, which reached USD 2.4 billion by the end of 2022. It details the dominance of green bonds, the emergence of sustainability-linked bonds, and the role of the Colombian Green Taxonomy in guiding investments. The document also examines the country's climate vulnerability, the policy framework for adaptation and resilience, and specific opportunities across economic sectors such as energy, transport, and construction to support a low-carbon transition.

As of the end of 2022, Colombia's GSS+ debt market totaled USD 2.4 billion, with green bonds being the most prominent segment at USD 1.3 billion. The market is characterized by a strong sovereign presence and a growing regulatory framework, including the pioneering Colombian Green Taxonomy. While the market is primarily domestic, there is significant potential for growth in hard-to-abate sectors through sustainability-linked bonds and in nature-based solutions for climate adaptation. The report recommends scaling sovereign issuance, establishing green securitization facilities, and expanding the taxonomy to include biodiversity and circular economy objectives.

The report examines eight financial aggregation blueprints across three instrument types to help cities close the urban financing gap. It analyzes municipal pooled procurement (e.g., RAMCC Trust Fund, The Grand Challenge), municipal green bonds (e.g., Mexico City, Reykjavík, Manila Water), and municipal insurance pooling (e.g., UIIF, MRPWC). Key findings highlight that while aggregation achieves economies of scale and attracts private capital, implementation is often hindered by limited municipal borrowing authority, lack of technical expertise, and political instability.

The report identifies barriers to private urban climate investment across macro, city, and project levels, and provides recommendations for city governments, public sector partners, and private/third sector entities to improve enabling conditions. It analyzes five case studies from Chile, Ecuador, India, South Africa, and Turkiye to highlight success factors such as bulk procurement, green bonds, and strategic partnerships.

The document details the processes, financial mechanics, and outcomes of municipal green bonds in Mexico City and Reykjavík, and a sustainability bond by Manila Water. It highlights the importance of international standards, second-party opinions, and government guarantees in successfully attracting capital for climate-resilient urban infrastructure.

The report analyzes Brazil's sustainable securitisation market, highlighting the role of Agribusiness Receivables Certificates (CRA) and Real Estate Receivables Certificates (CRI) in funding green and social projects. It identifies a significant opportunity to use ABS to aggregate small-scale sustainable projects, particularly in agriculture and renewable energy, to attract institutional capital.

The GCF Accreditation Panel recommends the re-accreditation of the Inter-American Development Bank (IDB) for a second term with no conditions. The assessment confirms that IDB continues to meet GCF's basic and specialized fiduciary standards, environmental and social safeguards, and gender policies. IDB's portfolio includes eight approved GCF projects totaling USD 761.7 million, with a strong track record in mitigation and adaptation, particularly in the Latin American and Caribbean region. The report highlights IDB's commitment to Paris Agreement alignment and its capacity to support direct access entities through capacity-building initiatives.

An analysis of Indonesian commercial banks reveals that while there is 100% compliance with mandatory sustainability reporting under POJK 51, the quality of these reports lacks the technical depth required by international standards like the TCFD. Between 2019 and 2021, ESG portfolios reached USD 3.6 trillion, but over 70% of this was directed toward MSME financing rather than green activities. Private banks show a higher proportion of green finance (41%) compared to state-owned banks (23%), yet the total commercial bank contribution meets only 9% of the USD 285 billion needed for Indonesia's 2030 climate goals. Significant gaps exist in risk management, with fewer than 15% of banks integrating climate-related risks into their overall risk frameworks, and none incorporating climate impacts into their financial statements.

The Japanese green bond market continued to grow in 2021, led by financial corporates. Buildings and energy are the primary sectors for use of proceeds. The report also highlights the emergence of sustainability-linked and transition bonds, alongside a comprehensive suite of government guidelines and central bank initiatives to promote climate-related financial disclosures and transition finance.

The report finds that while there is interest in Green Bonds in the WAEMU region, the market is in a nascent stage due to underdeveloped financial infrastructure, a lack of government focus on climate regulatory frameworks, and limited technical capacity among stakeholders. It identifies energy, agriculture, and clean transportation as priority sectors and recommends sustained capacity building, the development of regional guidelines, and the use of technical assistance and risk-transfer instruments to attract investors.

The report identifies subnational pension funds as a significant source of untapped capital for urban climate action, estimating at least USD 9.5 trillion in assets across Brazil, Canada, Germany, the Netherlands, South Africa, the UK, and the US. It details structural barriers such as low risk appetite and limited fund size, as well as external barriers like a lack of bankable project pipelines and ticket size mismatches. To overcome these, the document recommends the use of financial instruments such as blended finance, green bonds, and supply-side aggregation (pooling), while urging funds to make net zero commitments and build internal capacity.

Tracked green finance in India averaged INR 309 thousand crores (~USD 44 billion) per annum in FY 2019-20, which is less than 25% of the annual amount required to meet the country's Nationally Determined Contributions (NDCs). While flows increased by 150% from FY2017/18 to FY2019/20, the report highlights a critical shortfall in adaptation funding and a heavy reliance on public sector finance for clean transportation. The study recommends the development of a green taxonomy, improved data disclosure, and the scaling of capital markets to mobilize the trillions of dollars needed for India's 2030 and 2070 Net-Zero goals.

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.

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 argues that as the two largest greenhouse gas emitters, the USA and China must cooperate to mitigate climate change. It proposes specific mechanisms for collaboration, including a joint clean energy research institute, the removal of trade tariffs on renewable components, and the establishment of exchange programs between subnational governments, NGOs, and private companies to share expertise on clean energy infrastructure and regulation.