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The Brazilian sustainable debt market has grown to USD 10.8 billion, with green bonds dominating at 84% of the market. Land use is a primary driver, accounting for 67% of emissions across green, sustainable, sustainability-linked, and transition labels. The forestry sector is the most significant theme, led by pulp and paper companies like Suzano and Klabin. Bioenergy and agriculture are emerging sectors, while livestock remains a challenge but shows potential through transition bonds. The document highlights a significant investment potential of USD 163 billion for green agriculture in Brazil by 2030.

The North American GSS debt market reached USD 311bn by Q1 2021, dominated by the US and primarily driven by green-labelled instruments. While the US is the largest single-country source of GSS debt, the market is heavily concentrated in agency mortgage-backed securities (MBS) and municipal bonds, with limited participation from the real economy's heavy-emitting sectors. Canada's market is smaller but characterized by larger average deal sizes and a strong focus on hydropower. Both nations are seeing a shift toward more ambitious climate targets and enhanced disclosure requirements, though the US lags in post-issuance reporting quality compared to Canada.

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. To be certified, assets must meet specific mitigation benchmarks—such as supporting renewable energy integration or operating within a decarbonising system—and satisfy a comprehensive adaptation and resilience checklist. The criteria cover a wide range of assets, from high-voltage transmission lines to battery storage facilities, and include detailed methodological notes for determining system eligibility based on grid emission factors or added generation capacity.

The report outlines a framework for Chile to establish a national green taxonomy, which would serve as a classification system to identify sustainable economic activities and prevent greenwashing. It recommends that Chile follow a three-step path: adopt existing international taxonomies (such as those from the EU, China, or Climate Bonds Initiative), adapt them to local contexts, and lead the development of new criteria for sectors lacking international benchmarks, specifically mining. The document identifies energy, transport, construction, and industry as priority sectors for mitigation, while emphasizing that adaptation and resilience criteria must be developed in parallel across all sectors. It proposes a three-level governance structure involving government ministries, technical coordinators, and industry experts, and suggests focusing initial applications on green debt instruments.

The Hong Kong green bond market in 2020 saw a record number of deals but an 18% decline in total volume to USD 2.09bn. Low-carbon buildings remained the primary theme for proceed allocations, though waste reached a record high. The market is supported by new government initiatives, including a 2050 carbon neutrality pledge and the Green and Sustainable Finance Grant Scheme. While local issuance is significant, mainland China entities continue to drive the broader green debt market arranged in Hong Kong.

The report finds that while post-issuance UoP reporting is widespread, impact reporting is less common and highly unstandardised. It highlights a positive correlation between reporting availability and the presence of external reviews, particularly post-issuance reviews. The analysis reveals that larger issuers and more mature markets generally report more frequently, though average quality scores remain relatively constant across deal sizes. The document argues for a shift toward a common global reporting framework and the use of absolute rather than relative metrics to provide a holistic view of environmental performance.

The report outlines a framework for Chile to establish a national green taxonomy, recommending a pathway of adopting and adapting international standards (such as the EU and CBI taxonomies) while leading the development of criteria for sectors unique to its economy, specifically mining. It identifies Energy, Transport, Construction, and Industry as priority sectors for mitigation and emphasizes the parallel development of adaptation and resilience criteria. The roadmap proposes a three-tier governance structure involving government ministries, financial regulators, and technical experts to ensure the taxonomy is science-based, binary, and aligned with the Paris Agreement's 1.5°C goal.

The document outlines the development of eligibility criteria for electrical grids and storage to align bond investments with a 1.5°C warming scenario. It details the decision to adopt EU taxonomy criteria for transmission and distribution, the rationale for applying similar constraints to energy storage, and the requirements for climate resilience and adaptation.

The document argues that the innovative policy responses used to combat the COVID-19 pandemic can be repurposed to mitigate systemic climate-related risks. It details how prudential regulations, such as stress testing and capital buffers, and monetary instruments, including collateral frameworks and corporate financing facilities, can be 'greened' to support a sustainable recovery in the ASEAN region. The brief emphasizes the need for clear roadmaps and mandatory climate disclosures to manage both physical and transition risks.

The Nordic GSS bond market reached a cumulative USD 88.2bn by the end of 2020, representing 5% of the global GSS volume. Green bonds dominate the market at 96% of the total, with Sweden leading in cumulative issuance. The region shows high standards of transparency, with 99% of volume benefiting from external reviews.

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 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 Hydropower Criteria establish eligibility for Climate Bonds Certification by screening projects for GHG emissions intensity, power density, and adherence to environmental and social standards via an ESG Gap Analysis Tool.

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.