Green Bonds for Renewable Energy in Latin America and the Caribbean
This paper comprehensively analyzes the overall status of the green bond market in Latin America and the Caribbean (LAC) for the renewable energy sector. Our results show that, in most cases, issuers are non-financial corporations. Also, despite LAC’s low perception of transparency, 78% of the volume issued has been externally reviewed. In general terms, the barriers imposed on issuance by local governments, mainly municipal debt ceiling, low credit rating and solvency, limited capabilities to prepare bankable projects, and lack of communication channels between the financial sector and local governments, constrain the green bond market in LAC. Furthermore, although the presence of development institutions that promote the issuance of green bonds in the renewable sector has improved in recent years, it is mandatory to continue making progress in this area. For that purpose, closer cooperation and alliances are essential to share responsibilities and knowledge in LAC.
ACKNOWLEDGMENTS We would like to acknowledge the suggestions and constructive comments provided by three anonymous referees, which have contributed significantly to improving our work. We also want to thank the Inter-American Development Bank and IDB Invest for promoting the green bond market’s harmonization, standardization, and transparency in LAC through the Green Bond Transparency Platform. Additionally, we are grateful for the work of ICMA and CBI in developing essential guidelines and criteria that enable both issuers and investors to better understand the dynamics of green bonds. All of them are essential players in promoting a more sustainable world. The authors are convinced that, in the short-term, the finance concept is going to include, by default, sustainability as a whole.
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