Green Bonds for Renewable Energy in Latin America and the Caribbean

Juan David González-Ruiz, Juan Camilo Mejía-Escobar, Javier Rojo-Suárez, and Ana-Belén Alonso-Conde

The Energy Journal, 2023, vol. Volume 44, issue Number 5

Abstract: 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.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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