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Green Bonds for Renewable Energy in Latin America and the Caribbean

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

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.

Suggested Citation

  • Juan David González-Ruiz, Juan Camilo Mejía-Escobar, Javier Rojo-Suárez, and Ana-Belén Alonso-Conde, 2023. "Green Bonds for Renewable Energy in Latin America and the Caribbean," The Energy Journal, International Association for Energy Economics, vol. 0(Number 5).
    • Handle: RePEc:aen:journl:ej44-5-gonzalez-ruiz
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    Cited by:

    1. Juan David González-Ruiz & Nini Johana Marín-Rodríguez & Alejandro Valencia-Arias, 2023. "Gender Social Bonds in the Latin American Market," Sustainability, MDPI, vol. 15(20), pages 1-18, October.
    2. Hoque, Mohammad Enamul & Soo-Wah, Low & Billah, Mabruk, 2023. "Time-frequency connectedness and spillover among carbon, climate, and energy futures: Determinants and portfolio risk management implications," Energy Economics, Elsevier, vol. 127(PB).

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    JEL classification:

    • F0 - International Economics - - General

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