Green bonds in Africa and emerging markets

Green bonds are a capital-markets instrument, not a grant window. They suit borrowers with an existing balance sheet, a pipeline of eligible assets and the capacity to report against a use-of-proceeds framework — typically banks, utilities, municipalities and larger corporates rather than single projects.

The institutions below either issue green bonds themselves, anchor other issuers' bonds, or provide the credit enhancement and technical assistance that make an emerging-market issuance possible. For a first-time issuer, an anchor investor and a guarantee provider usually matter more than the coupon.