Inventory of Innovative Financial Instruments for Climate Change Adaptation

Closing the gap between available financing for climate change adaptation and the needs of developing countries requires looking beyond traditional sources of finance—i.e., grants and (concessional) loans—to innovative financial instruments and mechanisms that can unlock (private) investment. These instruments are increasingly viewed as a means to scale up the investment needed for countries to achieve their climate adaptation goals.

“Innovative financial instruments for climate change adaptation” include mechanisms and approaches that can be used to acquire, structure, govern, and allocate financial resources toward adaptation priorities. They can enable access to financial resources from financial institutions, private investors, institutional investors (such as pension funds), impact investors, foundations, and other philanthropists, and may be blended with traditional sources of financing.

This inventory provides information on a range of innovative financial instruments that have been used, or potentially could be used, to finance the implementation of climate change adaptation measures, including the national priorities identified in National Adaptation Plans (NAPs). It includes

  • mature instruments – instruments that have been used for many years for other purposes and that could be adjusted to finance climate change adaptation;
  • emerging instruments – newer instruments that may or may not have been developed specifically to finance climate adaptation; and
  • pilot instruments – instruments that are currently being developed to finance climate adaptation and that may be applied in the near future.

The inventory is intended to inform governments, project developers, and financiers about available instruments and how they have been used, or could be used, to increase resilience to climate change. It

  • describes each of the instruments;
  • identifies sectors in which the instruments currently or potentially could be used to support the implementation of climate adaptation measures and actions;
  • presents considerations for their use (by developing countries); and
  • provides illustrative examples of how they have been used to support climate adaptation.

A summary provides an overview of the included instruments, the sectors in which they might be applied, and where they have been used.

Please select a category of financial instruments

Debt instruments are agreements between a lender and a borrower in which the agreement lender receives fixed payment(s), usually with interest. Examples of debt instruments include bonds, mortgages, and loans.

Individuals, businesses, and governments issue debt instruments (become the borrower) for a variety of reasons, including raising capital and directing investment toward specific objectives. In recent years, debt instruments have been used to finance a number of specific environmental and social objectives, including climate change adaptation goals. The constant evolution of project types funded by these specified instruments supports their reputation as being considered innovative.

Debt instruments such as bonds or loans are often termed according to their objectives—for instance, under categories such as green, blue, social, gender, and sustainability. As the total amount of money raised via these objective-guided debt instruments has increased, so have proceeds toward adaptation projects and programs.

Adapted from Boyte-White, C. (2022, September 12). What are some examples of debt instruments? Investopedia. https://www.investopedia.com/ask/answers/050515/what-are-some-examples-debt-instruments.asp

Select an Instrument

Blue Bonds

Case Studies

  • Blue bonds are a type of green bond that focuses on the betterment of marine resources. Blue bonds can be used to finance projects with adaptation benefits, such as the restoration of mangrove forests (which also has mitigation benefits), the expansion of marine protected areas, improved water management, and flood risk reduction. To date, the most common objective of these bonds is to finance marine and ocean projects by directing bond proceeds to support ocean health and blue economies.

    The guidelines for blue bonds, released in 2023 by the International Finance Corporation and the Asian Development Bank, provide information on the components of launching a blue bond and identify blue project categories and key impact indicators. The blue project categories that can meet climate change adaptation objectives include

    • coastal climate adaptation and resilience – “projects that support ecological and community resilience and adaptation to climate change including nature-based solutions” (primary contribution to adaptation objective);
    • marine pollution (secondary contribution to adaptation objective);
    • marine ecosystem management, conservation, and restoration (tertiary contribution to adaptation objective);
    • sustainable marine value chains (tertiary contribution to adaptation objective); and
    • sustainable ports (tertiary contribution to adaptation objective). (Asian Development Bank & International Finance Corporation, 2023)

    Some debt-for-nature swaps have combined debt relief with a blue bond structure.

     

    Current or potential adaptation-relevant sector applications:

    • crop and food production – fisheries (marine, freshwater, and aquaculture);
    • coastal and riverine protection and management – coastal defences or flood protection barriers; river flood protection measures;
    • ecological services and management – wetlands; ecosystem and biodiversity protection, conservation, and enhancement; and
    • water supply (infrastructure) – water storage; water harvesting; water management.

     

    Additional insights:

    • This is an emerging instrument, with the first sovereign blue bond issued in 2018.
    • Blue bond transactions reached a total of USD 5 billion between 2018 and 2022.

     

    Considerations for issuing blue bonds:

    • A robust pipeline of blue projects is needed for proceeds from the blue bond to fund.
    • Bonds are not appropriate for all borrowers/issuers, especially in countries that may not be able to take on additional debt.
    • Guarantees may be needed to increase investors’ confidence in blue bonds issued in developing countries.

     

    Adapted from the following sources:

    Asian Development Bank. (2021). Green and blue bond framework. https://www.adb.org/sites/default/files/publication/731026/adb-green-blue-bond-framework.pdf

    Asian Development Bank & International Finance Corporation. (2023). Bonds to finance the sustainable blue economy: A practitioner’s guide. International Capital Market Association, United Nations Environment Programme Finance Initiative, and United Nations Global Compact. https://www.adb.org/publications/bonds-finance-sustainable-blue-economy-practitioners-guide

  • Indonesia

    Indonesia issued a sovereign blue bond in May 2023, raising USD 150 million in the Japanese debt capital market. The bond issuance is aligned with International Capital Market Association principles and was issued with both 7-year and 10-year maturity periods, with 1.2% and 1.43% coupon rates, respectively. The proceeds from the bond issuance will be used for conservation projects, many of which also provide adaptation benefits, such as coastal protection and mangrove rehabilitation.

    Adapted from the following source:

    United Nations Development Programme. (2023, June 25). Indonesia launches the world’s first publicly offered sovereign blue bond with UNDP’s support. https://www.undp.org/indonesia/blog/indonesia-launches-worlds-first-publicly-offered-sovereign-blue-bond-undps-support

  • Nordic-Baltic Bond

    The Nordic Investment Bank had issued EUR 355 million in blue bonds as of 2021. The proceeds of the blue bonds were to be used by the Nordic Investment Bank to provide lending to wastewater treatment and water pollution prevention projects, as well as water-related climate change adaptation projects such as stormwater systems and flood protection, protection of water resources, and protection and restoration of water and marine ecosystems. The first issuance in 2019 was a 5-year SEK 2 billion bond with a 0.375% coupon. It was oversubscribed twice. A second blue bond of SEK 1.5 billion was issued in 2020.

    Adapted from the following source:

    Nordic Investment Bank. (2023). NIB environmental bonds. https://www.nib.int/investors/environmental-bonds

  • Seychelles Blue Bond

    The Republic of Seychelles launched the world’s first sovereign blue bond in 2018. The bond’s objective was to raise capital for financing sustainable marine resources. The issuance raised USD 15 million from international investors through a 10-year bond with a 6.5% coupon. The proceeds of the bond issuance were earmarked to support the expansion of marine protected areas, improve the governance of priority fisheries, and develop the national blue economy. The World Bank helped with the design of the bond and provided a partial guarantee of USD 5 million. The Global Environment Facility provided a USD 5 million concessional loan to partially cover the interest payments of the bond, reducing the effective interest rate to 2.8%. Bond proceeds have been deployed via the Blue Grants Fund and Blue Investment Fund, which are managed by Seychelles’ Conservation and Climate Adaptation Trust and the Development Bank of Seychelles, respectively.

    Adapted from the following sources:

    Labonte, D. (2021, July 6–7). Blue bond: The Seychelles experience. CABRI Virtual Policy Dialogue on Raising and Managing Public Debt for Post-COVID Recovery. Collaborative Africa Budget Reform Initiative (CARI) Policy Dialogue. https://www.cabri-sbo.org/uploads/files/Documents/Session-3-Presentation-of-Dick-Labonte-Seychelles.pdf

    The Commonwealth. (2020). Case study: Innovative financing – Debt for conservation swap, Seychelles’ Conservation and Climate Adaptation Trust and the Blue Bonds Plan, Seychelles (ongoing). https://thecommonwealth.org/case-study/case-study-innovative-financing-debt-conservation-swap-seychelles-conservation-and

Climate Resilience Bonds

Case Studies

  • Climate resilience bonds are green bonds where the issuer commits to dedicating a portion (or all) of the proceeds raised by the bond issuance to investments that support climate change adaptation and resilience-related assets, projects, and activities (Climate Bonds Initiative, 2021). Most climate resilience bonds are use-of-proceeds bonds issued by governments or multinational banks. The Climate Bonds Standard issued by the Climate Bonds Initiative sets out voluntary guidelines for the structuring and management of these bonds.

    The Climate Bonds Initiative launched the Climate Resilience Principles in 2019 to provide guidance on how to integrate climate adaptation and resilience criteria into the Climate Bonds Standard. The principles focus on investments that deal with physical climate risks either by increasing the climate resilience of hard infrastructure or by advancing soft processes (e.g., operational improvements, technology development). The principles require that the issuer/borrower demonstrate that they “understand the climate risks faced by the asset, activity or system in question; have addressed those risks” through the design and implementation of the project; and are regularly monitoring and making adjustments to maintain the asset’s and/or system’s resilience over time (Climate Bonds Initiative, Climate Resilience Consulting, & World Resources Institute, 2019, p. 5).

     

    Current or potential adaptation-relevant sector applications:

    • crop and food production – including agroforestry; livestock production; fisheries (marine, freshwater, and aquaculture); irrigation;
    • ecological services and management – forest management (including afforestation and reforestation); wetlands; ecosystem and biodiversity protection, conservation, and enhancement;
    • water supply (infrastructure) – water management;
    • disaster risk reduction – early warning and observation systems;
    • energy infrastructure – energy generation (including renewables);
    • transport infrastructure;
    • other built environment and infrastructure – urban development; tourism (infrastructure);
    • social infrastructure – education; health facilities; and
    • industry and manufacturing.

     

    Additional insights:

    • This is an emerging instrument, with the first climate resilience bond issued by the European Bank for Reconstruction and Development in 2020.
    • The Climate Bond Initiative (2021) reported that 1,265 green bonds, or 16.4% of green bond deals, that had been issued as of September 2020 included climate resilience components, mostly in the water and water-related sectors. Only 6% of these issuances were from developing countries.

     

    Considerations for issuing climate resilience bonds:

    • The bond’s proceeds need a robust pipeline of adaptation and resilience projects, and it can be challenging to identify eligible projects.
    • Government engagement is required to prioritize adaptation actions. A robust national adaptation plan can assist with establishing a pipeline of investments.
    • Bonds are not appropriate for all borrowers/issuers, especially in countries that may not be able to take on additional debt.
    • Guarantees may be needed to increase investors’ confidence in bonds issued in developing countries.
    • Most bond issuances in developing countries with links to climate resilience have been undertaken with technical assistance support from development partners.
    • While there have been significant advances in the identification, evaluation, and reporting of climate resilience-related investments, continued work is needed to further these practices, which are necessary to raise finance through the green bond market.

     

    Adapted from the following sources:

    Climate Bonds Initiative. (2021). Green bonds for climate resilience: State of play and roadmap to scale. Global Center on Adaptation and European Bank for Reconstruction and Development. https://gca.org/reports/green-bonds-for-climate-resilience-state-of-play-and-roadmap-to-scale/

    Climate Bonds Initiative, Climate Resilience Consulting, & World Resources Institute. (2019). Climate resilience principles: A framework for assessing climate resilience investments. https://www.climatebonds.net/files/page/files/climate-resilience-principles-climate-bonds-initiative-20190917-.pdf

    Organisation for Economic Co-operation and Development. (2022). Green, social, sustainability and sustainability-linked bonds in developing countries: How can donors support public sector issuances? OECD Publishing. https://www.oecd.org/dac/green-social-sustainability-and-sustainability-linked-bonds.pdf

  • European Bank for Reconstruction and Development Climate Resilience Bond

    The European Bank for Reconstruction and Development issued the first-ever dedicated climate resilience bond in 2019. The 5-year bond raised USD 700 million at issuance. The proceeds are to finance the bank’s existing and new climate-resilience projects in a manner consistent with the Climate Bond Initiative’s Climate Resilience Principles. These projects included climate-resilient infrastructure, agriculture, and ecological systems in addition to climate-resilient business and commercial operations.

    Adapted from the following source:

    European Bank for Reconstruction and Development. (2019, September). Climate Resilience Bonds/Green Bond Programme information template. https://www.ebrd.com/documents/treasury/framework-for-climate-resilient-bonds.pdf

  • Fideicomisos Instituidos en Relación con la Agricultura/Trust Funds for Agricultural Development (FIRA), Mexico

    FIRA is a development bank established by the Government of Mexico to promote rural development and provide credit and support to the agricultural and fisheries sectors. In 2023, FIRA issued Mexico’s first green bond linked to climate resilience. The bond proceeds, totalling USD 155 million, will be used to build the resilience of farmer communities to climate change risks. FIRA worked with the French Development Agency, the Global Green Growth Institute, and UKPact Mexico to identify investment projects focused on increasing climate change resilience in the food and agriculture sector.

    This resilience bond follows on three earlier green bond issuances totalling USD 418 million that financed hundreds of small, medium, and large projects with adaptation co-benefits, including those focused on sustainable/protected agriculture, water-efficient irrigation systems, and sustainable forestry. Cooperation between FIRA, the Inter-American Development Bank, and the Climate Bonds Institute was key to labelling these bonds as green.

     

    Adapted from the following sources:

    Climate Bonds Initiatives. (n.d.). FIRA FEFA. https://www.climatebonds.net/certification/fira_fefa

    Galeana, E. (2023, April 27). FIRA places first green resilience bond in Latin America. Mexico Business News. https://mexicobusiness.news/agribusiness/news/fira-places-first-green-resilience-bond-latin-america

Green Bonds

Case Studies

  • A bond is a type of loan in which the issuer borrows money from the bondholder or buyer of the bond. The issuer repays the loan sum plus interest on an agreed-upon schedule.

    Green bonds are bonds in which the issuer commits to investing the proceeds raised by the bond issuance to investments in projects with environmental benefits, also referred to as green projects.

    The Green Bond Principles issued by the International Capital Markets Association, are voluntary guidelines for the structure and management of green bonds. As outlined in the principles, a core component of a green bond is the use of its proceeds for projects that have clear environmental benefits, which are to be assessed and, if possible, quantified by the borrower/bond issuer. The use of proceeds should be described in a legal document that clearly identifies the types of projects eligible to be funded from the bond proceeds. Adaptation-aligned project categories from the Green Bond Principles include the following (International Capital Market Association, 2021):

    • Environmentally sustainable management of living natural resources and land use (including environmentally sustainable agriculture; environmentally sustainable animal husbandry; climate-smart farm inputs such as biological crop protection or drip-irrigation; environmentally sustainable fishery and aquaculture; environmentally sustainable forestry, including afforestation or reforestation, and preservation or restoration of natural landscapes);
    • Terrestrial and aquatic biodiversity conservation (including the protection of coastal, marine and watershed environments); (…)
    • Sustainable water and wastewater management (including sustainable infrastructure for clean and/or drinking water, wastewater treatment, sustainable urban drainage systems and river training and other forms of flooding mitigation); [and]
    • Climate change adaptation (including efforts to make infrastructure more resilient to impacts of climate change, as well as information support systems, such as climate observation and early warning systems). (pp. 4–5)

    Other types of eligible projects under the Green Bond Principles that could provide climate adaptation benefits are listed below.

    Current or potential adaptation-relevant sector applications:

    • crop and food production—including agroforestry; livestock production; fisheries (marine, freshwater, and aquaculture); irrigation;
    • ecological services and management—forest management (including afforestation and reforestation); wetlands; ecosystem and biodiversity protection, conservation, and enhancement;
    • water supply (infrastructure)—water storage; water harvesting; water management;
    • coastal and riverine protection and management—coastal defences or flood protection barriers; river flood protection measures;
    • disaster risk reduction—early warning and observation systems;
    • energy infrastructure—energy generation (including renewables);
    • transport infrastructure;
    • other built environment and infrastructure—urban development; tourism (infrastructure); wastewater systems;
    • social infrastructure—education; health facilities; and
    • industry and manufacturing.

    Additional insights:

    • This is the most mature of the sustainability-related bonds. The European Investment Bank issued the first green bond, branded as a Climate Awareness Bond, in 2007 to respond to growing interest in committing capital to address green challenges.
    • Other labels, such as blue bonds, climate resilience bonds, social bonds, and sustainability bonds, are green bonds that set out specific objectives and signal to investors their focus on specific objectives. The frameworks for some green, social, and sustainability bond issuances define eligible projects as including adaptation or climate resilience. As such, these types of bonds can support climate resilience investments.
    • The frameworks for many sovereign bond issuances define eligible green projects as including adaptation or climate resilience (e.g., sustainable water management, sustainable agriculture, irrigation). For example, Argentina, Egypt, France, Indonesia, the Netherlands, and the Philippines have included adaptation components in their green bond frameworks.
    • Green bonds have started to gain traction across developed country markets. However, they are still considered a niche market, with green, social, and sustainability-related bonds making up about 8.9% of all bond issuances in 2022 (Organisation for Economic Co-operation and Development [OECD], 2023).
    • Developing countries are lagging with respect to the use of targeted bond issuances; in 2022 only 13% of green, social, and sustainability-related bonds were from issuers in developing countries (with the figure declining to about 5% if China is not included) (OECD, 2023).

    Considerations for issuing green bonds:

    • A robust pipeline of green projects must be available for proceeds of the green bond to fund.
    • Bonds are not appropriate for all borrowers/issuers, especially in countries that may not be able to take on additional debt.
    • Guarantees may be needed, or a higher rate of return offered, to offset (real or perceived) risk and increase investors’ confidence in bonds in developing countries.
    • Most green bond issuances in developing countries have technical assistance support from multilateral development banks that act as market enablers.

    Adapted from the following sources:

    Climate Bonds Initiative. (2021). Green bonds for climate resilience: State of play and roadmap to scale. Global Center on Adaptation and European Bank for Reconstruction and Development. https://gca.org/wp-content/uploads/2021/10/Green-Bonds-for-Climate-Resilience_State-of-Play-and-Roadmap-to-Scale.pdf   

    International Capital Market Association. (2022, June). Green bond principles: Voluntary process guidelines for issuing green bonds. https://www.icmagroup.org/assets/documents/Sustainable-finance/2022-updates/Green-Bond-Principles-June-2022-060623.pdf

    Organisation for Economic Co-operation and Development. (2023). Green, social, sustainability and sustainability-linked bonds in developing countries: The case for increased donor co-ordination. OECD Publishing. https://www.oecd.org/dac/green-social-sustainability-bonds-developing-countries-donor-co-ordination.pdf

  • Cape Town’s Green Bond

    The bond issuance raised funds for green projects that included adaptation projects related to water resilience and coastal structure protection and rehabilitation. The issuance was a response to financing needs that arose due to the severe drought suffered by South Africa from 2015 to 2017.

    Adapted from the following source:

    Global Infrastructure Hub. (2021, November 1). Cape Town green bond. https://www.gihub.org/innovative-funding-and-financing/case-studies/cape-town-green-bond/

  • Egypt’s Green Bond

    Egypt issued the first sovereign green bond in the Middle East and North Africa region in 2020. The bond issuance raised USD 750 million on a coupon rate of 5.25% over a 5-year period. Proceeds from the bond were used to fund a portfolio of projects, including adaptation projects in sustainable water and wastewater management (e.g., wastewater reuse for irrigation and desalination of seawater to meet drinking water needs).

    Adapted from the following source:

    Green Finance Working Group. (2021). Egypt sovereign green bond allocation and impact report: 2021. https://assets.mof.gov.eg/files/a3362b50-574c-11ec-9145-6f33c8bd6a26.pdf

  • Fiji Sovereign Green Bond

    To help raise additional financing to fill its climate resilience development needs, the Fijian government issued the FJD 100 million Fiji Sovereign Green Bond in November 2017. Over 90% of the proceeds were allocated to climate adaptation projects that were selected from the national budget. The issuance was intended to help address the adverse impacts on national budgets of the necessary rehabilitation of infrastructure damaged by Tropical Cyclone Winston in 2016. This was one of the first green bonds to allocate a majority of its proceeds to build climate resilience. Adaptation-related projects funded by the proceeds included improvements to rural water supply, rainwater harvesting, rehabilitation and construction of schools, and emergency works.

    Adapted from the following source:

    Fiji Ministry of Economy. (2020). Fiji sovereign green bond: 2020 update. Reserve Bank of Fiji. https://www.rbf.gov.fj/wp-content/uploads/2021/06/Fiji_Sovereign_Green_Bond_2020_Impact_Report-1.pdf

  • Province of Ontario’s Green Bond Program

    The Province of Ontario, Canada, has issued a series of bonds that include climate adaptation and resilience as an eligible project category. Within this project category, Ontario can fund projects related to flood protection and stormwater management, extreme-weather-resistant infrastructure, and municipal infrastructure for clean and/or drinking water, wastewater treatment, sustainable urban drainage systems, and other forms of flooding mitigation. The Port Lands Flood Protection project is the first one centred on climate adaptation and resilience. The CAD 1.25 billion project is focused on flood protection and ecological habitat restoration in the City of Toronto.

    Adapted from the following sources:

    Ontario Financing Authority. (n.d.). Ontario green bond framework. https://www.ofina.on.ca/pdf/green_bond_framework.pdf

    Ontario Financing Authority. (2023, December). 2023 Ontario green bond newsletter. https://www.ofina.on.ca/pdf/2023_ontario_green_bond_newsletter_en.pdf

Green Loans

Case Studies

  • Borrowers use green loans to finance or refinance green projects. Green loans are similar to green bonds in that they raise capital for environmentally sustainable projects, but they differ in size and in how the funding is raised. Funds for bonds come from the investor market, while funds for green loans come from a bank or private operation; the amounts tend to be smaller than for a bond.

    For a project to be labelled as green,

    • the eligible green project categories should be set out in the use-of-proceeds section outlined in the loan framework;
    • the information/covenants relevant to the green projects should be identified in the facility agreement; and
    • the borrower should be under an obligation to represent the accuracy of any reporting.

    The issuance of green loans should follow the Green Loan Principles published by the Loan Markets Association in 2019 and updated in 2023. These principles recognize broad categories of eligibility, including climate change adaptation projects such as climate observation and early warning systems, climate-smart agriculture, and protection of coastal environments. Borrowers are expected to report on the use of proceeds, including a list of projects to which the loan proceeds have been allocated, the amounts allocated, and the expected and achieved impact.

     

    Current or potential adaptation-relevant sector applications:

    • crop and food production – including agroforestry; livestock production; fisheries (marine, freshwater, and aquaculture); irrigation;
    • ecological services and management – forest management (including afforestation and reforestation); wetlands; ecosystem and biodiversity protection, conservation, and enhancement;
    • water supply (infrastructure) – water storage; water harvesting; water management;
    • coastal and riverine protection and management – coastal defences or flood protection barriers; river flood protection measures;
    • disaster risk reduction – early warning and observation systems;
    • energy infrastructure – energy generation (including renewables);
    • transport infrastructure;
    • other built environment and infrastructure – urban development;
    • social infrastructure – education; health facilities; and
    • industry and manufacturing.

     

    Additional insights:

    • This is an emerging instrument, with the first green loan market beginning in 2016 in the United Kingdom, with Lloyd’s Bank earmarking loans for green real estate companies.

     

    Considerations for issuing a green loan:

    • The instrument is not widely used in developing countries, which accounted for USD 1.6 billion of the estimated USD 33 billion in outstanding green loans in 2021 (World Bank, 2021).
    • Borrower- and/or project-funded loans should meet credit and default risk thresholds.
    • Loans are not appropriate for all borrowers, especially borrowers that may not be able to take on additional debt.
    • Guarantees may be needed to increase lenders’ confidence in green loans issued in developing countries.

     

    Adapted from the following sources:

    Loan Market Association. (2023). Green loan principles. https://www.lma.eu.com/application/files/8916/9755/2443/Green_Loan_Principles_23_February_2023.pdf

    World Bank. (2021, October 4). What you need to know about green loans. https://www.worldbank.org/en/news/feature/2021/10/04/what-you-need-to-know-about-green-loans

  • Green Loans in Mauritius

    In 2019, the Agence Française de Développement and the European Union provided a credit line of EUR 75 million to two local banks in Mauritius to enable them to offer green loans with attractive conditions. The Mauritius Commercial Bank has a green loan program that offers clients preferential interest rates and an investment grant of 15% for green investments. The 2019 program expanded beyond earlier programs that focused on reducing greenhouse gas emissions to include grants to incorporate climate change adaptation and gender equality considerations, as well as technical assistance. This enabled the partner banks to provide green loans for projects that aim to reduce Mauritius’s vulnerability to climate change, including flood management, preservation of drinking water resources, rainwater harvesting, and prevention of coastal erosion.

    Adapted from the following sources:

    Agence Française de Développement Groupe. (2021). SUNREF Mauritius: Towards a greener future. https://www.businessmauritius.org/wp-content/uploads/2021/09/Brochure-SUNREF-Mauritius.pdf  

    Mauritius Commercial Bank. (n.d.). Green loan. https://www.mcb.mu/en/personal/loans/green-loans/

  • Hyson Development Company

    Hyson, a leading property investment, management, and development company in Hong Kong, partnered with ChinaChem to secure the largest green loan in Hong Kong in January 2022. The partners signed a 5-year HKD 12.95 million loan facility with six banks. The loan facility would be used to refinance the land premium and to finance the construction costs of a new green commercial project that would meet China’s green building standard. This green development included the use of renewable energy, energy efficiency, sustainable waste management, and water conservation. Hysan’s 2018 Green Finance Framework included climate change adaptation, described as “projects that will strengthen building resilience to climate change impacts such as extreme weather events and natural disasters, e.g. installation and upgrades of enhanced flood protection system, additional insulation, etc.” (Hysan, 2018, p. 6).

    Adapted from the following sources:

    Hysan. (2018). Hysan green finance framework. https://www.hysan.com.hk/app/uploads/2021/01/Hysan-Green-Finance-Framework.pdf

    Hysan. (2022). Hysan Development and Chinachem Group successfully raised
    Hong Kong’s largest green loan to fund Caroline Hill Road commercial project     [News release]. https://www.hysan.com.hk/app/uploads/2022/01/Hysan-Development-and-Chinachem-Group-Successfully-Raised-Hong-Kongs-Largest-Green-Loan-to-Fund-Caroline-Hill-Road-Commercial-Project.pdf

Social Bonds

Case Studies

  • Social bonds are similar to green bonds but raise funds exclusively to support new and existing projects with clear social outcomes. These social outcomes include programs for unemployed people and those living below the poverty line, as well as marginalized communities, including migrants and displaced persons, women and/or sexual and gender minorities, and people with disabilities. Social Bond Principles were published in 2017 and updated in 2023. These voluntary guidelines set out best practices for the issuance of social bonds, including information to be disclosed and how issuers are to report to stakeholders.

    Sovereign social bonds have been issued by Ecuador (supporting decent and affordable housing) with a guarantee from the Inter-American Development Bank, and by Guatemala where proceeds are financing COVID-19 response efforts, health infrastructure improvements, and initiatives in food security.

    While not readily apparent in these issuances, the 2023 Harmonised Framework for Impact Reporting for Social Bonds notes that projects supported by the proceeds of social bonds can strengthen the capacity of agri-food systems to address climate change and help vulnerable people cope with the impacts of climate change. In addition, projects that address basic infrastructure (drinking water) and food security and sustainable food systems (agricultural practices, reduction of food waste) could be designed to generate adaptation co-benefits; and climate adaptation considerations could be integrated into the design of relevant initiatives, such as by ensuring the climate resilience of new housing. Slight revisions to project designs for social projects and the addition of adaptation impact metrics could improve adaptation outcomes.

     

    Current or potential adaptation-relevant sector applications:

    • crop and food production – including agroforestry; livestock production; fisheries (marine, freshwater, and aquaculture); irrigation;
    • water supply (infrastructure) – water storage; water harvesting; water management;
    • disaster risk reduction – early warning and observation systems;
    • other built environment and infrastructure – urban development; and
    • social infrastructure – education; health facilities.

     

    Additional insights:

    • This is an emerging instrument, with the first social bond being issued in the United Kingdom in 2010.
    • The majority of social bonds have been issued by the public sector.
    • The Government of Ecuador was the first country to issue a sovereign social bond, in 2020.

     

    Considerations for issuing social bonds:

    • Bond issuances have been launched by governments, public banks, national development banks, multilateral development banks, corporations, and non-profit organizations.
    • Bond proceeds need a robust pipeline of social projects to fund.
    • Bonds need to identify specific target populations for social projects.
    • Bonds are not appropriate for all borrowers/issuers, especially in countries that may not be able to take on additional debt.
    • Social outcomes can be difficult to measure and track, and as of 2023, no social taxonomy existed.
    • Guarantees may be needed to increase investors’ confidence in bonds issued in developing countries, such as the guarantee provided by the Inter-American Development Bank for the Guatemala issuance.

     

    Adapted from the following sources:

    Chen, J. (2022, April 12). Social impact bond (SIB): Definition, how it works, and example. Investopedia. https://www.investopedia.com/terms/s/social-impact-bond.asp

    International Capital Market Association. (2023, June). Harmonised framework for impact reporting for social bonds. https://www.icmagroup.org/assets/documents/Sustainable-finance/2023-updates/Harmonised-framework-for-impact-reporting-for-social-bonds-June-2023-220623.pdf

    International Capital Market Association. (2023, June). Social bond principles: Voluntary process guidelines for issuing social bonds. https://www.icmagroup.org/assets/documents/Sustainable-finance/2023-updates/Social-Bond-Principles-SBP-June-2023-220623.pdf

     

  • African Development Bank Social Bonds

    The African Development Bank has issued USD 7.3 billion in 10 social bonds since 2017, including bonds denominated in euros, Australian dollars, Norwegian kroner, and Swedish kroner. The African Development Bank’s social bonds are use-of-proceeds bonds, and financing has been allocated to projects in Africa that have adaptation benefits, including improved access to water, improved food security through support to fisher communities, and improved agricultural inputs and small-scale irrigation for rural farmers.

    Adapted from the following source:

    African Development Bank. (2017, September). Social bond framework. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Generic-Documents/AfDB_Social_Bond_Framework.pdf

    African Development Bank. (2022). Green & social bond newsletter, 8. https://www.afdb.org/en/documents/green-and-social-bond-newsletter-issue-ndeg8-november-2022

  • Miami Forever Bond

    In 2017, the City of Miami authorized the USD 400 million Miami Forever Bond to address sea-level rise and the housing crisis. The debt is to be repaid through a 3% property tax. Growing social inequities and a lack of affordable housing in Miami have exacerbated the risks of climate change for low-income and other marginalized communities. The bond gained support through a foundation investing USD 350,000 to educate Miami voters about sea level rise. A participatory process was used to develop a set of equity criteria for bond-funded projects.

    Adapted from the following source:

    City of Miami. (2023). Miami forever bond. https://www.miami.gov/My-Government/Departments/Office-of-Capital-Improvements/Miami-Forever-Bond

Sustainability Bonds

Case Studies

  • Sustainability bonds are a type of green bond where the proceeds from the issuance are applied to financing or refinancing both green and social projects. For example, a social project may have environmental co-benefits and thus can be classified as a sustainability bond at the determination of the issuer. They should follow the Sustainability Bond Guidelines, which are aligned with the Green Bond Principles and Social Bond Principles. These use-of-proceeds bonds can be issued by companies, governments, and municipalities for assets and projects.

    Sustainability bonds are becoming increasingly popular among issuers/borrowers, as they allow for greater flexibility regarding which project categories to include.

     

    Current or potential adaptation-relevant sector applications:

    • crop and food production – including agroforestry; livestock production; fisheries (marine, freshwater, and aquaculture); irrigation;
    • ecological services and management – forest management (including afforestation and reforestation); wetlands; ecosystem and biodiversity protection, conservation, and enhancement;
    • water supply (infrastructure) – water storage; water harvesting; water management;
    • coastal and riverine protection and management – coastal defences or flood protection barriers; river flood protection measures;
    • disaster risk reduction – early warning and observation systems;
    • energy infrastructure – energy generation (including renewables);
    • transport infrastructure;
    • other built environment and infrastructure – urban development;
    • social infrastructure – education; health facilities; and
    • industry and manufacturing.

     

    Additional insights:

    • This is an emerging instrument: the first sustainability bond was issued in 2014 by Unilever.
    • In 2021, corporations and development banks were the main issuers of sustainability bonds (44% and 36% of total 2021 issuances, respectively) (OECD, 2023).

     

    Considerations for issuing sustainability bonds:

    • Bond proceeds need a robust pipeline of green and/or social projects to fund.
    • Bonds need to identify specific target populations for social projects.
    • Bonds are not appropriate for all borrowers/issuers, especially in countries that may not be able to take on additional debt.
    • Guarantees may be needed to increase investors’ confidence in bonds issued in developing countries.

     

    Adapted from the following sources:

    International Capital Market Association. (2021, June). Sustainability bond guidelines. https://www.icmagroup.org/assets/documents/Sustainable-finance/2021-updates/Sustainability-Bond-Guidelines-June-2021-140621.pdf

    Organisation for Economic Co-operation and Development. (2023). Report on green, social, and sustainability bonds issued by multilateral development banks (DAF/CMF/AS(2023)3/REV2). https://one.oecd.org/document/DAF/CMF/AS(2023)3/REV2/en/pdf#:~:text=The%20sustainable%20bonds%20market%20grew,trillion%20of%20issuance%20to%20date.

     

  • ARAUCO, Chile

    ARAUCO, a forestry company in Chile, issued the first corporate sustainable bond in the country in 2023. The proceeds of the issuance will finance or refinance green and social projects, including adaptation-related sustainable water management. The bond was for a total of 7 million UF (Chile’s inflation-indexed currency, about USD 240 million in April 2023 and was issued at a rate of 3.35% and 3.18% for lines maturing in 2032 and 2044, respectively. The company committed to annual reporting on the use of the proceeds of the bond.

    Adapted from the following sources:

    ARAUCO. (2019). Sustainability bond framework. https://www.arauco.cl/argentina/wp-content/uploads/2019/10/Arauco-Sustainability-Bond-Framework.pdf

    Empresas Copec. (2023, April 28). ARAUCO issues its first sustainable bond in Chile for UF 7 million. https://www.empresascopec.cl/en/noticia/arauco-issues-its-first-sustainable-bond-in-chile-for-uf-7-million/

  • Chile’s Sustainable Bond

    Chile’s Green Bond Framework was updated in 2020 to include the issuing of sustainable bonds. Chile issued the first sovereign green bond in the Americas in 2019, and since then, it has issued green, social, sustainability, and sustainability-linked bonds. Chile issued its first sovereign sustainable bond (USD 1.5 billion, 32-year tenor) in 2021 and has issued at least four more sovereign sustainable bonds since then. The Sustainable Bond Framework established categories for eligible projects, including adaptation-focused projects in the land use and marine ecosystems sectors, and the water management sector, including water conservation, flood control, and efficient irrigation systems.

    Adapted from the following sources:

    Boitreaud, S., Emery, T., Gonzales, L., Gurhy, B., Larrain, F., & Paladines, C. (2021). Paving the path: Lessons from Chile’s experiences as a sovereign issuer for sustainable finance action. World Bank Group. https://openknowledge.worldbank.org/server/api/core/bitstreams/f0ed6870-ba37-5352-b70d-7dfa0109280b/content

    Ministry of Finance. (2020). Chile’s sustainable bond framework. Government of Chile. https://www.hacienda.cl/english/work-areas/international-finance/public-debt-office/sustainable-bonds/chile-s-sustainable-bond-framework

    Ministry of Finance. (2023). Sustainable bonds. Government of Chile. https://www.hacienda.cl/english/work-areas/international-finance/public-debt-office/sustainable-bonds/green-bonds

  • Islamic Development Bank

    The multilateral development financing institution released its bond framework for the issuance of green and sustainability Sukuks in 2019. Sukuks are Islamic financial certificates that overcome the prohibition under Sharia law of receiving interest on loans (as with conventional bonds). Instead, investors gain partial ownership of an issuer’s underlying assets and receive a share of the profits generated until the Sukuk matures. The bank has raised over USD 5 billion with green and sustainability public issuances of its Sukuk. Examples of projects with adaptation benefits eligible to be funded under the sustainability bond’s finance framework include

    • green assets (e.g., agroforestry, reforestation, landscape restoration, soil remediation, and flood protection); and
    • social assets (e.g., youth job creation, improved rural housing, clean drinking water, and projects targeting women and refugees).

    Adapted from the following sources:

    Corporate Finance Institute. (n.d.). Sukuk. https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/sukuk/

    Islamic Development Bank. (2019, November). Sustainable finance framework. https://www.isdb.org/sites/default/files/media/documents/2019-11/IsDB%20Sustainable%20Finance%20Framework%20%28Nov%202019%29.pdf

    Islamic Development Bank. (2023, March 7). The Islamic Development Bank issues US$ 2 billion Sukuk. https://www.isdb.org/news/the-islamic-development-bank-issues-us-2-billion-sukuk

  • Republic of the Philippines Sustainability Bond

    The Republic of the Philippines has issued four sustainability bonds totalling approximately USD 3.55 billion since the Department of Finance published the country’s Sustainable Finance Framework in 2022, which includes climate change adaptation as a pillar in its sustainability bond framework. Of the proceeds of the four bond issuances, 41.24% has been allocated to climate change adaptation projects, including management of coastal and marine areas, flood management, and sustainable management of natural resources.

    Adapted from the following source:

    Republic of the Philippines. (2023). Sustainability bond: Allocation and impact report. Department of Finance. https://www.dof.gov.ph/download/sustainability-bond-allocation-and-impact-report/?wpdmdl=36591&refresh=654c159e3f3501699485086

Sustainability-Linked Bonds

Case Studies

  • Sustainability-linked bonds (SLBs) are linked to the issuer’s achievement of climate or broader sustainability goals, such as through a covenant linking the coupon of the bond. In these bonds, the progress, or lack thereof, toward achieving the predefined key performance indicators (KPIs) can impact the pricing structure of the instrument's coupon. Unlike other sustainable bonds (i.e., green, social, blue, and sustainability bonds), SLBs do not have use-of-proceeds criteria, such as financing particular projects, and can be used for the general purposes of firm or government operations that have explicit sustainability targets. Instead of the criteria, each KPI is linked to a certain trigger event that has the potential to modify the pricing structure of the bond if the KPI is not achieved by a predetermined date. The coupon rate may increase, for example, if the issuer does not meet a predetermined agreed target.

    SLBs have typically been used by corporations to further their overall sustainability strategies or to deliver on specific KPIs; users include issuers in banking, retail, consumer products, and business and consumer services. Thus, these bonds can encourage companies (or sovereign countries) to make sustainability commitments, particularly through aligning to the United Nations Sustainable Development Goals or the Paris Agreement.

    Most of the SLBs’ climate-related targets to date have focused on mitigation; however, firms or governments could use financing issued through these bonds to undertake adaptation projects, such as improving flood protection. The addition of impact metrics that capture climate resilience improvements could allow firms or governments to utilize SLBs and increase financing for adaptation outcomes.

     

    Current or potential adaptation-relevant sector application:

    • ecological services and management – forest management (including afforestation and reforestation); wetlands; ecosystem and biodiversity protection, conservation, and enhancement;
    • water supply (infrastructure) – water management;
    • energy infrastructure – energy generation (including renewables);
    • transport infrastructure;
    • other built environment and infrastructure – urban development; and
    • industry and manufacturing.

     

    Additional insights:

    • This is an emerging instrument that is growing fast in the corporate debt market. The first corporate SLBwas launched by ENEL (an Italian power utility company) in 2019.
    • SLBs make up a small portion of the sustainable debt market, representing only 4% of the issuances as of July 2023.
    • SLBs have mainly been issued by non-financial corporations based in Europe.
    • The world’s first sovereign SLBs were issued by Chile and Uruguay in 2022. Chile’s KPIs were linked to climate mitigation targets, and Uruguay included KPIs linked to their nationally determined contribution goals for greenhouse gas emissions and maintenance of native forest areas.
    • The OECD (2023) reports that SLBs have potential for developing countries because they typically have lower costs and require less operational set-up than bonds that require use-of-proceeds tracking.

     

    Considerations for issuing SLBs:

    • SLBs could be used on any social or environmental KPI. Examples include a reduction in the number of people affected by saltwater intrusion, the area of mangrove forest retained, or the number of cooling centres established. Most corporations have adopted climate-related KPIs linked to greenhouse gas emissions because of the ability that gives them to set measurable and quantifiable targets.
    • Bonds need a plan to meet the KPIs.
    • Bonds are not appropriate for all borrowers/issuers, especially in countries that may not be able to take on additional debt.
    • Guarantees may be needed to increase investors’ confidence in bonds issued in developing countries.

     

    Adapted from the following sources:

    Godemer, M. (2023, July 19). Sustainability-linked bonds have long road to drive impact. BloombergNEF. https://about.bnef.com/blog/sustainability-linked-bonds-have-long-road-to-drive-impact/

    International Capital Market Association. (2020, June). Sustainability-linked bond principles (SLBP). https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/sustainability-linked-bond-principles-slbp/

    Organisation for Economic Co-operation and Development. (2023). Green, social, sustainability and sustainability-linked bonds in developing countries: The case for increased donor co-ordination. OECD Publishing. https://www.oecd.org/dac/green-social-sustainability-bonds-developing-countries-donor-co-ordination.pdf

    S&P Global. (2022). Global sustainable bond issuance to surpass $1.5 trillion in 2022. https://www.spglobal.com/ratings/en/research/articles/220207-global-sustainable-bond-issuance-to-surpass-1-5-trillion-in-2022-12262243

  • CMPC

    CMPC is a multinational corporation producing and marketing wood, pulp, packaging products, household and non-household sanitary protection products, and tissue paper—and the first Chilean company to issue an SLB bond in the international market. The USD 500 million bond was issued in 2021 and has a 10-year term. CMPC pays interest on this bond based on two KPIs: (i) a reduction of 23.5% of carbon dioxide emissions by 2025 and (ii) a reduction of 25% of industrial water use by 2025.

    Adapted from the following sources:

    CMPC. (2021, April 1). CMPC is the first Chilean company to issue a sustainability-linked bond (SLB) in international markets. https://www.cmpc.com/en/cmpc-is-the-first-chilean-company-to-issue-a-sustainability-linked-bond-slb-in-international-markets/

    CMPC. (2021). Sustainability-linked bond framework. https://s23.q4cdn.com/927837516/files/doc_downloads/outstanding_bonds/CMPC_Framework-SLB-2021.pdf

  • Klabin

    Klabin, a Brazilian forestry and paper company, issued an SLB for USD 500 million in 2021. The bond is aligned with the Sustainability-Linked Bond Principles. The three KPIs to be achieved by 2025 commit the company to reducing water consumption by 16.7% against a 2018 baseline, increasing total waste reuse and recycling by 3.2% against a 2017 baseline, and reintroducing at least two native animal species at risk of extinction or threatened on the company’s land. The SLB framework sets out the coupon adjustment (coupon step-up or increase in the rate to be paid) if performance does not achieve the stated KPI targets. For example, the coupon will increase by 0.125% if the target to reduce water consumption is not achieved. The company reports annually on the performance of the KPIs and progress toward targets, including a verification report.

    Adapted from the following source:

    Klabin ESG Panel. (2022). Sustainable finance: Sustainability-linked bond. https://esg.klabin.com.br/financas-sustentaveis#biodiversidade

Sustainability-Linked Loans

Case Studies

  • A sustainability-linked loan (SLL) is a loan instrument that includes guarantees and letters of credit. It is not conditional on the proceeds being used for a particular purpose, but, similar to the sustainability-linked bonds (SLBs), the terms of the loan incentivize the borrower to improve its performance against agreed predetermined environmental, social, and governance (ESG) criteria. The loan can be used for general corporate purposes, but the borrower agrees to have performance assessed across a selection of KPIs and to provide lenders with external verification of performance. The loans, also referred to as sustainability improvement loans or ESG loans, can be linked to a corporation’s overall ESG rating. In these arrangements, interest rates on an SLL can be lowered if a company achieves a higher ESG rating or raised if one or more of its ESG goals are not met.

    Most corporations have adopted climate change-related KPIs linked to greenhouse gas emissions because of the ability it gives them to set measurable and quantifiable targets. However, some KPIs have been related to adaptation, including water savings, improvements in conservation and biodiversity, and sustainable farming. The SLL market is expected to play a growing role in adaptation finance, with early targets around water consumption and water use efficiency.

     

    Current or potential adaptation-relevant sector applications:

    • crop and food production – including agroforestry; livestock production; fisheries (marine, freshwater, and aquaculture); irrigation;
    • ecological services and management – forest management (including afforestation and reforestation); wetlands; ecosystem and biodiversity protection, conservation, and enhancement;
    • water supply (infrastructure) – water storage; water harvesting; water management;
    • coastal and riverine protection and management – coastal defences or flood protection barriers; river flood protection measures;
    • disaster risk reduction – early warning and observation systems;
    • energy infrastructure – energy generation (including renewables);
    • transport infrastructure;
    • other built environment and infrastructure – urban development;
    • social infrastructure – education; health facilities; and
    • industry and manufacturing.

     

    Additional insights:

    • This is an emerging instrument, with the first loan of EUR 1 billion to Philips (a health technology company) in 2017 structured by ING Bank and supported by 15 other banks.
    • The SLL market is a growing sector, with nearly USD 1.5 trillion of SLLs outstanding as of December 2022. SLLs are becoming common in the corporate lending market (Finch & Dowse, 2023).
    • SLLs have considerable momentum in Europe. Over 80% of the SLL volumes were in European markets in 2019.

     

    Considerations for issuing an SLL:

    • Borrower/project-funded SLLs should meet credit and default risk thresholds.
    • Loans are not appropriate for all borrowers, especially those that may not be able to take on additional debt.
    • Guarantees may be needed for SLLs issued in developing countries to increase lenders’ confidence.

     

    Adapted from the following sources:

    Asia Pacific Loan Market Association & Loan Market Association. (2023). Sustainability-linked loan principles: Supporting environmentally and socially sustainable economic activity. https://www.lsta.org/content/sustainability-linked-loan-principles-sllp/

    Environmental Finance. (2023, September 11). Adaptation, biodiversity and the SLL market. https://www.environmental-finance.com/content/market-insight/adaptation-biodiversity-and-the-sll-market.html

    Finch, S. A., & Dowse, K. (2023, June 28). Sustainability-linked loans: Growth of the sustainable finance market and updated guidance for lenders and borrowers. https://www.blakes.com/insights/bulletins/2023/sustainability-linked-loans-growth-of-the-sustaina

  • JDE Peet’s

    Headquartered in the Netherlands, JDE Peet’s is the world’s largest coffee and tea group. In 2021, it refinanced its existing indebtedness by setting up new financing facilities for EUR 6.5 billion of debt provided by 25 global financial institutions. Investment-grade facilities of EUR 2.5 billion were linked to science-based sustainability targets that incentivize the company to purchase certified or verified coffee and responsibly sourced palm oil; support smallholder farmers through technical and other assistance; use recyclable, compostable, and reusable packaging; and reduce greenhouse gas emissions.

    Adapted from the following source:

    JDE Peet’s. (2021, March 31). JDE Peet’s links new debt facilities to sustainability ambitions [Press release]. https://ml-eu.globenewswire.com/Resource/Download/9f9d33ec-589b-4e9b-a210-963c137cbb4f

  • Iberdrola

    Iberdrola, a Spanish energy company, set up the world’s first syndicated line of credit (an SLL) that was structured to include targets that address climate change adaptation in 2022. The EUR 2.5 billion credit facility was referred to as a “water footprint” loan and included two water-related KPIs. The first KPI target was a 50% reduction by 2030 of water consumption in the generation of energy, measured as the amount of water drawn within the organization’s boundaries and not discharged back into the environment. The second target was the water score set by CDP, a not-for-profit organization that provides a snapshot of a company’s performance on actions to address water security, including disclosure, awareness, management of water risks, and application of best practices. (CDP was established as the Carbon Disclosure Project in 2019, and has since shortened its name to reflect a broader scope of environmental disclosure that includes water security, biodiversity, and deforestation.)

    Adapted from the following sources:

    Banco Bilbao Vizcaya Argentaria. (2022, July 14). BBVA creates the ‘water footprint’ loan and launches it worldwide together with Iberdrola. https://www.bbva.com/en/sustainability/bbva-creates-the-water-footprint-loan-and-launches-it-worldwide-together-with-iberdrola/

    CDP. (n.d.). Home Page. https://www.cdp.net/en/

This inventory of innovative financial instruments for climate change adaptation was prepared between 2021 and 2022 and updated in 2024. The inventory aims to improve knowledge of how innovative financial instruments can play a positive role in scaling up investment in adaptation in developing countries.

The inventory was initially developed as a component of the Mobilizing Development Finance for Strategic and Scaled-up Investment in Climate Adaptation project that was implemented by the International Institute for Sustainable Development (IISD) in collaboration with the African Centre for Technology Studies (ACTS) in Kenya, Libélula in Peru, and the Prakriti Resources Centre (PRC) in Nepal. Funding for the project was provided by Canada’s International Development Research Centre (IDRC). Funding for the 2024 update was provided by the German Federal Ministry for Economic Cooperation and Development (BMZ) through the National Adaptation Plan (NAP) Global Network, whose Secretariat is hosted by IISD. 

The content of the inventory was developed by Matt Gouett, Deborah Murphy, Laurin Wuennenberg, Safa Rahim, and Jo-Ellen Parry. Input on its content was provided by representatives of ACTS, Libélula, and PRC, as well as members of the project’s advisory committee, comprised of representatives of four multilateral development banks, IDRC, and the governments of Kenya, Nepal, and Peru. Web design was initially provided by Harsh Vaniawala, of IISD, with the design of the updates provided by Modo Design Group.

Questions, suggested changes, or proposed additions to the inventory can be sent to info@napglobalnetwork.org.