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1、Prepared by Climate Bonds Initiative.PERU SUSTAINABLE FINANCE STATE OF THE MARKET 2022Supported by the LAGreen FundPeru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 2About this report This report identifies green and sustainable investment opportunities in Peru,includ

2、ing how green and labelled instruments can attract investment to the country.The report describes the shape and size of the Peruvian sustainable debt market and an overview of supporting policy developments and milestones over the last decade.By disclosing tangible green opportunities for Perus crit

3、ical economic sectors,IntroductionTable of contentsIntroduction 2Sustainable finance supporting resilient growth 3 Sustainable finance trends,challenges,and opportunities 4 The growth of Perus GSS+market 5Sustainable market overview 7 Perus sustainable debt instruments from 2014 to 2022 10 Green inv

4、estment opportunities in Peru 13Barriers to growth in Perus sustainable finance market 15Outlook 17 Annex I GSS debt Instruments available in Peru 18 Annex II LATAM GSS+Market Map 20Appendix A 21 Appendix B 21Appendix C 22Endnotes 23About the Climate Bonds Initiative Climate Bonds is an internationa

5、l organisation working to mobilise global capital for climate action.Climate Bonds promotes investment in projects and assets needed for a rapid transition to a low-carbon and climate-resilience economy.Its mission is to help drive down the cost of capital for large-scale climate and infrastructure

6、projects and support governments seeking increased access to capital markets to meet climate and greenhouse gas(GHG)emission reduction goals.About LAGreen Fund The LAGreen Fund is the first impact investment fund dedicated to promoting the issuance of green bonds in Latin America.The objective of th

7、e LAGreen Fund is to consolidate green bonds as instruments for mobilising resources towards more sustainable and green economic models in the region.With the purpose of financing sustainable investments,the fund supports technical assistance and invests in green bonds issued in the region.The Germa

8、n Development Bank(KFW)established the LAGreen Fund,with seed capital provided by the European Union and the German Federal Ministry for Economic Cooperation and Development(BMZ),Finance in Motion and Santander Asset Managementas investment advisors.The fund seeks to support the issuance of high-imp

9、act thematic bonds in the region,attract a greater volume of long-term funding for sustainable projects,as well as support issuers through technical assistance during the different phases of bond preparation,issuance,and post-issuance and through the commitment to purchase a significant portion of t

10、he issue.their alignment with leading international standards,and guidelines for investors and issuers,this report aims to contribute to the growth of Perus sustainable finance market.The LAGreen Fund commissioned Perus Sustainable Finance State of the Market 2022,and the Climate Bonds Initiative(Cl

11、imate Bonds)consulted key stakeholders in Peru on its content.Climate Bonds thanks PRCP,Garrigues,A2G and Bolsa de Lima for their insights.Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 3Sustainable finance supporting resilient growth Sustainable finance can suppor

12、t Perus low carbon transition.Peru is the fourth-largest country in Latin America,after Brazil,Mexico,and Argentina in terms of territory.Its geographic diversity ranging from the Pacific coast and plains,and the peaks of the Andes mountains,to tropical forests presents opportunities and challenges

13、for the development of a sustainable,climate resilient economy.While the countrys vast mineral,agricultural and marine resources have served as the basis of Perus economy and are true assets in attracting further investment,there is an opportunity for the country to transition these critical sectors

14、 and direct investment toward green and sustainable projects and assets.Investment in low-carbon solutions will be essential to meet global emission reduction commitments under the Paris Climate Change Agreement and reducing the risks posed by climate change.Given the projected climate volatility in

15、 the coming decades,vast investment in climate-resilient projects and assets,such as infrastructure is needed.The effects of climate change and the risks associated with a rise in global temperature above 1.5C degrees by the end of the century are significant:rising sea levels,increased frequency an

16、d severity of hurricanes,droughts,wildfires,typhoons,and changes in rainfall patterns,consequently affecting food production and thus on crop yields.Peru is not a substantial GHG emitter compared to other countries in the region.Nonetheless,it is highly vulnerable to the impacts of climate change,wi

17、th seven out of the nine vulnerability characteristics recognised by the United Nations.1 Around 70%of natural disasters in Peru are related to climate change and extreme weather events,such as El Nio,and are becoming more frequent and severe,leading to economic losses from disruptions in agricultur

18、e production and supply,logistics,and infrastructure,and urban centres.2 The latest El Nio,in 2017,led to damage estimated at USD3.2bn.3 Projections for Peru show that climate change losses could reach 6%of GDP by 2030 and 20%by 2050.4 This highlights the urgency to act.Investments in sustainable in

19、frastructure,agriculture,and industry can help mitigate the impacts of climate change.Infrastructure has the potential to improve Perus competitiveness and economic growth if the gap in investments for that sector is addressed.The Peruvian National Infrastructure Plan for Competitiveness identified

20、a USD110bn infrastructure gap between 2019-2038 across transport,sanitation,healthcare,water,telecommunication,energy,and education.5 The country still relies primarily on public investments to fund its infrastructure projects,and private investment could close this gap.6 Over the past years,the Gov

21、ernment has worked to mobilise public and private investment.For example,ProInversion,Perus Private Investment Promotion Agency,has worked to build a project pipeline to foster private investment through public-private partnerships.Within this context,capital markets emerge as a relevant tool to mob

22、ilise resources,even though it currently represents a small share of financing for infrastructure investments,as banks control around 90%of financing activities.7 Nevertheless,green investments can come from a wide range of non-bank financial institutions(NBFIs),pension funds(AFPs),or insurance comp

23、anies,from local and international sources.Peru has tested the sustainable finance market already,and though it has not taken off at scale,there is potential for growth.However,the pandemic and political backdrop have affected the debt market for long-term investments and projects and,consequently,n

24、ew issuance of impact-related debt instruments has been subdued.There has also been a growth of demand for sustainable investment opportunities.To build a pipeline of bankable projects,there is work to be done on raising awareness of green projects and assets beyond wind and solar.Interaction with m

25、arket players in Peru identified the need for clearer definitions of sustainable investments.The perception is that clearer regulation from the regulators(Superintendencia de Mercado de Valores or the Superintendencia de Banca,Seguros y AFP),as well as tax incentives,might facilitate the issuance of

26、 labelled debt instruments.Thus,the integration of green and sustainable criteria by regulators and governments could further support market development in the country.Peru:country facts8Population:31,237,385 Total area:1,285,216 kmPopulation projection by 2030:35,900,000Urban population:75%(2017)GD

27、P:USD223.5bn9(2021)Trade balance:USD7.7bn(2020)Fitch rating:BBB,Stable(April 2022)S&P rating:BBB,Stable(March 2022)Moody rating:BAA1(September 2021)Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 4Sustainable finance trends,challenges,and opportunities Peru is the 6

28、th economy in the Latin America and Caribbean(LAC)region10 and its macroeconomic outlook has traditionally been stable.In 2021 the countrys economy grew by 13.3%,one of the fastest growth rates post COVID-19.This increase came from the mining sector,agriculture exports,recovery of retail and hospita

29、lity,and housing construction-More recently,however,low commodity prices,the ongoing impacts of the COVID-19 pandemic,and political instability,have caused an economic slowdown,with an anticipated growth of 2.5%GDP for 2022.11 The current economic and political environment has led to a downgrade of

30、Perus credit rating in 2021 from BBB+to BBB(Fitch and S&P)12,13 and from A3 to a BAA1(Moodys),which impacts investor confidence.14 The Government has indicated that it will continue to maintain its prudent fiscal policies and further strengthen its fiscal accounts to improve the countrys credit rati

31、ng.Peru faces long-term challenges that will require infrastructure development and improved natural resource management.Its economy continues to rely heavily on few export sectors,particularly minerals and agroindustry,which introduces volatility.Investments in green,sustainable and transition sect

32、ors could support Perus shift to a more resilient economic model that adapts to the impacts of climate change and protects local production from negative shocks.The greening of the economy can also lead to positive change as it may bring a greater diversification of exports and enhance competitivene

33、ss;by introducting new investment instruments and a more sophisticated market.The Peruvian Government has communicated its commitment to moving towards a green economy.15 Since the pandemic,the country has taken a build-back better approach and is looking at incorporating sustainability and climate

34、change into its recovery pathway.In the past two years,the Government approved its National Sustainable Urban Transport Programme,submitted a more ambitious NDC,created the High-Level Climate Change Committee,and recognised the urgency of addressing climate change and sustainability to reactivate it

35、s economy.16,17 Building back greener will require a much highier volume of investment,and sustainable financial instruments could attract the required capital.Peru already offers good conditions for foreign private capital flows.It does not impose restrictions on international transactions(Legislat

36、ive Decree n 662)and puts local and international investors under the same conditions(Legislative Decree n 757)providing legal certainty and with reduced government intervention.Access to international financial markets has been achieved by foreign direct investments(FDI)in commodity sectors.Though

37、FDI decreased due to the Pandemic,they are likely to increase in the short term with opportunities in the energy,transport,and mining sectors,which are eligible sectors for green and sustainable investments.18 Banks can also play an important role in Perus sustainable finance market.In Latin America

38、,they represent 9%of the green,social,and sustainability(GSS)issuer profile,meaning that there is an opportunity for these financial institutions to be more active in the sustainable finance market in Peru by incorporating GSS debt into their lending portfolios.19,20 Local markets are an important s

39、ource of demand for GSS+debt and comes mainly via FIs,pension fund administrators(AFPs)and insurance companies.Pension funds have alsob een a financing source for sustainable assets since their long-term investment horizons are well matched with infrastructure projects.21 In Peru,AFPs have a high co

40、ncentration of securities.Financial institutions are also essential to promoting sustainable financing in the country,as they can enhance corporate lending and scale financial products and innovations.Other stakeholders such as insurance companies,can be important allies in leveraging the market by

41、developing new products to address climate risks,particularly with economic losses from climate change catastrophes increasing.Sustainable debt market growth usually follows the development and maturity of local capital markets.In Peru,activity in the capital markets increased in recent decades due

42、to a series of reforms but still underperforms compared to other countries in the region.22 Challenges include low liquidity,the small volume of listed companies(predominance of mining companies),and the concentration of investments to a limited number of players.23,24 Financial inclusion in the cou

43、ntry is also low,with only a limited portion of the population having pension savings and investing in the capital markets.In addition,there are tax asymmetries between banks and capital markets,with higher taxation for the latter preventing further development.Recently,the adoption of new measures

44、has made capital markets more attractive to investors,but structural reforms would consolidate the expansion.For instance,to improve liquidity,in 2017,the Ministry of Finance“solarised”(i.e.,shifted into local currency)its debt to reduce foreign exchange exposure.25 That same year,Peru also connecte

45、d with Euroclear,a financial service producer that settles securities transactions,to allow domestic bonds to be cleared and settled in the international market.The Government took other measures to make the stock exchange more attractive,such as the 5%capital gains tax cut(though few companies qual

46、ify for this)and a reduction of transaction costs.It created the Mercado Alternativo de Valores(MAV)to boost medium-sized companies coming to market;in Peru,99.6%of the companies are SMEs that rely predominately on financial institutions for funding26 With the right policies and support from the Gov

47、ernment,regulators,and investors,there is still potential to grow Perus capital market and diversify issuers profiles.In addition to capital market improvements,sector-specific regulation is needed to unlock private investment flows.An example is the creation of Perus Ley de APP(the Legislative Decr

48、ee n 1362)for public-private partnerships,PPPs,which can facilitate access to private investments via capital marketsand Legislative Decree n 1543 for improvements on PPP governance and contract execution.There is still work to be done to expand capital markets through sustainable finance in Peru.Fr

49、om the demand side,there is the need to build a diversified investor base.On the supply side,there is a need to create a pipeline of green and sustainable projects further explored on page 13.Perus climate goals Mitigation:In December 2020,Peru updated its Nationally Determined Contribution(NDC),lim

50、iting emissions to 123 MtCO2e(excl.LULUFC)by 2030 as its unconditional goal,a 6%lower than their 2016 NDC.As a conditional goal it considers that greenhouse gas emissions(GHG)could reach a maximum level of 179MtCO2e depending on the availability of international financing and favourable conditions.2

51、7Adaptation:Perus adaptation NDCs seek to reduce and avoid current and future damage,losses,alterations,and climate hazards on the livelihoods of populations,ecosystems,watersheds,territories,infrastructure,goods,and services,among others.Five priority thematic areas are central to the countrys adap

52、tation objectives and measures:i)Agriculture;ii)Forests;iii)Fisheries and aquaculture;iv)Health;and v)Water,which also include the incorporation of cross-cutting approaches.Perus updated NDCs consider two new thematic areas to those initially presented in 2015:i)Tourism and ii)Transport.28Peru Susta

53、inable Finance State of the Market 2022 Report Climate Bonds Initiative 5The growth of Perus GSS+marketDespite the slower pace of Perus GSS+market expansion(see page 7),compared to its regional peers,there have been movements to leverage sustainable finance in the country.Peru has introduced climate

54、 policies and broader initiatives that could facilitate market growth like other Latin American and Caribbean neighbours.Since 2014,the Peruvian Government and other strategic players such as regulators,financial institutions,and the private sector,have developed climate-related and sustainable fina

55、nce initiatives(see the figure below for a summary of the key milestones).Integrating sustainable principles into policy frameworks can help attract a wider pool of investors,especially international ones.These stakeholders have an essential role in advancing these initiatives in the market.Stock ex

56、changes contribute to market development The Lima Stock Exchange(BVL)is involved with various efforts and entities promoting the development of a sustainable securities market.It is a member of PIR(Responsible Investment Program),FIAB Sustainability Committee(Ibero-American Federation of Stock Excha

57、nges),SSE(Sustainable Stock Exchanges),and the Sustainability Committee of the Capital Markets Advisory Council,Sustainability Working Group of the WFE,among others.Last year,together with S&P Dow Jones Indices,BVL launched the first sustainability index for the Peruvian stock market.The index compr

58、ises 17 entities subject to a 50%rate discount in negotiation and settlement by the BVL and Cavali(Deposit).By August 2022,ten thematic instruments with a combined volume of USD230m have been issued.The BVL has published guidance for stakeholders,primarily listed companies,seeking to raise their sta

59、ndards and best practices.These include the Guide to Social and Sustainable Bonds Aligned with the United Nations SDGs for Peru in 2021,the Green Bond Guide for Peru in 2018 and the User Guide for filling out the Corporate Sustainability Report in 2017.The growth of Perus GSS+market201420152016COP20

60、 in Lima.Launch of the Responsible Investment Programme to encourage the integration of environmental and social elements into investment practices in Peru,with the initial participation of the Lima Stock Exchange(BVL),Grupo Sura,A2G,and The Peruvian Development Bank(COFIDE).The Lima Stock Exchange

61、joined the Sustainable Stock Exchange Initiative(SSE).38 Resolution No.033-2015 of the Peruvian Securities Authority(SMV)required listed companies to disclose annual sustainability reports.Ministry of Environment(Minam)signs the Green Protocol with financial institutions to promote the adoption of s

62、ustainability criteria into projects and assets financed by the Peruvian banking system.The Superintendencia de Banca y Seguros(SBS)implemented the Social and Environmental Risk Management Regulation.201720182019The Latin American Integrated Market(MILA)announced an agreement with S&P,Dow Jones Indi

63、ces,IFC&RobecoSAM to develop a new regional environmental,social,and governance(ESG)index.The Lima Stock Exchange published its Green Bond Guide for Peru.The National Policy for Competitiveness and Productivity(NPCP)is published,recognising environmental sustainability as a priority objective.Launch

64、 of new measures under the Plan Nacional de Competitividad(NPCP)with focus on green financial instruments,tools for low-carbon technologies,and impact metrics.202020212022Perus Securities Commission declared support to TCFD to promote best practices in the Peruvian market.PIR published Guidelines fo

65、r Responsible Investment Policy to encourage institutional investors to consider sustainability in their investment decisions.The Ministry of Environment published the Green Finance Roadmap to facilitate the incorporation of environmental indicators into financial operations.Perus Central Bank(BCRP)

66、joined the Network of Central Banks and Supervisors for Greening the Financial System(NGFS).BVL published its Social,Sustainable,and SDG-Aligned Bond GuideThe Government launched its Peru Sustainable Bond Framework based on ICMAs principles in July to guide their sovereign issuance.Ministry of Envir

67、onment announced its intention to develop a Green Finance Taxonomy.The German Corporation for International Cooperation(GIZ)supported initial scoping work.Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 6In late 2021,the Lima Stock Exchange(BVL)joined forces with tw

68、o other Stock Exchanges in the region,the Santiago Stock Exchange(BCS,Chile)and the Colombia Stock Exchange(BVC,Colombia).This agreement will allow all three to create a single local market to integrate trading regionally.The stock exchanges are discussing the initiative and are joining efforts to c

69、reate a unified market,with the possibility of regional integration to follow.This synergy will most likely present a new opportunity for sustainable finance instruments.Issuers will have a broader market where they can offer their green products,and investors can offer Peruvian,Colombian,and Chilea

70、n financial products through a single platform.A strong ESG component is expected within the corporate structure of the joint venture which could attract greater scale to the market.Perus development bank supports local market growth Development Banks can act as lenders,issuers,structurers,and provi

71、ders of technical assistance in the development of local sustainable debt markets.In Peru,the National Development Bank(COFIDE)was the first to issue a green bond in the local market with support from the Inter-American Bank(IADB)in 2019.29 The USD30m(PEN100m)green bond-funded renewable energy gener

72、ation and matured in 2022.COFIDE has since issued other GSS instruments.In 2019,it issued a USD30m(PEN100m)sustainability bond with the proceeds earmarked for micro-enterprises,alternative vehicles,and wastewater treatment plants.COFIDE is the 7th largest GSS+issuer in Peru,with a cumulative USD100m

73、 issued.The Peruvian Government could expand guarantees for labelled debt instruments through COFIDE to support the use of green bonds to finance infrastructure.COFIDE can continue to play an essential role in Perus GGS+market,by supporting issuers,investing in GSS projects,and issuing GSS+bonds.30R

74、eporting brings transparencyThe Superintendencia del Mercado de Valores(SMV),the stock market regulator and supervisor,has worked with companies to report socio-environmental impacts.In February 2020,SMV approved the update of the Corporate Sustainability Report(CSR)resolution,established in 2015,re

75、quiring listed companies to disclose an annual sustainability report.New reporting requirements are aligned with current social and environmental trends regarding disclosure of relevant data on policies,standards,and actions that companies are adopting for long-term sustainability.31Public-private c

76、ollaborations drive change In 2020,the Ministry of Environment relaunched the Green Protocol,which had been initially approved in 2015,in partnership with the Association of Peruvian Banks(ASBANC),Perus Microfinance Association(ASOMIF),and the Peruvian Federation of Municipal Savings Funds(FEPCMAC).

77、The Protocol creates guidelines around incorporating sustainability criteria into projects and assets financed in Peru.32 The Green Protocol has three strategic pillars:risk management analysis and integration,developing green products and service portfolios,and adopting eco-efficiency aligned to in

78、ternational standards and practices.In 2021,as part of the Green Protocol,the Ministry of Finance published a Green Finance Roadmap to set activities that will support the adoption of environmental criteria by financial institutions in Peru and leverage the countrys sustainable finance market.33 In

79、the short term,the roadmap aims to support the development of green financial instruments,(self)regulatory initiatives on environmental management,and a green taxonomy for Peru.34 Taxonomy development gives clarity on green definitionsFollowing in the footsteps of other Latin America and Caribbean c

80、ountries,such as Colombia and Mexico,Peru will develop a national green finance taxonomy.This is an important step in identifying the sectors that are economically relevant to a low-carbon transition in Peru.Two technical workshops were carried out in January 2022 by the Ministry of Environment and

81、GIZ with more than 400 stakeholders to kick off taxonomy discussions.35 In February,the Ministry of Environment launched its report Hoja de Ruta Hacia las Finanzas Verdes,laying out the roadmap to boosting green finance in the country and establishing a clear goal to have a local taxonomy in place b

82、y 2025.36 Market development is supported in LACSeveral Multilateral Development Banks and International Cooperation Agencies support the issuance of GSS+instruments in Latin America and the Caribbean.Climate Bonds Latin America&Caribbean:Sustainable Finance State of the Market 2021 report highlight

83、ed the work that the Inter-American Development Bank(IADB)and the International Finance Corporationaround local issuances.37 Both organisations have provided technical assistance to public and private stakeholders to accelerate the growth of thematic bonds that meet international best practices.The

84、IADB has supported LAC issuers throughout the GSS+issuance process including COFIDE in 2019.Its Green Bond Transparency Platform has increased international visibility of the local market providing data publicly and freely,with insights on best practices for disclosure.The IFC is also active in the

85、region through its Green Bond Technical Assistance Programme,which covers executive training,ESG disclosure,quality of reporting,advisory services,guidelines,taxonomies,and knowledge-sharing events.Peru has also benefited from the Technical Assistance Programme,with Peruvian institutions taking part

86、 in executive training.Most recently,the LAGreen Fund was launched by KfW,with seed capital from the EU and the German Government,to support the issuance of GSS+bonds in the region and attract greater long-term funding for sustainable projects.The LAGreen Fund can serve as anchor investor in GSS+ins

87、truments,while also supporting the preparation process with technical assistance.The fund strives to set a high benchmark in terms of clear,transparent,and robust reporting methodologies in the green bond market.Another strategic pillar of LAGreen is to serve as an exchange platform for promoting pa

88、rtnerships among the different stakeholders promoting the use of GSS+bonds,which include development banks,development agencies.Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 7Sustainable market overviewMethodology and scopeThe following section covers GSS+debt iss

89、ued from Peru up to April 2022.The GSS+themes are defined below.Use of Proceeds bondsGreen:dedicated environmental benefits(green bonds and loans,together referred to as green debt,captured since 2012)Social:dedicated social benefits(social bonds,captured since 2020)Sustainability:green and social b

90、enefits combined into one instrument(sustainability bonds,captured since 2020).Transition debt instrumentsSLBs:coupon step-ups/step-downs linked to entity-level sustainability performance targets(SPTs)(captured since 2021)SLLs:rate step-ups/step-downs linked to entity level SPTs(captured since 2021)

91、.outcomes is yet to be developed.Existing market guidance on these three labels includes the Social Bond Principles(SBP),the Sustainability Bond Guidelines(SBG),and the Sustainability-Linked Bond Principles(SLBP)by the International Capital Market Association(ICMA).Perus sustainable finance marketPe

92、ru is Latin Americas sustainable finance pioneer,and its journey has been unique.The Peruvian company Energa Elica S.A.was the first green bond issuer in the region(see Annex I),joining the market in December 2014 with a 20-year,USD204m deal to finance two wind generation projects.39Peru experienced

93、 a market hiatus between 2015 and 2017.It was only after the launch of the Green Bond Guide for Peru by the Lima Stock Exchange in March 2018 that the green bond market picked up again.In late 2018,Protisa Peru issued the only Peruvian sustainable deal of the year,a green PEN100m(USD30m)to finance t

94、he energy efficiency and water and waste management of its paper processing.Protisa is a subsidiary of CMPC,a Chilean company and green bond issuer(2017),which may have contributed to the decision to label the bond as green.In 2019,two sustainability bonds with a volume of USD43m,and three green bon

95、ds with a combined volume of USD652m,came to market(page 10).Although the market slowed down in the following year,Caja Arequipa issued an 8-year PEN58m(USD17.4m)social bond with proceeds earmarked to support female entrepreneurs.GSS+volumes originating from Peru rapidly increased in 2021,reaching U

96、SD4.8bn.Three large sovereign social and sustainability bonds accounted for 90%of the total.Climate Bonds Sovereign Green,Social,and Sustainability Survey 2021 highlighted the green market creation potential of sovereign GSS bonds.40In April 2022,Fondo Mivivienda issued a social bond of USD600m with

97、 the proceeds earmarked for social housing.Overall,Peru is the fourth largest sustainable market in the LAC region(see Annex II),with 16 deals and a cumulative total of approximately USD6.6bn across all GSS+labels and a diverse range of debt instruments.Considering,other available instruments in Per

98、u(see Annex I),more deals could come to market with a GSS+label.Green bondsGreen bonds account for 17%of Perus GSS+volumes,with cumulative volumes of USD1.1bn by April 2022.2019 was the most prolific year at USD652m,with deals from non-financial corporate issuers Consorcio Trasmantaro(USD400m)and Er

99、gon Peru(USD222m),plus the state development bank COFIDE(PEN100m/USD30m).Though green was the first thematic label to emerge in Peru,the sustainability label has exceeded the growth of green bonds since 2021 due to the large Government deals,and most recently,in 2021,the Fondo Mivivienda deal.Sustai

100、nability Bonds dominate the GSS+market in PeruUSD Billions13522022Source:Climate Bonds Initiative420212020201920162014GreenSLB0SocialSustainabilityLAC RankingCumulative amount issuedNumber of entitiesRepeat issuersNumber of dealsAverage sizeBiggest issuer 5USD1.1bn 617USD162mConsorcio Transmantaro S

101、.A.(USD400m)Peru Green ScorecardMethodology overview This report is based on three Climate Bonds databases:1.Green Bond Database(GBDB)2.Social and Sustainability Bond Database(SSBDB)3.SLB and Transition Bond Database.GSS and transition bonds must finance sustainable projects,activities,or expenditur

102、es,while SLBs must annunciate clear SPTs for the entity.Debt labels describe the nature of financed projects,activities,or expenditures and their benefits.Green,social,sustainability,and transition are the most common labels,but a broad range of labels is used(see Appendix A).Green-All deals carryin

103、g a variant of the green label have been screened for inclusion in the relevant database.Screening is based on a set of process rules stipulated in Climate Bonds Green Bond Database Methodology,summarised in the following overarching criteria:Deals must carry a variant of the green label,and All net

104、 proceeds must verifiably(based on public disclosure)meet Climate Bonds green definitions based on the Climate Bonds Taxonomy.Only bonds with 100%of proceeds dedicated to green assets and projects aligned with the Climate Bonds Taxonomy are included in our GBDB and figures.If there is insufficient i

105、nformation on allocations,a bond may be excluded.Social,sustainability,and sustainability-linked-Social,sustainability bonds use of proceeds and SLBs KPIs are not screened against performance thresholds are not used to screen the Use of Proceeds(UoP)of social and sustainability bonds.A comprehensive

106、 social taxonomy or equivalent classification and screening system for debt instruments aiming to achieve positive social Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 8Non-financial corporates represent 97%of the cumulative volume,with the remaining 3%coming from

107、 the local national development bank.The issuer profile is not as diversified as other regional markets in LAC.93%(USD1.1bn)of the UoP are earmarked for Renewable Energy.Water,Waste,and Land Use investments are also covered by the Peruvian green bonds,though represented by a smaller share of 7%(USD7

108、5m).The Bosques Amaznicos(USD45m)deal in December 2021 diversified the UoP by directing funds to forest conservation.Although Bosques Amaznicos was not the first forestry sector company to reach the local green bond market(preceded by Protisa Perus PEN100m(USD30m)deal to finance Water,Waste,and Land

109、 Use),it was the first to fund the forestry sector in the country.It was also the first green Climate Bonds Certified forestry deal in the LAC region.The Peruvian market has adopted external review as a common practice with issuers typically obtaining an external review.COFIDE(PEN100m or USD30m)and

110、Protisa Peru(PEN100m or USD30m)obtained second party opinions(SPOs)and three others were evaluated by rating agencies:two deals from Consorcio Transmantaro(USD400m and USD200m)and one from Ergon Peru(USD222m).There has been one certified bond(see above)which Pacific Corporate Sustainability(PCS),a r

111、egional consultancy firm,verified the against the Climate Bonds Standard.Energa Elica S.A issued the only self-certified green bond.100%40%20%80%60%Green bonds in Peru-Use of proceeds and Issuer type(by April 2022)Non-Financial CorporateDevelopment BankSource:Climate Bonds InitiativeEnergyWaterWaste

112、Energy0Land useUnited States Dollar-denominated issuances(95%)prevail over Peruvian Soles(5%).Five of the seven green deals were USD-denominated,while the two PEN deals were smaller:PEN100m(USD30m),from Protisa Peru,in 2018,and COFIDE,also PEN100m(USD30m),in 2019.Social bondsSocial bonds account for

113、 18%of Perus GSS+market,with a cumulative volume of USD1.2bn.Caja Arequipa kick-started the market in December 2020 with its PEN58m(USD 15.5m)deal.In early 2021,COFIDE issued a PEN144m(USD39.5m)bond to fund micro and small businesses impacted by COVID-19.The Government of Peru priced its first sover

114、eign social bond in November 2021.The UoP of the EUR1bn(USD1.1bn)for this issuance were earmarked for COVID-19 related expenditures including support to vulnerable groups,affordable housing,education,basic health services,support for micro and small-sized enterprises(MSMEs),and social programmes to

115、prevent unemployment.Peruvian social bonds have been issued in Peruvian Soles(PEN201m/USD55m)or Euro(EUR1bn).The three social bonds span the yield curve,with tenors of 15 years(sovereign),eight years(Caja Arequipa),and three years(COFIDE).External reviews are standard.The three social deals obtained

116、 SPOs.Sustainalytics assessed the sovereign and the COFIDE deals,and Vigeo Eiris evaluated Caja Arequipas social bond.Bosques Amaznicos(Bam)is a private environmental service and products company that aims to provide economic development for the Peruvian Amazon region while restoring degraded pastur

117、eland.Founded in 2004,it has restored more than 1,500 ha,protected 380,000 ha,and avoided 20bn CO2 emissions while generating 1,200 jobs across the local communities annually.41In December 2021,Bam priced a green bond certified against the Climate Bonds Forestry criteria,the first of its kind in the

118、 region and the first certified deal in the country.The Grupo Pacific Credit Rating(PCR)reviewed the 5-year USD45m deal against the Climate Bonds Standard 3.0.The proceeds will go to protecting 10,933 ha of forests and restoring 2,969 ha of land in the region of Ucayali,avoiding a total of 10 millio

119、n tons of CO2 emission,and protecting the local natural flora and fauna.In addition to the environmental benefits,the issuer highlightedthe social co-benefits of the deal.The green bond proceedswill benefit five local communities by building their capacity for sustainable forest management and conse

120、rvation,and 520 families will increase their household income by 25%.42Case study:Bosques AmaznicosCase study:COFIDEs GSS experience LAC RankingCumulative amount issuedNumber of entitiesRepeat issuersNumber of dealsAverage sizeBiggest issuer4USD1.2bn 303USD396mPeruvian Government sovereign bond(USD1

121、.1bn)Peru Social ScorecardCOFIDE was founded in 1971 to execute the Federal Governments financial strategy by designing and implementing economic and social development programmes.By October 2020,the banks business lines reached USD7.1tn.43COFIDE has a sustainability policy that ensures its commitme

122、nt to sustainable development.Along with its triple bottom line strategy,the institution can contribute to Perus development by promoting infrastructure,productive investment,and supporting SMEs and entrepreneurship.Promoting sustainable investments is included in the objectives of the Sustainabilit

123、y Policy.In April 2019,the development bank was the first financial institution in the country to issue a thematic bond,a PEN100m(USD30m)green bond,with UoP earmarked to refinance Renewable Energy projects and support climate change mitigation.44In October 2019,COFIDE issued a PEN100m(USD30m)sustain

124、ability bond with UoP for microenterprises,alternative vehicle initiatives,and wastewater treatment plants.45 In 2021,the bank returned to the market,issuing its third thematic bond,a PEN144m(USD 39.5m)social deal to finance microenterprises and SMEs affected by COVID-19.46Peru Sustainable Finance S

125、tate of the Market 2022 Report Climate Bonds Initiative 9deal in 2021 from COFIDE(PEN100m/USD30m).All of Perus sustainability bonds have obtained external reviews.Sustainability-linked bondsSLB debt represents 6%of the Peruvian sustainable market,with one USD380m issuance from 2021,making it the fou

126、rth-largest theme in Peru.As in the rest of the LAC region,issuers are increasingly interested in performance-based instruments(KPIs).The single SLB deal in the country was issued by San Miguel Industrias PET SA,a non-financial corporate;see case study below.Social housing,education,and health servi

127、ces;Financial support to MSMEs and vulnerable people;and Green buildings,Renewable Energy,Energy Efficiency,Low-carbon Transport,Water Infrastructure,sustainable management of natural resources,Agriculture,and Waste Management.Projects refinanced through the proceeds of sustainable bonds under this

128、framework could be at a local,regional,or national level identified in either the public budget or the Governments Multiannual Investment Planning.KPIs and Sustainability Performance Targets(SPTs)were sufficiently ambitious.The SPO highlighted three trigger events related to the transparent and time

129、ly achievement of KPIs which,if not achieved,would incur an increase in the coupon payment(disclosed in confidential documents of the transaction).50 ISS Corporate Solutions identified the alignment of the SLBs Framework with ICMAs SLB Principles.51Case study:Perus sovereign sustainability and socia

130、l bonds San Miguel Industrias PET Sustainability bondsSustainability bonds comprised 59%of the Peruvian GSS+market volume as of April 2022.The first Peruvian sustainable bonds emerged in 2019 from Banco Pichincha(USD13m)and COFIDE(PEN100m/USD30m).Nothing was issued in 2020,and in 2021 two sovereign

131、sustainability deals were priced(USD1bn and USD2.25bn).By mid-2022,sustainability was the only label issued that year.Fondo Mivivienda priced one deal of USD600m.Most of the sustainability volume(99%)to date has been USD denominated,with only one PEN-nominated The Peruvian Government successfully is

132、sued three thematic sovereign bonds in November 2021.The deals are part of the Governments response to COVID-19 addressing the countrys economic,environmental,and social challenges.The Government began with two sustainability bonds,a 12-year tenor worth USD2.3bn and a USD1bn 50-year.Two weeks later,

133、Peru priced a 15-year EUR1bn social bond.All three deals were at least two times oversubscribed and attracted investors from the international community.47,48Perus Sustainable Framework establishes the eligible UoP categories to refinance 2021-2022 government expenditures.49 Eligible expenditures in

134、clude:San Miguel Industrias,also known as SMI Group,is the market leader in rigid plastic packaging in the Andean region,Central America,and the Caribbean.Nexus Group,the largest private equity firm in Peru,has owned the company since 2013.The Group has been investing in recycling to ensure sustaina

135、bility across its supply chain.SMI Group,through its subsidiary BG PET R&P Latin America,issued a USD380m SLB with a 3.5%coupon in July 2021.Its KPIs were linked to the entitys goals of following a circular economy model and diverting waste from landfill.The SLB obtained an SPO from ISS Corporate So

136、lutions,which found that the LAC RankingCumulative amount issuedNumber of entitiesRepeat issuersNumber of dealsAverage sizeBiggest issuer3USD3.9bn 415USD779mPeruvian Government sovereign bond(USD2.25bn)Peru Sustainability ScorecardLAC RankingCumulative amount issuedNumber of entitiesRepeat issuersNu

137、mber of dealsAverage sizeBiggest issuer 5USD380m 101USD380mSan Miguel Industrias PET SA(USD 380m)Peru Sustainability-linked ScorecardPeru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 10Perus sustainable debt instruments from 2014 to 2022 Green bondsIssuer nameInstrume

138、ntAmount issuedIssue dateIssuer typeUse of ProceedsExternal ReviewBosques AmaznicosBondUSD45m01/12/2021Non-financial CorporateLand UseClimate Bonds Certified(PCS)Consorcio Transmantaro S.A.BondUSD200m14/09/2020Non-financial CorporateRenewable EnergyRating S&P GlobalErgon PeruBondUSD222m29/07/2019Non

139、-financial CorporateRenewable EnergyRating S&P Global Consorcio Transmantaro S.A.BondUSD400m16/04/2019Non-financial CorporateRenewable EnergyRating MoodysCOFIDEBondPEN100m (USD30m)26/04/2019Development BankRenewable EnergySPO SustainalyticsProtisa PeruBondPEN100m(USD30m)22/10/2018Non-financial Corpo

140、rateWater,Waste,and Land UseSPO SustainalyticsEnergia ElicaBondUSD204m11/12/2014Non-financial CorporateRenewable EnergyNoneSocial BondsIssuer nameInstrumentAmount issuedIssue dateIssuer typeThemeExternal ReviewPeruvian Government International BondBondEUR1bn(USD1.1bn)17/11/2021SovereignCOVID-19 SPO

141、SustainalyticsCOFIDEBondPEN144m(USD39.5m)28/01/2021Development BankCOVID-19SPO SustainalyticsCaja ArequipaBondPEN57.6 m(USD15.5m)18/12/2020Financial CorporateGenderSPO Vigeo Eiris Sustainability BondsIssuer nameInstrumentAmount issuedIssue dateIssuer typeThemeExternal ReviewFondo MIVIVIENDA SABondUS

142、D600m12/04/2022Non-financial CorporateAffordable housing,green housingSPO ISS ESGPeruvian Government International BondBondUSD1bn02/11/2021SovereignSupport for vulnerable groups;affordable housing,education,and basic health services;support for MSMEs and social programmes;green buildings;renewable e

143、nergy;energy efficiency;low-carbon transport;resilient and efficient water and wastewater management;sustainable management of natural resources,land use and marine protected areas;sustainable agriculture;sustainable waste managementSPO SustainalyticsPeru Sustainable Finance State of the Market 2022

144、 Report Climate Bonds Initiative 11Sustainability bonds,continuedIssuer nameInstrumentAmount issuedIssue dateIssuer typeThemeExternal ReviewPeruvian Government International BondBondUSD2.3bn02/11/2021SovereignSupport for vulnerable groups;affordable housing,education,and basic health services;suppor

145、t for MSMEs and social Programmes;green buildings;renewable energy;energy efficiency;low-carbon transport;resilient and efficient water and wastewater management;sustainable management of natural resources,land use,and marine protected areas;sustainable agriculture;sustainable waste managementSPO Su

146、stainalyticsCOFIDEBondPEN100m(USD30m)28/10/2019Development BankSupport for micro-business;alternative vehicles,and wastewater treatmentSPO SustainalyticsBanco Pichincha LoanUSD13m11/02/2019Financial CorporateRenewable energy;energy efficiency;cleaner and more efficient production;sustainable agricul

147、ture;sustainable building,sustainable transportation;solid,liquid waste management and recyclingSPO DeloitteSustainability-linked bondsIssuer nameInstrumentAmount IssuedIssue dateIssuer TypeThemeExternal ReviewSan Miguel Industrias PET SABondUSD380m26/07/2021Non-financial CorporateWaste management,c

148、ircular economySPO ISS ESGPeru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 12Green investment opportunities in Peru Identifying a pipeline of green projects,assets,and expenditures is essential to demonstrate the investment opportunities in Peru.The Climate Bonds Tax

149、onomy,which classifies sectors for the transition to a low-carbon and resilient economy aligned to a 1.5oC trajectory,was used to map the most relevant sectors for Peru.In addition to green projects and assets,it explores hard-to-abate sectors with decarbonisation potential.Renewable energy Perus el

150、ectricity mix is relatively clean,with more than 65%of its capacity coming from renewable sources,mainly hydropower(60%).Natural gas is also an important energy source,with several projects in the Central and Southern parts of the country.52 Climate Bonds does not support the use of fossil gas as a

151、transition fuel.Even though Perus electricity mix is cleaner than other LAC countries,it is underusing its renewable energy generation potential.The country has mapped its available capacity compared to current production capacity and found that hydro and wind could have the potential for increased

152、shares.Hydropower has a generation potential 13 times greater than the installed hydro capacity,and wind power has a generation potential 58 times greater than the installed wind capacity.53 Green bonds are widely used to finance or refinance renewable energy capacity,and could support development i

153、n Peru,such as Energia Elica S.A.project bond in 2014 and Ergon Per S.A.C private placement,both with a green label(see Annex I).Additionally,electricity consumption is increasing in Peru as economic activities are resuming post COVID-19.The Peruvian Government has invested in transmission projects

154、and infrastructure for renewable energy creating a fertile landscape for renewable energy projects.54Sustainable water management Perus water sector faces several challenges,including pollution of water bodies and wastewater treatment.There has been a fundamental transformation in the past decade,wi

155、th broader coverage in drinking water(90%)and sewage treatment(84%).55 The Government has built a public-private partnerships pipeline estimated at USD1.4bn for water supply,wastewater treatment,and sanitation for 2022.56 Despite advances in the sector,a USD22bn funding gap in sanitation must be add

156、ressed to leverage growth.Sustainable water management is a project category ideal for inclusion in green bonds,which could be used to support the country in closing this gap.Low-carbon agriculture Agriculture and livestock are important economic sectors for Peru.The country produces a variety of gr

157、ains,vegetables and exotics fruits and is the fifth largest exporter of quinoa in the world.In 2021,agriculture and livestock were responsible for 3.6%of GDP.Growth in this sector is expected to continue.57 Like other agricultural producers from LAC,deforestation presents challenges,particularly in

158、the Amazon region.58 Deforestation leads to biodiversity loss and soil degradation which impact crop yields.The Peruvian Government has already demonstrated its intention to pursue sustainable production and,in 2020,launched the Sustainable Production Coalition,supported by the Tropical Forest Allia

159、nce.59 There is an opportunity to further encourage the adoption of low-carbon agriculture by supporting sustainable management and best practices.Asset based securities(see Annex I)are an interesting instrument to finance low-carbon agriculture considering the size of producers as it allows aggrega

160、tion and consequently a higher ticket.Sustainable forest management Forest management has the potential to generate income as well as protect forested areas.The Peruvian Amazon comprises an area of around 780.000 km2,rich in biodiversity and natural resources.The sustainable management of these reso

161、urces through investments in forest maintenance and controlled production of timber and non-timber products(e.g.,Brazil nuts)in monitored areas helps to eliminate illegal logging and intensive extraction of valuable environmental assets.Environmental impact or pay-for-results bonds(see Annex I)that

162、encourage both conservation and production of forestry value chains could be used to fund sustainable forest management projects.Low-carbon transport Perus transport system relies predominantly on roads,with 168,474km of road network.The country also uses railways,but to a lesser extent,with a total

163、 length of 1,939km in rail lines.60 Reliance on road transportation brings environmental and logistical challenges.Aware of the need to shift its transport modals,Peru is investing in infrastructure integration across its different regions,increasing efficiency in logistics and consequently decreasi

164、ng transportation costs to become more competitive.Transport is the sector with the most significant infrastructure gap,with around USD49bn need in investments by 2038.61 According to Perus Private Investment Promotion Agency(ProInversion),transport investment is already substantial compared to othe

165、r sectors,demonstrating its attractiveness for investments:over USD4bn invested in roads,railways,and ports.62 Investment could help Peru move towards low-carbon transport alternatives and build climate-resilient infrastructure that is less vulnerable to climate hazards.Perus Sustainable Bond(see An

166、nex I)includes low-carbon transport as one of the eligible green categories.The Sustainable Bond Framework identifies opportunities for financing or re-financing expenditures related to metro lines,developing a national sustainable urban transport programme,or promoting cleaner fuels and electric ve

167、hicles.Other opportunities for Peru Climate adaptation&resiliencePeru is highly vulnerable to climate change and severe social and economic impacts such as tourism,food security,and access to basic infrastructure.Investing in climate adaptation and resilience(A&R)is key to achieving climate and envi

168、ronmental goals and resisting future economic shocks caused by the climate crisis.Even with drastic GHG emission reductions,current carbon emissions take years to affect global temperature.Therefore,even by cutting off emissions today and limiting the temperature to 1.5C above pre-industrial levels,

169、there are unavoidable consequences of temperature rise and centuries of GHG emissions.Investments in A&R are essential to cope with the impacts of temperature rise on the system.Not only can they protect future revenues,but they also attract a broader range of investors,desperate to diversify their

170、green bond portfolio exposure,to the country.The use of green criteria,such as under the Climate Bonds Standard,can provide the market with clear definitions of A&R projects,assets,and expenditures.In 2019 Climate Bonds launched the Climate Resilience Principles,which provide a framework for a syste

171、matic approach to climate-resilient investments across all sectors.63Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 13Nature-based solutionsPeru has the potential to lead the nature-based solutions(NbS)sector in the region.The country hosts incredible biodiversity,

172、with an extensive coastal area and 40%of its territory covered by forests.21%of the adaptation measures contained in its National Climate Change Plan qualify as NbS.64 Investing in such projects is critical to achieving the countrys goals and commitments.Investments in NbS address climate adaptation

173、 and environmental issues and contribute to social and economic development.Peru benefits from knowledgeable native communities that,for centuries,have applied NbS techniques to build infrastructure.An Ecosystem Services for Poverty Alleviation(ESPA)project that improved water management in the Peru

174、vian rural highlands and Lima is one example of the social and environmental impacts of ancient nature-based infrastructure and investments in NbS.65 Through monitoring techniques,restoring an ancient canal(mamanteo canal),and preventing grazing along its streamline,the project increased the water i

175、nfiltration in the highlands,delaying downstream water flows by two weeks to eight months,and ultimately improved the water availability during the dry season.In turn,this impacted water distribution,agriculture,and peoples livelihoods in upstream rural areas and downstream Lima.The findings of this

176、 project led SEDEPAL(Limas water utility company)to invest USD23m in green infrastructure,with USD1m dedicated to the restoration of the mamanteo canal.Water infrastructure,sustainable agriculture,land use,management of aquatic ecosystems,and blue economy are eligible green categories,and investment

177、s in NbS within these sectors can boost development and increase the adaptive capacity to climate risks.Green and sustainability bonds could help to attract capital from specialist and mainstream investors(see Annex I).Hard-to-abate sectors Peru must support the transition of its hard-to-abate secto

178、rs that are critical to economic stability.These include industrials,cement,steel,mining,and oil and gas.66,67 While these sectors are not eligible for green UoP investment,SLBs or transition bonds could be issued to support transformation aligned to a 1.5oC trajectory.Transition finance can finance

179、 the rapid transformation needed to phase out environmentally harmful activities in emission-intensive activities.This means a phased approach to turning green,as many sectors depend on new technologies.This journey needs to be science-based,and adhere to ambitious,time bound targets.Transition fina

180、nce Green and sustainable bonds can support the transition to a low-carbon economy and have so far focused on financing low-carbon assets,projects,and activities.Reputational,regulatory,compliance,and stranded assets are all sources of potential risk for economic sectors that do not demonstrate tran

181、sition.Economic activities that do not engage in the net-zero pathway will also limit their own future investment flows.Market players no longer discuss when the transition will happen,but how fast it will happen.In 2020,South Korean Samcheok Blue Power station issued a KRW100m(USD76.8m)deal,but no

182、investors were interested in bidding on it,partially due to the companys credit rating downgrade related to its coal-fired plant.The market is hinting at the importance of climate-aligned investments and their impact on portfolios.In 2021,according to Bloomberg,banks made more revenues from arrangin

183、g green debt than fossil fuel debt.77 Still,brown,and hard-to-abate industries will continue to be critical economic activities,and they must join the net-zero transition pathway.To achieve climate goals and secure the market against transition-washing,it is crucial to have robust,science-based,cred

184、ible,and transparent definitions.In 2020,Climate Bonds began its work in defining transition thresholds for high-emitting activities to fill this gap.The same year,the organisation published the Financing Credible Transitions Whitepaper,a framework for using the transition label.78 Climate Bonds is

185、working on sector-specific criteria to support science-based transition within sectors.The first set of Criteria for 2022 includes basic chemicals,cement,and steel.Industry(steel,cement,chemicals)Construction and manufacturing are Perus two leading industrial sectors and attract substantial investme

186、nts.Peru is the third largest cement producer in Latin America,and manufacturing chemicals has been one of the main export products.68,69 Decarbonisation for basic chemicals,cement,and steel is central to global emission GHG reduction,particularly given the importance of these sectors,and the market

187、 should grow in the coming years.Due to the role that these sectors can play,Climate Bonds began developing transition criteria for all three industries to support their decarbonisation.These Criteria should be ready for use by the end of 2022.Oil and gas Peru has a large reserve of oil and gas,whic

188、h has attracted large public and private investment in the country.The oil and gas sector is vital to the Peruvian economy,with exports going to the United States(22%),Japan(13%),and South Korea(13%).70 The countrys oil and gas proven reserves are sizable:344 million barrels of oil and 12 trillion c

189、ubic feet of fossil gas.71 According to the ProInversion,the cost of one gas transportation project in Southern Peru was USD4.3bn.72 Decarbonising the sector is challenging,mainly because of the potential to explore and exploit undiscovered resources.Transition finance for the industry is in its ear

190、ly stages.In the past six years Repsol and Orsted have issued green bonds.In the 2020 Financing Credible Transition Report,Climate Bonds did not recognise the Repsol bond as green nor transition due to the potential lock-in of stranded activities.73 Even with the current challenges,it is essential t

191、o bring the transition agenda to oil&gas companies,such as PeuPetro,so they align with best international practices and do not get left behind in the transition.74 Mining Mining is a high emitting sector and one that is vulnerable to extreme weather events and accounts for the largest share of Peruv

192、ian exports.75 The industry provides a substantial amount of raw materials for the continuous expansion of infrastructure in the country.In 2020,Peru was the second-largest silver,copper,and zinc producer in Latin America,and the country hosts many minerals providing employment for almost 200,000 pe

193、ople.76 The Chilean Taxonomy Roadmap,supported by Climate Bonds,identified mining as a critical sector,though international taxonomies do not include mining.One of the primary goals of mining is to support the exploration of the minerals required for a low-carbon transition,such as lithium and coppe

194、r,and to address the energy consumption needed to fulfil this role.Peru could consider a similar pathway for its mining sector.There are currently no sector Criteria from Climate Bonds for mining.Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 14Barriers to growth i

195、n Perus sustainable finance market Most of the barriers preventing growth in the Peruvian market are not specific to GSS+bondsbut to the overall development of the capital market.The roadmap to grow Perus sustainable finance market(see below)will focus on how labelled bonds,mainly green bonds,can at

196、tract financial flows to green assets and projects in Peru and how to exploit the countrys potential.1.Currency hedging.Local issuers prefer GSS+bonds to be denominated in local currency.To offset the resulting currency risk,foreign investors require currency hedging solutions.While investors have r

197、ecently demonstrated an appetite for local currency,most international investors cannot combine EM credit risk with currency risk,and still prefer hard currencies(USD and EUR).Currency risk is often a challenge in EM including Peru,as contracting debt in hard currencies is a higher risk and more exp

198、ensive to local issuers.The higher interest rate environment in the USA and Europe may put additional pressure on local currencies,while reducing investors appetite for EM currency risk.2.Market liquidity.Despite a solid financial system and a well-established,traditional stock exchange,Perus capita

199、l market still struggles with lower liquidity and diversity than other LAC markets.It has a small secondary market,and a reduced number of listed companies and new issuances.79 There is a high incidence of informal labour(90%)in Peru which has prevented the establishment of a large,liquid,pool of lo

200、cal pension fund capital.Such capital typically serves as the largest,long-term source of investment in local currency debt.3.Issuance costs.The issuance costs of smaller bonds(issuance size USD300m),these costs are negligible,yet the issuer may perceive the additional steps to obtain a GSS+label as

201、 a barrier to entry.4.Access to finance.Expanding access to capital markets is fundamental for the expansion of thematic debt issuance in the country.Though there are resources available in Peru,their availability has been limited to a few borrowers and issuers that may not have incentives to issue

202、GSS+bonds.5.Bankability and pipeline.The risk exposure and risk-return profile of GSS+projects may be higher than in other traditional sectors.A wide range of GSS categories such as those related to water,pollution control,land use,and natural resource management requires the inclusion of additional

203、 elements to address climate mitigation and adaptation.Lack of pipeline is also a barrier for investors,as repeat issuers offer economies of scale in terms of the required entity level analysis.6.Market awareness.One of the central barriers for the markets in LAC is the lack of understanding of them

204、atic bonds and best practices.Often,issuers have limited access to service providers and advisers and might be reluctant to invest time and resources to come to market,which may prevent new deals from happening.Further market education is needed to grow the market and connect investors and issuers,a

205、s well as work with public and private stakeholders to improve the business environment for GSS+instruments.7.Political environment.Perus political landscape is historically of high complexity and frequent change.Market uncertainties could shift investment perceptions and capital flight to other cou

206、ntries in the short term,and changes in policy frameworks could have medium to long-term implications.The recent downgrade of Perus credit rating across all credit agencies contributed to a shift in investor confidence.There are opportunities for growth in the GSS+market,and they could be further en

207、couraged through policy and institutional changes.Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 15Roadmap to grow Perus sustainable finance market Identifying stakeholders and their roles and capacity can further expand Perus sustainable investments.The GSS+bond u

208、niverse allows these stakeholders to drive investment capacity and local capital market development.Investors have an influential role in building market demand by incorporating green and sustainability into their investment policy guidelines.InstitutionCategoryRole Government of Peru Ministry of Fi

209、nance Public sectorMarket regulation and policy development.Establish policies that will support green investments and promote benefits of GSS+.Taxonomy development.Lead taxonomy development to further guide the market on the eligibility of GSS projects and assets.Sovereign issuance.Sends signal to

210、investors and attracts a wider pool of investors to the Peruvian market.Contributes to green market creation,particularly if such issuances are made on regular basis,providing new pricing points and liquidity.Promote the adoption of best practices.Encourage alignment to best practices,including inco

211、rporating climate risk exposure and sustainability criteria into project planning and development.Banco Central de Reserva del PerPublic sector Climate risk disclosure.Require the disclosure of climate risk following TCFD recommendation.Include the development of climate scenarios and stress tests t

212、o better inform strategies.Risk-weighting adjustment.Capital adequacy tests could be subjected to climate stress tests to assess green and brown assets.Green quantitative easing.Could support capital injection into targeted sectors such as renewables,low-carbon transport,water infrastructure,and shu

213、nning brown assets.Superintendencia de Bancos,Seguros y AFP(SBS)Public sectorFinancial supervision.Regulates and supervises the financial,insurance,and private pensions systems and could support incorporating sustainability indicators.Market guidance.Could define mandates for responsible investments

214、 and support the development of market guidance and common language around GSS+instruments.Superintendencia de Valores Monetarios(SVM)Public sectorMarket regulation.Sets market rules and could encourage new thematic issuance.Market awareness.Could raise awareness to attract organisations to raise fu

215、nding via the capital market,as well as on what GSS+instruments and the opportunities attached to them.Disclosure and Reporting.Support climate-related biodiversity,and environmental disclosure mechanisms such as the Task Force on Climate-Related Disclosure.It can also support the harmonisation of G

216、SS+frameworks and reporting.COFIDEDevelopment bankSetting a benchmark.Set benchmarks for the local market regarding the process,the standards,the labels,and other financial features.Sustainable financing.The Bank can provide sustainable/ESG-aligned credit lines as a lender,leveraging the countrys su

217、stainable projects and assets portfolio.Technical assistance.Support the bankability of projects and the structuring of deals by providing technical assistance.For instance,it can cluster smaller deals and pooled financed structures to raise larger amounts of capital in the market by making it more

218、appealing to investors.Provide guarantees.Expand guarantees for labelled debt instruments.Regulators and policymakers can set policies and promote a conducive environment to facilitate the issuance of labelled bonds.Intermediaries and other service providers can support local market players to follo

219、w best market practices and come to market.All these stakeholders have a role in developing the sustainable finance market in Peru,and the countrys growth will depend on joint efforts.The leading market players and their potential roles are summarised below.Peru Sustainable Finance State of the Mark

220、et 2022 Report Climate Bonds Initiative 16continued.InstitutionCategoryRole Bolsa de Valores de Lima(BVL)Stock exchangeMarket education.As an intermediary between issuers and investors,the local stock exchange can support issuers capacity building on sustainable credentials.GSS+guidance.BVL has alre

221、ady published guidance for Peru but could further implement international practices around disclosure and reporting.It could also continue to promote the benefits of GSS+and accompany the preparation process of first time issuers.Create tools.Develop new tools to facilitate the engagement between is

222、suers and investors,particularly those looking for impact and responsible investments,by incorporating special listings features for GSS+instruments.Facilitate and reduce time of thematic issuances and listings and promote the establishment of a local ecosystem of service providers.Financial Institu

223、tions(e.g.Banco de Crdito del Per-BCP)Financial institution GSS+issuance.Issue thematic bonds to fund sustainable projects and assets in their portfolio.Build eligible portfolios.Generate a sustainable project portfolio and work with clients to support their low-carbon transition.Provide capital.Fin

224、ance sustainable projects and assets through dedicated productsAdhere to international initiatives.Become a signatory of international initiatives that promote best practices such as the Principles for Responsible Banking,Principles for Responsible Investment and the Net-zero Banking Alliance to beg

225、in their sustainability journey.External Verifiers Service provider(verifier)Market education.Support issuers on understanding how to come to market and align to international best practices.Advisory.Support companies in incorporating sustainability standards and preparing for GSS+issuance.Multilate

226、ral Development BanksDevelopment bank-supranationalTechnical assistance.Guide pre-and post-issuance,including developing a green bond framework,portfolio review,external verification,and capacity building.Enhance Bankability.Provide guarantees,credit enhancement,and blended finance to facilitate inv

227、estments in eligible projects and assets.Subscribe to GSS+bonds.Invest in a share of a particular bond or provide a cornerstone investment that crowds in private investment and integrating co-investors into such issuances.Administradoras de Fondos de Pensiones(AFPs)Institutional investors Market Dem

228、and.Leverage the selling market using its expertise in long-term risk management and encourage the adoption of robust sustainability standards aligned to international best practices.Diversify portfolios.Strengthen the demand for impact investment beyond renewable energy,looking at other critical in

229、frastructure sectors,agriculture,and hard-to-abate sectors.Build Funds.Create local GSS+investment funds to promote transition and push demand for thematic deals.Introduce new investors(individuals)to GSS+products.Knowledge sharing.Promote GSS+investments among its peers,building up a common ground

230、approach to responsible investment.Insurance Companies (Mutual Funds)Institutional investorsIncorporate Climate Biodiversity,and other Environmental Risks.Complement sustainable investment strategies to reduce the impact of climate changeand other environmental externalities,and offer products such

231、as parametric insurance.Offer Incentives.Increase premium to encourage the implementation of risk reduction measures.Offer ESG products and services.Develop tools and other products that can support clients to mitigate climate and environmental risks.Adhere to international initiatives.Become a sign

232、atory of international initiatives that promote best practices such as the Principles for Responsible Investment and the Principles for Sustainable insurance.Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 17Peru is a diverse country which offers opportunities to gr

233、ow its sustainable finance marketdespite challenges.It was the first to issue a green bond in the LAC region,with Peruvian company Energa Elica S.A.joining the market in December 2014 with a 20-year,USD204m deal to finance two wind generation projects.Despite a lower expansion compared to its peers,

234、new deals across the GSS+labels indicate the countrys potential to access the market.Sustainable finance can protect the countrys natural resources to ensure economic resilience and address its increasing vulnerability to natural disasters.Despite the current political scenario,the Peruvian Governme

235、nt has sent important signals to the market through the issuance of its sovereign social and sustainability bonds and the incorporation of sustainability elements in the National Infrastructure Plan(PNIC).Perus sustainability journey is underway and the Peruvian market must now scale up to achieve t

236、he required impact.Climate Bonds identifies eight measures to strengthen and extend the market.1.More GSS+sovereign debt.More sovereign issuance(including local currency)covering new labels and sectors would reinforce the Governments commitments to a more resilient economy and help to attract privat

237、e sector capital.It is important that such issuances take place on a regular basis(peer countries issue several times a-year)so that they can serve as a benchmark for the whole market at this early stage of development.2.More local currency deals.Five out Perus 17 GSS+deals were in local currency(PE

238、N).Though hard currency continues to dominate GSS+issuance globally,there is growing appetite for local currency deals.Such deals would attract local investors and continue to reduce reliance on foreign currency and exchange rate risk.3.Create Market Conditions for GSS+.Demand from local investors c

239、ould be stimulated through communication of opportunities in the GSS+market.Public sector institutions can lead by aligning some or all their investment portfolios to responsible investment strategies.Financial institutions can identify and invest in eligible assets and portfolios either by issuing

240、GSS+debt or creating dedicated instruments or finance lines.AFPs or insurance companies could also define a minimum investment percentage in these instruments to encourage new deals.4.Facilitate GSS+issuance.Labelled issuance could be encouraged through multiple strategies.These include fast track a

241、pproval of GSS+projects,clear guidance on the identification of eligible projects and assets,information on pre-and post-issuance processes,mapping strategic stakeholders and service providers supporting new deals,and reducing or exempting listing fees for GSS+issuers.5.Incorporate sustainability cr

242、iteria into the preparation of projects funded through public-private partnerships.Climate risk exposure,including future depreciation of assets due to extreme weather events such as precipitation patterns or temperature increases,should be accounted for in new infrastructure projects.6.Taxonomy dev

243、elopment.Peru is already considering the development of a local taxonomy,which would provide greater clarity on eligible activities based on the countrys national context.Taxonomy developments drive local market development,but Peru would need to align with international taxonomies to facilitate cro

244、ss-border flows and comparability,such as the Climate Bonds Intiative Taxonomy or the European Unions Sustainable Finance Taxonomy.Peru should also consider including other elements beyond climate change within its taxonomy,particularly NbS,biodiversity,and natural capital.7.Broaden the use of GSS+l

245、abels.Peru has the potential to explore new labels such as resilience bonds.While the GSS bonds have focused on UoP for environmental and social benefits,building resilience in the country will be critical to addressing its vulnerability to extreme weather events.Peru also has the opportunity to iss

246、ue GSS+bonds that focus on NbS and biodiversity,as well as its transition to a low-carbon economy,considering hard-to-abate sectors,particularly industry.8.Engage key market players.Stakeholders such as the BVL could provide capacity building to issuers and investors to help them understand the oppo

247、rtunity for attractive investments with GSS benefits.These interactions can guide entities through the issuance process and highlight GSS+instruments potential to mobilise resources for the countrys infrastructure gap and other priority sectors.OutlookGSS+Peru Sustainable Finance State of the Market

248、 2022 Report Climate Bonds Initiative 18GSS debt Instruments available in Peru Debt InstrumentDefinitionLocal instrumentsExampleSupranational and sovereign bondsUsually,these securities carry the credit rating of the issuing supranational/federal entity,but separate rating can be assigned as well.Bo

249、nos del tesoro (Treasury Bonds)Supranational.CAF(Corporacin Andina de Fomento)issued,between 2018 and 2020,six green bonds denominated in hard currencies and Colombian pesos(COP150m,USD30m,USD50m,EUR750m,CHF350m,and COP104m).All green bonds received second-party opinions from Sustainalytics and fina

250、nced mixed UoP,including Renewable Energy,Transport,Water,Waste,and Land Use.In 2020,the development bank issued a EUR700m social bond to finance COVID-19-related expenditures.Sovereign.The Government of Peru issued two sovereign sustainability bonds in November 2021(USD1bn and USD2.3bn),followed by

251、 a social bond(EUR1bn)in the European market.The bond proceeds fund eligible projects and assets under its Sustainable Bond Framework.Sub-sovereign(state/municipal)bondThe credit rating assignment is based on the issuing subnational entity and the underlying asset.Bonos bsicos (Bonds)Notas (Notes)Bo

252、nos globales(Global Bonds)Mexico City issued two green-labelled debt instruments in 2016(MXN1bn)and 2018(MXN1.1bn)to finance low-carbon transport and water sectors,buildings,climate adaptation,and resilience assets that also received proceeds from the first issuance.The Argentinian provinces of La R

253、ioja and Jujuy financed Renewable Energy projects with green bonds.The Province of La Rioja issued USD100m and USD200m,in 2017 and USD18m in 2021;and the Province of Jujuy issued USD210m in 2017.A sustainability labelled sub-sovereign bond have not yet materialised from Peru.While there are no legal

254、 restrictions for sub-sovereign issuance,this depends on resource autonomy,budget management,and appropriate use of resources.Peruvian municipalities would then required government approval and backing,or issue within their own budget;a major challenge for most LAC municipalities.General obligation

255、bondThe securities are backed by issuing entitys balance sheet assets,and the issuing entity receives the credit rating.Bonos garantizados(General Obligation Bond)Notas(Notes)COFIDE issued a PEN143.9m(USD43.2m)3-year sustainability bond in January 2021.Proceeds will support MSEs affected by COVID-19

256、.Project bondDirect exposure to the project(s)risk,with or without recourse project financing.The backing assets and the financial returns receive the credit rating.Bonos bsicos(Bonds)Bonos subordinados(Subordinated Debt)Notas(Notes)Peruvian Energa Elica S.A.issued a 20-year USD204m senior secured g

257、reen project bond to refinance two wind farms acquired through a 20-year guaranteed Power Purchase Agreement.Annex I GSS debt Instruments available in Peru Corporates,financial entities,subnational authorities,government-backed entities,or the Federal Government can issue green,social,and sustainabi

258、lity bonds.They are common capital markets debt instruments and loans used exclusively to(re)finance projects with environmental and social benefits.Any debt format can receive a thematic label.Below we listed the Peruvian debt instruments,and where possible,we included local examples from Peru and

259、the wider LAC region.Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 19GSS debt Instruments available in Peru(Continued)Debt InstrumentDefinitionLocal instrumentsExampleRevenue bondsThese securities are at least partially backed by the issuers revenue stream.They ca

260、rry the credit rating of the issuing entity.For instance,local governments can issue revenue bonds backed by future revenue receipts from taxes or fees.Bonos bsicos(Bonds)Bonos de arrendamiento financiero (Revenue Bonds)Bonos garantizados(General Obligation Bond)Although Peru nor LAC issuers have is

261、sued a sustainable labelled revenue bond,the municipality of San Salvador(El Salvador)issued a USD10.5m two tranche deal comprising 5-and 10-year tenors.The future revenue flows from the municipality backed supported the underlying projects.80Dual recourse bondThe issuing entity primarily backs thes

262、e securities.In case of payment defaults,a cover pool of financial assets(also financed by the proceeds of the bond)can provide an alternative for investors.The cover pool reduces credit risk.Bonos garantizados(General Obligation Bond)Bonos cubiertos (Covered Bonds)Bonos hipotecarios cubiertos (Cove

263、red Mortgage Bonds)Berlin Hyp,a German mortgage bank,became the first issuer to come to market with a green covered bond(or Green Pfandbriefe),in 2015,to refinance loans for green buildings.The cover pool of assets comes from the Berlin Hyp mortgages portfolio.Neither Peru nor LAC issuers have issue

264、d a sustainable labelled dual recourse bond.Securitisation/tranches in Asset-backed securitiesA pool of underlying assets backs these securities,which are the only payment source to investors.The risk of these assets reflects the assigned credit rating;despite a rating not being mandatory.Bonos titu

265、lizados (Asset-backed securities)The Brazilian pulp&paper company Suzano Papel e Celulose issued an 8-year BRL1bn(USD295m)green asset-backed deal in November 2018 to finance reforestation projects and expansion of certified forests and Renewable Energy.No sustainable labelled securitised or asset-ba

266、cked bond has been issued from Peru.Structured finance and Mezzanine subordinated debtThese securities are hybrid capital investments,in which financial institutions support private investments in senior debt.Bonos estructurados(Structured Debt Instruments)Bonos hbridos(Hybrid Securities)Bonos de ar

267、rendamiento financiero(Revenue Bonds)The private arm of the Inter-American Development Bank,IDB Invest,structured and subscribed to the 10-year USD13m subordinated bond from Banco Pichincha in Peru.The UoP were earmarked for female empowerment,MSEs,and housing.In Uruguay,IDB Invest(at the time,the I

268、nter-American Investment Corporation IIC)structured a USD136m 20-year B-bond to finance a Uruguayan 70MW wind farm belonging to the US-based Invenergy.Convertible bondThe security can be converted into a predetermined amount of the companys common stock.The bond will carry the credit rating of the i

269、ssuing entity.Bonos convertibles(Convertible Bonds)The Japanese Sumitomo Forestry issued a green convertible bond in 2018 to refinance the acquisition of FSC-certified timberlands and plantation forests in New Zealand.Bondholders received the option of acquiring the companys common stock.Neither Per

270、u nor LAC issuers have issued a GSS+convertible bond.Environmental impact/Pay-for-results bondsThe payments to investors depend on the projects outcomes and a third-party evaluation.Investors receive the project risk.There is no specific Peruvian mechanism used for this structure yet.The Ashaninka I

271、mpact Bond(USD110k)was issued in 2015 to support sustainable cocoa and coffee production.81 A set of indicators for the repayment of the bond was agreed upon by all involved parties,which included metrics for an increase in supply,improvement in production yields,and resistant varieties.82Private pl

272、acementsInvestors directly negotiate these securities.Details of the transaction might remain confidential.There is no specific Peruvian mechanism for this structure.Ergon Per S.A.C.closed a USD222m green bond deal as a private placement to fund the refinancing of small-scale photovoltaic systems in

273、 off-grid rural areas in north-central and southern Peru.83 Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 20Annex II LATAM GSS+Market MapSovereign GSS bondsLargest regional GSS marketLargest regional sustainability bondLargest regional social bond marketCertified

274、Climate BondLargest regional green marketLargest regional TSLB marketMexico,USD24bnPeru,USD6.6bnEcuador,USD570mCosta Rica,USD928mGuatemala,USD2.8bnPanama,USD380mBrazil,USD24bnColombia,USD2.1bnBarbados,USD8.5mBermuda,USD700mChile,USD40.2bnArgentina,USD2bnParaguay,USD300mUruguay,USD108mLATAM GSS+Marke

275、t Map 2022Cumulative GSS issuance in the LAC region as at 30 April 2022The SSSLB database was launched in April 2022.Any data published prior to this date was provisional and subject to change.Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 21GreenSocialSustainabili

276、tySLBsTransitionBlueAffordable housingESGSustainability-linkedTransitionClimateEducationGreen innovationESG-linkedBlue transitionGreenGender equalityPositive impactSDG-linkedGreen transitionGreen(Carbon Neutrality)HealthcareSustainabilitySocial impact-linkedLow-carbon transitionRenewable EnergySDG h

277、ousingSustainability awarenessSocial&sustainability-linkedSolarTown revitalisationSDGEnvironmentalYouthSocially responsible investmentWaterEmploymentPACEAppendix A Appendix B 1.Methodology notes&caveats.Due to the methodological difference between green and other themes,it is essential to note that

278、Climate Bonds analysis of different themes is merely an indicator of the financing aimed at each,based on the label applied to each deal.For instance,some deals labelled SDG and included under the sustainability theme may only actually finance social projects.Notably,there will also,for example,be v

279、arious deals under the social and sustainability themes that fund,in whole or in part,pandemic-related investments.Climate Bonds is developing more granular UoP analysis for other themes.2.Climate Bonds Green Bond Database includes many loans and ABS deals.These have historically been treated as iss

280、uer types;the same applies to this report.However,under Climate Bonds new methodology,these are considered different instrument not issuer types.It is uncommon to see loans or ABS deal with a sustainability,social,or pandemic label.Performance-linked loans are not included.3.Climate Bonds database u

281、pdates.Climate Bonds has expanded data coverage to other labelled debt instruments,particularly sustainability and social bonds,and a separate database covering these was launched in 2022.The comprehensive databases will complement other enhancements to our data collation and analysis,including coll

282、ecting more granular information on the UoP and impacts of green bonds,a more robust and detailed analysis of climate-aligned issuers,and a more detailed assessment of SDG alignment.Peru Sustainable Finance State of the Market 2022 Report Climate Bonds Initiative 22Appendix C The following list show

283、s the main stakeholders in the Peruvian financial sector that are or could be involved in the sustainable finance market:Pension fund administrators(AFPs):AFP HabitatAFP ProfuturoPrima AFPAFP IntegraCommercial banks:Banco de Comercio Banco de Crdito del PerBanco Interamericano de Finanzas(BanBif)Ban

284、co PichinchaBBVA PerCitibank PerInterbankMiBancoScotiabank PerBanco GNB PerBanco FalabellaBanco Ripley Banco Santander PerAlfin BancoICBC PERU BANK Investment banks:J.P.Morgan Investment Bank State financial entities:AgrobancoBanco de la NacinCOFIDEFondo MiViviendaMunicipal savings and credit unions

285、(CMACs):ArequipaCuscoDel SantaTrujilloHuancayoIcaMaynasPaitaPiuraSullanaTacnaRural savings and credit banks(CRACs):IncasurLos AndesPrymeraDel CentroRazCencosud ScotiaAssociations:Asociacin de Administradoras de Fondos Mutuos(AAFM)Asociacin de Bancos de Per Asociacin de Instituciones de Microfinanzas

286、 del Per(Asomif)Federacin Peruana de Cajas Municipales de Ahorro y Crdito(FEPCMAC)Legal advisors:Cuatrecasas Garrigues Payet,Rey,Cauvi,Prez AbogadosInsurance companies:Chubb SegurosCardif del Per Compaa de SegurosLa Positiva Compaa de SegurosMapfre Per Compaa de SegurosPacifico Peruano Suiza Compaa

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306、-peru/67.https:/www.mincetur.gob.pe/wp-content/uploads/documentos/comercio_exterior/estadisticas_y_publicaciones/estadisticas/exportaciones/Reporte_Comercial_Acero.pdf 68.http:/www.asocem.org.pe/archivo/files/Reporte%20ASOCEM%20-%20Estad%C3%ADsticas%20Internacionales%202019.pdf 69.https:/cdn.www.gob

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308、.pe/en/projects/proinversion-project-portfolio 73.https:/ 74.https:/.pe/wps/portal/corporativo/PerupetroSite/!ut/p/z1/04_Sj9CPykssy0 xPLMnMz0vMAfIjo8zi_YxcTTw8TAy93AN8LQwCTUJcvEJADCMz_XCwAgMcwNFAP4oY_XgUROE3Plw_ipCSgtzQCIN0RUUARuNr4w!/dz/d5/L2dBISEvZ0FBIS9nQSEh/75.https:/climate-diplomacy.org/sites/

309、default/files/2020-10/Report-Climate-Diplomacy-Climate-Change-and-Mining.pdf 76.https:/cdn.www.gob.pe/uploads/document/file/1636762/Peru%27s%20Business%20and%20Investment%20Guide%20%28ENG%29.pdf.pdf 77.https:/ 79.https:/grupomacro.pe/macroconsult/2021/04/06/limitantes-y-retos-del-mercado-de-capitale

310、s-peruano/80.https:/ 81.https:/golab.bsg.ox.ac.uk/knowledge-bank/case-studies/ash%C3%A1ninka-dib/82.https:/golab.bsg.ox.ac.uk/documents/KIT-_DIB_report.pdf 83.https:/ Prepared by Climate Bonds Initiative.Supported by the LAGreen FundDisclaimer:The information contained in this communication does not

311、 constitute investment advice in any form,and the Climate Bonds Initiative is not an investment adviser.Any reference to a financial organisation or debt instrument,or investment product is for information purposes only.Links to external websites are for information purposes only.The Climate Bonds I

312、nitiative accepts no responsibility for the content on external websites.The Climate Bonds Initiative is not endorsing,recommending,or advising on the financial merits or otherwise of any debt instrument or investment product,and no information within this communication should be taken as such,nor s

313、hould any information in this communication be relied upon in making any investment decision.Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument.It does not reflect the credit worthiness of the selected debt instru

314、ment nor its compliance with national or international laws.A decision to invest in anything is solely yours.The Climate Bonds Initiative accepts no liability of any kind for any investment an individual or organisation makes,nor for any investment made by third parties on behalf of an individual or

315、 organisation,based in whole or in part on any information contained within this or any other Climate Bonds Initiative public communication.Authors:Iras Vazquez,Julia Ambrosano,Leisa Souza,and Raquel Bonelli Contributors:Alicia Lerner,Valeria Contreras and Marina Barki Suggested citation:Peru Sustainable Finance State of the Market 2022,Climate Bonds Initiative,September 2022 Editorial support:Caroline HarrisonDesign:Godfrey Design Published by Climate Bonds Initiative,September 2022