CBI Certified Bonds in LATAM
Source Metadata
| Field | Value |
|---|---|
| source | cbi |
| source_version | CBI Taxonomy (current) |
| source_id | CBI-LAT-003 |
| cbi_sector | LATAM Focus |
| bond_eligible | Y |
| mitigation | Y |
| adaptation | Y |
| last_checked | 2026-05-26 |
CBI Sector Criteria
This page catalogs CBI-certified green bond issuances in Latin America. CBI certification requires meeting the Climate Bonds Standard (currently V4.3) and applicable sector criteria, with pre- and post-issuance verification by an approved third-party verifier. CBI-certified bonds carry the Climate Bonds Certification Mark, signaling to investors that the instrument has been independently verified against science-based criteria aligned with Paris Agreement goals.
Eligible Activities & Assets
Key CBI-certified issuances in LATAM include: Bancolombia (Colombia's first CBI-certified bond, financing green building and energy efficiency loans); Santiago Metro (Chile, financing fleet electrification and line extensions); BNDES (Brazil, financing renewable energy projects); Suzano (Brazil, sustainable forestry); Davivienda (Colombia, green mortgage portfolio); and numerous IDB and CAF multilateral issuances with LATAM project allocations. Sovereign issuers include Chile, Colombia, and Mexico with certified frameworks.
Certification Process
LATAM issuers typically engage one of the CBI-approved verifiers active in the region, including Sustainalytics, CICERO, DNV, and local verification firms. The certification process involves: framework development aligned with CBI criteria; pre-issuance verification confirming eligible project categories; bond issuance and proceeds allocation; and annual post-issuance reporting with verifier review. IDB's technical assistance program has reduced certification costs for emerging LATAM issuers.
LATAM Market Context
The CBI Certified Climate Bonds database tracks all certified issuances globally. LATAM's certified bond volume has grown steadily, with 27% of regional green bond issuers choosing CBI certification. Chile leads in certified sovereign issuance, while Colombia and Brazil lead in corporate certified issuance. The certification premium (tighter pricing for certified bonds) has been documented in LATAM markets, providing a financial incentive for issuers to pursue CBI verification.
Colombia Green Finance Taxonomy Alignment
Colombia's CBI-certified bonds demonstrate strong TVC alignment. Bancolombia's certified green bond allocated proceeds to TVC-eligible activities in buildings and energy. Davivienda's certified issuance financed green mortgages meeting TVC housing criteria. The Colombian sovereign green bond framework references both CBI criteria and TVC eligibility, creating a dual-compliant structure that maximizes investor confidence and regulatory compliance.
Origo Crosswalk
This page serves as a transaction-level reference across the Cleantech Taxonomy. Individual certified bonds are mapped to their primary Origo sectors: ES (Energy) for renewable energy bonds, TR (Transport) for transit bonds, BU (Buildings) for green building portfolios, AF (AFOLU) for forestry bonds, and XS (Cross-Sectoral) for multi-sector sovereign frameworks.