The sustainable finance markets in Latin America are developing rapidly, and Sandra Carrillo Hoyos, an ESG and sustainable finance consulting partner with ERM, talks with us about the opportunities for scaling the sustainable finance markets in this area.

Paul Ellis: Sandra, give us your perspective on what opportunities exist today for scaling the sustainable finance markets and connecting climate mitigation ambitions with some of the employment and social gaps in these economies.

Sandra Carrillo Hoyos: Latin America has evolved from an approach of completing environmental and social requirements for major projects funded by multilateral banks to developing sustainable finance instruments conceived to create a positive green or social impact, not only to mitigate negative ones.

At the beginning it was very focused on renewable energy, but nowadays industries such as construction, real estate, water management, cement, mining, forestry and others that were really far away from this approach are applying sustainable finance instruments to fund specific projects or scale their impact.

In some topics that are so relevant for the region, such as gender empowerment, we have been leading the work in gender-based financial instruments 

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