2022-10-18-亚开行-亚开行-老挝人民民主共和国绿色债券市场调查_机构投资者和承销商的视角（英）_30页_10mb

报告摘要

The green bond market in the Lao People’s Democratic Republic (Lao PDR) is in its early stages of development, with limited institutional awareness and resources.
Key sectors identified for growth include renewable energy and sustainable agriculture, based on survey inputs from institutional investors and underwriters.

Interest & Investment: Around 60% of institutional investors expressed interest in exploring green bond investments, though 30% were not interested at the time. Very few (10%) were actively developing investment plans.
Motivations: Primary drivers included enhancing a green organizational image, diversifying portfolios, and transparency in investments. Generating higher returns was considered less feasible due to the market’s infancy.
Obstacles: Lack of policy guidance, insufficient internal resources, and unclear benefits compared to conventional bonds were the top barriers.
Investment Size: Most investors preferred transactions under $10 million.

Issuance Interest: Approximately 80% of underwriters reported client interest in issuing green bonds, but resource constraints hinder progress.
Motivations: Issuers seek green bonds to attract new investors, improve corporate disclosure, and enhance their environmental image.
Obstacles: The main barriers were the absence of clear policy guidance, lack of resources for developing new products, and unclear advantages over conventional bonds.

Policy & Regulation: The absence of regulatory frameworks (especially a clear green taxonomy) is a major impediment. Development partners, including the Asian Development Bank, are urged to support policy clarity and capacity building.
Capacity Building: Training for deal teams, corporate chief financial officers (CFOs), and board members on green bond principles is critical.
Sectoral Focus: Renewable energy, clean transportation, energy efficiency, and sustainable agriculture are areas with high growth potential for green bond issuance.

Technical assistance and capacity building support from development partners, such as the Asian Development Bank, is essential for market growth.
Establishing a centralized information platform and tax incentives for issuers and investors could significantly boost market participation.

Prioritize enhancing policy clarity and regulatory guidance from both the government and financial authorities.
Conduct capacity-building programs for issuers, investors, and market intermediaries.
Develop a cfm_green_taxonomy and align it with regional frameworks for Asia and the Pacific.
Promote partnerships between development banks and local corporations to accelerate sustainable finance initiatives.

The market requires targeted support to overcome resource limitations, policy ambiguity, and knowledge gaps.
The Lao PDR’s early-stage market could benefit significantly from technical assistance and regional collaboration under the ASEAN+3 Asian Bond Markets Initiative.

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