Latin America is estimated to be the world’s largest developing issuer of new ESG debt. BNP Paribas SA, one of the largest underwriters of ESG (Environmental, Social and Governance)-linked bonds, projects USD 880 billion in green bond sales worldwide, including USD 265 billion from emerging markets in 2022. Around 40% of all Latin American bond issues in 2021 have some form of ESG linkage, and Chile expects to be the largest emitter in South America next year, selling about USD 8 billion green-bonds.