Ecuador launches its second Thematic Bond Guide

Guayaquil, Ecuador, 24 April 2025 - The Guayaquil Stock Exchange (BVG), in partnership with the United Nations Development Programme’s (UNDP) Biodiversity Finance Initiative (BIOFIN), has unveiled the second edition of its Thematic Bond Guide - a strategic tool designed to accelerate the growth of sustainable finance in Ecuador’s capital markets.

This landmark launch marks a significant step toward advancing transparency, efficiency, and alignment with international best practices for thematic bond issuances in Ecuador. The Guide offers practical guidelines for issuing thematic bonds in the real economy sector, covering all steps from the initial assessment and decision-making process to the legal and financial structuring required for public offerings.

“The launch of the second thematic bond guide underscores the Guayaquil Stock Exchange’s commitment to developing and strengthening the sustainable bond market in Ecuador,” said Martha González Triviño, General Manager of BVG. “We are providing issuers and investors with the tools needed to drive an economic future that is resilient, inclusive, and aligned with global sustainability goals.”

Since 2019, Ecuador’s thematic bond market has grown steadily, with issuances reaching a cumulative total of US$926 million. Landmark examples include Banco Guayaquil’s $80 million green bond supporting energy efficiency and renewable energy projects, and Banco Bolivariano’s $80 million blue bond dedicated to ocean conservation and sustainable water management. Social bonds, such as Jardín Azuayo Credit Union’s Diversity and Inclusion Bond, have further catalyzed financial inclusion for women, youth, and vulnerable communities.

Through these initiatives, Ecuador has emerged as a regional leader in mobilizing private and public finance for sustainability, helping to advance the Sustainable Development Goals (SDGs) and biodiversity conservation objectives outlined under the Kunming-Montreal Global Biodiversity Framework.

Arturo Mora, National Coordinator of BIOFIN Ecuador, emphasized the broader significance of the initiative: “Sustainable finance is no longer a niche—it's becoming central to investment decisions. It promotes a more equitable, environmentally friendly future and drives more inclusive, resilient economies that reduce inequality gaps and create shared opportunities for people and nature alike.”

  Photo: Arturo Mora, BIOFIN Coordinador in Ecuador

About BIOFIN:

The Biodiversity Finance Initiative (BIOFIN) is a UNDP-led global program operating in over 40 countries. BIOFIN develops and implements tailored finance solutions that mobilize resources to protect biodiversity, supporting countries in achieving their biodiversity and climate goals. For more information on BIOFIN in Ecuador: https://www.biofin.org/ecuador  

For more details, please contact Arturo Mora, National Coordinator of BIOFIN in Ecuador: arturo.mora@undp.org