More for Less: Scaling Sustainability-linked Sovereign Debt

March 31, 2023

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‘More for less’ demonstrates how a viable market for sustainability-linked debt can address the triple challenge of public debt distress, climate shocks and nature degradation. The paper charts out building blocks, use cases and pathways to rapidly scale this innovative financing instrument and deliver on its potential upsides. Barriers to achieving scale are also addressed, from data and technology shortfalls to restrictive accounting practices and coordination failures among key stakeholders. As a way forward, the paper calls for coordinated, ambitious interventions by key stakeholders across the sustainable sovereign financing universe.


  • The Crisis in Sovereign Financing
  • Building Blocks and Use Cases of Sustainability-linked Sovereign Debt
  • Scaling Pathways
  • Sizing the Price
  • Barriers to Scale


  1. Scale up the provision of credit enhancement for lower-rated sovereigns
  2. Embed SLSD into long-term climate/nature finance initiatives
  3. Harmonise KPIs and standardise SPB frameworks to accelerate go-to-market
  4. Build capacity to set up DMOs for success
  5. Establish enabling regulation and build market infrastructure
  6. Embed sustainability into fiscal rules and fiscal responsibility framework
  7. Integrate nature-based solutions into SLSD structures

Contact and more information

Suggestions or comments can be emailed to the author, Arend Kulenkampff:

For media and communications, please contact Ceandra Faria:

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