Climate Investment Funds Capital Markets Mechanism (CCMM) has won this award for its new green bond structural design. This innovative structure converts long-dated concessional repayments into immediate, investment-grade capital for climate action in developing countries.

The design monetises Clean Technology Fund (CTF) loan reflows into near-term, investment-grade capital, providing climate finance today through a $500 million, three-year inaugural bond listed on the London Stock Exchange's International Securities Market. The CTF provides low-cost finance for low-carbon technologies in developing countries.

Net proceeds are paid to the World Bank, as CTF Trustee and CCMM Treasury Manager, to support frontloading of CTF's investments in developing countries, including renewable energy generation and system integration, coal transition, industry decarbonisation, energy efficiency, sustainable transport, and green supply chains.

The innovative structure of this green bond provides a template for accessing capital markets while ensuring environmental action and providing transparency.