| Summary: |
This article aims to follow up on the efforts to make a case for critical study of green bonds and, more generally, market-based financing of sustainability of forests. The article introduces the instrument of forest bonds and explores cases of projects in Brazil, Kenya, and Thailand that led to adverse socio-ecological outcomes. By presenting critical secondary evidence through the lens of two opposing theoretical views on market-based financing of nature, the article elaborates on problematic characteristics of the forest bond market. Lastly, it elaborates on recent market and regulatory initiatives that aim to face those issues and explores alternative ways of financing.
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