This paper utilizes a climate justice perspective to examine municipal green bonds (MGBs), a green-labelled debt instrument issued by subnational governmental entities, such as municipalities or cities, that determines financial, social and environmental redistributions in the context of climate change. This analysis focuses on the origins and financial construction of MGBs as the “descendant” of US municipal bonds and provides data on their recent diffusion in Africa and Latin America. It then draws connections with the lessons learned from critical analyses of US municipal bonds. The case study section explores one wastewater MGB of San Francisco (California) and creates material and theoretical connections with MGBs issued to finance water infrastructure in Mexico City (Mexico) and Cape Town (South Africa). The article concludes that the analysis and implementation of municipal green bonds needs a climate justice approach in order to recognize and address the production and reproduction of climate injustices.

中文翻译：

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非洲和拉丁美洲市政绿色债券的激增：需要采取气候正义方法

本文利用气候正义的视角来研究市政绿色债券（MGB），这是一种由地方政府实体（例如直辖市或城市）发行的绿色标签债务工具，决定气候变化背景下的金融、社会和环境再分配。本分析重点关注作为美国市政债券“后裔”的 MGB 的起源和金融结构，并提供有关其最近在非洲和拉丁美洲扩散的数据。然后，它与对美国市政债券的批判性分析中吸取的经验教训联系起来。案例研究部分探讨了旧金山（加利福尼亚州）的一个废水 MGB，并与墨西哥城（墨西哥）和开普敦（南非）为资助水基础设施而发行的 MGB 建立了材料和理论联系。文章的结论是，市政绿色债券的分析和实施需要采取气候正义的方法，以认识和解决气候不公正的产生和再生产。