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Lesson
The sustainability of project outcomes is closely linked to the commitment and ability of the EA and IAs to provide funding for continued operations after project completion. This commitment is largely in place with the one main concern relating to the Climate Change Trust Fund (CCTF). Having an experienced fund manager to assist the CCTF board and secretariat in managing and operationalizing the CCTF, while the project was still ongoing, would have been beneficial.

Project Number: 46351-002
Project Name: Climate Resilience Sector Project
Report Date:
Lesson
Failing to describe and include the history of prior experience of a particular reform in the program weakens the case for their relevance. In Tonga, civil service reform had an extended history. Pointing out the lessons learned from earlier efforts and how they were incorporated into the current program would have strengthened the justification for these reforms.

Project Number: 52030-001
Project Name: Strengthening Macroeconomic Resilience Program
Report Date:
Lesson
Based on further information provided by ERCD, understanding the additional costs (beyond external review fees) would help in identifying the reasons why there was no second-round issuance (which affects reputation if green status is lost) even though issuers have already invested heavily to establish proper internal system to monitor use of proceeds and provide post-issuance reporting.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
The way the lesson was formulated in the TCR could be improved (it is stated more like an issue rather than lesson learned). But lessons can be inferred that addressing reputational risk and additional costs for meeting green bonds requirements, ensuring a certain level of market maturity, and establishing clear regulations by market regulators are necessary conditions to the successful attainment of the TA objectives.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
There are concerns on the additional costs associated with green bond issuances, as well as reputational risk if their bonds lose their green status

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
Furthermore, clear regulatory guidance from relevant market regulators are seen as key to promote sustainable finance in ASEAN+3.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
They also identified a lack of local currency green bond issues and the absence of investors with responsible investment mandates as reasons for the immaturity of green bond markets.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date: