Funds raised were used both to cover reforestation costs and to create hundreds of green wages and jobs. On the one hand, Costa Rica aims to reach 60% of forest cover by 2030, and seedlings require ongoing care to ensure they survive and thrive. On the other hand, the socioeconomic conditions of already vulnerable communities in the northern region of the country worsened with the COVID-19 pandemic.

#Footprints4ourFuture addresses these two challenges in an integrated way. Each tree planted comes with a five-year maintenance plan to ensure its survival. This plan is implemented by local workers who plant and prune trees, improving the living conditions of vulnerable populations and providing a sustainable source of income beyond the period of the pandemic. This approach also contributes to raising local awareness and promoting community ownership of reforestation efforts.

Donors can contribute to the campaign through different packages/amounts: “My Footprint” (one tree for 15 USD), “Family Footprint” (10 trees for USD 150), “Small Business Footprint” (100 trees for USD 1,500), and “Corporate Footprint” (1,000 trees for USD 15,000). 

These packages can be purchased on the campaign’s website, that launch to a national account for FUNBAM. It is also possible to contribute by directly making bank transfers to an account in dollars or Costa Rican colones, or quickly donate using SINPE Móvil, the country’s instant mobile money transfer system. Companies and organizations, as well as Embassies made the transfer through this modality under a signed agreement with FUNBAM (the executing agency). Initially, it was also possible to donate through UNDP’s international platform, which was later removed since outreach activities were nationally focused.

Moreover, through a partnership with the corporate hardware store Ferretería EPA, customers in seven physical stores are invited to donate their spare change and complement to plant a tree, reaching those who may not have been initially aware of the campaign. 

Finally, for the 1,000-tree corporate package, meetings were arranged with potential partner companies to encourage collaboration. Embassies such as Spain, Italy and others also used this modality. 

Following the development of the legislative and regulatory framework for issuing green bonds, it was also necessary to create incentives that enhance their attractiveness for both issuers and investors. With BIOFIN’s advocacy and in close collaboration with the Working Group, two key incentives were established.  

First, investors benefit from a 15% exemption in withholding tax on green bonds listed on a Zambian exchange with a maturity of at least three years. This measure encourages investment in projects with positive environmental outcomes and accelerates resource mobilization. It also motivates potential issuers, who can expect stronger investor demand and, consequently, higher returns on their bonds.  

Second, the SEC introduced a 50% reduction in green bond registration fees in Zambia. By lowering issuance costs, this measure further strengthens the attractiveness of the market for issuers.  

Since 2018, UNDP BIOFIN has organized various capacity building workshops and provided support towards the development of the green bonds market in Zambia, engaging with key financial sector regulators. These activities have been instrumental in the formulation of the Green Bonds Guidelines and Listing Rules, and have also included targeted trainings for the SEC on the review and approval of green bond applications. 

As an example, a series of capacity-building sessions to scale up the market for green bond issuances in Zambia was delivered to members of the Working Group and other key stakeholders (e.g., investment brokers, transaction advisors, institutional investors, etc) in July 2025. The sessions covered topics such as the fundamentals of green bonds, the structuring process, and eligibility requirements.  

BIOFIN has also provided technical assistance to high-potential green bonds issuers in Zambia. In 2024, a global call was launched to offer tailored guidance for five companies or other prospective issuers. This support includes drafting green bond frameworks, identifying eligible project pipelines, liaising with investment banks, and engaging second-party opinion providers for certification. It also provides advisory services on aligning bonds with international standards, impact reporting, and market positioning.

The development of a green bonds market in Zambia is anchored in the activities of the Green Finance Mainstream Working Group, which brings together financial regulators, standard-setting bodies, development partners, and other key institutions with the objective of mainstreaming green finance into Zambia’s financial landscape. Members include the Bank of Zambia, the SEC, and the Pensions and Insurance Authority (PIA). In addition, the Working Group includes strategic participation from the Ministry of Green Economy and Environment, the Ministry of Finance and National Planning, the Zambian Institute of Chartered Accountants, and the Worldwide Fund for Nature (WWF) Zambia.  

The establishment of the Working Group provided a regular platform for collaboration among regulatory bodies, government agencies, and experts, fostering an enabling environment for the development and effective implementation of green finance solutions. Many of these solutions are multidisciplinary in nature, from legal requirements to technical expertise, and potentially could not have been developed without this collaborative effort. 

The development of legislation and regulations was the foundation for establishing a green bond market in Zambia. The 2019 Green Bonds Guidelines are the main outcome of this process and serve as the enabling regulatory framework for green bonds issuances in the country. They were officially gazetted and developed in line with the International Capital Market Association’s (ICMA) Green Bond Principles, a voluntary protocol for the issuance of green bonds.  

The Guidelines comprehensively cover the requirements for issuing green bonds, including the engagement of an independent external reviewer and the submission of a detailed, green bond framework to the Securities and Exchange Commission (SEC). This framework must explain the project selection criteria to be used, how funds will be utilized, the management of proceeds (the funds raised from selling the bonds), and how environmental objectives will be achieved. Together, these elements promote transparency, accountability, and investor confidence. 

To complement the Guideline, the Green Bonds Listing Rules were also developed, providing a detailed pathway for issuers to list green bonds on the Lusaka Securities Exchange (LuSE). They also establish procedures for evaluating the environmental credentials of green bonds and reporting impacts, contributing to an orderly market.   

Training on mangrove restoration process including development on mangrove nurseries in project sites, and on ecosystem governance equipped CBOs leaders with the skills and confidence to manage resources inclusively and effectively. This enhanced their decision-making, strengthened community participation, and contributed to the successful development of mangrove nurseries and implementation of conservation and governance solutions.