This is where gender inclusion becomes critical. While everyone deserves a seat at the table, women in rural Zambia face the toughest barriers. They are the backbone of food production, water management, and household energy use, some of the very sectors green bonds aim to transform. Yet, they often lack access to land, finance, decision-making power, and climate information.

At the same time, some groups of men such as the aged or those in remote areas also experience exclusion and vulnerability. Green bonds that are intentionally designed to be gender-responsive can help address both women’s and men’s needs, while focusing efforts where the gaps are widest.

Studies show that globally, only about one-third of climate-related funding explicitly targets women. In fact, less than 2% of climate finance treats gender equality as a principal objective, as indicated by OECD data. In Zambia, the story is similar: women make up roughly 70% of the agricultural labour force but receive less than 10% of extension services and credit facilities, according to reports from the World Bank and FAO. Without recognising and addressing these realities, green bonds risk reinforcing rather than reducing existing inequalities.

Other countries offer inspiring examples of how to close this gap. In South Africa, some financial institutions have started piloting green plus gender bonds, funding environmental projects while setting clear targets for women’s participation and benefits. Kenya is also making progress, tying gender-responsive green finance into national budgeting systems to ensure investments reach women-led businesses and community groups.

Fortunately, Zambia already has strong policies to guide this journey. The National Gender Policy (2023) calls for gender-responsive financing across sectors. The Climate Change Gender Action Plan includes specific measures to integrate gender in adaptation and mitigation efforts, while regulators such as the Pensions and Insurance Authority (PIA) are developing Gender Mainstreaming Strategies to boost financial inclusion for both women and men and on the other hand, BIOFIN Zambia is working tirelessly to bring all this together, helping regulators, issuers, and communities design green bonds that benefit not only ecosystems but also people. For instance, following the gazetting of the Banking and Financial Services (Green Loans) Guidelines, 2023, UNDP through the Nationally Determined Contributions Partnership Action Fund (NDC PAF) is supporting the Bank of Zambia (BoZ) to mainstream gender into these guidelines.