Cities in the Majority World face a widening climate investment gap that is often attributed to the absence of suitable financing instruments. Green bonds promise to mobilise private capital for low-carbon urban infrastructure, yet they have diffused unevenly, leaving the economies with the greatest needs at the market’s margins. This study asks whether macroeconomic constraints—the cost of finance, monetary instability, and public indebtedness—systematically shape green bond issuance across emerging and developing economies […]