氨脱碳代币化指数融资专家组会议报告

Reportof the expertgroupmeetingon tokenized index financingfor ammonia decarbonization CONTENTS A.ATTENDANCE....................................................................................................................................31.Placeanddateoftheexpertgroupmeeting...................................................................................32.Attendance.....................................................................................................................................33.Agenda...........................................................................................................................................3B.OUTLINEOFPROCEEDINGS...........................................................................................................31.Openingofthemeeting..................................................................................................................32.Overviewandpresentationofthestudy.........................................................................................43.Discussion......................................................................................................................................44.Closingremarks.............................................................................................................................6AnnexI Listofparticipants.........................................................................................................................7 A.ATTENDANCE 1.Placeanddateoftheexpert groupmeeting 1.TheEconomic Commission for Latin America and the Caribbean(ECLAC)subregionalheadquarters for the Caribbean convened avirtualexpert group meeting to discuss the findings of the studytitled“Tokenized index financing for ammonia decarbonization”on Thursday26 March 2026.The meetingwas the third and final installment of a three-part series on innovative financing mechanisms for the Caribbean. 2.Attendance 2.Representatives from the following institutions participated in the meeting:the Department ofEnvironment, Antigua and Barbuda; the Ministry of Agriculture, Food Security and New GrowthIndustries, Belize; the Ministry of Agriculture, Lands, Forestry, Fisheries and Cooperatives, Grenada;and the University of the West Indies.Additional participants includedarepresentative of the private sectorandconsultants. 3.The meeting was chaired by the Economic Affairs Officer of the Economic Development Unit,ECLAC subregional headquarters for the Caribbean. 3.Agenda •Welcome remarks and introductionJabari Fraser,CoordinatoroftheStrategic Outreach Unit, ECLAC subregional headquarters forthe Caribbean(on behalf of the Director)•Overview and presentation of the studySheldon McLean,Coordinator of theEconomic Development Unit,ECLAC subregional headquarters for the Caribbean•Panel presentations and plenary discussionoPanellists:▪Vanus James,Economist and Policy Expert▪Angus Friday,Development and Competitiveness Specialist▪Martin Franklin,Economist▪Diann Black-Layne,Director,Department of Environment, Antigua and Barbuda▪Don Charles,consultant•Closure of the meeting–Sheldon McLean,Coordinatorof the Economic Development Unit,ECLAC subregional headquarters for the Caribbean B.OUTLINEOFPROCEEDINGS 1.Openingofthemeeting 4.TheCoordinator of the Strategic Outreach Unit, ECLAC subregional headquarters for theCaribbean, opened the meeting by welcoming the guests. He went on to highlight the importance of thepaper and expressed the hope that the study was preliminary to a more extensive research agenda in thearea being discussed. 2.Overviewandpresentationofthestudy 5.TheCoordinatorof the Economic Development Unit presented the main findings of the study. Henoted that ammonia production is one of the most carbon-intensive industrial processes, emitting between2 and 4.6tonsof CO₂ equivalent pertonof ammonia produced, comparable to steel and cement. Ammoniais vital for global food production (supporting nearly half of global food production) and is also beingexplored as a hydrogen carrier and for long-duration energy storage, making its decarbonization critical forboth agriculture and future energy systems. 6.The study compares two technological pathways: blue ammonia (conventional steam methanereforming with carbon capture, utilization and storage) and green ammonia (water electrolysis usingrenewable energy to produce hydrogen). Blue ammonia reduces emissions but still relies on fossil fuels;green ammonia can reduce emissions to near zero if powered by renewable energy. Both pathways requirelarge-scale capital investments. 7.To finance the transition, the study proposes atokenized index green bond. The coupon rate islinked to the spot price of ammonia, creating a dynamic incentive structure: when ammonia prices rise,coupon yields increase. Tokenization, using distributed ledger technology, allows fractional ownership,lowering entry barriers for small investors and enhancing transparency. The study also presents afo