Uruguay SLB update after latest reporting

The first KPI tracks emissions intensity relative to a 1990 baseline. The most recent data shows a 48% reduction — a -2% year-on-year trend that, if maintained, would meet the 50% base target and avoid a 15bps step-up.

The second KPI measures native forest area against a 2012 baseline, updated only every four years with a one-year lag. No new data was available in May 2026; AFII maintains prior estimates of 25% chance of missing the lower target and 40% chance of achieving the stretch.

AFII's updated illustrative option value stands at 1.2bps running, down from 5.0bps, reflecting the shorter remaining maturity and improved emissions trajectory.

About the authors

Josephine Richardson

Managing Director, Head of Research

Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.

Jonas David

Research Director

Based in London, Jonas researches the role of fixed income markets in the climate transition, focusing on key sectors, sovereigns and development finance. He previously worked in emerging markets fixed income at Morgan Stanley Investment Management and UBS.