Call for Expression of Interest: Child-Lens Investing Debt Markets External Thought Partner Circle

UNICEF’s Innovative Finance Hub (IF Hub) is establishing an External Thought Partner Circle to support the development of practical guidance for integrating child-lens considerations into labelled debt instruments, including social, sustainability and sustainability-linked bonds and loans. The initiative will bring together market participants and technical experts from across the sustainable finance ecosystem to help strengthen approaches that mobilize capital for children and contribute to measurable child outcomes.

The Thought Partner Circle forms part of UNICEF's broader efforts to advance Child-Lens Investing (CLI) through practical tools, market guidance and stakeholder collaboration, with the objective of strengthening the integration of children's needs and outcomes within debt market instruments and practices.

Why integrate child considerations into sustainable debt?

The origins of the social bond market can be traced to one of the earliest bonds issued to finance programmes for children - a history that is often overlooked. The IFFIm Vaccine Bond, issued in 2006 and widely recognised as the first modern social bond, mobilized capital market financing for immunization programmes reaching children in some of the world’s poorest countries. This demonstrates how innovative finance can deliver measurable outcomes for children at scale. Since then, sustainable debt markets have grown significantly, with labelled bonds and loans financing activities that shape children’s lives across sectors, including healthcare, education, water and sanitation, social protection, and beyond.

Despite children being among the groups most affected by investment decisions, there is still no standardized guidance on how child-related considerations can be intentionally integrated, measured and reported within sustainable debt instruments. Recent developments, including CAF’s adoption of UNICEF’s Child-Lens Investing Framework and the launch of its Children and Youth Bond Programme under the LAC Future Bank initiative, demonstrate growing market interest in embedding child considerations into debt instruments.

As the market continues to evolve, there is an opportunity to build on existing standards and practices to develop more consistent approaches that help participants across both bond and loan markets identify, structure and communicate their contributions to improved outcomes for children in a credible way. This Thought Partner Circle will bring together relevant stakeholders to explore practical pathways for advancing this agenda.

About the External Thought Partner Circle

The Thought Partner Circle will provide technical input, practical market perspectives and expert feedback during the development of guidance for Child-Lens Investing in Debt Markets.

The Thought Partner Circle will support discussions and provide input on topics including, but not limited to:

• Opportunities for integrating child-lens considerations within debt market instruments and frameworks;
• Approaches for identifying and structuring child-related eligible projects, activities and financing objectives, including practical considerations related to issuance, investment, measurement, reporting and external review of such instruments;
• Potential child-related key performance indicators (KPIs), sustainability performance targets (SPTs) and impact metrics;
• Market challenges, opportunities and lessons learned from existing thematic debt instruments;
• Alignment with existing debt market frameworks, principles and market practices.
• Case studies to illustrate opportunities across different instruments and geographies.

Contributions from participants will help ensure that the guidance is practical, market-relevant and informed by real-world experience.

Who should apply?

UNICEF welcomes expressions of interest from organizations with expertise in labelled debt markets, including:

• Thematic bond issuers and thematic loan borrowers and lenders;
• Commercial, and investment banks;
• Asset managers, asset owners and institutional investors;
• International financial institutions (IFIs), multilateral development banks (MDBs), development finance institutions (DFIs) and other development partners;
• Credit rating agencies, second-party opinion providers, assurance providers and data providers;
• Industry associations and standard-setting organizations;
• International organizations, practitioners, researchers and technical experts with expertise in child rights and social finance or impact measurement, or the integration of broader social considerations into debt market instruments and frameworks.

UNICEF seeks to establish a Thought Partner Circle that reflects a balanced representation of issuers, investors, intermediaries, industry bodies, development finance institutions, technical experts and other relevant market participants, while ensuring diversity across geographies, institution types and debt market segments.

What participation involves

Selected Thought Partner Circle members will be invited to:

• Participate in up to three virtual meetings and, where needed, one bilateral interview to provide additional input;
• Review and provide feedback on draft guidance and supporting materials;
• Share market experience, case studies and practical examples where relevant;
• Contribute technical perspectives on implementation challenges, opportunities and emerging market practices;
• Provide input on draft recommendations and proposed guidance elements.

The External Thought Partner Circle is expected to commence in September 2026 and conclude its activities within approximately four months. The anticipated time commitment is approximately 10-15 hours over the duration of the Thought Partner Circle, depending on participants' level of engagement and areas of expertise, with additional opportunities for offline feedback and contributions. Selected participants will receive further information regarding meeting schedules, workplan milestones and expected contributions.

Contributors will be acknowledged in the final guidance, subject to their consent. Where relevant, participants may also be featured in case studies forming part of the final guidance or in other knowledge-sharing activities.

Participation is voluntary and does not create a commercial relationship with UNICEF.

Selection process

Expressions of interest will be assessed based on:

• Relevant technical expertise and experience;
• Experience in debt markets, sustainable finance, impact investing or related fields;
• Ability to contribute actively to discussions and review processes;
• Diversity of institutional, geographic and market perspectives;
• Overall balance of the External Thought Partner Circle composition.

To maintain an effective group size, UNICEF may not be able to accommodate all applicants.

How to express interest

Interested organizations are invited to submit an expression of interest by completing this form by 5 September 2026, 23:59 CET.

Submissions should include:

• Organization name and contact details;
• A brief description of the organization and its relevant activities;
• Name, title and short biography of the proposed representative(s);
• A brief statement of interest outlining why the organization wishes to participate and the perspective it would bring to the External Thought Partner Circle.

We look forward to working with a diverse group of organizations to advance practical guidance on Child-Lens Investing for sustainable debt markets.