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The specific risk concern will differ by country and by project. For example, the concerns of larger developing countries with capital markets but low credit ratings despite high renewables potential may well be different from those of smaller developed countries and very low credit ratings and no capital markets to speak of, and of course different again from developed countries. Furthermore, it is important to distinguish sourcing issues associated with smaller initiatives as compared to huge projects. Part of the problem of scale in any one place also concerns the geographical aspects of asset allocation by pension funds (though green bonds issued by international actors that blend geographic spread can help). The challenging question is whether there would be a growth in systemic domestic risk if they invested at scale – which leads to the currently hot debate in some countries as to the level of sovereign guarantee that makes sense by the „recipient‟ country.