The report provides analysis and recommendations to support the growth of the sustainable finance market in the region. The previous update on this market was published in September 2021, and at the end of June that year Climate Bonds had recorded GSS+ debt volume of USD48.6bn originating from the region. By the end of 2022, the LAC GSS+ market had reached USD154.1bn.
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The report has been authored by ASEAN Centre for Energy. The key objectives of the roadmap are: to identify progress and issues in attracting investments and sustainable financing for energy infrastructure and technologies in ASEAN and to identify key priority areas and actions in building up regional capabilities on clean energy investments.
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After two-and-bit weeks of negotiations, the outcome of COP27 includes some firm steps forward on climate action. A historic loss and damage fund for responding to escalating climate impacts, renewable energy singled out as the route to addressing the energy crisis, and strong calls to reform international finance institutions to unlock more finance and fiscal space for climate action – along the lines of Barbadian PM Mottley’s Bridgetown Initiative – demonstrate climate collaboration in the face of turbulent geopolitics.
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This report, part of the State of Climate Finance in Africa series, provides a deep dive analysis of tracked climate finance in Nigeria in 2019/2020. While data gaps limit a fully comprehensive assessment, the key purpose of this case study is to inform and facilitate discussions among policymakers and public and private financiers, identifying gaps and opportunities for scaling climate finance in Nigeria.
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This paper “Climate Finance for Just Transitions: Building Low-Carbon Development Pathways in an Age of US-China Rivalry” by the Nicholas Institute for Energy, Environment & Sustainability investigates challenges throughout the international climate finance landscape and recommends pathways for how investments into low- and middle-income countries (LMICs) can more effectively drive low-carbon development.
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The passage of the Inflation Reduction Act (IRA) is a long-overdue step toward establishing a national green bank that will unleash tens of billions of public and private dollars for investment in clean energy and climate-resilient infrastructure in underserved communities. In addition to supporting economic development, these investments will reduce air pollution and improve the health and safety of communities.
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A green taxonomy is a list that classifies all business activities based on their contribution to environmental aims and thresholds. Launched in January 2022, Indonesia’s Green Taxonomy 1.0 has been designed mainly as a guidance, rather than a mandatory instrument. This, however, may expand in the future, for example, through mandatory disclosures of taxonomy-relevant investment portfolios.
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In the wake of the COVID-19 pandemic, Kenya has embarked on a low carbon, resilient recovery plan. A study from GNIplus that tracked climate finance flows in Kenya revealed that only one third of needed annual climate finance flowed to climate-related investments in 2018. Of that, 80% of the climate finance tracked flowed mostly to mitigation sectors such as energy.
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Energy transition investment follows familiar patterns in global capital markets. Last year, energy transition and climate tech (renewable energy, energy storage, electrified vehicles and heating, hydrogen, nuclear power, sustainable materials and the carbon capture) attracted more than $900 billion. Energy transition investment alone reached $755 billion, up by a quarter over 2020 investment, double what was invested in 2015, and a more than 20-fold increase since 2004.
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EverSource Capital (EverSource) announced the final close of Green Growth Equity Fund (GGEF), reportedly India’s largest climate impact fund, at $741 million. The GGEF becomes one of the largest single-country funds focused on climate change, mitigation, and adaptation in emerging markets. It was formed with an anchor investment from India’s National Investment and Infrastructure Fund and the Foreign, Commonwealth and Development Office of the United Kingdom’s government.
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We must confront the uncomfortable truth that our region is a source of more than 50 per cent of annual global greenhouse gas emissions. It is clear that bold and urgent action is needed to combat the great challenges we face. For this, we must implement new and innovative policy solutions to ensure green, inclusive, and sustainable development. We have been stepping up our climate financing. We raised our ambition to provide 100 billion dollars in cumulative climate finance between 2019 and 2030.
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This report is a first “how-to” guide for central banks on producing their own climate-related disclosures. The guide takes, as its starting point, the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). The focus of the guide is on climate-related financial exposures.
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Overall, the majority of climate finance (61%, USD 384 billion) was raised as debt, of which 12% was low-cost or concessional. High shares of domestic flows dominated in Western Europe, US & Canada, and East Asia & Pacific, accounting for 76% of the global flows while, inversely, a higher share of international finance was observed in the developing regions of Sub-Saharan Africa and South Asia.
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The Build Back Better Act contains the heart of President Biden’s domestic agenda, including over $500 billion in climate and clean energy provisions that are necessary for the U.S. to meet its climate goals. While the fight for the Build Back Better Act is not over, we also must ensure that existing federal funds are put to the best decarbonization uses possible. In November, President Biden signed the $1.2 trillion Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law.
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It’s clear that the most important development from COP was the launch of the Glasgow Financial Alliance for Net-Zero (GFANZ), representing 450 organisations with some USD130 trillion of assets under management. 40% global assets are now committed to the transition. For a sense of scale, global GDP last year was USD85 trillion.
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We’ve reached the strongest global consensus yet that fossil fuels must be phased out. But as youth activists remind us, the seas are still rising. No single gathering, no final accord, is going to end the climate crisis. As international climate talks wind down in Glasgow, though, the world is moving forward on three vital fronts, even as each reveals anew how much further we must go.
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Taking the Pulse shines a light on both the volume and type of capital – debt, equity, grants and affordability gap financing – challenges to achieving universal access and recommendations on actions required to achieve SDG7. This Policy Brief is based on Taking the Pulse analysis for Vietnam.
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The additional public investment need required to meet the European Union’s climate goals is between 0.5 percent and 1 percent of GDP annually during this decade. Increasing green public investment while consolidating deficits will be a major challenge. While simulations show that budget consolidation can be done at a moderate pace in line with EU rules if those rules are interpreted flexibly, past consolidation episodes resulted in major public investment cuts.
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This paper shows the substantial variation in the price responsiveness of emissions across sectors and thus prices implied by sectoral targets. It proposes various measures to help Germany meet emissions targets with greater certainty and cost effectiveness. The paper also studies the distributional impact of higher carbon pricing and suggests that reducing social security contributions can mitigate the regressive direct impact of higher carbon pricing on lower income households.
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While climate change is primarily caused by emissions from large advanced and emerging market economies, the Pacific islands are among those most heavily impacted by the adverse effects of climate change. This departmental paper by International Monetary Fund provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.
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