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OECD .1
FinancingClimate Change Action
POLICY PERSPECTIVES
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In the interest of the next
generation, we simply cannot
afford to put climate change on
the back burner unlike the
financial crisis, we do not havea climate bailout option up our
sleeves.
Angel Gurra, OECD Secretary-General
2 . FINANCING CLIMATE CHANGE ACTION
November 2014
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OECD .3
FINANCINGClimate Change Action
1. Scale up climate financeflows and shift investmentto support green growth
2. Strengthen domestic policyframeworks in support oflow-carbon and climate-resilient infrastructureinvestment
3. Ensure adequate financingfor adaptation
4. Track climate financeflows to and in developingcountries to build trustthrough transparency andaccountability
Key challenges:
POLICYPERSPECTIVES
Successfully tackling climate changerequires urgent policy action acrosscountries to scale-up and shift publicand private sector investmentstowards low-carbon, climate-resilientinfrastructure. An integrated frameworkwith clear and stable climate policies,sound investment policies and targetedfinancial tools and instruments isessential to overcome barriers to privatesector investments and address marketfailures. Scaling up climate finance to
developing countries is a priority. Thiswill require strengthened measurement,reporting and verification (MRV) systemsto raise accountability and transparency,and improved country systems to useclimate finance effectively. The OECDis assisting countries in their domesticand international efforts to mobilise andtrack climate finance to ensure a smoothtransition to a low-carbon, climate-resilient economy and greener growth.
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Because infrastructure has long
operational life, infrastructure
investment decisions must be placed
at the centre of efforts to tackle climate
change. Choices made today about
types, features and location of new and
renovated infrastructure will lock in
future levels of emissions and determine
the extent and impact of climate change.
For example, solar and wind power
facilities, smart grids, demand-sidemanagement, floodplain levees and
coastal protection, road-side drainage
designed for increased precipitation, and
retrofitting buildings for energy efficiency
help to mitigate or adapt to climate
change, or to do both. Such investments
in low-carbon, climate-resilient (LCR)
infrastructure that are compatible with
meeting the 2-degree Celsius climate
change goal may come at an extra cost,
but this increment is just a fraction of
the finance needed for infrastructure
overall, and costs will be offset to a
significant extent by fuel savings and
health benefits. Such investments could
also help governments avoid large costs
of inaction in the long term (OECD,
2012a). There is an opportunity and
urgency to build more of the right type
of infrastructure. To do this, we need to
find ways to shift the investments being
made now from carbon-intensive to
low-carbon infrastructure, and do this
at scale.
Irrespective of climate change,
investment in infrastructure in the
coming years needs to be scaled up
significantly to support the broader
economic growth and development
agenda. In OECD countries, many
infrastructure networks for water,electricity and transport are in need
of replacement and upgrading. In
developing countries, partly due to
rapid urbanisation, a major part of the
infrastructure stock required to meet
development goals is yet to be built.
In the face of growing infrastructure
needs and fiscal constraints, such
transformational change will require
large-scale private investments. The
domestic public sector plays and will
continue to play the leading role to
guide and jump start investment
when needed. Public engagement
should aim to address key market
failures and externalities as well as
delivery of public goods, e.g. investment
in power grids to enable growth in
new renewable energy sources. But
achieving LCR development will require
large-scale private sector engagement.
Limited public financing should be used
as a time-bound catalyst to leverage
private investments and to target cost-
effective activities unlikely to attract
sufficient private funding on their own,
such as capacity building, education
and training, and technology research
and development.
4 . FINANCING CLIMATE CHANGE ACTION
Scale up climate finance flows and shift investmentto support green growth
Mobilise and shift public and private sources of investment
1
Barriers to private investment in green infrastructure
Domestic and international private investment in green infrastructure is still seriously constrained by market failures
and specific investment barriers. Barriers to private investments in infrastructure projects include high upfront capital
costs and unattractive risk-return profiles. Country-specific risks may also limit the attractiveness of such investments.
In addition to traditional infrastructure challenges, green infrastructure projects have to deal with specific barriers that
limit engagement of the investment community. This includes a weak or partial environmental policy backdrop that fails
to sufficiently price pollution, renders clean infrastructure projects less competitive than polluting projects, introduces
regulatory risk, and raises uncertainty for private investors, e.g. sudden or retroactive change to support systems along
with a lack of certainty on climate policies. Other barriers to investment include a lack of investor familiarity and expertise
with green infrastructure projects, and limited information on project risks and returns. Finally, appropriately-structured
financing instruments such as green bonds and funds need to be developed to provide the risk-adjusted return profile
that private investors expect.
OECD work also shows that international investment in green energy is impeded by rising international trade and
investment restrictions, e.g. through the use of local content requirements in solar photovoltaic (PV) and wind energy
(OECD, 2015 forthcoming).
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In an important step forward to scaling
up financing for climate change action,
the Cancn Agreements called ondeveloped countries to provide new
and additional resources for developing
countries:
USD 30 billion fast start financing
over 2010-12.
A longer-term goal of USD 100
billion per year by 2020 to come
from public and private sources.
North-South finance flows formitigation still represent a fraction of
the total finance flows in the emitting
sectors. In the 2009-10 period, aggregate
North-South flows for mitigation and
adaptation are estimated in the range
of USD 70 to 120 billion annually
(Clapp et al., 2012). This is mainly
from private sources (i.e. foreign direct
investment (FDI), other private flows
and investment, and finance flows
associated with the carbon market).
While there is still no formal agreement
on what to count as climate finance
under the United Nations Framework
Convention on Climate Change
(UNFCCC) targets, the magnitude of the
different flows suggests that private
finance will play a critical role in the
future (Clapp et al., 2012; World Bank/
IMF/OECD/RDBs, 2011). Mobilising
private sector investment is clearly
essential to successfully tackling
climate change.
OECD .5
Scale-up climatefinance flows todeveloping countries
Removing fossil-fuel subsidies
Removing fossil-fuel subsidies has the potential to lower the global cost of reducing GHG emissions, and improve countries
fiscal outlooks through reduced public expenditure and increased tax revenues. Subsidy removal would help shift the economy
away from carbon-intensive activities, encourage energy efficiency, and promote the development and diffusion of low-carbon
technologies and renewable energy sources. Fossil-fuel consumption subsidies amounted to USD 550 billion in 2013 in
emerging and developing economies, while support for fossil-fuel production and consumption in OECD countries amounted
to an estimated USD 55-90 billion per annum in recent years. Phasing out fossil-fuel subsidies can pave the way for carbon-
pricing policies by helping to get the prices right. However, subsidy reform is politically challenging and can in some cases have
negative impacts on low-income households who spend a higher share of their income on energy products. Subsidy reforms
must be implemented carefully to ensure that any negative impacts on household affordability are mitigated through appropriate
measures , e.g. means-tested social safety net programmes. To achieve intended social benefits, it is preferable to target the
support directly at those who most need it, rather than to maintain an across-the-board subsidy to all. Reforms should also becarefully sequenced and phased-in with advance notice to allow businesses and consumers to adapt to the new market prices.
Sources: OECD (2013b; 2012b; 2011); IEA, OECD, OPEC and World Bank (2011, 2010); IEA (2014, 2011).
POLICYPERSPECTIVES
Recent OECD analysis shows that both
bilateral and multilateral external
development finance has a positive andsignificant effect in mobilising private
finance flows to developing countries,
with a higher effect on domestic than
on international flows. These results
are robust across different models
and estimation approaches. The
analysis suggests that the effect of
multilateral public finance is greater
on the decision whether to invest at all
than on the volume of investment once
the decision to invest is taken (Hacic
et al., 2014). It also shows that raisingthe ambition of domestic policies in
developing countries to incentivise
renewable energy investment, such as
through feed-in tariffs and renewable
energy quotas, will be vital to attracting
private investment at scale to achieve
low-carbon goals.
External official development finance
operates on at least two levels to
support green investment: i) to directly
attract private co-financing and
investment for green infrastructure;and ii) to work with middle-income
country governments to support policy
reform processes and build local
capacity and conditions so as to make
green investment viable in the longer
term (OECD, 2013a). Delivered through
bilateral or multilateral development
co-operation channels, external official
development finance often has a
catalytic role in shifting and scaling up
green investment.
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Governments have a central roleto play to mobilise capital to LCRinfrastructure in the establishment
of reform agendas that deliverinvestment grade policies. Toaddress barriers to LCR infrastructure
investment, climate change policiesand their effectiveness need to beconsidered in a broader national
policy context, including the enabling
environment for investment and
development. The OECD has developed
elements of a green investment policy
framework to help governments
create and improve domestic enabling
conditions to shift and scale up
private sector investments in green
infrastructure (Corfee-Morlot et al., 2012;
see Figure 1). This policy framework can
guide domestic reforms to steer use of
limited public funds while also enabling
and incentivising private investment to
simultaneously deliver climate changeand local development goals.
The proposed approach towards a green
investment policy framework consists of
five elements (see Figure 1):
(1) Setting goals and aligning policies
across and within levels of
government. This includes: clear,
long-term vision and targets for
infrastructure and climate change;
and policy alignment and multi-levelgovernance, including stakeholder
engagement.
(2) Reforming policies to enable
investment and strengthen market
incentives for LCR infrastructure
investment. This includes: sound
investment policies to create open
and competitive markets; and
market-based and regulatory policies
to put a price on carbon, remove
fossil-fuel subsidies and correct
market failures.
6 . FINANCING CLIMATE CHANGE ACTION
Strengthen domestic policy frameworks in support ofgreen infrastructure investment
Integrate climate and investment policiesthrough a green investment policy framework
Figure 1.Towards a Policy Framework for Green Investment
2
(3) Establishing specific financial
policies, regulations, tools
and instruments that provide
transitional support for new green
technologies. These include:
financial reforms to support long-
term investment and insurance
markets; innovative financial
mechanisms to reduce risk or
increase market liquidity; andtransitional direct support for LCR
investment.
(4) Harnessing resources and building
capacity. This includes R&D for
green technology; human and
institutional capacity building to
support LCR innovation; monitoring
and enforcement; and climate risk
and vulnerability assessment.
(5) Promoting green business and
consumer behaviour. This includesinformation policies, corporate
reporting and consumer awareness
programmes, and public outreach.
In a series of case studies, the elementsof the policy framework have been
applied in different sectors and country
contexts. Although the elements of
good practice for an integrated climate-
investment policy framework are likely
to be similar for all countries and sectors,
country contexts do matter. Policy mixes
and design will need to be tailored to the
strategic priorities and needs of sectors
and actors within unique national
circumstances. The OECD is currently
identifying lessons learned from case
studies, drawing connections to other
OECD work on policy frameworks
to promote green infrastructure
investment, and developing tailored
guidance to scale-up private sector
investments in specific infrastructure
sectors and country contexts. The
policy framework report will also draw
lessons from a forthcoming case study
jointly undertaken by the OECD and
CDC Climat Research (Cochran et al.,
2014 forthcoming), which analyses the
role of five Public Finance Institutions(PFIs) in fostering the low-carbon energy
transition through domestic climate
finance activities.
Source: Corfee-Morlot et al., 2012.
1. Strategic goal setting
and policy alignment
2. Enabling policies
and incentives for
LCR investment
3. Financial policies and
instruments
4. Harness
resources andbuild capacity
for an LCR
economy
5. Promote green
business andconsumer
behaviour
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Traditional sources of private capital
such as banks have increasing
constraints on their ability to support
long-term investments due to
financial turbulence, deleveraging and
impending financial regulations such
as Basel III and Solvency II. In this
context, institutional investors such as
pension funds, insurance companies
and sovereign wealth funds could play
a key role in financing the transition
to a low-carbon economy. In 2013,
institutional investors managed USD
87 trillion in assets in OECD countries,
including USD 24 trillion from pension
funds (which received USD 2 trillion
in annual flows) and USD 26 trillion
from insurance companies. However,only 1% of large pension fund assets
are allocated directly to infrastructure
projects and an even smaller slice
of this goes to green infrastructure
(OECD, 2013c). But interest in direct
investment has picked up in recent
years. For instance, PensionDanmark
has a dedicated team working on
renewables and infrastructure
investments and is placing up to 10%
of its investments in these areas.
In the wake of the financial crisis,
institutional investors are redefining
their investment and risk allocation
strategies. Given the prevailing low
interest rates and weak economic
growth prospects in many OECD
countries, institutional investors
are increasingly looking for asset
classes which can deliver steady,
preferably inflation-linked, returns
with low correlation to publicly traded
equity and debt. In order to attract
institutional investment in LCR
infrastructure, governments can take a
number of key actions (Kaminker et al.,
2013). In addition to setting the wider
green investment policy framework
and creating favourable framework
conditions for investment as outlined
on page 3, these actions include:
Providing a national
infrastructure road mapthat
would give investors confidence
in government commitments
to green infrastructure anddemonstrate that a pipeline
of investable projects will be
forthcoming.
Facilitating the development
of appropriate financing
instruments and funds, such
as green bonds and listed
funds, or de-risking tools such
as guarantees and other credit
enhancements.
Reducing the transaction costsof investmentsby supporting
securitisation with prudent
oversight while engaging smaller
investors and pooling smaller
assets.
Promoting public-private
dialogue on green investments.
Tailor policy tools to specific investors, including institutional investors
Promoting market transparency
and improving consistent data
collection.
Moving from the current mind-set to a
longer-term investment environment
also requires a change in investor
behaviour. The market, by its nature,
is unlikely to deliver such a change.
Major policy initiatives such as
creating public green investment
banks are needed in a variety of
areas. Institutional investors need to
be brought into the debate with policy
makers.
The OECD is developing policy
guidance on long-term investmentfocusing on the role of institutional
investors (see www.oecd.org/finance/
lti). As part of this effort, a forthcoming
report provides a framework for
policymakers to better understand
the process and channels through
which institutional investors make
sustainable energy investments
(in projects or companies) and the
methods available for facilitating these
types of investments (Kaminker et al.,
2014 forthcoming). This work buildson analysis examining case studies
of green investment (Kaminker et al.,
2013), which was transmitted to the
G20 Finance Ministers and Central
Governors meeting and annexed to
the Communiqu of their meeting in
October 2013.
POLICYPERSPECTIVES
OECD .7
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Addressing barriersfor investmentin clean energyinfrastructure
OECD analysis and tools are helping
governments to strengthen their enabling
environment for clean energy investments
by identifying potential roadblocks in the
areas of investment policy and promotion,
energy market design, competition
and financial markets. Local contentrequirements for wind and solar PV energy
can also hamper international investment
by raising input prices in these globalised
industries.
OECD Policy Guidancefor Investmentin Clean EnergyInfrastructure
To help governments identify ways to
mobilise private investment in clean
energy infrastructure, the OECD has
developed the Policy Guidance for
Investment in Clean Energy Infrastructure
(OECD, 2014 forthcoming).
The Policy Guidance is a non-prescriptive
tool which raises key issues for policy
makers consideration, including in the
areas of:
Investment policy: applying
investment policy principles such
as non-discriminatory treatment of
international investment, intellectual
property protection and transparency.
Investment promotion and
facilitation: improving coherenceof the broad system of investment
incentives and disincentives,
e.g. by setting long-term goals, setting
well-targeted and time limited
incentives, facilitating the licensing of
renewable energy projects.
Energy market design/competition
policy: levelling the playing field
between independent power
producers (IPPs) and state-owned
enterprises (SOEs) and between
national and foreign actors to tackle
market rigidities that favour fossil-
fuel incumbency in the electricity
sector.
Financial market policy:strengthening domestic financial
markets and providing specific
financial tools and instruments.
Governance of energy market
institutions:enhancing
co-ordination between different levels
of governance, e.g. to align national
and sub-national policies, ensuring
the independence of the electricity
market regulator, and co-ordinating
the planning and deployment of the
electricity grid with that of cleanenergy generation.
Other policies and cross-cutting
issues: regional co-operation;
making and implementing the choice
between public and private provision
of clean energy infrastructure; and
ensuring that clean energy policies
are compatible with World Trade
Organization (WTO) rules.
The Policy Guidance benefited from
substantial contributions by the
World Bank and the United Nations
Development Programme (UNDP) and
was annexed to the Communiqu of
G20 Finance Ministers at their meeting
in October 2013 (OECD, 2013d).
The OECD will now apply the Policy
Guidance to specific country contexts,
in partnership with interested countries
and international organisations, through
undertaking Clean Energy Investment
Policy Reviews to help countries make themost of their clean energy investment
potential.
Strengthen domestic policy frameworks in support ofgreen infrastructure investment continued
2
8 . FINANCING CLIMATE CHANGE ACTION
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POLICYPERSPECTIVE
S
The case of sustainable transport
Transport is the second largest contributor to global greenhouse gas (GHG) emissions, largely driven by the road sector. There
is a need to scale-up transport infrastructure investments to renovate existing infrastructure or to build new infrastructure in
rapidly growing economies. To avoid lock-in into carbon-intensive and climate-vulnerable development pathways, there is
also a need to shift investment towards sustainable transport infrastructure. However, the absence of pricing mechanisms for
transport-related externalities (GHG emissions, local air pollution and congestion) and the existence of fossil-fuel subsidies
favour investments in carbon-intensive road transport.
In order to help government address market failures in the transport sector, the OECD has applied the five elements of a policy
framework for green investment to the case of sustainable transport infrastructure (Ang and Marchal, 2013). A key challenge
is to identify the appropriate mix of policy tools to better capture the non-monetised costs and benefits associated with
sustainable transport infrastructure and improve the risk- return profile of sustainable transport infrastructure projects.
OECD.9
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Strengthen domestic policy frameworks in support ofgreen infrastructure investment continued
2Overcoming barriersto internationalinvestment in cleanenergy
Over the past decade, policy makers
have provided substantial support to
clean energy that has been beneficial
to both domestic and international
investment. Since the 2008 financial
crisis, however, the perceived
potential of clean energy to promoteeconomic growth and employment
has led several governments to
design and implement industrial
policies aimed at supporting
domestic manufacturers, especially
in the solar PV and wind industries.
The project on Overcoming
Barriers to International Investment
in Clean Energytakes stock of
policy measures that may distort
international competition andhamper international investment
in solar PV and wind energy. This
project also assesses the possible
impacts of these policy measures
across the solar PV and wind energy
value chains, with a focus on
local content requirements (LCRs)
(OECD, 2015 forthcoming). This
report provides evidence to inform
policymakers decisions in designing
clean energy support policies, with
a view towards levelling the playing
field for international investment in
clean energy.
Research shows that LCRs have been
planned or implemented at national
or sub-national level in at least 21
countries including in 7 OECD and
10 emerging economies, for the most
part since 2009. Other existing trade
and investment-restrictive measures
have also been implemented,
including FDI regulatory restrictions,
divergent national standards andtrade measures such as import
tariffs and domestic trade remedies.
Taking a value-chain approach,the report considers whether
LCRs are hindering international
investment and competitiveness
in the solar PV and wind energy
sectors. By raising the cost of inputs
for downstream activities such as
project development, installation,
system integration, operations and
maintenance, LCRs can increase
installation costs, leading to reduced
demand for solar and wind power
generation installations, higher
electricity prices and reduced
investment in renewable energy
capacity.
10 . FINANCING CLIMATE CHANGE ACTION
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OECD .11
POLICYPERSPECTIVES
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Action to support climate resilience
does not always entail large upfront
investments. Policy will play a role
and so-called soft measures, such
as improving access to climate
information or reforms to land-use
planning, are a vital element of
building resilience and incentivising
adaptation investment. For example,
in rapidly growing urban coastal
areas the rise of flood risk is well
documented (Hallegatte et al.,
2013). This risk can be managed
by mainstreaming climate change
into urban land use, zoning and
infrastructure planning which in
turn shapes investment (OECD, 2014).
Planning for more frequent and
extreme disasters will also help to
limit damages, such as through better
warning systems and evacuationplanning (Hallegatte et al. 2013).These
soft measures have been a central
focus of countries adaptation efforts
to date (Mullan et al., 2013; OECD,
2010).
Where investments in infrastructure
will be required, the risks of over- or
under-investment can be managed
by designing in flexibility at the
outset. Tools such as robust decision
making and real options analysiscan be used to design strategies that
can accommodate uncertainty about
how the climate will evolve in the
future (OECD, 2013e). The approach
is particularly useful in cases where
projects are scalable, have high
sunk costs and long lead times, and
there is an expectation of improved
information over time (OECD, 2008;
OECD, 2013e).
12 . FINANCING CLIMATE CHANGE ACTION
Ensure adequate financing for adaptation
The enablingframework foradaptation finance
The private sector has
a key role to play infinancing adaptation
3Financing climatechange adaptation indeveloping countries
Adaptation and development are
inherently linked. OECD Development
Assistance Committee (DAC) members
are working together to integrate
adaptation to climate change into all
their development activities at national,
sectoral, project, and local levels (OECD,
2009). Total bilateral adaptation-relatedaid commitments by members of the
OECDs DAC reached USD 9.3 billion
per year in 2010-12, representing 7.1%
of total official development assistance
(OECD DAC Statistics, 2014a).
12 . FINANCING CLIMATE CHANGE ACTION
Adaptation can ameliorate, butwill not necessarily prevent, the
negative effects of climate change.
The appropriate risk-sharing and
risk-transfer mechanisms such as
insurance will also need to be in place
to manage increasing risks, while
encouraging risk-reduction activities
(OECD, 2014; OECD, 2009).
Many of the benefits of adaptation are
local and private, which can provide
a powerful incentive for private
investments to manage those risks.
However, recent OECD work has shown
that private action on adaptation
whether it be at household or firm
level is lagging behind awareness
(Kato et al., 2014; Mullan et al., 2013;
Agrawala et al., 2011). Market failures,limited examples of successful public-
private co-operation in adaptation
activities, and outdated institutional
arrangements can all act as barriers to
private investment in climate change
adaptation.
Some companies have already begun
to invest in managing the risks and
responding to new opportunities
from a changing climate (Agrawala et
al., 2011). Capacities, incentives andawareness of risk all play an important
role in encouraging action. Partnership
between the public and private
sectors can help to raise awareness,
strengthen capacities and ensure that
the right incentives are in place.
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Given that failure to adapt couldimpede development, particularly in the
poorest countries and communities, it
is essential to ensure that adaptation
interventions are delivering results. This
may require development co-operation
providers develop and apply soft
measures to support the resilience of
states, communities and households,
e.g. through joint risk assessments
(OECD, 2013f).
The OECD recently surveyed approaches
used to monitor and evaluate adaptation
in development co-operation and
identified examples of emerging good
practice in this area (Lamhauge et al.,
2011; Lamhauge, 2014 forthcoming).
Given the long-term perspective of most
adaptation initiatives it is important
to clearly include the effects of future
climate change when selecting indicators
and generating baselines.
Beyond the key role for external
development finance, there is also arole for the private sector to support
adaptation in developing countries.
At the local level, OECD analysis of
microfinance in Bangladesh found
that 70% of existing portfolios of the
microfinance lenders analysed supported
climate change adaptation (Agrawala
and Carraro, 2010). In the longer term,
instruments such as microfinance have
the potential to be self-sustaining, but
there is a need for public funding to pilot
new methods and initiate new projectsin the near term.
Further OECD work on adaptation
and development planning, policy
and co-operation is exploring: (a) risk
management, reduction, transfer and
sharing instruments; (b) opportunities to
support climate change adaptation and
resilience at the sub-national level, with
a focus on cities; and (c) further work on
monitoring and evaluation adaptation
interventions.
OECD .13
OECD .13
POLICYPERSPECTIVES
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Tracking climate finance to and in
developing countries is challenging
as flows come from different sources
- national and international, public
and private - and are provided via
different channels, notably bilateral
and multilateral (Clapp et al., 2012;
Buchner et al., 2011). Significant
progress is being made on the
measurement and reporting ofclimate finance under the UNFCCC,
notably through the Biennial Reports,
supported by reporting guidelines.
However progress relates largely to
monitoring public climate finance
flows. Significant limitations remain
in reporting on private finance,
with no single system providing a
comprehensive picture.
Outstanding political and technical
questions continue to slow the
accurate measurement and monitoring
of climate finance flows. For example,
it remains unclear exactly which
instruments and types of flows should
be counted and how to identify them.
Confidentiality can also impede
detailed reporting of some flows, such
as export credits and private finance.
Moreover, the elements required for a
suitable verification system are yet to
be identified.
14 . FINANCING CLIMATE CHANGE ACTION
Track climate finance flows to build trust throughtransparency and accountability
Strengthening Measurement, Reporting and Verification (MRV) systemsfor climate-specific financial flows to developing countries
4
The need for anintegrated MRVsystem for climatefinance
Building on existingsystems to track
public financial flows
Key elements for developing a
comprehensive framework for
the Measurement, Reporting and
Verification (MRV) of climate change
support are: consistent definitions,
clear methodologies, robust and
integrated data management systems,
and transparency.
Developing an integrated system
is particularly necessary to track
the evolution of flows and to avoid
double counting over time and across
the variety of finance providers and
instruments.
It is crucial to strike the right balance
between ensuring robust MRV and
incurring a reasonable cost burden.To this end, efforts should build on
existing data systems, including the
UNFCCC Biennial Reporting and
review process as well as the statistical
systems of the OECDs Development
Assistance Committee (DAC) and other
international sources of information
(Corfee-Morlot et al., 2009).
The OECD DAC has a robust system
for measuring and monitoring climate
change-related aid: the Rio markers
on Climate Change Mitigation and
Adaptation. The Rio markers are based
on providers of official development
assistance reporting to the DACs
Creditor Reporting System (CRS)
whereby each bilateral aid activity
is screened and identified as either
targeting mitigation and/or adaptation
as a principal or significant objective.
Data on mitigation-related aid have
been collected since 1998, adaptation-
related aid from 2010, and since 2012
partial reporting has begun on otherofficial flows (i.e. non-concessional
loans).
The OECD DAC Joint ENVIRONET-
WP-STAT Task Team is currently
working to improve the quality,
coverage, communication and use of
the Rio marker data. This includes
advancing collaboration between the
OECD DAC, Multilateral Development
Banks (MDBs) and other international
financial institutions to reconcile
methodological approaches and
identify multilateral climate finance
flows within the DAC statistical
framework. A key objective is to
provide full coverage and reconciliation
of bilateral and multilateral flows,
while ensuring there is no double-
counting.
Figure 2. Climate-related Aid (bilateral commitments): Annual averages over 3 years
Source: OECD DAC Statistics, May 2014.*
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
5
10
15
20
25
2004-6 2007-9 2010-12
ShareofTotalODA(%)
USD,
Billion(2011Prices)
Climate-related aid: "Significant" objective
Climate-related aid: "Principal" objective
Climate-related share of Total ODA
5/20/2018 Financing Climate Change 2014 - Policy Perspectives
15/20
Tracking private climate finance
and estimating how public finance
interventions mobilise private climatefinance and investment is crucial. Yet
there is currently limited understanding
of private capital flows to activities to
tackle climate change beyond large-scale
renewable energy projects, with critical
data gaps for sustainable transportation,
water, land-use, energy-efficiency and
adaptation (Caruso and Jachnik, 2014).
Considering the significant role that
private capital plays in financing climate
action, an improved understanding of the
volume and characteristics of these flowsis useful in: i) assessing overall progress
on the transition towards low- carbon
and climate-resilient economies; ii)
building trust and transparency around
international agreements to mobilise
private finance; and iii) informing the
design and use of public interventions to
do so.
To facilitate further research in this
area, the OECD is co-ordinating a
Research Collaborative on Tracking
Private Climate Finance, building upon
initial research by the Climate Change
Expert Group (Caruso and Ellis, 2013).
The aim of the initiative is to contribute
to data collection and the development
of more comprehensive methodologies
and systems to measure private
climate finance flows to, between,
and in developing countries as well as
estimate their mobilisation by public
interventions. Future efforts to improve
tracking of private flows could involve
extending reporting systems for publicfinance, e.g. DAC CRS, to include private
co-finance, improving bottom-up
measurement and reporting of climate-
specific private finance transactions,
as well as using proxy estimates based
on relevant environment, energy, or
trade statistics and aggregate private
investment data into climate-relevant
sectors.
OECD .15
Figure 3. Climate-related Aid, Lower and Upper Bounds, Annual Average 2010 to 2012
Source:OECD DAC Statistics, May 2014.
core contributions to multilateral
organisations was estimated at an
additional USD 4 billion in 2012 (based
on partial data received to date), bringing
the estimated total for climate-related
aid to USD 25.5 billion in 2012.
The Rio markers are descriptive rather
than quantitative and allow for an
approximate quantification of financialflows targeting the objectives of the Rio
conventions. Not all climate-related
aid is reported by parties as climate
finance to the UNFCCC, but many OECD
DAC members draw on this data as a
starting point and apply adjustments
to report only a share of this as climate
finance (Gaveau and Ockenden, 2014
forthcoming).
POLICYPERSPECTIVES
Improving thetracking of privatesector flows
Total bilateral climate change-related
aid provided by members of the OECDs
Development Assistance Committee
(DAC) increased at a steady pace over
the past decade. Estimates suggest that
the upper bound for climate-related aid
reached USD 21.5 billion1on average
per year in 2010-12, representing 16%of total official development assistance.
For 59% of the climate-related aid (USD
12.8 billion), mitigation or adaptation
was the principal objective; for the
remainder (USD 8.7 billion) it was a
significant objective (see Figure 2). Of
the total climate change-related aid, 57%
addressed mitigation concerns only, 25%
addressed adaptation concerns only, and
18% consisted of activities designed to
address both (see Figure 3).
Finance for climate change also
flows through multilateral financing
institutions. While earmarked
contributions channelled through
multilateral organisations are included
in bilateral figures, contributions to
specific multilateral climate funds
and core contributions are included
in multilateral aid and not marked
against Rio markers. Instead,
imputed multilateral contributions
are calculated. The total of DAC
members contributions to specific
multilateral climate funds plus the
climate-related share of DAC members
Climate-related aid
Notes1. For technical reasons, statistics on climate-
related aid for the United States are currently
unavailable and excluded from these figures.
The United States is working to review its data
collection methodology and will supply data for
2011 and 2012.
* 1) Figure 2 presents a trend based on averages
over three years, so as to smooth fluctuations from
large multi-year projects committed in a given
year. 2) Reporting against the mitigation marker
became mandatory from 2006 flows onwards.
3) The adaptation marker was introduced in
2010. Data on total climate-related aid for
earlier years mainly relates to mitigation and
may underestimate bilateral aid flows to climate
change.
- 5 10 15 20
Upper Bound: "Principal" & "Significant"Objective
Lower Bound: "Principal" Objective
USD Billion (2011 Prices)
Mitigation Only
Mitigation and Adaptation
Adaptation Only
75% 14% USD 12.8bn
USD21.5bn
11%
57% 18% 25%
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16/20
Scaling up international public
climate finance is essential, but
once available these funds will have
to be accessed, managed and used
effectively, including to catalyse
private investment and finance.
There is significant and growing
common ground amongst the climate,
development and private-sector
communities as to what constituteseffectiveness (Ellis et al., 2013).
During the 4th High Level Forum on
Aid Effectiveness in Busan (2011),
climate finance was outlined as a
priority for effective international
development, explicitly connecting
the international development
co-operation and climate change
communities in this effort. A key goal
is to ensure that the principles of
effective development co-operation
apply to international public climate
finance (ownership by developing
countries, a focus on results, inclusive
development partnerships, and
transparency and accountability to one
another).
16 . FINANCING CLIMATE CHANGE ACTION
Track climate finance flows to build trust throughtransparency and accountability continued
Lessons from development finance to improve the effectiveness ofinternational financial support
4
Partnership for Climate Finance and Development
The voluntary Partnership for Climate
Finance and Development was
created to help apply lessons from
development co-operation to the
access, management and use of
climate finance. The Partnership helps
different actors in climate-relateddevelopment co-operation to work together to facilitate peer-to-peer learning.
The focus is placed on national capacity building to effectively prioritise and
plan action as well as to allocate, manage and track climate finance. Another
area of co-operation is on how to build readiness to improve access to
international finance.
The OECD currently supports this initiative, together with the UNDP and 28
other countries and institutions. OECDs current contributions focus on how to
create and strengthen regional platforms for dialogue and peer-to-peer learning.
A strong regional platform for dialogue already exists in Latin America and the
Caribbean, which can serve as a model for other regions, such as Africa.
The Partnership recently showcased country experiences at a Global Forum in
Incheon, Korea, December 2013. Key lessons learnt include:
The need for strong political leadership and ownership of climate-related
policy to ensure climate finance integration within national allocation and
budgetary systems;
Aligning climate change strategies with national development plans is
conducive to more comprehensive climate responses. It is essential to
build in-country capacity to develop new institutional frameworks and
public financial management to attract, guide and manage climate finance.
Providers of development co-operation across different funds and
delivery channels should better co-ordinate to streamline and simplify therequirements to access finance, and achieve a balanced geographical
distribution of funds between countries with special needs or more
generally a balanced distribution between mitigation and adaptation
finance.
Country-led regional dialogues can also help co-ordinate efforts and
support South-South-North exchange, peer review and mutual learning.
To ensure results, tracking climate finance spend through the budget and
other extra-budgetary mechanisms, e.g. funds, projects, programmatic
support, is central, and further strengthening of results-based frameworks
is needed to understand the impact of climate finance on the most
vulnerable countries and segments of the population.
Mutual accountability can be achieved by engaging a broader range of
stakeholders (including local and urban level and the private sector) and
providing transparency and accountability mechanisms.
5/20/2018 Financing Climate Change 2014 - Policy Perspectives
17/20
OECD .17
POLICYPERSPECTIVES
5/20/2018 Financing Climate Change 2014 - Policy Perspectives
18/20
18 . FINANCING CLIMATE CHANGE ACTION
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Corfee-Morlot, J., V. Marchal, C. Kauffmann,
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Hallegatte, S., C. Green, R.J. Nicholls and
J. Corfee-Morlot (2013), Future flood
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Hacic I., M. Crdenas Rodrguez, R.Jachnik, J. Silva and N. Johnstone (2014),
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IEA (2014), World Energy Outlook,
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IEA, OECD, OPEC and World Bank (2011),
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World Bank on fossil-fuel and other energy
subsidies: An update of the G20 Pittsburgh
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IEA, OECD, OPEC and World Bank (2010),
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Kaminker, C. et al. (2014, forthcoming),
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Kaminker, C. et al. (2013), Institutional
Investors and Green Investment: Selected
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Kato et al. (2014), Scaling up and
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OECD .19
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g20/pdf/110411c.pdf.
POLICYPERSPECTIVES
http://dx.doi.org/10.1787/5kg20mj6c2bw-enhttp://dx.doi.org/10.1787/5kg20mj6c2bw-enhttp://dx.doi.org/10.1787/5kg20mj6c2bw-enhttp://dx.doi.org/10.1787/5kg20mj6c2bw-enhttp://dx.doi.org/10.1787/9789264209503-enhttp://dx.doi.org/10.1787/9789264209503-enhttp://localhost/var/www/apps/conversion/tmp/scratch_9/OECD.httphttp://www.oecd.org/dac/environment-development/Terms%20of%20Reference_Declassified.pdfhttp://www.oecd.org/dac/environment-development/Terms%20of%20Reference_Declassified.pdfhttp://www.oecd.org/dac/environment-development/Terms%20of%20Reference_Declassified.pdfhttp://www.oecd.org/dac/environment-development/Terms%20of%20Reference_Declassified.pdfhttp://www.oecd.org/dac/environment-development/Adaptation-related%20Aid%20Flyer%20-%20May%202014.pdfhttp://www.oecd.org/dac/environment-development/Adaptation-related%20Aid%20Flyer%20-%20May%202014.pdfhttp://www.oecd.org/dac/environment-development/Adaptation-related%20Aid%20Flyer%20-%20May%202014.pdfhttp://www.oecd.org/dac/environment-development/Adaptation-related%20Aid%20Flyer%20-%20May%202014.pdfhttp://www.oecd.org/dac/environment-development/Climate-related%20aid%20Flyer%20-%20May%202014%20final.pdfhttp://www.oecd.org/dac/environment-development/Climate-related%20aid%20Flyer%20-%20May%202014%20final.pdfhttp://www.oecd.org/dac/environment-development/Climate-related%20aid%20Flyer%20-%20May%202014%20final.pdfhttp://www.oecd.org/dac/environment-development/Climate-related%20aid%20Flyer%20-%20May%202014%20final.pdfhttp://dx.doi.org/10.1787/9789264181144-enhttp://dx.doi.org/10.1787/9789264181144-enhttp://dx.doi.org/10.1787/9789264187610-enhttp://dx.doi.org/10.1787/9789264187610-enhttp://www.oecd.org/daf/fin/private-pensions/LargestPensionFunds2012Survey.pdfhttp://www.oecd.org/daf/fin/private-pensions/LargestPensionFunds2012Survey.pdfhttp://www.oecd.org/daf/fin/private-pensions/LargestPensionFunds2012Survey.pdfhttp://www.oecd.org/daf/inv/investment-policy/CleanEnergyInfrastructure.pdfhttp://www.oecd.org/daf/inv/investment-policy/CleanEnergyInfrastructure.pdfhttp://www.oecd.org/daf/inv/investment-policy/CleanEnergyInfrastructure.pdfhttp://dx.doi.org/10.1787/9789264200449-enhttp://dx.doi.org/10.1787/9789264200449-enhttp://www.oecd.org/dac/governance-development/FINAL%20WP%2013%20Resilience%20and%20Risk.pdfhttp://www.oecd.org/dac/governance-development/FINAL%20WP%2013%20Resilience%20and%20Risk.pdfhttp://www.oecd.org/dac/governance-development/FINAL%20WP%2013%20Resilience%20and%20Risk.pdfhttp://www.oecd.org/dac/governance-development/FINAL%20WP%2013%20Resilience%20and%20Risk.pdfhttp://www.dx.doi.org/10.1787/9789264122246-enhttp://www.dx.doi.org/10.1787/9789264122246-enhttp://www.oecd.org/site/tadffss/Fossil%20Fuels%20Inventory_Policy_Brief.pdfhttp://www.oecd.org/site/tadffss/Fossil%20Fuels%20Inventory_Policy_Brief.pdfhttp://www.oecd.org/site/tadffss/Fossil%20Fuels%20Inventory_Policy_Brief.pdfhttp://dx.doi.org/10.1787/9789264128736-enhttp://dx.doi.org/10.1787/9789264128736-enhttp://www.dx.doi.org/10.1787/9789264054950-enhttp://www.dx.doi.org/10.1787/9789264054950-enhttp://www.dx.doi.org/10.1787/9789264046214-enhttp://www.dx.doi.org/10.1787/9789264046214-enhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.imf.org/external/np/g20/pdf/110411c.pdfhttp://www.imf.org/external/np/g20/pdf/110411c.pdfhttp://www.imf.org/external/np/g20/pdf/110411c.pdfhttp://www.imf.org/external/np/g20/pdf/110411c.pdfhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.oecd.org/development/environment-development/climate-partnership.htmhttp://www.dx.doi.org/10.1787/9789264046214-enhttp://www.dx.doi.org/10.1787/9789264046214-enhttp://www.dx.doi.org/10.1787/9789264054950-enhttp://www.dx.doi.org/10.1787/9789264054950-enhttp://dx.doi.org/10.1787/9789264128736-enhttp://dx.doi.org/10.1787/9789264128736-enhttp://www.oecd.org/site/tadffss/Fossil%20Fuels%20Inventory_Policy_Brief.pdfhttp://www.oecd.org/site/tadffss/Fossil%20Fuels%20Inventory_Policy_Brief.pdfhttp://www.oecd.org/site/tadffss/Fossil%20Fuels%20Inventory_Policy_Brief.pdfhttp://www.dx.doi.org/10.1787/9789264122246-enhttp://www.dx.doi.org/10.1787/9789264122246-enhttp://www.oecd.org/dac/governance-development/FINAL%20WP%2013%20Resilience%20and%20Risk.pdfhttp://www.oecd.org/dac/governance-development/FINAL%20WP%2013%20Resilience%20and%20Risk.pdfhttp://www.oecd.org/dac/governance-development/FINAL%20WP%2013%20Resilience%20and%20Risk.pdfhttp://www.oecd.org/dac/governance-development/FINAL%20WP%2013%20Resilience%20and%20Risk.pdfhttp://dx.doi.org/10.1787/9789264200449-enhttp://dx.doi.org/10.1787/9789264200449-enhttp://www.oecd.org/daf/inv/investment-policy/CleanEnergyInfrastructure.pdfhttp://www.oecd.org/daf/inv/investment-policy/CleanEnergyInfrastructure.pdfhttp://www.oecd.org/daf/inv/investment-policy/CleanEnergyInfrastructure.pdfhttp://www.oecd.org/daf/fin/private-pensions/LargestPensionFunds2012Survey.pdfhttp://www.oecd.org/daf/fin/private-pensions/LargestPensionFunds2012Survey.pdfhttp://www.oecd.org/daf/fin/private-pensions/LargestPensionFunds2012Survey.pdfhttp://dx.doi.org/10.1787/9789264187610-enhttp://dx.doi.org/10.1787/9789264187610-enhttp://dx.doi.org/10.1787/9789264181144-enhttp://dx.doi.org/10.1787/9789264181144-enhttp://www.oecd.org/dac/environment-development/Climate-related%20aid%20Flyer%20-%20May%202014%20final.pdfhttp://www.oecd.org/dac/environment-development/Climate-related%20aid%20Flyer%20-%20May%202014%20final.pdfhttp://www.oecd.org/dac/environment-development/Climate-related%20aid%20Flyer%20-%20May%202014%20final.pdfhttp://www.oecd.org/dac/environment-development/Climate-related%20aid%20Flyer%20-%20May%202014%20final.pdfhttp://www.oecd.org/dac/environment-development/Adaptation-related%20Aid%20Flyer%20-%20May%202014.pdfhttp://www.oecd.org/dac/environment-development/Adaptation-related%20Aid%20Flyer%20-%20May%202014.pdfhttp://www.oecd.org/dac/environment-development/Adaptation-related%20Aid%20Flyer%20-%20May%202014.pdfhttp://www.oecd.org/dac/environment-development/Adaptation-related%20Aid%20Flyer%20-%20May%202014.pdfhttp://www.oecd.org/dac/environment-development/Terms%20of%20Reference_Declassified.pdfhttp://www.oecd.org/dac/environment-development/Terms%20of%20Reference_Declassified.pdfhttp://www.oecd.org/dac/environment-development/Terms%20of%20Reference_Declassified.pdfhttp://www.oecd.org/dac/environment-development/Terms%20of%20Reference_Declassified.pdfhttp://localhost/var/www/apps/conversion/tmp/scratch_9/OECD.httphttp://dx.doi.org/10.1787/9789264209503-enhttp://dx.doi.org/10.1787/9789264209503-enhttp://dx.doi.org/10.1787/5kg20mj6c2bw-enhttp://dx.doi.org/10.1787/5kg20mj6c2bw-enhttp://dx.doi.org/10.1787/5kg20mj6c2bw-enhttp://dx.doi.org/10.1787/5kg20mj6c2bw-en5/20/2018 Financing Climate Change 2014 - Policy Perspectives
20/20
20 . FINANCING CLIMATE CHANGE ACTION
Climate change
Robert Youngman, Virginie Marchal Mobilising private climate finance and
investment ([email protected] , [email protected])
Geraldine Ang, Chung-a Park Investment policy and private investment (geraldine.
[email protected], [email protected] )
Jane Ellis, Raphal Jachnik Tracking climate finance, Climate finance in the context
of the UNFCCC climate negotiations ([email protected],
Christopher Kaminker, Osamu Kawanishi, Kate Eklin Institutional investors and
green infrastructure investment ([email protected],
[email protected], [email protected])
Michael Mullan Adaptation policy and development ([email protected] )
Rob Dellink Economic modelling ([email protected])
Development Co-operation
Jan Corfee-Morlot Development and climate change policy and finance
Julia Benn Aid statistics, Development Assistance Committee, Creditor Reporting
System and Rio markers ([email protected])
Stephanie Ockenden and Valrie Gaveau Tracking climate-related development
finance and Joint ENVIRONET-WP-STAT Task Team ([email protected]
and [email protected])
Trade and Agriculture
Jehan Sauvage Fossil-fuel subsidies ([email protected])
Financial and Enterprise Affairs
Karim Dahou Investment policy ([email protected])
www.oecd.org/env/cc/financing.htm
Contacts
November 2014
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.oecd.org/env/cc/financing.htmhttp://www.oecd.org/env/cc/financing.htmmailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]Top Related