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41. Thematic Bonds: Financing Net-Zero Transition in Emerging Market and Developing Economies

Author:
Gautam Jain
Publication Date:
12-2022
Content Type:
Special Report
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
A significant gap exists globally between the financing needed and the current level of spending to meet net-zero goals. The problem is particularly acute for emerging market and developing economies (EMDE), as they face higher spending on the energy transition as a percentage of gross domestic product (GDP) and are likely to be affected more severely by climate change than advanced economies. Thematic bonds that target specific investment themes, including climate change mitigation, can help narrow the financing gap, but EMDE’s share of the global thematic bond market remains small. This report explains the urgency of raising financing for EMDE to address climate change and discusses the evolution of thematic bonds. It finds that the asset class has the potential to achieve significant further growth. As part of Columbia University’s Financing the Energy Transition initiative, it offers policy recommendations to governments and development banks interested in increasing thematic bond issuances from these countries. Options to consider include addressing local currency risk using structured finance, adapting institutional frameworks such as Green Bond Principles (GBP) to national contexts, addressing accessibility issues in domestic markets, and providing tax incentives.
Topic:
Development, Emerging Markets, Climate Finance, Bonds, Green Transition, and Net Zero
Political Geography:
Global Focus

42. The Untapped Potential of Global Climate Funds for Investing in Social Protection

Author:
Mariya Aleksandrova
Publication Date:
01-2021
Content Type:
Working Paper
Institution:
German Institute of Development and Sustainability (IDOS)
Abstract:
Social protection plays a central role in achieving several of the social and environmental goals of the 2030 Agenda for Sustainable Development. As a result, this policy area is gaining increased recognition at the nexus of global climate change and development debates. Various social protection instruments are deemed to have the potential to increase the coping, adaptive and transformative capacities of vulnerable groups to face the impacts of climate change, facilitate a just transition to a green economy and help achieve environmental protection objectives, build intergenerational resilience and address non-economic climate impacts. Nevertheless, many developing countries that are vulnerable to climate change have underdeveloped social protection systems that are yet to be climate proofed. This can be done by incorporating climate change risks and opportunities into social protection policies, strategies and mechanisms. There is a large financing gap when it comes to increasing social protection coverage, establishing national social protection floors and mainstreaming climate risk into the sector. This necessitates substantial and additional sources of financing. This briefing paper discusses the current and future potential of the core multilateral climate funds established under the United Nations Framework Convention on Climate Change (UNFCCC) in financing social protection in response to climate change. It further emphasises the importance of integrating social protection in countries’ Nationally Determined Contributions (NDCs) to access climate finance and provides recommendations for governments, development cooperation entities and funding institutions.
Topic:
Climate Change, United Nations, Climate Finance, Sustainable Development Goals, and Investment
Political Geography:
Global Focus

43. EuroPACE Market Analysis

Author:
Grzegorz Poniatowski, Izabela Styczynska, Karolina Beaumont, and Karolina Zubel
Publication Date:
10-2019
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
EuroPACE is an innovative tool designed to make home renovation simple, affordable and reliable for all Europeans by combining affordable financing with people-centric technical assistance. EuroPACE offers 100% up-front financing that can be repaid over a long term of up to 25 years. The innovation lies in the collection and repayment mechanism – financing is attached to the property and is repaid regularly with charges linked to a property. Homeowners are offered logistical and technical support throughout the process and access to trained and qualified con-tractors. Thus, EuroPACE overcomes the main barriers to home renovation – lack of financing, technical knowledge and complexity of the works. The concept of EuroPACE is inspired by the success of a financing model called Property Assessed Clean Energy (PACE), launched in California in 2008. In the United States (US), the PACE market reached over USD 6 billion in funded projects, including the retrofit of over 220,000 homes, which resulted in more than 50,000 new local jobs and the creation of hundreds new companies.
Topic:
Energy Policy, Markets, Climate Finance, Fiscal Policy, and Innovation
Political Geography:
Europe

44. Gender Equality in Climate Finance: Progress and Aspirations

Author:
Catherine Tinker and Renata Koch Alvarenga
Publication Date:
08-2019
Content Type:
Journal Article
Journal:
The Journal of Diplomacy and International Relations
Institution:
School of Diplomacy and International Relations, Seton Hall University
Abstract:
The article concludes that all proposals for funding climate action through entities created under the UNFCCC should be screened according to the gender policies and plans of the climate funds, including the GEF and the GCF, and the results should be available publicly to provide transparency and build trust and accountability. Broader inclusion of women in decision-making and the requirement of evidence of a gender perspective prior to approving financing for climate change projects will contribute to the normative element of sustainable development and its implementation. The intersection of gender justice and climate justice in reducing the dangerous effects of climate change means allocating adequate financial resources to women leaders and projects generated and administered by women at international, regional, national and local levels, for large and small projects and programs alike.
Topic:
Climate Change, Gender Issues, Treaties and Agreements, Women, Inequality, Climate Finance, and Justice
Political Geography:
Global Focus

45. The new dynamics of global energy and climate

Author:
Rachel Kyte
Publication Date:
11-2018
Content Type:
Video
Institution:
The Brookings Institution
Abstract:
On the heels of a major new report from the Intergovernmental Panel on Climate Change on the rising risks of climate impacts, on November 19th Brookings hosted Rachel Kyte, CEO of Sustainable Energy for All, in conversation with David G. Victor.
Topic:
Climate Change, International Political Economy, and Climate Finance
Political Geography:
Global Focus

46. Reforming the Renewable Fuel Standard

Author:
James Stock
Publication Date:
03-2018
Content Type:
Special Report
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
The US Renewable Fuel Standard (RFS) was introduced in the Energy Policy Act of 2005 and expanded in both scope and duration in the Energy Independence and Security Act (EISA) of 2007. The policy goals of the RFS program are threefold: - enhance energy security through additional domestic production of biofuels, - support rural economies by expanding the demand for agricultural products, and - expand the development and production of second-generation low–greenhouse gas transportation fuels. The RFS requires the blending of increasing quantities of biofuels into the US surface vehicle transportation fuel supply. These quantities are specified in the EISA but are subject to modification by the US EPA under certain conditions (“waiver authorities”). The EPA issues annual rules specifying the overall fractions of renewable fuels in the fuel supply. The fractional requirements are specified by fuel category: cellulosic, advanced biomass-based biodiesel, other advanced fuels, and total renewable fuels. Compliance with the blending standards is demonstrated by obligated parties (petroleum refiners and importers) retiring electronic certificates, called renewable identification numbers (RINs), when they sell petroleum fuel into the surface transportation fuel supply. RINs, which become available when a renewable fuel is blended into the fuel supply, are tradable and bankable (with limitations). Thus obligated parties have the choice of either producing RINs themselves through blending operations or purchasing RINs on the open market.
Topic:
Energy Policy, International Affairs, and Climate Finance
Political Geography:
Global Focus

47. US Carbon Tax Design: Options and Implications

Author:
Jason Bordoff and John Larsen
Publication Date:
01-2018
Content Type:
Special Report
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
While there seem to be no immediate prospects for a national carbon tax in the United States, there is growing interest among some policymakers and thought leaders across the political spectrum. If and when a legislative opening emerges in the coming years, policymakers will need to grapple with a range of important design issues that will determine the effectiveness of a carbon tax in reducing carbon emissions.
Topic:
Energy Policy, International Affairs, and Climate Finance
Political Geography:
Global Focus

48. Climate Policy And Finance

Author:
Precious Chukwuemelie Akanonu
Publication Date:
07-2017
Content Type:
Working Paper
Institution:
Centre for the Study of the Economies of Africa (CSEA)
Abstract:
Carbon pricing has been recognized not only as the most efficient economic policy instruments to internalize the social cost of emissions, but also as a major tool to generate public revenues that can be used to offset the potential adverse distributional effects of climate policy. However, in many developing countries, there is a widespread reluctance to commit to climate policy, largely due to financial constraints, a lack of public support, and concern over its regressive effects.This paper makes recommendations towards the design of an effective carbon pricing system that not only discourages air pollution but also encourages the gradual uptake of climate-friendly technologies by the private sector in Nigeria’s oil and gas sector, while supporting public investment in sustainable infrastructures and projects that offset the distributional effect of the climate policy.
Topic:
Climate Change, Environment, Finance, Climate Finance, and Economic Policy
Political Geography:
Africa and Nigeria

49. U.S.-Sino Relations in the Arctic A Roadmap for Future Cooperation

Author:
Heather A. Conley
Publication Date:
01-2017
Content Type:
Special Report
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
The emergence of the Arctic as a region of political and economic opportunity adds a new dimension to U.S.-China relations. Despite divergent priorities in the region, there are opportunities for greater cooperation. Both countries experience the physical challenges of climate change while investing in scientific research to gain a better understanding of a transforming Arctic. They both also seek cooperation through the Arctic Council and the International Maritime Organization to promote governance in the region. For these reasons, among others, the United States and China should create a more purposeful dialogue on a range of Arctic issues. U.S.-Sino Relations in the Arctic: A Roadmap for Future Cooperation is the result of fruitful exchanges between American and Chinese experts who addressed a range of issues: the future of Arctic governance, geopolitical factors shaping the Arctic’s future, international maritime issues in the Central Arctic Ocean, future trends in sustainable Arctic development, and new bilateral scientific research initiatives in the Arctic. Through frank and candid exchanges, this report aims to lay the foundation of strong bilateral cooperation between the United States and China in the Arctic.
Topic:
International Political Economy, International Trade and Finance, Geopolitics, and Climate Finance
Political Geography:
China, America, and Arctic

50. Trump’s Paris Exit A blow to climate politics, but a boon to regional climate policy?

Author:
Milan Elkerbout
Publication Date:
06-2017
Content Type:
Commentary and Analysis
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The withdrawal of the United States from the Paris Agreement represents a setback for global climate action. But the damage will be felt more in political and diplomatic terms than in terms of climate policy or reductions in greenhouse gas (GHG) emissions, which depend at least in the near term on domestic climate policies. The election of Donald Trump and the strong Republican majorities in both Houses of Congress that accompanied his election immediately dispelled any hope that the US would implement or maintain ambitious climate policies. Indeed, in the first months of his Presidency, Trump signed an executive order to review (and thus likely roll back) President Obama’s landmark climate policy – the Clean Power Plan. The latter initiative aimed to reduce power-sector emissions by 32% by 2030 through federal legislation. Other US climate policies, such as vehicle standards and methane regulations, are also destined for the axe. Taken collectively, these measures will make it very difficult for the country to meet its Paris pledge of reducing GHG emissions by 26-28% by 2025 compared to 2005, even if another personality occupies the White House by 2021. 1 Improving fundamentals for renewable energy may still allow the US to reach its 2020 target of a 17% reduction in emissions compared to 2005. But the difference between this target and the formal pledge made by the US in Paris is roughly equal to the annual emissions of the entire transport sector in the EU.
Topic:
Climate Change, International Affairs, and Climate Finance
Political Geography:
Global Focus