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A fit-for-purpose climate finance
framework
Relevant findings from the Independent High-Level Expert Group
on Climate Finance
Amar Bhattacharya
OECD – IEA Climate Change Expert Group Global Forum
April 3, 2024
EMDEs (other than China) are being left behind
22
-6
-4
-1
5
7
10
19
28
97
154
17
184
311
- 20 30 80 130 180 230 280 330
Other countries
Central and South America (excl. Brazil)
Russia
Indonesia
Middle East
Brazil
Africa
India
Japan
United States
European Union
EMDCs
China
Advanced economies
US$ billion (2022)
Increase in annual clean energy investment, 2019 - 2023
While global climate efforts are increasing, EMDEs are facing obstacles in every critical aspect of the transition.
Climate finance is concentrated in developed economies and China (with only 14% going to EMDEs other than
China) and it is primarily delivered in the form of debt.
The energy transition
Adaptation and resilience
Loss and damage
Nature
Developed economies and China attracted over 90% of the
increase in clean energy investment since 2021 (IEA, 2023b).
➢ Estimates of adaptation costs/needs in developing
countries are now around 10-18 times as much as
international public adaptation finance flows (UNEP, 2023)
➢ Finance commitments for adaptation dropped by 15% in
2021 (UNEP, 2023b).
Funding pledged for loss and damage (just over $700 million
at COP28) is less than 0.2% of the estimated needs by 2030
(CISL, 2023).
Close to 80% of global nature finance flows originate from and
are directed to developed economies, while EMDEs account
for 90% of the investment opportunity in nature conservation
and restoration (Turner et al., 2021).
Source: IEA (2023a) Note: Advanced economies include countries in the OECD regional
grouping and Bulgaria, Croatia, Cyprus, Malta and Romania. EMDEs
include all other countries (including the selected regions/countries also
presented on the graph such as Africa, Brazil, India, etc.) excluding China.
2
The investment imperative
Investment / Spending Requirements for Climate and Sustainable Development
($ billion per year by 2030, increment from current in parentheses)
Source: G20 IEG Triple Agenda Report, 2023 and Bhattacharya et al, 2023
3
Adaptation and
resilience
$250
Climate and nature
related investments
$2,400 ($1,800)
SDGs, climate and nature
$5,400 ($3,000)
Other SDGs
$3,000 ($1,200)
Energy transition
$1,500
Natural capital
and sustainable
agriculture
$300
Coping with loss
and damage
$300
Just transition
$75
Matching needs to sources of finance
4
Notes:
The categories of investment
and spending necessary to
meet climate and
development goals are shown
on the left-hand side. For each,
we outline the mix of financing
needed from external sources
to support the related
investment and spending
priorities.
We distinguish between sources
that would constitute the
primary source of financing for
one sector, and those that
would play a secondary role.
On the right-hand side we
outline the estimated
investment and spending
requirements by 2030 for each
category.
Source: Songwe et al. (2022)
Mobilising the necessary financing
5
Source: Bhattacharya et al., 2023
Financing the Green Transition ($ billion per year by 2030, increment from current in parentheses)
Climate and nature related spending
requirements
$2,400 ($1,800)
MDBs and other development
finance
$250-$300
($170-$220)
Bilateral and innovative
concessional finance
$150-$200
($110-$160)
Domestic resource
mobilisation
$1,400 ($950)
External financing
$1,000 ($850)
Private finance*
$500-$600
($450-$550)
*More than half of this private finance would be directly and indirectly
catalysed by MDBs, other development finance institutions, and
bilateral finance.
A new climate finance framework: scale, urgency and options
A framework for a climate finance system that supports climate and development must:
✓ Scale up all sources of finance (domestic and international, public and private) and utilise them more effectively.
✓ Embody justice and inclusion (based an equitable distribution of resources, recognising the differential impacts of
climate change on countries and communities, and recognising historical responsibilities).
An overall financing strategy is much more than an aggregate
number, it must:
Beyond scaling up, there is also a pressing need to tackle the
shortfalls in the quality of finance provided, particularly around
managing, reducing and sharing risks. Requires:
Align all finance with climate goals and the
Kunming-Montreal Global Biodiversity Framework
where applicable.
Create the necessary partnerships (public-private,
domestic-international) to deliver concrete results.
Utilise the complementary strengths of different pools
of finance to ensure the right scale and kind of
finance, particularly in relation to cost of capital and
management of risk.
Affordability Improved access
and ease of use
Predictability of
support to EMDEs
Improved focus on
adaptation and poor
and vulnerable
countries
More transparency
and accountability
for the delivery of
climate finance Quality of
climate
finance
Source: Bhattacharya et al. (2024)
6

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CCXG global forum, April 2024, Amar Bhattacharya

  • 1. A fit-for-purpose climate finance framework Relevant findings from the Independent High-Level Expert Group on Climate Finance Amar Bhattacharya OECD – IEA Climate Change Expert Group Global Forum April 3, 2024
  • 2. EMDEs (other than China) are being left behind 22 -6 -4 -1 5 7 10 19 28 97 154 17 184 311 - 20 30 80 130 180 230 280 330 Other countries Central and South America (excl. Brazil) Russia Indonesia Middle East Brazil Africa India Japan United States European Union EMDCs China Advanced economies US$ billion (2022) Increase in annual clean energy investment, 2019 - 2023 While global climate efforts are increasing, EMDEs are facing obstacles in every critical aspect of the transition. Climate finance is concentrated in developed economies and China (with only 14% going to EMDEs other than China) and it is primarily delivered in the form of debt. The energy transition Adaptation and resilience Loss and damage Nature Developed economies and China attracted over 90% of the increase in clean energy investment since 2021 (IEA, 2023b). ➢ Estimates of adaptation costs/needs in developing countries are now around 10-18 times as much as international public adaptation finance flows (UNEP, 2023) ➢ Finance commitments for adaptation dropped by 15% in 2021 (UNEP, 2023b). Funding pledged for loss and damage (just over $700 million at COP28) is less than 0.2% of the estimated needs by 2030 (CISL, 2023). Close to 80% of global nature finance flows originate from and are directed to developed economies, while EMDEs account for 90% of the investment opportunity in nature conservation and restoration (Turner et al., 2021). Source: IEA (2023a) Note: Advanced economies include countries in the OECD regional grouping and Bulgaria, Croatia, Cyprus, Malta and Romania. EMDEs include all other countries (including the selected regions/countries also presented on the graph such as Africa, Brazil, India, etc.) excluding China. 2
  • 3. The investment imperative Investment / Spending Requirements for Climate and Sustainable Development ($ billion per year by 2030, increment from current in parentheses) Source: G20 IEG Triple Agenda Report, 2023 and Bhattacharya et al, 2023 3 Adaptation and resilience $250 Climate and nature related investments $2,400 ($1,800) SDGs, climate and nature $5,400 ($3,000) Other SDGs $3,000 ($1,200) Energy transition $1,500 Natural capital and sustainable agriculture $300 Coping with loss and damage $300 Just transition $75
  • 4. Matching needs to sources of finance 4 Notes: The categories of investment and spending necessary to meet climate and development goals are shown on the left-hand side. For each, we outline the mix of financing needed from external sources to support the related investment and spending priorities. We distinguish between sources that would constitute the primary source of financing for one sector, and those that would play a secondary role. On the right-hand side we outline the estimated investment and spending requirements by 2030 for each category. Source: Songwe et al. (2022)
  • 5. Mobilising the necessary financing 5 Source: Bhattacharya et al., 2023 Financing the Green Transition ($ billion per year by 2030, increment from current in parentheses) Climate and nature related spending requirements $2,400 ($1,800) MDBs and other development finance $250-$300 ($170-$220) Bilateral and innovative concessional finance $150-$200 ($110-$160) Domestic resource mobilisation $1,400 ($950) External financing $1,000 ($850) Private finance* $500-$600 ($450-$550) *More than half of this private finance would be directly and indirectly catalysed by MDBs, other development finance institutions, and bilateral finance.
  • 6. A new climate finance framework: scale, urgency and options A framework for a climate finance system that supports climate and development must: ✓ Scale up all sources of finance (domestic and international, public and private) and utilise them more effectively. ✓ Embody justice and inclusion (based an equitable distribution of resources, recognising the differential impacts of climate change on countries and communities, and recognising historical responsibilities). An overall financing strategy is much more than an aggregate number, it must: Beyond scaling up, there is also a pressing need to tackle the shortfalls in the quality of finance provided, particularly around managing, reducing and sharing risks. Requires: Align all finance with climate goals and the Kunming-Montreal Global Biodiversity Framework where applicable. Create the necessary partnerships (public-private, domestic-international) to deliver concrete results. Utilise the complementary strengths of different pools of finance to ensure the right scale and kind of finance, particularly in relation to cost of capital and management of risk. Affordability Improved access and ease of use Predictability of support to EMDEs Improved focus on adaptation and poor and vulnerable countries More transparency and accountability for the delivery of climate finance Quality of climate finance Source: Bhattacharya et al. (2024) 6