This document provides an overview of climate finance by defining key terms, describing the flow of climate finance including sources and intermediaries, quantifying the size of climate finance, discussing ways to leverage private investment and de-risk climate projects, and giving examples of carbon pricing initiatives and instruments like green bonds. The summary highlights that climate finance comes from various public and private sources, flows through intermediaries like the GEF and GCF to support mitigation and adaptation in developing countries, and aims to scale up funding while engaging the private sector through de-risking and leveraging strategies.
This document provides an overview of social cost benefit analysis (SCBA). It discusses that SCBA is a methodology used to evaluate investment projects and aid in resource allocation. The document outlines two main approaches to SCBA - the UNIDO approach and L-M approach. The UNIDO approach examines project desirability from financial profitability, savings/consumption, income distribution, and merit/demerit goods production. It involves calculating financial profitability, net economic benefits, and making adjustments. The L-M approach differs in using uncommitted social income as the numeraire and measuring costs/benefits in border prices.
A change in quantity demanded refers to movement along an existing demand curve caused by a change in price, while keeping other factors constant. A change in demand causes a shift in the demand curve itself, due to changes in non-price factors that influence demand like income, tastes, prices of related goods, and expectations. Specifically, a change in demand results from changes to the underlying determinants of demand other than price, shifting the curve either left or right, while a change in quantity demanded occurs along the original demand curve from a change in price alone.
Illustration of non price determinants.Faith Martin
This document outlines the key concepts of demand and supply, including definitions, schedules/curves, laws, determinants and equilibrium. It defines demand as the willingness and ability to purchase a good, and supply as the amount producers will provide. The laws of demand and supply state that demand is negatively correlated with price, while supply is positively correlated. Equilibrium occurs when quantity demanded equals quantity supplied at a single price point, where the demand and supply curves intersect.
This document discusses the differences between public goods and private goods. Public goods are provided by the government for free public use, are non-rival and non-excludable. Private goods are produced by private companies for profit, are rival and excludable. Some key differences are that public goods benefit the mass population while private goods only benefit those who can afford them. Both have advantages and disadvantages - public goods may be underprovided due to free-riding, while private goods can limit access.
Government intervention aims to address market failures, but can lead to government failure through unintended consequences. Government failure occurs when a policy intervention deepens an existing market failure or creates a new one. Some causes of government failure include decisions made due to political self-interest, low value for money from public sector spending, short-term policymaking, regulatory capture, disincentives from specific policies, information failures, and the law of unintended consequences producing unanticipated outcomes. While well-intentioned, government policies do not always achieve their goals and may have damaging effects.
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This lecture goes over the difference between real and nominal GDP.
Macro economics & and Policymarketingchapter 1-ni Deepak Dhakal
This document provides an overview of macroeconomics and national income accounting concepts. It discusses the key components and methods of measuring national income, including:
1) Gross Domestic Product, Net Domestic Product, and Gross National Product which are measured using the expenditure method and income method.
2) Personal income, disposable income, and per capita income concepts.
3) Distinguishing nominal and real GDP and calculating inflation rates using the GDP deflator.
4) The expenditure method, income method, and product method for measuring national income and avoiding double counting issues.
This document outlines many factors that affect international business. It discusses positive factors such as electronic fund transfers, technological innovation, and evolving legislation. It also examines difficulties like differences in economic, cultural, and political environments between countries. The document then analyzes how the political, economic, cultural, technological, legal, social, and physical environments can each influence international business in their own way. It provides examples of determinants within each environment and how businesses must evaluate different country attributes when determining where to operate.
This document provides an overview of social cost benefit analysis (SCBA). It discusses that SCBA is a methodology used to evaluate investment projects and aid in resource allocation. The document outlines two main approaches to SCBA - the UNIDO approach and L-M approach. The UNIDO approach examines project desirability from financial profitability, savings/consumption, income distribution, and merit/demerit goods production. It involves calculating financial profitability, net economic benefits, and making adjustments. The L-M approach differs in using uncommitted social income as the numeraire and measuring costs/benefits in border prices.
A change in quantity demanded refers to movement along an existing demand curve caused by a change in price, while keeping other factors constant. A change in demand causes a shift in the demand curve itself, due to changes in non-price factors that influence demand like income, tastes, prices of related goods, and expectations. Specifically, a change in demand results from changes to the underlying determinants of demand other than price, shifting the curve either left or right, while a change in quantity demanded occurs along the original demand curve from a change in price alone.
Illustration of non price determinants.Faith Martin
This document outlines the key concepts of demand and supply, including definitions, schedules/curves, laws, determinants and equilibrium. It defines demand as the willingness and ability to purchase a good, and supply as the amount producers will provide. The laws of demand and supply state that demand is negatively correlated with price, while supply is positively correlated. Equilibrium occurs when quantity demanded equals quantity supplied at a single price point, where the demand and supply curves intersect.
This document discusses the differences between public goods and private goods. Public goods are provided by the government for free public use, are non-rival and non-excludable. Private goods are produced by private companies for profit, are rival and excludable. Some key differences are that public goods benefit the mass population while private goods only benefit those who can afford them. Both have advantages and disadvantages - public goods may be underprovided due to free-riding, while private goods can limit access.
Government intervention aims to address market failures, but can lead to government failure through unintended consequences. Government failure occurs when a policy intervention deepens an existing market failure or creates a new one. Some causes of government failure include decisions made due to political self-interest, low value for money from public sector spending, short-term policymaking, regulatory capture, disincentives from specific policies, information failures, and the law of unintended consequences producing unanticipated outcomes. While well-intentioned, government policies do not always achieve their goals and may have damaging effects.
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This lecture goes over the difference between real and nominal GDP.
Macro economics & and Policymarketingchapter 1-ni Deepak Dhakal
This document provides an overview of macroeconomics and national income accounting concepts. It discusses the key components and methods of measuring national income, including:
1) Gross Domestic Product, Net Domestic Product, and Gross National Product which are measured using the expenditure method and income method.
2) Personal income, disposable income, and per capita income concepts.
3) Distinguishing nominal and real GDP and calculating inflation rates using the GDP deflator.
4) The expenditure method, income method, and product method for measuring national income and avoiding double counting issues.
This document outlines many factors that affect international business. It discusses positive factors such as electronic fund transfers, technological innovation, and evolving legislation. It also examines difficulties like differences in economic, cultural, and political environments between countries. The document then analyzes how the political, economic, cultural, technological, legal, social, and physical environments can each influence international business in their own way. It provides examples of determinants within each environment and how businesses must evaluate different country attributes when determining where to operate.
The document discusses the prisoner's dilemma game theory concept where two individuals may choose to cooperate or betray each other, and explains how in the classic prisoner's dilemma scenario, pursuing individual self-interest results in a worse outcome for both rather than cooperation. It provides an example of two prisoners, Dave and Henry, who each must decide whether to plead guilty or not guilty and explores the incentives that lead both to plead guilty even though cooperating by pleading not guilty would result in a shorter total sentence for both of them.
This document provides an overview of the key topics that will be covered in a basic economics workshop, including:
- Introduction to microeconomics and macroeconomics concepts like supply and demand, markets, and economic growth.
- The nature of scarcity and how it requires individuals and societies to make choices that involve opportunity costs.
- Production possibilities frontiers and how resources constraints impact what combinations of goods can be produced.
- Distinguishing between microeconomic topics like demand, supply, and elasticity from macroeconomic topics like inflation and GDP.
- Differences between production in the short-run, when some resources are fixed, versus the long-run when all resources are variable.
This document discusses public goods and externalities. It defines public goods as non-rival and non-excludable, and explains that their efficient provision requires the vertical summation of individual demand curves. It also describes the free-rider problem as an incentive for underprovision of public goods. Externalities are defined as activities that affect another's welfare outside of market mechanisms, like pollution. The efficient solution is for property rights to be assigned, allowing bargaining. Government can also intervene through taxes/subsidies or regulations.
Interest rate parity is a theory stating that the interest rate differential between two countries should equal the forward exchange rate premium or discount relative to the spot exchange rate. This establishes a break-even condition where returns on domestic and foreign currency investments are equal after accounting for exchange risk. If interest rate parity is violated, an arbitrage opportunity exists where investors can borrow, invest, and exchange currencies to earn risk-free profits. Kim Deal, a European portfolio manager, should choose to invest in 1-year Japanese yen deposits covered by a 1-year forward contract to hedge exchange risk, as this option provides the highest euro return of €352,005 compared to €352,000 from euro deposits.
This presentation describes the remittance and development correlationship. It also provide some information about the remittance data sources and present Remittance flow trends.
Monopolistic competition refers to a market with many sellers offering differentiated but similar products. Key characteristics include:
1) Large numbers of buyers and sellers, but less than perfect competition. Sellers offer heterogeneous products.
2) Products are differentiated through branding and perceived differences, allowing sellers some monopoly power as price makers.
3) In the short run, firms maximize profits where marginal cost equals marginal revenue. In the long run, free entry leads to normal profits as the market reaches equilibrium with excess capacity.
The document discusses market failures and government interventions to address them. It provides examples of market failures such as pollution, traffic congestion, and underprovision of public goods. It also lists government policy tools like taxes, subsidies, and regulations that can be used to correct market failures and achieve more efficient resource allocation.
Download these notes and other resources at https://WeAreQurious.com/Economics
Teaching, learning and revision notes for Negative Externalities and Positive Externalities in A-Level and IB Economics for all exam boards (Edexcel, AQA, OCR, Eduqas, WJEC).
- Because of constraints like project dependencies, capital rationing, and project indivisibility, investment projects cannot be viewed in isolation. Two common approaches used to evaluate multiple projects are the method of ranking and mathematical programming.
- The method of ranking ranks projects by their NPV, IRR or BCR but has problems like conflict in rankings between criteria and inability to handle project indivisibility.
- Mathematical programming models like linear programming, integer linear programming and goal programming formulate the problem as an objective function subject to constraints, allowing complex project interdependencies and capital rationing to be incorporated.
Gross Domestic Product, or GDP, is a measurement of the total market value of all final goods and services produced within a country in a given period of time, usually a year. GDP is used to indicate the overall economic performance and health of a nation's economy. It excludes production that occurs abroad and only includes "new" domestic production, not used goods. GDP has limitations as it does not account for non-market activities, distribution of goods, leisure time, or negative externalities like pollution.
There are two main types of exchange rate regimes: fixed and floating. Under a fixed regime, currencies are pegged to an anchor currency, limiting fluctuations. A floating regime allows currencies to fluctuate against each other. The Bretton Woods system established the IMF and pegged currencies to the US dollar. The balance of payments accounts record a country's transactions with the rest of the world. A current account surplus means a country is increasing foreign reserves, while a deficit means reserves are decreasing.
1. Market failure occurs when the conditions for perfect competition are not met, resulting in inefficient resource allocation. Some causes of market failure include monopoly, externalities, public goods, imperfect information, and non-existent markets.
2. Externalities occur when the actions of one economic unit unintentionally impact another in an uncompensated way, such as pollution from factories. This leads to a divergence between private and social costs/benefits.
3. For goods with public goods characteristics of non-rivalry and non-excludability, like national defense, there is no market mechanism to efficiently allocate resources, as they cannot be priced. This results in underprovision of public goods.
Cost Benefit Analysis in Public Project Appraisal (PPAC)Neil Mathew
This document discusses cost-benefit analysis for public projects. It notes that public projects are difficult to evaluate using traditional financial metrics due to their intangible nature. Cost-benefit analysis is introduced as an alternative method. It involves identifying and valuing in monetary terms all relevant costs and benefits to determine if total benefits exceed total costs. The document outlines the key steps in a cost-benefit analysis, including identifying and categorizing costs and benefits, valuing them using various techniques, and calculating metrics like the benefit-cost ratio to evaluate projects. It provides an example case study of conducting a cost-benefit analysis for constructing a forest road.
Week 14_Lec 1 Introduction to Taxation.pptxnaseebkhan46
This document provides an overview of taxation. It defines tax as fees enforced by governments to fund activities. There are two broad categories of taxes: direct taxes on individuals/corporations like income tax, and indirect taxes on goods/services like sales tax. An ideal tax system has five characteristics - it is economically efficient, administratively simple, flexible, provides transparent political responsibility, and is fair. The document then discusses various effects of taxation like behavioral, financial, organizational, and general equilibrium effects. It also covers the concepts of distortionary versus nondistortionary taxation.
An environmental scan examines four main areas of the marketplace: political, economic, socio-cultural, and technological factors, known by the acronym PEST. Political issues center around government involvement in business operations such as laws and regulations. Political feasibility is a term used to determine if a policy proposal can gain enough support to be implemented, by examining the influencing factors and constraints faced by relevant actors. Key constraints include economic resources, physical/technical barriers, legal/institutional frameworks, social acceptance, and governance challenges. Analyzing these constraints for different actors involved can indicate if a proposal is politically feasible.
This document provides a summary of key concepts in microeconomics including:
1) The theories of demand and supply - how quantity demanded and supplied are determined based on price and other factors, and how equilibrium price is reached.
2) Elasticity - how responsive quantity is to price changes for both demand and supply. Factors that influence elasticity are discussed.
3) Applications including how minimum wage affects unemployment and how sales taxes impact producers and consumers.
4) Consumer choice theory - how preferences and budgets constrain choices to maximize utility. Individual demand curves are derived from indifference curves.
GDP can be measured in three ways:
1) Expenditure approach measures total expenditures on final goods and services.
2) Income approach measures total income earned from production, including compensation, profits, and rents.
3) Production approach measures total value added at each stage of production.
Real GDP is used to measure economic growth by adjusting for inflation using GDP deflators or price indexes. However, GDP has limitations as a welfare measure since it excludes nonmarket activities and environmental factors.
A budget is a financial plan that outlines expected revenues and costs over a period of time. Budgetary control involves preparing budgets in advance and comparing actual performance to identify variances. Managers are responsible for costs within their budgets and must take action if adverse variances are significant. Budgets help establish targets, assign responsibilities, and monitor performance to control income and expenditures. Variances measure differences between actual and budgeted amounts and can be favorable or adverse. Significant variances should be investigated and corrective action taken if needed.
The document discusses the role of the Development Bank of Southern Africa (DBSA) in mobilizing financing for green economy projects through mechanisms like the National Green Fund. It describes the types of funding and financing instruments provided by the Green Fund, including grants, loans, and equity, to support initiatives that promote renewable energy, low carbon development, and environmental management. The Green Fund aims to facilitate South Africa's transition to a greener economy through strategic investments across key sectors.
CCCXG Global Forum March 2017 CIF experience in financing long-term low GHG ...OECD Environment
CCCXG Global Forum March 2017 CIF experience in financing long-term low GHG emission development strategies and enhancing climate resilience by Chris Head
The document discusses the prisoner's dilemma game theory concept where two individuals may choose to cooperate or betray each other, and explains how in the classic prisoner's dilemma scenario, pursuing individual self-interest results in a worse outcome for both rather than cooperation. It provides an example of two prisoners, Dave and Henry, who each must decide whether to plead guilty or not guilty and explores the incentives that lead both to plead guilty even though cooperating by pleading not guilty would result in a shorter total sentence for both of them.
This document provides an overview of the key topics that will be covered in a basic economics workshop, including:
- Introduction to microeconomics and macroeconomics concepts like supply and demand, markets, and economic growth.
- The nature of scarcity and how it requires individuals and societies to make choices that involve opportunity costs.
- Production possibilities frontiers and how resources constraints impact what combinations of goods can be produced.
- Distinguishing between microeconomic topics like demand, supply, and elasticity from macroeconomic topics like inflation and GDP.
- Differences between production in the short-run, when some resources are fixed, versus the long-run when all resources are variable.
This document discusses public goods and externalities. It defines public goods as non-rival and non-excludable, and explains that their efficient provision requires the vertical summation of individual demand curves. It also describes the free-rider problem as an incentive for underprovision of public goods. Externalities are defined as activities that affect another's welfare outside of market mechanisms, like pollution. The efficient solution is for property rights to be assigned, allowing bargaining. Government can also intervene through taxes/subsidies or regulations.
Interest rate parity is a theory stating that the interest rate differential between two countries should equal the forward exchange rate premium or discount relative to the spot exchange rate. This establishes a break-even condition where returns on domestic and foreign currency investments are equal after accounting for exchange risk. If interest rate parity is violated, an arbitrage opportunity exists where investors can borrow, invest, and exchange currencies to earn risk-free profits. Kim Deal, a European portfolio manager, should choose to invest in 1-year Japanese yen deposits covered by a 1-year forward contract to hedge exchange risk, as this option provides the highest euro return of €352,005 compared to €352,000 from euro deposits.
This presentation describes the remittance and development correlationship. It also provide some information about the remittance data sources and present Remittance flow trends.
Monopolistic competition refers to a market with many sellers offering differentiated but similar products. Key characteristics include:
1) Large numbers of buyers and sellers, but less than perfect competition. Sellers offer heterogeneous products.
2) Products are differentiated through branding and perceived differences, allowing sellers some monopoly power as price makers.
3) In the short run, firms maximize profits where marginal cost equals marginal revenue. In the long run, free entry leads to normal profits as the market reaches equilibrium with excess capacity.
The document discusses market failures and government interventions to address them. It provides examples of market failures such as pollution, traffic congestion, and underprovision of public goods. It also lists government policy tools like taxes, subsidies, and regulations that can be used to correct market failures and achieve more efficient resource allocation.
Download these notes and other resources at https://WeAreQurious.com/Economics
Teaching, learning and revision notes for Negative Externalities and Positive Externalities in A-Level and IB Economics for all exam boards (Edexcel, AQA, OCR, Eduqas, WJEC).
- Because of constraints like project dependencies, capital rationing, and project indivisibility, investment projects cannot be viewed in isolation. Two common approaches used to evaluate multiple projects are the method of ranking and mathematical programming.
- The method of ranking ranks projects by their NPV, IRR or BCR but has problems like conflict in rankings between criteria and inability to handle project indivisibility.
- Mathematical programming models like linear programming, integer linear programming and goal programming formulate the problem as an objective function subject to constraints, allowing complex project interdependencies and capital rationing to be incorporated.
Gross Domestic Product, or GDP, is a measurement of the total market value of all final goods and services produced within a country in a given period of time, usually a year. GDP is used to indicate the overall economic performance and health of a nation's economy. It excludes production that occurs abroad and only includes "new" domestic production, not used goods. GDP has limitations as it does not account for non-market activities, distribution of goods, leisure time, or negative externalities like pollution.
There are two main types of exchange rate regimes: fixed and floating. Under a fixed regime, currencies are pegged to an anchor currency, limiting fluctuations. A floating regime allows currencies to fluctuate against each other. The Bretton Woods system established the IMF and pegged currencies to the US dollar. The balance of payments accounts record a country's transactions with the rest of the world. A current account surplus means a country is increasing foreign reserves, while a deficit means reserves are decreasing.
1. Market failure occurs when the conditions for perfect competition are not met, resulting in inefficient resource allocation. Some causes of market failure include monopoly, externalities, public goods, imperfect information, and non-existent markets.
2. Externalities occur when the actions of one economic unit unintentionally impact another in an uncompensated way, such as pollution from factories. This leads to a divergence between private and social costs/benefits.
3. For goods with public goods characteristics of non-rivalry and non-excludability, like national defense, there is no market mechanism to efficiently allocate resources, as they cannot be priced. This results in underprovision of public goods.
Cost Benefit Analysis in Public Project Appraisal (PPAC)Neil Mathew
This document discusses cost-benefit analysis for public projects. It notes that public projects are difficult to evaluate using traditional financial metrics due to their intangible nature. Cost-benefit analysis is introduced as an alternative method. It involves identifying and valuing in monetary terms all relevant costs and benefits to determine if total benefits exceed total costs. The document outlines the key steps in a cost-benefit analysis, including identifying and categorizing costs and benefits, valuing them using various techniques, and calculating metrics like the benefit-cost ratio to evaluate projects. It provides an example case study of conducting a cost-benefit analysis for constructing a forest road.
Week 14_Lec 1 Introduction to Taxation.pptxnaseebkhan46
This document provides an overview of taxation. It defines tax as fees enforced by governments to fund activities. There are two broad categories of taxes: direct taxes on individuals/corporations like income tax, and indirect taxes on goods/services like sales tax. An ideal tax system has five characteristics - it is economically efficient, administratively simple, flexible, provides transparent political responsibility, and is fair. The document then discusses various effects of taxation like behavioral, financial, organizational, and general equilibrium effects. It also covers the concepts of distortionary versus nondistortionary taxation.
An environmental scan examines four main areas of the marketplace: political, economic, socio-cultural, and technological factors, known by the acronym PEST. Political issues center around government involvement in business operations such as laws and regulations. Political feasibility is a term used to determine if a policy proposal can gain enough support to be implemented, by examining the influencing factors and constraints faced by relevant actors. Key constraints include economic resources, physical/technical barriers, legal/institutional frameworks, social acceptance, and governance challenges. Analyzing these constraints for different actors involved can indicate if a proposal is politically feasible.
This document provides a summary of key concepts in microeconomics including:
1) The theories of demand and supply - how quantity demanded and supplied are determined based on price and other factors, and how equilibrium price is reached.
2) Elasticity - how responsive quantity is to price changes for both demand and supply. Factors that influence elasticity are discussed.
3) Applications including how minimum wage affects unemployment and how sales taxes impact producers and consumers.
4) Consumer choice theory - how preferences and budgets constrain choices to maximize utility. Individual demand curves are derived from indifference curves.
GDP can be measured in three ways:
1) Expenditure approach measures total expenditures on final goods and services.
2) Income approach measures total income earned from production, including compensation, profits, and rents.
3) Production approach measures total value added at each stage of production.
Real GDP is used to measure economic growth by adjusting for inflation using GDP deflators or price indexes. However, GDP has limitations as a welfare measure since it excludes nonmarket activities and environmental factors.
A budget is a financial plan that outlines expected revenues and costs over a period of time. Budgetary control involves preparing budgets in advance and comparing actual performance to identify variances. Managers are responsible for costs within their budgets and must take action if adverse variances are significant. Budgets help establish targets, assign responsibilities, and monitor performance to control income and expenditures. Variances measure differences between actual and budgeted amounts and can be favorable or adverse. Significant variances should be investigated and corrective action taken if needed.
The document discusses the role of the Development Bank of Southern Africa (DBSA) in mobilizing financing for green economy projects through mechanisms like the National Green Fund. It describes the types of funding and financing instruments provided by the Green Fund, including grants, loans, and equity, to support initiatives that promote renewable energy, low carbon development, and environmental management. The Green Fund aims to facilitate South Africa's transition to a greener economy through strategic investments across key sectors.
CCCXG Global Forum March 2017 CIF experience in financing long-term low GHG ...OECD Environment
CCCXG Global Forum March 2017 CIF experience in financing long-term low GHG emission development strategies and enhancing climate resilience by Chris Head
This document discusses risk management instruments that can mobilize private finance for development projects. It outlines the main types of risk that projects face, including political, technical, commercial and outcome risks. It then describes various risk mitigation instruments that can be used, including loan guarantees, political risk insurance, and public co-investments. The document also discusses risk coverage gaps in Africa and the role that multilateral development banks can play in leveraging private finance by allocating risks appropriately between public and private entities. It provides two case studies of projects utilizing such risk management: a concentrated solar power project in Morocco and a geothermal development project in Kenya.
The document discusses financial instruments that could be mobilized in a 2015 international climate agreement to support climate action. It outlines several aims of mobilizing climate finance, including targeting adaptation in vulnerable countries and shifting investments from high-carbon to low-carbon options. A range of financial instruments are presented, from grants and de-risking mechanisms to various debt and equity instruments. The document argues that a 2015 agreement should explicitly encourage the full use of relevant financial tools to scale up climate action and facilitate information sharing on innovative instruments.
Engaging the Private Sector for National Adaptation Plan (NAP) Implementation...NAP Global Network
2nd Targeted Topics Forum, Kingston, March 17, 2016
National Adaptation Plan (NAP) Global Network
Prepared by:
- Joel Smith, CEADIR Adaptation Specialist, Abt Associates
- Dr. Alicia Hayman, CEADIR National Coordinator for Jamaica
Accessing debt capital markets to finance energy efficiency investments in th...OECD Environment
National Policy Dialogue on “Improving Access to Green Finance for Small and Medium-Sized Enterprises in Georgia”
→ Accessing debt capital markets to finance energy efficiency investments in the SME sector: Experience from Mexico - Kristian Brining
Presentació de Sonia Medina, Directora de Canvi Climàtic. Children’s Investment Fund
Foundation en el marc del Side Event “Practical approach to climate finance" organitzat per l'Oficina Catalana del Canvi Climàtic i ACCIÓ de la Generalitat de Catalunya durant la Carbon Expo 2015
CCXG Global Forum March 2018, Financing Climate Futures – Rethinking Infrastr...OECD Environment
This document summarizes a report on aligning financial flows with low-emission and resilient infrastructure. It requests international organizations to analyze G20 climate actions and opportunities to strengthen them. It identifies six transformative areas to redirect investment, such as long-term strategies, innovation, fiscal policy, sustainable finance, development assistance, and urban planning. Case studies provide examples of directing finance to green infrastructure. The report will be launched at COP24 after seminars, workshops and an UNGA event to discuss shifting investment towards climate goals.
Session 4 - Presentation by Andreas Lunding, Green Climate FundOECD Environment
The Green Climate Fund (GCF) was established by the UNFCCC to combat climate change and aims to keep global temperature rise below 2°C, with its Private Sector Facility (PSF) providing financing to catalyze private investment in climate projects in developing countries. The PSF offers various financial instruments like debt, equity and guarantees to unlock private climate finance and has already invested over $1 billion across 11 projects focusing on areas like renewable energy, energy efficiency and climate-resilient infrastructure.
A Public Private Partnership Approch to Climate FinanceAldo Baietti
The detrimental effects of climate change are growing, yet investments in clean technologies are still grossly insufficient, making it necessary to re-think how these projects should be evaluated, structured and financed in order to render them viable and attractive opportunities to polluting alternatives. Existing approaches lack key features in order to adequately address the key financing challenges of these investments, and do not utilize public support to its maximum effectiveness. The international community is essential in resolving this financing challenge, and host governments need to create an environment that levels the playing field for green investments vis-à-vis their conventional alternatives. The Green Infrastructure Finance Framework places clean investments in a commonly understood framework of structured finance with public finance components, as in many hybrid PPPs. The framework includes four
main elements: (i) a viability gap methodology for evaluating, structuring and equitably allocating financing responsibilities to different private and public parties; (ii) linkage to a country’s PPP’s procurement and regulatory framework along with an MRV component for ensuring the service obligations of projects; (iii) measures for addressing the adequacy of the climate for these investments; and (iv) a financing and advisory interface for allocating a wide variety of public sources of financing in a coherent fashion.
Private Sector Perspective on the Green Climate Fund_AfDB 210916Gori Daniel
The Green Climate Fund (GCF) was established to help developing countries mitigate and adapt to climate change. It aims to mobilize $100 billion annually by 2020 from public and private sources. The GCF Private Sector Facility directs funds to private sector climate projects. However, barriers like high costs and risk hamper private investment. Tools like concessional finance, green bonds, and yieldcos can help mitigate risks and leverage private capital. The African Development Bank can influence policies and provide de-risking instruments to unlock renewable energy investment across Africa.
David Lecoque, Alliance for Rural ElectrificationWAME
This document summarizes an ARE workshop on innovative finance for access to energy. ARE is an international business association representing the decentralized energy sector working to integrate renewables into rural electrification markets. It enables improved energy access through business support for over 90 members. ARE partners with organizations, projects, media and other industry platforms. Rural electrification markets face challenges including a large funding gap to achieve universal access by 2030. Programs focus on technical assistance but also provide some financial assistance. OFID and ARE are partnering to identify 2-5 mini-grid projects in developing countries through a $1 million grant to de-risk business ventures. Partnerships are needed to allow local business development and reduce inequality through market-based solutions and
Ghana Nat CC committee retreat - development & CC overview2 picsDr Seán Doolan, MBA
This document discusses strategies for developing an effective national climate change response in Ghana. It notes the need for a comprehensive approach that facilitates coordination across stakeholders from different levels and sectors of government as well as civil society. Developing climate strategies will require identifying champions, framing issues to attract political support, and mainstreaming climate considerations into development planning and budgeting processes. The document also emphasizes the importance of establishing clear governance structures and engaging multiple stakeholders, as well as developing capacity and accessing adequate financing through national and international mechanisms.
Renewable energies in the Middle East and North Africa: Policies to support p...OECDglobal
The document discusses policies to support private investment in renewable energy in the Middle East and North Africa region. It outlines the arguments in favor of investing in renewable energy, including rising energy demand and the region's strong potential for solar and wind power. However, renewable energy projects also face significant barriers like high costs, infrastructure and political risks. The document reviews the types of investment incentives used in MENA countries and recommends that governments establish a clear regulatory framework, set renewable energy targets, upgrade grids, and select incentive schemes that are predictable, efficient and tailored to project type. Financial incentives like feed-in tariffs are best for large plants, while net metering works well for industrial projects. Governments should also monitor and revise incentives as technologies
This document discusses sources and types of climate financing mechanisms. It outlines key messages on climate finance including the need to address how much funding is required and where it will come from. It then provides an overview of existing global funding mechanisms like the Global Environmental Facility and Adaptation Fund. It also discusses sources of climate finance including private, public, and multilateral sources. The document outlines instruments used to disburse funds like loans, equity, and grants. It notes that most financing supports mitigation efforts while a smaller portion goes to adaptation. Innovative means to leverage more funds are also proposed.
Current Green Energy Financing Programs - Noli Cruz, DBPOECD Environment
1st Clean Energy Finance and Investment Consultation Workshop: “Unlocking finance and investment for clean energy in the Philippines” 31 May – 1 June 2022, Makati Diamond Residences, Legazpi Village, Makati City
The document discusses recent work by the OECD on accelerating clean energy finance and investment. It provides the following key points:
1) The energy sector represented 32% of total climate finance from 2016-2020, with 50% targeted at renewable energy projects. Asia and lower-middle income countries received the majority of financing.
2) Blended finance that strategically combines public and private funds can help overcome barriers to clean energy investment. Coordination across stakeholders will be important to optimize effectiveness.
3) CEFIM is developing a framework for the net-zero transition of industry sectors starting with Indonesia and Thailand. The framework is a step-by-step process to engage stakeholders, assess technology and financing
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
[4:55 p.m.] Bryan Oates
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Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Bridging the gap: Online job postings, survey data and the assessment of job ...
Climate and carbon finance
1. Overview of Climate Finance
Jacqueline Tao Yujia
MFA-NTU Green Climate Finance Workshop
Energy Studies Institute, National University of Singapore
24 November 2014
2. Definitions
• Lack of universally accepted definition of climate finance
• Climate Finance
• local, national or transnational financing
• public, private and alternative sources of financing
• both mitigation and adaptation financing
• Carbon Finance
• Financing generated through the pricing of the resultant emissions
reductions for mitigation projects
2
6. Sources of International Climate Finance
6
Source: Climate Funds Update.
http://www.climatefundsupdate.org/about-climate-fund/global-finance-architecture
7. Intermediary agencies
• Global Environment Facility (GEF)
▫ operating entity of the financial mechanism of the UNFCCC
• Green Climate Fund (GCF)
▫ operating entity of the financial mechanism of the UNFCCC
• Climate Investment Funds (CIFs)
▫ champions innovative country-led investments
▫ supported by public finances and leveraging of other sources
• Indonesian Climate Change Trust Fund
▫ Harmonize all sources of finance to ensure that they are aligned
with national development plans
7
8. Size of Climate Finance
8
Source: Climate Policy Initiative report on “Global Landscape of Climate Finance 2013”
Accessed at: http://climatepolicyinitiative.org/publication/global-landscape-of-climate-finance-2013/
9. Further action
• Scaling up much needed climate finance
• Spending the limited finance efficiently and effectively
▫ Mitigation v Adaptation
▫ Domestic v International
▫ MRV
• Encourage private sector investments
▫ Addressing barriers to private investment
Domestic and International public policy efforts
▫ Leveraging Private Finance
▫ Functioning carbon market
9
10. De-risking of Climate Change Investments
10
Risk Instruments
Project Risk Cost Risk • Due diligence
• Commercial insurance
• Public guaranteeResource Risk
Technology risk
Country Risk Regulatory Risk • Rule of Law
• Policy certainty, clarity,
longevity
• Political Stability
Sovereign risk
Financing Risk Debt/equity availability • Financial support
mechanism
• Established capital
markets
11. Public Support for Private Climate Finance
• Conducive policy environment
▫ Long term price signals
• Financial support instruments
▫ Loans/Grants
▫ Subordinated debt / Mezzanine financing
▫ Guarantee / Risk-sharing products
▫ Feed in tariff (Renewable energy)
• Other forms of support
▫ Technical Assistance
11
12. Leveraging Private Finance
12
Source: International Finance Corporation report on “Climate Finance: Engaging the Private Sector ”
Accessed at: http://www.ifc.org/wps/wcm/connect/5d659a804b28afee9978f908d0338960/ClimateFinance_G20Report.pdf?
MOD=AJPERES/
13. Thailand: Energy Efficiency Revolving Fund (EERF)
• aimed to stimulate EE investments in large-scale energy consuming
industrial sectors and leverage commercial financing in EE projects
• EERF provides capital to Thai banks to fund EE projects, banks then
extend the credit in the form of low-interest loans to EE projects in
industries and buildings
• Yield significant results in terms of reduced demand for oil imports
and power
13
14. Carbon Finance
• A strong price signal is essential to establish the right incentives and
to direct financial flows away from carbon-intensive growth to low-
carbon investments.
▫ Carbon as an asset/commodity/factor of production
14
15. Carbon Finance Innovations
15
Use Type of
Instrument
Innovations
Capital Raising Debt Carbon/green bonds
Carbon asset backed loans/securities
Equity Green stocks
ESG/SRI IPOs
De-risking Insurance Project-based (CDM/JI) insurances
Derivative Carbon derivatives forwards, futures,
options, swaps
Others Project guarantee
16. Concluding Remarks
• Climate finance is critical Scaled up, new, additional, predictable
and adequate funding is required FAST for both mitigation and
adaptation
• Combination of public and private financing sources required
• Role of public sector:
▫ Kick-start the market/ Leverage private sector finance
▫ Provide strong long-term enabling policy assurances
▫ Supply much-needed finance in critical areas of adaptation that
private funds are less suited for
• Rapidly evolving structure: much room for public and private
innovations
16
17. 17
Thank you!
Energy Studies Institute
29 Heng Mui Keng Terrace
Block A, #10-01
Singapore 119620
Jacqueline Tao
Tel: (65) 6516 6692
Email: esity@nus.edu.sg
18. Indonesia Public Climate Finance 2011
20
Source: Climate Policy Initiative 2014 report on “Landscape of Public Climate Finance in Indonesia”
19. Carbon Pricing
• can be achieved through markets or taxes, and different instruments
will be appropriate in different countries for different sectors of the
economy.
21
21. China’s Pilot ETS
23
Guangdong Shanghai Tianjin Beijing Shenzhen
Emission
Covered
43%-50% About 50% About 60% About 40% 38%
Covered
Sectors
Energy intensive
industries
Transports and buildings
(public, commercial)
construction are part of
the newly released
regulation
16 sectors:
including both
industrial and
service sectors
Energy intensive
industries
Electricity providers,
heating sector,
manufacturers
(automobile, cement,
petrochemicals) and
major public
buildings
Almost all sectors.
Transport inclusion
under consideration.
Allocation
methods
Grandfathering based on
10-12 emissions,
considering sectors’
characteristics.
Grandfathering
for 2013-2015
based on 2009-
2011 emissions,
growth
considered.
Whenever
possible,
benchmarks will
be used
Existing entities:
Grandfathering
New entities:
Benchmark
Grandfathering based
on 09-12 emissions
or carbon intensity
(corrected by a
sector-specific factor)
declining with time.
New entrants:
benchmarks.
Grandfathering based
on firms’ historical
emissions,
performance and
future activity level.
Offset
mechanism
Up to 10%, 70% of which
must stem from local
projects.
Up to 5% Up to 10 % Up to 5%. At least
half must originate
from local projects
(except certain types
of projects owned by
liable entities)
Up to 10 %
22. Chile’s Carbon Tax
• Stationary sources: power sector
▫ $US5/tCO2 for generators operating thermal plants with
installed capacity equal or larger than 50 megawatts (MW)
▫ thermal plants fueled by biomass and smaller installations
exempted
▫ Measurements of emissions in 2017 and the new tax would be
levied from 2018.
• Mobile sources: vehicles
▫ additional tax on import of light diesel vehicles
• Local pollutants such as NOx and PM are also taxed at US$0.1/t of
pollutant
24
23. Adaptation Fund
• established in 2001 to finance concrete adaptation projects and
increase climate resilience of developing country Parties to the
Kyoto Protocol that are particularly vulnerable to the adverse effects
of climate change.
• Financed by 2% of share of proceeds of CERs and others sources of
funding
25
24. Green Bonds
• Broadly defined as debt instruments that are applied exclusively
towards projects with significant environmental benefits
• Growing market: USD40 billion (2014)
▫ Steady demand (many issues are oversubscribed)
▫ Diverse supply
• Offset climate risks of portfolio
• Uncertainty
▫ lack of standardization on the definition
of green bonds
26
Editor's Notes
As my colleague has described in detail earlier, the policy questions over the raising and disposition of financial resources to fund climate change mitigation and adaptation activities are among the most contentious in the protracted series of summits and negotiation under the UNFCCC.
So what is it about climate finance that makes the discussions around it so heated?
To understand this, we would have to boil down to the basics: the definition of climate finance.
While the concept of climate finance is fairly straightforward: developed countries, with historical responsibilities and stronger economies, are to provide developing countries, who are more often than not disproportionately affected due to climate change for mitigation and adaptation activities, under the principle of common but differentiated responsibilities of UNFCCC, there is a general lack of consensus of what that actually means.
The UNFCCC defines climate finance as local, national or transnational financing, which may be drawn from public, private and alternative sources of financing which may be used for both mitigation and adaptation purposes.
This definition itself covers a variety of issues. Firstly, how should international finance be allocated reasonably to the developing countries? What are the relative importance of public and private finance in the climate finance regime and how much of the financing should flow into mitigation and adaptation projects respectively. Countries often have wildly divergent views on these issues, leading to the heated discussions on this matter. We will explore some of these issues along the way.
The definition of carbon finance is rather straightforward. As defined by World Bank, it is the financial resources generated through the pricing of the resultant emissions reductions for mitigation projects.
So the diagram here illustrates what climate finance is.
Climate finance consists of both mitigation and adaptation finance. There are areas where the two components overlap.
Carbon Finance is considered part of mitigation finance, since most of its associated financial resources are linked to mitigation activities. But the classification is not fixed, there are exceptions, such as the Adaptation funds, that use financial flows from the sale of CERs from CDM projects to fund Adaptation activities.
So when you look at climate finance, we need to think about it as a flow of financial resources.
Some key themes that are present in climate finance are
revenue raising- which relates to what are sources of climate finance
revenue disbursement – who are involved in dispersing the funds and what instruments and mechanisms are used
And oversight or MRV – so how efficiently the resources are allocated and what is the effectiveness of the use of funds
In this case, we are using revenue loosely to refer to financial resources.
This diagram shows the various sources of international climate finance and I will bring you through them. Please note that this diagram is not exhaustive and may not represent all the existing institutions and mechanisms.
So right at the top, you will see the contributor countries such as Australia, EU, US, UK and so on. Financial resources from these contributor nations may flow directly to national implementing agencies, such as DECC (Department of Energy and Climate Change) in the UK or the Japan Bank of International Cooperation (JBIC), directly to the recipient countries. Or financial resources may flow into dedicated bilateral funds such as the Global Climate Change Initiative (US) and the International Climate Fund (UK) which then disperses them to recipient countries.
Some of the funds from the dedicated funds and the national implementing agencies may also flow into multilateral institutions. Most of the multilateral institutions are governed under UNFCCC mechanisms. Here you can see the major UNFCCC financing mechanism such as the GCF and GEF. Climate Investment Funds, administered by the World Bank in partnership with regional development banks are also illustrated.
Some countries have also set up national climate funds to receive and channel climate finance from various contributor countries.
According to the Climate Policy Initiative, the total flow of climate finance in the year 2013 amounted to $359 billion in total.
Current scale of finance far below investment needs
Costs for Mitigation
World Bank (2008) $400 bn/yr
Potsdam-Institute for Climate Impact Research (2009) $480 – 600 billion a year up to 2030, and $1.2 trillion a year from 2030 to 2050
IEA (2011) developing: $1 trillion a year over the next four decades.
Global Energy Assessment (2012) $1.7 trillion and $2.2 trillion.
Costs for Adaptation
UNFCCC (2007) developing country:$27 billion to $66 billion a year.
World Bank (2010) $75 billion to $100 billion a year.
The sooner we act, the cheaper the price of adaptation and mitigation
Public sources and public intermediaries account for 3% and 34% of all sources of climate finance, with the other 62% provided by private sources.
Interesting observation on the instruments used. A large proportion of them are debt related, as compared to grants.
Also mitigation accounts for 94% of all climate finance, while adaptation accounts for only 4%.
As you have seen before, a large portion of funds are spent on mitigation as compared to adaptation. Given the nature of investments in adaptation, it is unlikely that the private sector an play a large role in it. Public good, uncertainty, social good as the main return. Private investments are a poor fit for these risk and return profiles
Given that there are limited amount of finances flowing around, it is vital to ensure that the climate finance reaches the poorest and most vulnerable people, that its impacts can
be clearly evaluated and monitored, and that adequate social, environmental and human rights safeguards are in place.
There must be clear accountability to the taxpayer for the use of any public monies.
36-40% of all climate finance is spend within their own borders. OECD to non-OECD flows comprise 12% of all climate finance.
Although contributions from public budgets are essential and will have to be scaled up, it is unlikely that climate change costs in the tens of billions of dollars annually could be covered through government contributions alone.
The primary requirement to attract private sector capital into low carbon investments is an appropriate policy framework.
Almost all of such investments are policy-dependent, having higher costs than carbon intensive options
Create the policy with clarity, stability, predictability and long-term visibility that will attract finance
Private investors are a heterogeneous group, who have different risk preferences that need to be considered to design policies and instruments that provide adequate risk-adjusted returns for the required capital flow.
A project can be divided into three key financing stages
the project development prior to financial close,
financial close
operating period
Thailand’s local banks had a limited understanding of energy efficiency projects, making it challenging for potential developers to access financing for such projects.
The Thai government was provided credit line in the range of THB 100 to 400 million (about USD 2.5 to 10 million) to 11 commercial banks at zero interest rate which the banks are expected to lend to eligible projects (EE measures) are as defined in Thailand’s Energy Conservation Promotion Act. (ENCON Act)
The banks were allowed to charge an interest rate of up to 4% to cover their management and administration costs and risk coverage.
The financial incentives to banks, combined with the enhanced awareness of energy efficiency,
Attaching a price to carbon emissions and creating markets to trade them is thought to provide financial incentives to encourage emitters to undertake emission reduction efforts. If a company wants to emit more than it is allowed to, it can buy credits from those who have reduced their emissions below the target level, or from a project in a developing country which has certified emission reduction credit to sell.
In the early 1990s, Thailand’s economy was growing rapidly at 10 percent per year; the power sector was growing even faster. The government recognized that conserving energy would provide a low-cost way to meet its citizens’ rising demand for energy.
It responded by passing a law in 1992 that set energy efficiency standards for industry and established an Energy Conservation Promotion Fund, which raised funds for energy efficiency projects by taxing petroleum products.
Objective of the ESCO Fund
To foster the expansion of the energy service market (ESCO)
To stimulate private investment in energy efficiency and renewable energy projects
To encourage enterprises to develop energy efficiency and renewable energy projects
To facilitate the enterprises to reduce energy costs and gain potential benefits from carbon reduction revenue through global carbon market
To increase financial institutions’ confidence in financing energy efficiency and renewable energy projects
Encourage energy savings and reduce the dependence on energy imports
Carbon Credit Facility – the ESCO Fund can facilitate project owners in developing CDM documents, Project Idea Notes (PIN) and Project Design Documents (PDD). It can also help owners of small projects enter the carbon credit markets by bundling projects so that they have higher chances of selling credits.
Credit Guarantee Facility – the ESCO Fund cooperates with financial institutions or credit guarantee agencies to assist entrepreneurs in accessing long-term loans from banks by providing credit guarantees depending on the project risk and limited to 10 Million THB at low premium rates.
Technical Assistance – the ESCO fund provides financial support for technical assistance, e.g. energy audits and feasibility studies. The support is limited to 100,000 THB per project and this fee must be reimbursed to the ESCO Fund if the proposed technical solutions have not been implemented. However, the ESCO companies usually offer free audit services, with technical support under the ESCO fund barely implemented
market-based mechanisms are likely to deliver large-scale emission reductions more efficiently and quickly