Financing Climate Change 2014 - Policy Perspectives

5/20/2018 Financing Climate Change 2014 - Policy Perspectives

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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.


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.


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
http://www.oecd.org/finance/ltihttp://www.oecd.org/finance/ltihttp://www.oecd.org/finance/ltihttp://www.oecd.org/finance/lti


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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



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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.



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OECD .11

POLICYPERSPECTIVES


12/20

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).


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).


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


14/20

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.


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


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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%


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).


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.


17/20

OECD .17

POLICYPERSPECTIVES


18/20


Agrawala, S., M. Carraro, N. Kingsmill,M. Mullan and G. Prudent-Richard

(2011), Private Sector Engagement

in Adaptation to Climate Change:

Approaches to Managing Climate Risk,

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OECD Publishing, Paris, http://dx.doi.org/

10.1787/5kg221jkf1g7-en.

Agrawala, S. and M. Carraro

(2010), Assessing the Role of Microfinance

in Fostering Adaptation to Climate

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No. 15, OECD Publishing, Paris, http://

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Ang, G., and V. Marchal (2013), Mobilising

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Transport Infrastructure: The Case of

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Environment Working Papers, No. 56,

OECD Publishing, Paris, http://dx.doi.

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Buchner, B., J. Brown and J. Corfee- Morlot

(2011a), Monitoring and tracking longterm finance to support climate action,

OECD Publishing/IEA, Paris, http://dx.doi.

org/10.1787/5k44zcqbbj42-en.

Caruso, R. and R. Jachnik (2014),

Exploring Potential Data Sources for

Estimating Private Climate Finance,

OECD Environment Working Papers, No.

69, OECD Publishing, Paris, http://dx.doi.

org/10.1787/5jz15qwz4hs1-en.

Caruso, R. and J. Ellis (2013), ComparingDefinitions and Methods to Estimate

Mobilised Climate Finance, OECD/IEA

Climate Change Expert Group Papers, No.

2013/02, OECD Publishing, Paris, http://

dx.doi.org/10.1787/5k44wj0s6fq2-en.

Clapp, C., J. Ellis, J. Benn and J. Corfee-

Morlot (2012), Tracking Climate Finance:

What and How?, Draft discussion

document prepared for the Climate

Change Expert Group (CCXG) Global

Forum on the New UNFCCC Market

Mechanism and Tracking Climate Finance,

19-20 March 2012, OECD, http://www.oecd.

org/env/cc/50293494.pdf.

Cochran, I et al. (2014, forthcoming), ThePFIs in Financing the Low Carbon Transition,

OECD Publishing, Paris.

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(2009), Financing for Climate Change

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IEA Publishing, www.oecd.org/env/

cc/44019962.pdf.

Corfee-Morlot, J., V. Marchal, C. Kauffmann,

C. Kennedy, F. Stewart, C. Kaminker and G.

Ang (2012), Toward a Green Investment

Policy Framework: The Case of Low-

Carbon, Climate-Resilient Infrastructure,

Environment Directorate Working Papers, No.

48, OECD Publishing, Paris,http://dx.doi.

org/10.1787/5k8zth7s6s6d-en.

Ellis, J.,R. Caruso and S. Ockenden

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Expert Group Papers, OECD, Paris, http://

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EPOC/IEA/SLT(2013)4&docLanguage=En.

Gaveau, V. and S. Ockenden (2014,

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DAC Members Reporting Practices

on Environment-Related Official

Development Finance and Reporting to

the Rio Conventions, OECD Development

Co-operation Technical Paper.

Global Partnership for EffectiveDevelopment Co-operation (2011),

Outcome Document 4th High Level Forum

on Aid Effectiveness, Busan, Korea, 29

November-1 December 2011.

Hallegatte, S., C. Green, R.J. Nicholls and

J. Corfee-Morlot (2013), Future flood

losses in major coastal cities, Nature

Climate Change, 3, http://www.oecd.org/

environment/future-flood-losses-in-

major-coastal-cities.htm.

Hacic I., M. Crdenas Rodrguez, R.Jachnik, J. Silva and N. Johnstone (2014),

Public interventions and private finance

flows: empirical evidence from renewable

energy financing, OECD Environment

Working Papers.

IEA (2014), World Energy Outlook,

International Energy Agency,

OECD Publishing, Paris, www.

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IEA (2011), World Energy Outlook,

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weo-2011-en.

IEA, OECD, OPEC and World Bank (2011),

Joint report by IEA, OPEC, OECD and

World Bank on fossil-fuel and other energy

subsidies: An update of the G20 Pittsburgh

and Toronto Commitments, Prepared

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and Central Bank Governors (Paris, 14-15

October 2011) and the G20 Summit

(Cannes, 3-4 November 2011),http://www.oecd.org/env/49090716.pdf.

IEA, OECD, OPEC and World Bank (2010),

Analysis of the Scope of Energy Subsidies

and Suggestions for the G-20 Initiative,

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G 20 Summit Meeting, Toronto, 26-27 June

2010, http://www.oecd.org/env/45575666.

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Kaminker, C. et al. (2014, forthcoming),

Mapping Channels to MobiliseInstitutional Investment in Sustainable

Energy, OECD Publishing, Paris.

Kaminker, C. et al. (2013), Institutional

Investors and Green Investment: Selected

Case Studies, OECD Working Papers on

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35, OECD Publishing, Paris, http://dx.doi.

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Kato et al. (2014), Scaling up and

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CCXGsentout_May2014_REV.pdf.

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19/20

OECD .19

Lamhauge, N., E. Lanzi and S. Agrawala(2011), Monitoring And Evaluation

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OECD Countries, OECD Environment

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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-en


20/20


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],

[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

([email protected])

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]

Documents

Financing Climate Change 2014 - Policy Perspectives