Climate Finance

Understanding and Increasing Finance for Climate Adaptation in Developing Countries

December, 2018

There is an urgent need to spur greater investment into climate adaptation and resilience, in both the public and private sectors. This report explores the current state of finance for climate adaptation and proposes practical, near term solutions to both fill in knowledge gaps and to increase investment.
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Understanding and Increasing Finance for Climate Adaptation in Developing Countries(1.1 MB)

Global Climate Finance: An Updated View 2018

November, 2018

Global Climate Finance: An Updated View 2018 condenses a set of updated findings from our Global Landscape of Climate Finance 2017 report based on newly published data for 2015 and 2016, to provide the latest and best information possible for policy makers and investment leaders working to scale up investment for climate change action.
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Global Climate Finance: An Updated View 2018(663.6 kb)

Energizing Renewables in Indonesia: Optimizing Public Finance Levers to Drive Private Investment

November, 2018

This study aims to understand the role of public finance instruments for clean energy and identify opportunities to optimize them to spur private investment in Indonesia. The ultimate objective is to inform Indonesia’s public resource allocation strategy so that it will address the most critical barriers to clean energy investment and improve public capital efficiency.
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Energizing Renewables in Indonesia-Optimizing Public Finance Levers(505.1 kb)

Energizing Finance: Understanding the Landscape 2018

November, 2018

The Energizing Finance series is the first and only in-depth attempt to capture multiple years of data on investment for the two key areas of energy access: electrification and clean cooking. It focuses on public and private finance commitments in 20 developing countries – known as the high-impact countries – that together account for nearly 80% of those living without access to sustainable energy.
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Energizing Finance 2018 (Full Report)(4.8 MB)
Energizing Finance 2018 (Executive Summary)(1.6 MB)

Drivers and Challenges for Rooftop Solar Loans to Small and Medium Enterprises in India

October, 2018

In this report, we assess the viability of the CAPEX loan model, a similar model to the existing CAPEX cash model, where the customer makes the upfront payment to finance the solar assets. This payment is, however, financed by a mix of the customer’s own equity and a commercial loan taken directly by the customer ...
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Drivers and Challenges for Rooftop Solar Loans to Small and Medium Enterprises in India(674.9 kb)

Empowering Oil Palm Smallholder Farmers through Alternative Livelihoods

October, 2018

Climate Policy Initiative and the University of Palangka Raya and PILAR Foundation have developed an alternative livelihood research program that will not only help smallholder farmers secure alternative sources of income, but will also be scaled to businesses with the means to further grow the rural economy. This brief focuses on the business model aspects of two alternative livelihoods - cattle feed and fisheries - with application specifically to the East Kotawaringin and Katingan districts of Central Kalimantan in Indonesia.
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Empowering Oil Palm Smallholder Farmers through Alternative Livelihoods(1.7 MB)

Credit Support Pathways for Rooftop Solar Projects in India

October, 2018

India, under the Intended Nationally Determined Contribution (INDC), has set an ambitious target to achieve installed capacity of 175GW of renewable energy by 2022, including 100GW of solar power. Of that, the government aims for 60 GW to be utility-scale solar, and the rest to be rooftop solar. Though India has made significant progress ...
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Credit Support Pathways for Rooftop Solar Projects in India(1.1 MB)

Towards a More Sustainable and Efficient Palm Oil Supply Chain in Berau, East Kalimantan

July, 2018

The Berau district of East Kalimantan is rapidly expanding its palm oil sector. A new CPI study shows that Berau can reach optimal palm oil production levels and fulfill mill capacity needs with minimal land expansion, however, smallholders – who represent a key piece of the supply chain – currently face challenges preventing them from operating efficiently.
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Towards a more sustainable and efficient palm oil supply chain in Berau, East Kalimantan – Full publication(7.4 MB)
Menuju Rantai Pasok Kelapa Sawit yang Lebih Berkelanjutan dan Efisien di Berau, Kalimantan Timur(7.7 MB)

Transitional Foreign Exchange Debt Platform: Paths to Enable Foreign Currency Debt to the Rooftop Solar Sector in India

June, 2018

Low access to debt capital remains one of the key barriers to achieving the Indian government’s target of 40GW of rooftop solar installations by 2022. Foreign capital can help bridge the gap in debt availability for rooftop solar, however, foreign currency debt exposes rooftop solar project sponsors to the risk of foreign exchange rate fluctuation...
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Transitional Foreign Exchange Debt Platform_Paths to Enable Foreign Currency Debt to the Rooftop Solar Sector in India(1.5 MB)

Designing Technical Assistance Activities for Adaptation and Resilience Companies

May, 2018

This CPI working paper focuses on understanding what would be needed for adaptation and resilience companies - specifically, analytics, or intelligence, companies - to expand in developing countries. Analytics companies help clients measure their potential impacts from climate change and identify measures to reduce them.
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Designing Technical Assistance Activities for Adaptation and Resilience Companies(605.3 kb)

An Assessment of India’s Energy Choices

May, 2018

A four-report series that looks at the future of renewable energy in India along different economic dimensions, including the social costs, macroeconomic impacts, environmental impacts, financial risk, and flexibility considerations.
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Foreword(92.3 kb)
Financial Performance and Risk Perception(1.1 MB)
What it Means for the Economy, Jobs, and Energy Security_Executive Summary(157.2 kb)
What it Means for the Economy, Jobs, and Energy Security_Technical Report(2.1 MB)
Managing India’s Renewable Energy Integration through Flexibility(1.4 MB)

Addressing Off-Taker Risk in Renewable Projects in India: A Framework for Designing a Payment Security Mechanism as a Credit Enhancement Device

May, 2018

One of the most important risks to the Indian renewable energy sector is the counterparty credit risk, associated with the risk of state-owned utilities delaying or defaulting on their contractual payments to power producers, adding as much as 1.07% of additional risk premium to the cost of debt for renewable energy projects (CPI, 2018), and also limiting the availability of capital.
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A-Framework-for-Designing-a-Payment-Security-Mechanism-as-a-Credit-Enhancement-Device(864.9 kb)

Indonesia’s Village Fund: An Important Lever for Better Land Use and Economic Growth at the Local Level

April, 2018

In keeping with its goals for sustainable economic growth and an inclusive and equitable economy, Indonesia is committed to avoiding deforestation. As the drivers of deforestation often originate from activities outside of forest borders, it is not enough to solve deforestation by conducting segregated actions targeted to specific forest areas. Indonesia must also work to strengthen the rural economy and improve regional collaboration by working across various administrative jurisdictions that encompass forest governance. To ensure the success of this jurisdictional approach, improved economic power and village governance are key.
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Indonesia’s Village Fund: An Important Lever for Better Land Use and Economic Growth at the Local Level(4.0 MB)
Indonesian Village Fund: Policy Brief 1(2.4 MB)
Indonesian Village Fund: Policy Brief 2(1.7 MB)

Approaches to assess the additionality of climate investments: Findings from the evaluation of the Climate Public Private Partnership Programme (CP3)

March, 2018

As governments and development finance institutions scale up delivery of climate finance commitments, the question of how to measure and ensure additionality becomes increasingly important. This paper presents new methodological approaches for assessing the additionality of climate investments, developed by Climate Policy initiative through ongoing work monitoring and evaluating the Climate Public Private Partnership (CP3).
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Approaches to assess the additionality of climate investments _ Findings from the evaluation of the Climate Public Private Partnership Programme (CP3)(603.8 kb)

Getting to India’s Renewable Energy Targets: A Business Case for Institutional Investment

March, 2018

This study finds that while the renewable energy sector in India offers an attractive investment opportunity that is well matched with the needs of institutional investors, there are still barriers to investment. 
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Getting-to-Indias-Renewable-Energy-Targets-A-Business-Case-for-Institutional-Investment(963.4 kb)

Supporting the Momentum of Paris: A Systems Approach to Accelerating Climate Finance

March, 2018

In light of not only the scale of climate finance needs, but also the type of public finance instruments needed to leverage private flows, the importance of more connected coordination and collaboration by international public climate finance actors is crucial. Systems thinking approaches support the recognition of the effects of existing and new actors on scaling overall flows and their direction of travel, as well as support the collective optimisation of public finance interventions to achieve the scale needed – helping to understand not only the specific niche of each actor, but also how actors can most effectively coordinate and collaborate to achieve enduring impact.
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Supporting the Momentum of Paris: A Systems Approach to Climate Finance (Synthesis Paper)(1.5 MB)
Systems Approach to Climate Finance: Exploring Methods and Approaches to Systems Thinking in Climate Finance(3.5 MB)
Systems Approach to Climate Finance: Needs and Actor Analysis(906.7 kb)

Scaling up Rooftop Solar Power in India: The Potential of Solar Municipal Bonds

February, 2018

A new model for municipal financing for rooftop solar, via issuance of municipal bonds, has the potential to increase debt availability for rooftop solar project developers and lower rooftop solar costs up to 12% in Indian cities.
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Scaling up Rooftop Solar Power in India – The Potential of Solar Municipal Bonds(955.5 kb)

Blended Finance in Clean Energy: Experiences and Opportunities

January, 2018

The combined challenges of energy access and climate change present major needs for clean energy investment. The Paris Agreement and ...
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Blended Finance in Clean Energy: Experiences and Opportunities(1.3 MB)
Blended Finance in Clean Energy Annexes(646.3 kb)

Global Landscape of Renewable Energy Finance 2018

January, 2018

The Global Landscape of Renewable Energy 2018 report is a concise, accessible summary of finance flows to renewables around the world. The study examines finance flows worldwide in 2013-2016, broken down by technology, financial instrument, and region.
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Global Landscape of Climate Finance 2017

October, 2017

Climate Policy Initiative’s 2017 edition of the Global Landscape of Climate Finance updates the most comprehensive assessment of annual climate finance flows with data from 2015 and 2016, providing, for the first time, a five-year trend analysis on the how, where, and from whom finance is flowing toward low-carbon and climate-resilient actions globally.
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Global Landscape of Climate Finance 2017(1.9 MB)
GLCF 2017 Methodology Document(298.6 kb)

Supporting National Development Banks to Drive Investment in the Nationally Determined Contributions of Brazil, Mexico, and Chile

September, 2017

The Paris Agreement combats climate change through country-defined sustainable development plans, aiming to align financing flows with low-carbon climate resilient growth. National development banks and local financial institutions can play key roles in providing climate financing and supporting implementation of these plans. This study focuses on national development banks and other domestic development finance actors in Latin America and the Caribbean based on the key roles that they play in domestic economic development and their potential to scale up climate-relevant investment and support for Nationally Determined Contributions implementation. They occupy a unique position within the climate finance landscapes of their respective countries due to their proximity to, understanding of, and nuanced relationships with governments and local private sector actors, and their ability to obtain and channel finance from international sources.
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Supporting National Development Banks to Drive Investment in the Nationally Determined Contributions of Brazil, Mexico, and Chile(2.0 MB)

Lessons and Innovations to Spur Green Investment in Developing Countries

April, 2017

This brief compiles and summarizes lessons from CPI analysis and projects from 2015 and 2016 on how governments and public finance institutions can work together with each other and the private sector to effectively and efficiently reduce the risks and costs of projects in order to attract green investment.
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Lessons-and-Innovations-to-Spur-Green-Investment-in-Developing-Countries(391.8 kb)

The Productivity of International Financial Institutions’ Energy Interventions

March, 2017

This report analyses international financial institutions' energy portfolios, identifies best practices, and develops an innovative methodological approach to show these organizations how they can adjust their approach to deliver on their mandates to increase economic productivity and meet environmental and social objectives while lowering energy use from fossil fuel sources at least cost.
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The Productivity of International Financial Institutions’ Energy Interventions(910.4 kb)

The Landscape of REDD+ Aligned Finance in Côte d’Ivoire

January, 2017

This study identifies domestic and international public finance that limited deforestation and encouraged sustainable land use in Côte d’Ivoire in 2015. It provides a baseline against which to measure progress towards the levels of investment required to meet government goals for sustainable agriculture and reforestation. It also identifies opportunities to increase finance available for implementation of its National REDD+ Strategy. For example, greening the hundreds of billions of West African CFA francs (FCFA) spent annually on business-as-usual agriculture in the country could increase productivity without sacrificing the country’s forests.
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The Landscape of REDD+ Aligned Finance in Côte d’Ivoire(1.9 MB)
Cartographie des financements alignés à la REDD+ en Côte d’Ivoire(2.0 MB)
The Landscape of REDD+ Aligned Finance in Côte d’Ivoire – English Poster(1.7 MB)
Cartographie des flux financiers alignés à la REDD+ en Côte d’Ivoire – French poster(1.7 MB)

Green Bonds for Cities: A Strategic Guide for City-level Policymakers in Developing Countries

December, 2016

This report offers a strategic guide for cities in developing countries to access finance from green bonds, a potential source of finance for cities in developing countries looking to secure investment in low-carbon, climate-resilient infrastructure to meet the water, energy, housing and transportation needs of their expanding urban populations.
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Green Bonds for Cities – A Strategic Guide for City-level Policymakers in Developing Countries(780.3 kb)

Global Climate Finance: An Updated View on 2013 and 2014 Flows

September, 2016

In October 2016, the UNFCCC will publish its second Biennial Assessment and Overview of Climate Finance Flows (BA). To inform this important exercise, CPI has reviewed climate finance flows for the years 2013 and 2014, as previously reported in our 2014 and 2015 Global Landscape of Climate Finance reports.
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Global Climate Finance – An Updated View on 2013 and 2014 Flows(390.4 kb)

Global Innovation Lab for Climate Finance – 2015-2016 Cycle Instrument Analyses

June, 2016

On 27 June 2016 in London, Lab Advisors and Principals met to review 2015-2016 instruments, endorse their technical design, and indicate future backing. Principals endorsed four pilot-ready instruments to unlock investment in climate adaptation and mitigation in developing countries. These instrument analyses represent the culmination of the Lab's 2015-2016 cycle.
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Energy Efficiency Enabling Initiative-Instrument Analysis(3.5 MB)
Small scale Renewables Financing Facility – Instrument Analysis(4.3 MB)
Oasis Platform – Instrument Analysis(4.2 MB)
Climate Smart Lending Platform – Instrument Analysis(5.7 MB)
Water Financing Facility – Instrument Analysis(4.4 MB)

The Role of the Climate Investment Funds in Meeting Investment Needs

June, 2016

This study’s primary aim is to identify if and where the CIF business model adds value in the landscape of climate finance and whether the CIF holds a comparative advantage in supporting climate-relevant investment needs compared to other multilateral climate funds. This report also examines the role of concessional climate finance, characterizes its main providers, and discusses where and how concessional resources are most needed to address climate investment gaps in priority sectors.
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The Role of the Climate Investment Funds in Meeting Investment Needs(373.9 kb)

Estimating Mobilized Private Finance for Adaptation: Exploring Data and Methods

November, 2015

This study advances understanding of how to assess publicly-mobilized private investment in climate resilience by developing, testing and evaluating a range of methodological options to estimate the amount of private finance mobilized by developed countries’ public finance interventions for climate adaptation in developing countries.
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Estimating mobilized private finance for adaptation – Executive Summary(416.6 kb)
Estimating mobilized private finance for adaptation – Exploring data and methods(1.6 MB)
Estimating mobilized private finance for adaptation – Presentation(752.4 kb)

Global Landscape of Climate Finance 2015

November, 2015

The amount of climate finance invested around the world in 2014 increased by 18% over the previous year from USD 331 billion to an estimated USD 391 billion
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Global Landscape of Climate Finance 2015(916.1 kb)
A Closer Look at the Landscape 2015 Methodology(362.8 kb)

Climate Finance in 2013-14 and the USD 100 Billion Goal

October, 2015

With the aim of informing the international discussions and enhancing transparency on climate finance ahead of the UNFCCC 21st Conference of Parties (COP21) in Paris in December 2015, the current and incoming COP Presidencies, Peru and France, asked the Organisation for Economic Cooperation and Development (OECD) in collaboration with CPI to provide an up-to-date aggregate estimate of mobilized climate finance and an indication of the progress towards the UNFCCC climate finance goal.
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Climate Finance in 2013-14 and the USD 100 billion goal(3.4 MB)

The Role of Technical Assistance in Mobilizing Climate Finance – Insights From GIZ Programs

October, 2015

Few studies examine how technical assistance may help mobilize additional public and private climate finance to help developing countries mitigate and adapt to climate change. This paper aims to provide some first insights on the topic by analyzing five technical assistance programs of the German ‘Gesellschaft fuer Internationale Zusammenarbeit (GIZ), one of the largest technical assistance agencies worldwide.
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The Role of Technical Assistance in Mobilizing Climate Finance – Insights From GIZ Programs(407.7 kb)

What Counts: Tools to Help Define and Understand Progress Towards the $100 Billion Climate Finance Commitment

August, 2015

This paper aims to make a positive contribution in the lead up to Paris by first unpacking the key variables Parties have emphasized in debates about “what counts” towards the $100bn climate finance goal, and then proposing an approach to classifying climate finance that Parties could use as a starting point for their analyses and interpretations. It takes no position on what should count: instead it organizes different aspects of climate finance in politically relevant ways that could help facilitate clearer understanding and convergence.
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What Counts – Tools to Help Define and Understand Progress Towards the $100 Billion Climate Finance Commitment(954.8 kb)

Lessons on the Role of Public Finance in Deploying Geothermal Energy in Developing Countries

August, 2015

This report provides recommendations on the design and distribution of policymakers and development finance institutions' policy and financing tools to enable fast and cost-effective deployment of geothermal in developing countries. It draws lessons from case studies of geothermal projects with different public, private and mixed development models in Turkey, Kenya and Indonesia.
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Lessons on the Role of Public Finance in Deploying Geothermal Energy in Developing Countries – Full Report(730.3 kb)

The Landscape of Climate Exposure for Investors

August, 2015

Climate change has financial implications for investors – presenting significant portfolio risks as well as new market opportunities. This paper explores the landscape of climate exposure and examines the strengths as well as some of the current limitations of ESG data, tools, and financial products.
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The Landscape of Climate Exposure for Investors_full report(697.6 kb)
The Landscape of Climate Exposure for Investors_slide deck(825.4 kb)

Risk Mitigation Instruments for Renewable Energy in Developing Countries: A Case Study on Hydropower in Africa

July, 2015

This study examines the effectiveness of risk mitigation instruments used in a Ugandan hydropower project in driving investment and reducing costs and examines how these instruments might be used to drive private investment in other renewable energy projects in developing countries with high investment risks. The project is one of very few to make simultaneous use of different risk mitigation instruments provided by the World Bank Group.
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Risk Mitigation Instruments for Renewable Energy in Developing Countries – A Case Study on Hydropower in Africa(818.8 kb)

Using Private Finance to Accelerate Geothermal Deployment: Sarulla Geothermal Power Plant, Indonesia

June, 2015

This case study analyzes the 330MW Sarulla Geothermal Power Plant (GPP) which is on course to become the largest single contract geothermal power plant project in the world in 2018. The project has the highest private sector involvement of any geothermal project on a previously undeveloped field in Indonesia, thanks to substantial public support in the form of financing, guarantees and a feed-in tariff.
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Using Private Finance to Accelerate Geothermal Deployment – Sarulla Geothermal Power Plant in Indonesia(750.4 kb)
Menggunakan Pendanaan Swasta untuk Mempercepat Penggunaan Panas Bumi, Pembangkit Listrik Tenaga Panas Bumi, Indonesiat – Ringkasan Eksekutif(149.0 kb)

Emerging solutions to drive private investment in climate resilience

June, 2015

This working paper provides emerging insights from the experience of seven Development Finance Institutions (DFIs) in driving private sector investment in climate resilience.
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Emerging Solutions to Drive Private Investment in Climate Resilience(3.4 MB)

Background report for G7 on long-term climate finance

June, 2015

This "Background Report on Long-term Climate Finance" was prepared by Climate Policy Initiative and CICERO for the German G7 Presidency ...
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2015 Background report on long-term climate finance(1.8 MB)

Using Public Finance to Attract Private Investment in Geothermal: Olkaria III Case Study, Kenya

June, 2015

This case study looks at Olkaria III, the first privately funded and developed geothermal project in Africa to understand how the Kenyan government and international public finance are working together to attract private investment in geothermal.
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Using Public Finance to Attract Private Investment in Geothermal: Olkaria III Case Study, Kenya(914.7 kb)

The Global Innovation Lab for Climate Finance: Phase 3 Instrument Reports

April, 2015

In April 2015, Lab members, who include high-level experts from public and private institutions, endorsed the launch of the pilot initiatives after a year-long process supported by rigorous analysis to determine which instruments showed the most promise. The initiatives have collectively raised over USD 100 million in initial funding, with more expected to follow through an ongoing process that will draw on expertise and resources of additional Lab member institutions, as well as other private and public stakeholders. The Phase 3 Instrument reports summarize analysis conducted by Climate Policy Initiative, as Lab Secretariat, to refine these initiatives and outline concrete implementation pathways.
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Agricultural Supply Chain Adaptation Facility – Lab Phase 3 Analysis Summary(7.4 MB)
Long-Term FX Risk Management – Lab Phase 3 Analysis Summary(7.1 MB)
Energy Savings Insurance – Lab Phase 3 Analysis Summary(7.2 MB)
Climate Development and Finance Facility – Lab Phase 3 Analysis Summary(648.4 kb)

Public Finance and Private Exploration in Geothermal: Gümüşköy Case Study, Turkey

March, 2015

Geothermal energy holds significant promise for the development of low-carbon energy systems. One of the lowest cost sources of renewable electricity, it also has the ability to meet baseload power demand and backstop fluctuating ...
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SGG Report: Public Finance and Private Exploration in Geothermal – Gumuskoy Turkey(917.2 kb)

Global Landscape of Climate Finance 2014

November, 2014

The most comprehensive inventory of climate finance to-date, The Global Landscape of Climate Finance 2014, finds that global climate finance flows have fallen to USD 331 billion – far below even the most conservative estimates of investment needs.
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The Global Landscape of Climate Finance 2014(789.4 kb)
A Closer Look at Public Adaptation Finance(355.6 kb)

San Giorgio Group Report: The Role of Public Finance in Deploying Geothermal – Background Paper

October, 2014

Geothermal energy is broadly cost competitive with fossil fuel alternatives even without a carbon price. However, its rate of deployment has been slower than other renewables over the last thirty years and will need to speed up rapidly if this technology is to deliver on its promise. In addition, geothermal technologies that can harness lower temperature geothermal resources need to achieve more deployment to bring costs down.
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SGG Report: The Role of Public Finance in Deploying Geothermal – Background Paper(908.3 kb)

San Giorgio Group Brief: Early Lessons on Introducing Energy Performance Contracts in Italy – Milan’s Energy Efficiency Program

September, 2014

Governments around the world use energy performance contracts (EPCs) with energy service companies (ESCOs) to reduce the energy costs and carbon emissions of public buildings without any budget outlay on their part. This brief draws lessons from the first program of this kind in Italy to cover energy savings alone and introduce pure EPC on a regional scale.
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SGG Brief – Early Lessons on Introducing Energy Performance Contracts in Italy – Milan’s Energy Efficiency Program(314.9 kb)

San Giorgio Group Brief: How Spain created a world-leading CSP industry then shattered investor confidence

August, 2014

Part of a series looking at the role of public finance in driving concentrated solar power (CSP) deployment and cost reductions, this report draws lessons from Spanish support policies which drove the creation of a world-leading industry and then shattered investor confidence through retroactive changes.
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SGG Brief – The Role of Public Finance in CSP – How Spain created a world-leading industry then shattered investor confidence(488.1 kb)

What Is Climate Finance? Definitions to Improve Tracking and Scale Up

July, 2014

This brief explains CPI’s understanding and definition of key climate finance terms and the reasons for these definitions to inform the debate and build a common understanding among stakeholders.
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What Is Climate Finance? Definitions to Improve Tracking and Scale Up(208.3 kb)

Landscape of Public Climate Finance in Indonesia

July, 2014

Indonesia’s desire to drive economic growth and reduce climate risk is reflected in the sweeping policy reforms it has introduced in recent years to meet targets announced in 2009 to reduce greenhouse gas emissions. In this report, CPI identifies which public actors are investing in Indonesia, through which instruments, and what they are investing in to provide a baseline against which to measure progress and plan scale up. This mapping exercise reveals investment patterns that allow decision makers to pinpoint where the biggest barriers and opportunities are.
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The Landscape of Public Finance in Indonesia – Executive Summary(470.6 kb)
The Landscape of Public Finance in Indonesia(1.2 MB)
The Landscape of Public Finance in Indonesia – Annexes(400.6 kb)

San Giorgio Group Policy Brief: The Role of Public Finance in CSP – Lessons Learned

June, 2014

This study shows that if international finance institutions (IFIs) and committed national governments were to join forces to deploy 5-15GW of concentrated solar power (CSP), it could reduce its electricity production costs by around 14-44% and make CSP competitive in countries like Morocco and South Africa. With findings drawn from four case studies and background paper, this policy brief offers recommendations for IFIs and developing country policymakers on how to make this happen in the most cost-effective way.
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The Role of Public Finance in CSP – Lessons Learned(612.6 kb)
The Role of Public Finance in CSP – Annexes for Lessons Learned(198.2 kb)

San Giorgio Group Case Study: Eskom CSP 100MW plant, South Africa

June, 2014

The 100 MW Eskom CSP power tower plant being developed in Upington by Eskom, South Africa’s state-owned electricity utility, is one of the most technically challenging of its kind under development outside of the US. It brings higher potential for cost reduction, building up local supply chains and promoting energy security than other CSP project currently under development in the country.
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SGG Case Study: The Role of Public Finance in CSP – Eskom CSP 100MW plant, South Africa(935.8 kb)

Misreporting in wind power contracts: Evidence from a feed-in tariff in Brazil

May, 2014

While PROINFA - Brazil's wind energy program - was successful in deploying energy to meet its goals – it accounted for much of the growth from 29 MW to 2,010 MW in installed wind capacity in Brazil between 2004 and 2012 – our analysis suggests that issues with the design of PROINFA’s contracts reduced the program’s cost-effectiveness.
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Misreporting in Wind Power Contracts – Executive Summary(604.1 kb)
Misreporting in Wind Power Contracts – Technical Paper(678.9 kb)
Manipulacao de Estimativas de Fatores de Capacidade em contratos de emergia eolica – Sumario Executivo(443.1 kb)

Operationalizing the Private Sector Facility of the Green Climate Fund: Addressing Investor Risk

April, 2014

This brief presents findings from a project that aims to support the Green Climate Fund in its design and operationalization of an innovative and effective Private Sector Facility. It was carried out in close partnership with the Dutch Ministry of Infrastructure and Environment.
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Operationalizing the Private Sector Facility of the Green Climate Fund_Addressing Investor Risk(377.1 kb)

San Giorgio Group Case Study: The Role of Public Finance in CSP – Rajasthan Sun Technique 100MW CSP plant, India

March, 2014

The 100MW Rajasthan Sun Technique CSP plant is not only the first linear Fresnel CSP plant in India and the largest in the world, it is also one of the cheapest large-scale CSP plants ever built. This case study finds that while Indian solar policy was essential to build this innovative plant it was not enough for India to deploy CSP plants at the desired level and speed.
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SGG Case Study The Role of Public Finance in CSP – Rajasthan Sun Technique, India(679.7 kb)

San Giorgio Group Brief: The Role of Public Finance in CSP – Background and Approach to Measuring Effectiveness

January, 2014

Many experts and international institutions expect concentrated solar power (CSP) to supply up to 10% of global energy demand by 2050. However, today CSP’s costs remain above alternative sources of power and public finance is needed to bridge this gap: over 98% of the total investment in CSP to date has needed some form of public support. This brief, the first in series of reports on CSP, looks at the global landscape of CSP in terms of markets, technology, financing models, and policies to better understand how to structure effective and cost-effective public policies and investments.
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SGG Brief – The Role of Public Finance in CSP: Background and Approach to Measure its Effectiveness(690.0 kb)

San Giorgio Group Case Study: Insights from Nepal’s Pilot Program for Climate Resilience

December, 2013

In this San Giorgio Group Case Study, Climate Policy Initiative studies the Pilot Program for Climate Resilience to highlight early lessons from a project engaging private actors in building the resilience of Nepal's agricultural sector. The overarching goal of this project is to establish models for climate-smart agriculture that make climate resilience a business proposition for the private actors involved, long beyond the project's life.
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SGG Case Study – Pilot Program for Climate Resilience in Nepal(1.2 MB)

California Carbon Dashboard

October, 2013

California Carbon Dashboard is a new, beta website that offers an overview of AB32 and California climate policies, including carbon price tracking, news aggregation, and interactive graphics.
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Global Landscape of Climate Finance 2013

October, 2013

The most comprehensive inventory of climate finance to-date, The Global Landscape of Climate Finance 2013, finds that global climate finance flows have plateaued at USD 359 billion, or around USD 1 billion per day – far below even the most conservative estimates of investment needs.
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The Global Landscape of Climate Finance 2013(1.6 MB)

Mapping the World Bank Group Risk Mitigation Instruments for Climate Change

September, 2013

In this study, CPI provides an overview of general risk coverage offered through the WBG's various member institutions, potential gaps compared to existing demand, and trends of risk coverage commitments for climate change.
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World Bank Group Risk Mitigation Instruments for Climate Change Brief(407.4 kb)
World-Bank-Group-Risk-Mitigation-Instruments-for-Climate-Change-Fact-Sheet(200.6 kb)
World-Bank-Group-Risk-Mitigation-Instruments-for-Climate-Change-Presentation-Slides(5.5 MB)

San Giorgio Group Case Study: Jädraås Onshore Windfarm

September, 2013

CPI describes how a combination of public policies and financial instruments, and robust private risk management measures mobilized EUR 360 million of private investment in Scandinavian Europe’s largest windfarm, delivering power to 100,000 homes.
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Jadraas Onshore Windfarm – SGG Case Study(1.1 MB)

The Role of Development Finance Institutions and Development Banks in Scaling Up Green and Climate Investments

September, 2013

Drawing on analysis carried out by CPI, representatives of these organizations agreed to collaborate more closely on priority issues, such as driving more private investment, reducing perceived and actual investment risk, changing investment policies to move away from fossil-fuel projects, and creating more transparency on financial flows and best practice.
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The Role of Development Finance of Institutions and Development Banks in Scaling Up Green and Climate Investments – Brief(2.4 MB)

Buildings Energy Efficiency in China, Germany, and the United States

April, 2013

This report compares energy efficiency policy in buildings in China, Germany, and the United States, providing the context for, and describing, policies in these three countries in order to lay the groundwork for future review of policy effectiveness.
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Buildings Energy Efficiency in China, Germany, and the United States(1.0 MB)

The Role of National Development Banks in Catalyzing International Climate Finance

March, 2013

National Development Banks (NDBs) can play a big role in climate finance. In many cases, they already are: In CPI’s most recent estimate, NDBs, together with bilateral financial institutions, raised and channeled USD 54 billion in 2010/2011 to renewable energy, energy efficiency, and other climate-related measures.

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The Role of National Development Banks in Catalyzing International Climate Finance(3.2 MB)

Risk Gaps

January, 2013

Risk — whether real or perceived — is the single most important factor preventing renewable energy projects from finding financial investors, or raising the returns that these investors demand. It is also one thing that policymakers can cause, control, alleviate, or help mitigate. In a series of three studies, titled Risk Gaps, CPI maps the availability of risk instruments against demand and analyzes several new, potential instruments designed to address the biggest gaps: first-loss protection instruments and policy risk insurance.
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Risk Gaps: Executive Summary(589.8 kb)
Risk Gaps: A Map of Risk Mitigation Instruments for Clean Investments(878.0 kb)
Risk Gaps: Policy Risk Instruments(778.4 kb)
Risk Gaps: First-Loss Protection Mechanisms(798.7 kb)

Effective Green Financing: What have we learned so far?

December, 2012

Overall, while policies and public resources are affecting the performance of investments in ways consistent with low carbon growth, more action is required to help private actors overcome real and perceived risks — in developing and developed markets — and deliver green investments at large scale.
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Effective Green Financing – What have we learned so far?(383.3 kb)

Global Landscape of Climate Finance 2012

December, 2012

Global annual investment to curb climate change reached approximately USD 364 billion in 2010/2011. This amount, while significant, falls short of most estimates of investment needed to limit global warming to two degrees Celsius.
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The Landscape of Climate Finance 2012(1.5 MB)
The Landscape of Climate Finance 2012 – Executive Summary(216.9 kb)
Lanscape of Climate Finance 2012: webinar presentation(1.2 MB)

German Landscape of Climate Finance

November, 2012

By compiling data from a wide range of sources, we create the most comprehensive snapshot to-date of the current state of German climate finance. Our research suggests that EUR 37 billion, or 1.5% of GDP, was invested in 2010 to support the German transition to a low-carbon economy. The private sector provided more than 95% of this finance.
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The Landscape of Climate Finance in Germany – Webinar slides(847.1 kb)
The Landscape of Climate Finance in Germany – Annexes(1.7 MB)
Landscape of Climate Finance in Germany – Full Report(1.7 MB)
Landscape of Climate Finance in Germany – Executive Summary – in English(626.7 kb)
Landscape of Climate Finance in Germany – Executive Summary – in German(803.9 kb)

San Giorgio Group Case Study: Ouarzazate I CSP

August, 2012

Ouarzazate I is a 160MW Concentrated Solar Power plant in Morocco, generously supported by a subsidy from the Government of Morocco and concessional capital from international development banks. Ouarzazate I only makes economic sense if it contributes to the development of a commercially-sustainable regional Concentrated Solar Power market. Projects like Ouarzazate I play a crucial bridging role but, in order to scale-up projects like these, costs need to fall and revenues need to grow.
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Ouarzazate-I-CSP(1.2 MB)
Ouarzazate-I-CSP-Morocco-Case-Study-Summary-Poster(207.5 kb)
Ouarzazate-I-CSP-Update(607.8 kb)

Public Climate Finance: A Survey of Systems to Monitor and Evaluate Climate Finance Effectiveness

July, 2012

This paper examines the M&E systems applied by a selection of eight multilateral and bilateral intermediaries, as well as the United Nations Framework Convention on Climate Change reporting framework. It was originally developed as a background paper for ‘Improving the Effectiveness of Climate Finance: Key Lessons’, a joint study by a consortium of researchers from Environmental Defense Fund, Climate Policy Initiative, Brookings Institution, and Overseas Development Institute on the topic of the effectiveness of climate finance published in November 2011.
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Public Climate Finance – Survey(1.0 MB)

San Giorgio Group Case Study: Walney Offshore Windfarms

June, 2012

Walney Offshore Windfarms (WOW) in the U.K., the largest offshore windfarm in the world in 2012, faced financing challenges because of the risks associated with this immature though promising technology and the escalating European debt crisis. Through a combination of U.K. policy support and innovative financial engineering, the project was successful in attracting nontraditional investors including a pension and a private equity fund.
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Walney-Offshore-Windfarms(1.1 MB)

San Giorgio Group Case Study: Prosol

June, 2012

Program Solaire (Prosol) is an incentive program that promotes residential solar water heaters in Tunisia. In the early 2000s, the deployment of solar water heaters remained low due to fossil fuel subsidies. The Tunisian government had attempted to discontinue the fossil fuel subsidies, but a public outcry caused policymakers to abandon this course of action.
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Prosol-Tunisia-SGG-Case-Study(1.4 MB)

The San Giorgio Group Inaugural Meeting: Proposed Analytical Program

January, 2012

On October 16th and 17th, 2011, Climate Policy Initiative (CPI) and the World Bank Group, in collaboration with China Light & Power (CLP) and the Organization for Economic Co-operation and Development (OECD), hosted the inaugural meeting of the San Giorgio Group (SGG).
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SGG Inaugural(192.8 kb)

Improving the Effectiveness of Climate Finance

November, 2011

A joint study by Environmental Defense Fund, Climate Policy Initiative, Brookings Institution, and Overseas Development Institute.
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Improving the Effectiveness of Climate Finance: A Survey of Leveraging Methodologies(673.9 kb)
Improving Effectiveness of Climate Finance: Key Lessons(738.3 kb)

The Landscape of Climate Finance

October, 2011

In this paper, CPI assesses the current status of the climate finance landscape, mapping its magnitude and nature along the life cycle of finance flows, i.e. the sources of finance, intermediaries involved in distribution, financial instruments, and final uses.
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Climate Finance Executive Summary(406.4 kb)
The Landscape of Climate Finance(1.5 MB)

The German Energy Concept: Policies to Support the Thermal Retrofit of Buildings

September, 2011

Efficiency improvements in the building sector are a key component of the German Energy Concept. The stated objective of the Concept is a 20% reduction in the heat requirement of buildings by 2020, so as to achieve an 80% reduction in the primary energy requirement by 2050. In these CPI reports and briefs, CPI analysis addresses questions emerging from the review of policy instruments and programs focused on this objective.
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Drivers of Thermal Retrofit Decisions – A Survey(326.3 kb)
Information Tools for Energy Demand Reduction(774.2 kb)
Using-Tax-Incentives-to-Support-Thermal-Retrofit-Summary(277.4 kb)
Costs, Benefits, and Financial Support for Thermal Retrofit(409.4 kb)
Policy Map(833.1 kb)
Policies Supporting Thermal Efficiency in Germany's Building Sector(268.3 kb)
Effectiveness of Energy Performance Certificates(1.6 MB)

Carbon Pricing Project

February, 2011

To drive low-carbon investment, policy frameworks must capture companies’ attention, provide clarity for business decisions, and enable low-carbon investment decisions. CPI and Climate Strategies’ recent joint study indicates that the EU ETS contributes to these requirements, but it also suggests that improvements such as increasing stringency, limiting CDM use, changes in international financial reporting standards, and complementary policies are needed.
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Carbon Pricing Exec Summary(364.2 kb)
Climate Change, Investment, and Carbon Markets and Prices(2.3 MB)
Emissions Trading Schemes under IFRS(393.9 kb)
Relative Importance of Policy Elements(572.4 kb)
Role of CDM Post-2012(468.2 kb)

The State of International Climate Finance: Is it Adequate and Is It Productive?

December, 2010

On the 14th of October 2010, Climate Policy Initiative (CPI) and the International Center for Climate Governance (ICCG) in collaboration with the Euro-Mediterranean Centre for Climate Change (CMCC) hosted a workshop to convene key players in climate finance. The workshop provided a platform for policymakers and experts from research organizations and finance institutions active along the spectrum of public and private finance issues to initiate a concrete dialogue on climate finance.
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Workshop-Report-State-of-International-Climate-Finance1(737.6 kb)