【联合国贸易发展委员会】降低可持续发展目标投资风险：政治风险保险的作用-2025_55页_5mb

报告摘要

Summary of "Derisking Investment for the Sustainable Development Goals: The Role of Political Risk Insurance"

Core Content

This report explores the role of Political Risk Insurance (PRI) in derisking Foreign Direct Investment (FDI) for the achievement of the Sustainable Development Goals (SDGs), with a particular focus on Least Developed Countries (LDCs). It emphasizes the growing importance of PRI as a tool to attract private investment to developing countries, especially in the face of heightened risks due to climate change, geopolitical tensions, and supply chain disruptions.

The report outlines the investment gap for SDGs in developing countries, which has widened from $2.5 trillion to $4 trillion per year between 2014 and 2023. Public resources alone are insufficient to bridge this gap, and private investment is crucial. However, private investors are deterred by real and perceived risks, particularly in LDCs, where FDI flows have declined by nearly 20% since 2015.

Main Points

PRI is a type of investment guarantee that protects investors from losses due to political events such as expropriation, political violence, currency inconvertibility, and government contract breaches.
Export Credit Agencies (ECAs) are the primary providers of PRI, accounting for 78% of total issuance over the past decade, while multilateral institutions and private insurers account for 7% and 15%, respectively.
Asia is the largest region receiving PRI from ECAs and private insurers, while Africa receives the most multilateral PRI.
Renewable energy projects receive only 4% of total PRI coverage, despite their importance for achieving SDGs, indicating a lack of focus on sustainable sectors.
LDCs receive 28% of FDI in the form of PRI, compared to 6% in other developing countries and 2% in developed countries. This highlights the critical role of PRI in supporting investment in vulnerable countries.

Key Challenges and Opportunities

Challenges:

Low awareness among investors about PRI and its benefits.
High costs and complexity of PRI products, which deter smaller investors.
Lack of standardization in sustainability criteria, making it difficult to align PRI with global SDG goals.
Limited focus on host country benefits in PRI eligibility criteria.
Emerging risks such as climate change, geopolitical tensions, and supply chain disruptions are not fully addressed by current PRI offerings.

Opportunities:

Tailoring PRI to emerging risks and SDG impact can increase its relevance and effectiveness.
Streamlining PRI products and reducing costs can make them more accessible to a broader range of investors.
Increasing awareness and education about PRI can expand its reach and usage.
Implementing common sustainability standards can help align PRI with global development goals.
Enhancing multilateral and institutional collaboration can lead to more comprehensive derisking solutions.

Policy Recommendations

Tailor PRI offerings to emerging risks and SDG impact.
Streamline PRI products and reduce costs to make them more attractive to investors.
Increase awareness and education about PRI to expand its reach.
Implement common sustainability standards to align PRI with global goals.
Enhance collaboration among multilateral development banks (MDBs), development finance institutions (DFIs), and export credit agencies (ECAs) to expand derisking solutions.

Key Findings

Between 2018 and 2022, PRI providers insured projects worth approximately $150 billion in developing countries, including LDCs.
Manufacturing, infrastructure, natural resources, and non-renewable energy are the main sectors covered by PRI, with renewable energy receiving minimal attention.
UNCTAD's survey of PRI providers found that development impact is rarely a key criterion for PRI coverage, and ESG criteria are not standardized across providers.
Multilateral institutions such as MIGA, ATIDI, and Dhaman have played a significant role in providing PRI, especially in Africa.
Private insurers and ECAs are the main actors in Asia, where China is both a major recipient and provider of PRI.

Conclusion

Political Risk Insurance (PRI) is a vital tool in derisking investment for the SDGs, especially in LDCs and other vulnerable countries. Despite its importance, there are significant challenges in its current structure and availability. Addressing these challenges through policy reforms and enhanced collaboration can improve the effectiveness and reach of PRI, thereby supporting sustainable development and private investment in the developing world.