海外发展研究所-新兴经济体的转型融资（英）-2023.7-23页_310kb

Key Policy Recommendations for Enhancing Transition Finance in Emerging Economies

This policy brief outlines strategies for the G20 to unlock transition finance aimed at reducing greenhouse gas (GHG) emissions from hard-to-abate sectors in emerging economies. It emphasizes addressing challenges such as insufficient private investment, weak risk appetite, and misalignment of financial incentives.

Key Recommendations

1. Expand Transition Finance Source

   • Implement mandatory climate-related disclosures with alignment to major market regulatory requirements, weighted toward ambitious transition planning.
   • Introduce carbon pricing mechanisms while protecting industries from high-carbon substitutes in jurisdictions with inadequate policies and facilitating imports from aligned jurisdictions.
   • Strengthen supply-side public policies, including national decarbonization visions, innovation subsidies, streamlined licensing, and transition project pipelines.
   • Increase the use of public expenditure through blended finance, public bonds, technology transfer, and capacity-building initiatives for finance professionals.
   • Enhance policy lending by setting sector targets, increasing financial limits, and coordinating national policies for hard-to-abate sectors.

2. Adapt Regulatory Frameworks and Capital Markets

   • Incorporate climate-related risks into capital adequacy frameworks, distinguishing between stranded assets and transitional assets, with transparency and accountability requirements.
   • Develop and strengthen transition taxonomies and standards for measuring emissions reductions, increasing focus on forward-looking industry trajectories.

3. Promote Public-Private Partnerships and MDB/DFI Support

   • Leverage multilateral development banks and development finance institutions to facilitate blended finance, concessional lending, and capacity-building for hard-to-abate sectors.
   • Fund research and development for low-carbon technologies and enable sustainable technology deployment.

4. Support Effective Policies at the Country Level

   • Adopt regulatory measures like regulations, energy efficiency mandates, and carbon pricing schemes to alter market incentives toward low-GHG investments.
   • Utilize demand-side interventions, such as improved asset identification and warehouse mechanisms for industrial projects, alongside standardizing climate disclosure frameworks.

Concluding Summary

Progress on unlocking transition finance must quicken to support emerging economies in decarbonizing their economies and ensuring resilient growth aligned with the Paris Agreement.