来源：IMI财经观察

导读

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到2030年，全球排放量需要比2019年前减少25%至50%，这样才能将气温上升控制在1.5至2摄氏度之间。IMF分析显示当前的全球气候目标只能实现11%的减排。因此，全球需要更多雄心、更强有力的政策和更多的实施资金。到2050年，实现适应和缓解目标所需的资金估计每年消耗数百万亿美元，但是目前为止，全世界每年只有大约6300亿美元的气候资金，其中只有一小部分流向了发展中国家。如何促进融资？

首先，聚焦能够将高排放项目的投资流转向绿色项目的政策。推出更明智的监管、价格信号和有针对性的补贴，激励低碳投资，同时关注每个国家独特的财政和宏观金融特征。

第二项是能力建设。需要加强与气候项目相关的公共财政管理和公共投资管理，以便决策者实施必要的改革。各国需要有能力识别、评估和选择高质量的项目，并管理相关的财政风险。

第三项是创新的金融机制，包括去风险工具和更广泛的投资者群体。投资新兴和发展中经济体的投资者面临一系列障碍，克服这些障碍需要公共部门、私营部门和多边机构转变思维方式，以改革金融架构。最重要的是，公私协同作用至关重要。混合金融在吸引公共和私营部门投资者方面能发挥重要作用。公共部门，包括国家政府和EIB等多边开发银行，可以提供第一损失投资、权益资本或增信服务。

为了实现共同的气候目标，我们必须结合政策改革、能力发展和融资，全球需要更多合作与协调。

作者丨李波（IMF副总裁）

Scaling up Climate Finance for Emerging Markets and Developing Economies

Speech by Deputy Managing Director Bo Li at EIB Group Forum 2023

February 27, 2023

Good afternoon. It is an honor to join you here in Luxembourg for the first ever European Investment Bank Group Forum.

As we gather to discuss how we can address the challenges of climate change, let me first take stock of the wider economic context.

We expect 2023 to be another challenging year for the global economy. In our latest IMF World Economic Outlook, we expect global growth to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023.

In the Euro Area, the slowdown is even more pronounced —from 3.5 percent in 2022 to an expected 0.7 percent this year before a modest rebound to 1.6 percent in 2024. And despite the recent drop in energy prices, we expect energy security concerns will continue to loom large in Europe.

This speaks to the importance of the green transition—away from fossil fuels that are subject to supply disruptions and volatility, and towards renewables such as wind and solar energy.

The growing impact of global warming reminds us of the urgency. From heatwaves in Europe and wildfires in North America, to droughts in Africa and floods in Asia: last year saw climate disasters on all five continents. The effects of climate change are all around us.

Without decisive action, things are set to get worse because we are clearly not on the right trajectory for cutting global emissions.

We need to cut global emissions by 2550 percent by 2030 compared to pre-2019 levels to contain temperature rises to between 1.5 and 2 degrees celsius.

IMF analysis of current global climate targets shows, unfortunately, they would only deliver an 11 percent cut—less than half of the minimum reduction that is needed. And so we need higher ambition, stronger policies, and more finance for implementation.

This last point is where I will focus my remarks today.

Financing needed to meet adaptation and mitigation goals are estimated attrillions of US dollars annually until 2050.

But so far, we are seeing only around 630 billion dollarsa year in climate finance across the whole world—with only a fraction going to developing countries.

This is particularly concerning—because emerging and developing economies have vast needs for climate finance. And it underlines why it’s so important for advanced economies to meet or exceed the pledge of providing $100 billion per year in climate finance for developing countries.

This is not just the right thing to do, it is the smart thing to do.

Why? Because under a business-as-usual scenario middle- and low-income countries are expected to account for 66 percent of global CO2 emissions by 2030, up from 44 percent in 1990.

In other words, because climate change is a global problem, it requires coordinated global solutions.

So, what can we do to boost financing?

First, focus on the policies that can redirect investment flows from high-carbon projects towards climate friendly opportunities. Here, think of smarter regulation, price signals and well targeted subsidies that incentivize low-carbon investment while paying attention to each country’s unique fiscal and macro-financial characteristics.

The secondpriority is to build capacity. We need to strengthen public financial management and public investment management related to climate projects for policymakers to implement needed reforms. Countries need the capacity to identify, appraise and select good quality projects, as well as to manage relevant fiscal risks.

There is a significant scarcity of high quality and reliable data, harmonized and consistent set of climate disclosure standards, and taxonomies to align investments to climate-related goals. So, capacity building is needed to strengthen the climate information architecture that will help develop and deepen the capital markets and improve the bankability of projects.

Innovative financial structures can also catalyze technical assistance programs to support the creation of new markets for climate finance by developing guidelines, providing training programs for local stakeholders, and facilitating the adoption of the principles and international best practices in emerging markets.

This brings me to my thirdpriority: innovative financial mechanisms including de-risking instruments and a broader investor base.

At a more granular level, investors who want to deploy capital into emerging and developing economies must overcome a host of constraints. These include high upfront costs and long timeframes associated with climate investments, lack of liquid markets, foreign exchange risk, and scarcity of well-planned and scalable projects.

Overcoming these obstacles requires a change of mindset– from the public sector, the private sector, and multilateral institutions – to revamp the financial architecture so more private finance is pulled towards climate projects. That means being flexible -- ready to complement a national strategy with a regionalstrategy as appropriate; or adopt a programmatic approach in addition to the traditional project-based approach in implementation to suit institutional mandates and needs.

Above all, public-private synergieswill be critical.

Consider green bond funds that can tap into the vast resources of institutional investors by using relatively limited public resources. Such funds have great potential, as the example of the Amundi Planet Emerging Green One fund shows.

Set up with the support of the International Finance Corporation (IFC) and EIB, the Amundi green fund successfully leveraged private capital by several multiples. And let’s not forget the investors who contributed to that success by taking calculated risks, including the IFC and EIB which invested in the equity and senior tranches of this fund.

But this isn’t the only way that multilateral development banks can help.

Blended financecan play an important role to crowd in public and private sector investors. Public sector, including national governments and multilateral development banks like the EIB, could provide first-lossinvestments, equity capital, or credit enhancements. And by prioritizing equity over debt, development partners and multilateral development banks would also avoid adding to the sovereign debt burdens of developing countries.

At the IMF, we have stepped up and embraced the mindset change that is required to tackle climate change. We have put climate at the heart of our work – in surveillance, capacity development, lending, and in data and diagnostic tools, including the climate information architecture,

In collaboration with the World Bank, the Bank for International Settlements, and the OECD, the Fund is developing operational guidance on the G20 high-level principles for sustainable finance alignment approaches. And the new G20 Data Gaps Initiative will help develop detailed statistics on climate finance and forward-looking physical and transition risks indicators.

On the lending side, our new Resilience and Sustainability Trust (RST) will provide longer-term affordable financing for our vulnerable low- and middle-income members.

Our goal is that – through the RST – policy reforms, capacity development, and financing arrangement can be delivered in a package used to improve the policy and capacity environment and scale up climate finance by crowding in large-scale private capital.

For example, capacity development can empower policymakers to better identify, appraise, and select good quality projects. And climate-friendly public financial management and public investment management promote accountability, transparency, and more effective spending.

Such measures can not only help governments manage potential relevant fiscal risks from the various financing options – they can also give investors greater certainty that their funds are spent effectively and bring in new, interested donors through improved transparency and governance.

In addition, with the IMF’s expertise in macroeconomic and financial sector issues, we are hopeful that we can gather national authorities, multilateral development banks, and the private sector including institutional investors, export credit agencies, and others to identify and explore solutions to broaden the investor base and scale up private finance.

We are already working with some of these partners to see how the RST—by leveraging sound policies and creating additional fiscal space—can promote financing arrangements or facilities that could mobilize large scale private capital.

Let me conclude.

To deliver on our shared climate goals, we must combine policy reforms, capacity development, and financing arrangements. What we need today is unprecedented cooperation and coordination.

That is why this inaugural forum is so important.

People gathered here have expertise in public and private investment, structuring financial instruments, R&D, and low-carbon technologies among others.

And each of us has a unique role to play – and we must all step up.

Because if we do not deliver on the financing needs of emerging markets and developing economies, we cannot hope to meet the goals of the Paris Agreement.

编译：龚宇盛

监制：董熙君

来源｜IMF

版面编辑｜邸馨逸

责任编辑｜李锦璇、蒋旭

来源：IMI财经观察