Synopsis

针对公共金融来利用私营部门资本可以帮助满足发展中国家需要的数亿美元的年度低碳投资。该工作文件是入门，展示了公共部门如何采用不同类型的公共融资工具（无论是贷款，公平还是风险工具）以及政策和技术支持，以扩大低碳市场的私营部门投资。

Executive Summary

问题：发展中国家的预计气候变化减轻投资需求（包必威官网是真的吗括低碳部门）是巨大的，正在增长的，并且可能无法满足。Experts estimate new investments of up to $300 billion annually by 2020, growing up to $500 billion annually by 2030, are required to mitigate developing countries’ greenhouse gas emissions to levels in line with global targets. While industrialized nations have committed to mobilizing new funds of $100 billion annually by 2020 to meet these needs, this level of funding is far from what is required.

One Solution: Redirect the private sector’s growing investment in developing countries to help fill the growing climate finance gap.McKinsey estimates that the financial stock—that is, the total value of outstanding stocks and bonds—of developing countries grew by $11 trillion in 2011. By intervening to improve the investment attractiveness of climate change-relevant markets, the public sector has a significant opportunity to harness and redirect these significant private sector capital flows away from fossil fuel-driven sectors and toward low-carbon development.

The Challenge: Mobilizing private sector investment will require better targeted public support that improves the risk-reward calculus of lowcarbon markets.私营部门寻求（i）在适当的投资时间表（“有吸引力的风险回报演算”）以及（ii）足够的规模，流动性和透明度的相关风险相关的市场中（i）具有吸引力的回报。由于这些地理位置的低碳和金融市场的新生本质，发展中国家通常不存在这些条件。

Recommendation: To improve the risk-reward calculus of investments—arguably the most fundamental barrier to leveraging private capital—the public sector can complement support for low-carbon policies with direct finance that manages the following risks:

  • Political and macroeconomic risks.政治风险保证，利率/货币兑换产品以及当地货币贷款可以帮助投资者和项目开发商在财务上管理政治（例如政治不稳定）和/或宏观经济（例如，汇率波动）风险。由于这些融资工具在较贫穷的国家不容易获得，通过提供这些工具，公共部门可以催化在获得资金最具挑战性的地理位置中的低碳投资。
  • 低碳市场风险，包括政策，技术和运营风险。These risks, which range from unexpected policy changes to technology failures, can affect both new and mature low-carbon markets. In newer low-carbon markets, public financing instruments like first-loss equity and debt investments and concessional loans can be instrumental in encouraging early investment. Projects in more established low-carbon markets—like solar, wind, and energy efficiency—can benefit from flexible loans, partial risk and credit guarantees, and risk sharing facilities.

Given the varied investment conditions across developing countries and their respective low-carbon markets, each market will require a unique combination of finance and policy support to scale-up private sector investment. Future WRI publications, drawing on private sector perspectives, will delve deeper into how public climate finance providers—whether governments, development finance institutions, or export-credit/aid agencies—can tailor direct finance to scale-up private sector investment in different markets.