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Reports by Gautam Jain • December 12, 2022
This report represents the research and views of the author. It does not necessarily represent the views of the Center on Global Energy Policy. The piece may be subject to further revision. Contributions to SIPA for the benefit of CGEP are general use gifts, which gives the Center discretion in how it allocates these funds. More information is available at https://energypolicy.columbia.edu/about/partners. Rare cases of sponsored projects are clearly indicated. For a full list of financial supporters of the Center on Global Energy Policy at Columbia University SIPA, please visit our website at https://www.energypolicy.columbia.edu/partners. See below a list of members that are currently in CGEP’s Visionary Annual Circle.
(This list is updated periodically)
Air Products
Anonymous
Jay Bernstein
Breakthrough Energy LLC
Children’s Investment Fund Foundation (CIFF)
Occidental Petroleum Corporation
Ray Rothrock
Kimberly and Scott Sheffield
Tellurian Inc.
A significant gap exists globally between the financing needed and the current level of spending to meet net-zero goals. The problem is particularly acute for emerging market and developing economies (EMDE), as they face higher spending on the energy transition as a percentage of gross domestic product (GDP) and are likely to be affected more severely by climate change than advanced economies. Thematic bonds that target specific investment themes, including climate change mitigation, can help narrow the financing gap, but EMDE’s share of the global thematic bond market remains small.
This report explains the urgency of raising financing for EMDE to address climate change and discusses the evolution of thematic bonds. It finds that the asset class has the potential to achieve significant further growth. As part of Columbia University’s Financing the Energy Transition initiative, it offers policy recommendations to governments and development banks interested in increasing thematic bond issuances from these countries. Options to consider include addressing local currency risk using structured finance, adapting institutional frameworks such as Green Bond Principles (GBP) to national contexts, addressing accessibility issues in domestic markets, and providing tax incentives.
Other key takeaways from the report include the following:
TRENDS Research & Advisory strives to present an insightful and informed view of global issues and challenges from a strategic perspective. Established in 2014 as an independent research center, TRENDS conducts specialized studies in the fields of international relations and political, economic and social sciences.
Rapidly reducing greenhouse gas emissions from fossil fuels to address the severe threats of climate change requires economic transformations that pose challenges for regions heavily dependent on coal, oil, natural gas, or other carbon-intensive industries.
The mining sector continues to face headwinds in attracting the necessary investments to meet the growing demand for critical minerals in clean energy technologies.
Full report
Reports by Gautam Jain • December 12, 2022