气候融资和市场反应的政策行动

Contents© 2023 World Economic Forum. All rightsreserved. No part of this publication maybe reproduced or transmitted in any formor by any means, including photocopyingand recording, or by any informationstorage and retrieval system.DisclaimerThis document is published by theWorld Economic Forum as a contributionto a project, insight area or interaction.The findings, interpretations andconclusions expressed herein are a resultof a collaborative process facilitated andendorsed by the World Economic Forumbut whose results do not necessarilyrepresent the views of the World EconomicForum, nor the entirety of its Members,Partners or other stakeholders.ForewordExecutive summary1 Recent public support announcements and accompanyingmomentum in private investment2 Sustained support from the public sector is improving commercialviability for investors2.1 Clean hydrogen2.2 Sustainable aviation fuels2.3 Challenges remain3 Driving action, creating certainty, setting standards – priorityareas for continued public support4 Looking aheadContributorsEndnotes 3451213141516192021Policy Action to Mobilize Climate Finance, and Market Responses ForewordThree years into the “decisive decade” of the2020s,1targets for scale and investment coveragein climate solutions are not being met. While theupwards trajectory in capital flows to climate-aligned opportunities is encouraging (Bloombergdata estimates more than $2.5 trillion invested inclean energy in 2023),2investment in breakthroughtechnologies such as clean hydrogen or sustainableaviation fuels (SAF) is still in the low billions,concentrated in a handful of large deals.However, we have seen encouraging momentumin recent years, driven by a supportive publicsector, which has an important role to play increating the conditions necessary to direct capitaltowards climate solutions at scale. As argued inthe World Economic Forum reportFinancing theTransition to a Net-Zero Future,3immediate market-wide stakeholder action is required to facilitatethe multifold increase in capital flows needed todeploy, validate and expand critical breakthroughtechnologies; this relies on co-designed solutions,including innovative financing approaches, newways of doing business and, importantly, targetedpublic intervention.Indeed, while private financing blueprints can actas helpful guidelines for scaling the developmentof climate solutions, these alone will not drivecapital at the speed and scale required to fundthe decarbonization technologies necessary toachieve net zero. Bridging the investment gaprequires decisive public action that makes useof the lessons learned from the mobilization ofcapital for renewables over the past decade toincrease financier confidence in net-zero transitioninvestments and establish the underlying economiccase with more certainty. Targeted intervention fromgovernment actors can help generate sustaineddemand, establish supply chains and unlockfinance for breakthrough technologies.4Derek BaraldiHead of Sustainable Finance,World Economic Forum Policy Action to Mobilize Climate Finance, and Market Responses While recent announcements from governmentshave signalled a clear intent to encourage thefunding of climate solutions, financial institutions(FIs) will also have to move from commitmenttowards action, supported by an enabling policyand regulatory environment. Given the range ofclimate solutions available and the constraints underwhich FIs operate, these institutions need breadthand depth of expertise to identify, assess andvalue investment opportunities in climate solutions,often requiring them to evaluate and manage risksdifferently. The continued support of the publicsector to encourage and enable the transition, andFIs’ ability to step up to the challenge and harnesstheir commitments, are both necessary to move theneedle towards greater action.With public incentives in place and a morefavourable environment, private finance isbeing encouraged to capitalize on the strategicopportunity that climate solutions provide. To furtherthe movement of capital, the public sector shouldcontinue to drive action through tax incentives tospur production or mandates to commit demand,create certainty by pushing for long-term regulatorysupport and establish better-defined standards forinvestments in climate solutions.The Financing the Transition to a Net-ZeroFuture initiative of the World Economic Forum, incollaboration with Oliver Wyman, was launchedin 2020 to accelerate the mobilization of capitaltowards early-stage decarbonization technologies.The initiative has engaged a multistakeholdercommunity of financiers, industry stakeholders,philanthropists and public institutions to analysespecific technologies in the steel, aviation andshipping sectors to develop particular mechanismsfor the different stakeholders to co-design solutionsand identify policy interventions necessary toIlya KhaykinPartner, Oliver Wyman mobilize private capital.3 Executive summaryPublic action is needed to driv