从风险到回报：释放私人资本促进气候与增长

From Risk to Reward:Unlocking Private Capitalfor Climate and Growth W H I T EP A P E RN O V E M B E R2 0 2 5 Contents Foreword3 Executive summary4 1Private climate finance landscape6 1.1Introduction61.2Trends in private climate finance8 2Climate finance solutions roadmap17 2.1A roadmap to prioritize interventions that accelerate capital flow17PRIORITY 1:Improve access to bankable project pipelines20PRIORITY 2:Increase data transparency and local market intelligence25PRIORITY 3: Mobilize local capital29PRIORITY 4: Streamline risk-sharing mechanisms32PRIORITY 5: Improve policy and regulatory certainty36PRIORITY 6: Scale up equity investment structures392.2Why Article 6 matters42 Conclusion: From ambition to execution44 Contributors46 Endnotes48 Disclaimer This 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. ©2025 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. Foreword Mahmoud MohieldinUnited Nations Special Envoy,Financing the 2030 Agendafor Sustainable Development Sebastian BuckupManaging Director,World Economic Forum Developing countries stand at the frontlines of theclimate crisis. They are simultaneously the mostvulnerable to climate shocks and among the leastequipped financially to respond. Rising climate risksthreaten hard-won development gains, strainingfiscal space and increasing the cost of borrowing.At the same time, global climate finance flows remainfar below what is needed, with adaptation finance inparticular lagging behind, leaving many communitieswithout the resources to build resilience. supply and investor demand, limited financialmarket development, heightened political andforeign exchange risks and the high cost ofcapital. Overcoming them will demand more thanincremental fixes. It calls for bold partnershipsbetween governments, multilateral developmentbanks, development finance institutions and theprivate sector. This report highlights practical pathways forwardto mobilize private capital from both domestic andinternational lenders and investors. It identifies priorityareas for reform and lays out concrete actions thatcan help unlock private climate finance at scale.Importantly, it reflects the perspectives of a diverserange of stakeholders – from policy-makers toinvestors – who are actively seeking solutions thatbalance risk and return while delivering real impact. Yet the story is not only one of challenge – it isalso one of opportunity. Emerging markets anddeveloping economies are home to dynamicpopulations, abundant natural resources and rapidlygrowing clean technology sectors. If adequatelyfinanced, these countries can become hubs ofinnovation and drivers of the global transition to alow-carbon, climate-resilient economy. Unlockingthis potential will require urgent and transformativeaction to mobilize both domestic and internationalprivate capital. The choices we make in the coming years will shapewhether developing countries are left behind in theglobal climate transition or positioned as leaders ofa more sustainable future. By working together tochannel finance where it is needed most, we canturn today’s climate crisis into tomorrow’s opportunityfor resilient, inclusive growth. The barriers are well known: insufficient supportfor the preparation of investable projects andinadequate matchmaking between project Executive summary Six priority action areas can scale upprivate capital for climate-aligned growthin emerging markets. Climate finance – the mobilization of public andprivate capital to support both mitigation (emissionsreduction) and adaptation (resilience building)– continues to fall short of global needs. Thisshortfall is especially stark in emerging markets anddeveloping economies (EMDEs), where funding foradaptation trails behind that for mitigation, leavingthe most vulnerable countries with limited resourcesto address increasing climate risks. Achievingclimate targets will require EMDEs to mobilize$2.4 trillion per year by 2030, including $1 trillion inexternal finance,1most of which will need to comefrom private sources, given fiscal constraints andcuts to development finance. Achievingclimate targetswill requireEMDEs to mobilize$2.4 trillion per yearby 2030, including$1 trillion inexternal finance. long-term finance and embedding climate risk intocore financial decision-making are critical to closingthe funding gap and unlocking the potential for low-carbon, climate-resilient growth in EMDEs. However, structural barriers