This policy brief was completed through the collaborative efforts of the United Nations DevelopmentProgramme (UNDP) and the Clean Air Fund (CAF). Nohman Ishtiaq of UNDP led this study and the brief with substantial contributions from Emily Roberts,Suvi Huikuri, Daisy Lanvers, Elisa Puzzolo, Orria Goni, Roy Small and Natalia Linou of UNDP. UN VolunteersAliousseyni LY and Sol García-Germán supported research for the desk review. Additional expertise andinput were provided by Rosie Childs, Andrew Beirne, Yannish Naik, Hugo Phillips and Sean Maguireof the Clean Air Fund. The policy brief was peer-reviewed by Richard Damania of the World Bank and UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality,and climate change. Working with our broad network of experts and partners in 170 countries, we helpnations to build integrated, lasting solutions for people and planet. Learn more atundp.orgor follow at @UNDP. The views expressed in this publication are those of the author(s) and do not necessarily representthose of the United Nations, including UNDP, or the UN Member States. Copyright © UNDP 2026. All rights reserved. One United Nations Plaza, New York, NY10017, USA Barriers toPublic Investment in in Low- and Middle-Income Countries Policy Brief