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This Policy Paper describes the relatively new phenomenon of publicly-capitalised green investment banks and examines why they are being created and how they are mobilising private investment. It draws on the OECD report “Green Investment Banks: Scaling up Private Investment in Low-carbon, Climate-resilient Infrastructure".
The report addresses the roles of environmental authorities, local governments, business organisations and financial institutions in the greening of small businesses. It reviews in detail the experience of France, Ireland, Korea, the Netherlands and the UK (England and Wales and Scotland) and draws on examples of several other countries.
Recovery from the social and economic disruptions caused by the COVID-19 pandemic will require concerted policy action. As countries consider recovery packages, there are opportunities to prioritise green policy choices that help promote environmental objectives and speed up structural change towards the low-carbon transition, increasing society’s resilience to future shocks and reducing future risks. This policy brief focuses on practical ways in which countries can use green budgeting and tax policy tools to implement stimulus packages that support a green recovery, and the inter-linked role of both tax and spend measures in aligning stimulus programmes with decarbonisation objectives.
Green budgeting refers to the integration of climate and environmental perspectives into a government’s budgetary processes. Based on the resources of the OECD’s Paris Collaborative on Green Budgeting and experiences in OECD countries from implementing green budgeting, this paper identifies seven key areas to support the development of green budgeting practices in making progress toward climate and environmental goals. The key areas consider the institutional frameworks, budgetary tools, transparency and accountability arrangements and the enabling environment for budgeting in the public sector.
Greening the economy involves improving the quality of the environment and tackling climate change, and is a major policy, economic and financial challenge. Key issues that have emerged in this context relate to financing climate change mitigation and adaptation and how to close the financing gap to fund the needed low-carbon investments. Beyond such capital mobilisation there is the more general challenge of whether and how the financial system can enable capital reallocation consistent with the “green” transition and for the long run, and what risks, opportunities and incentives are involved. This article provides a brief overview and summarises an OECD roundtable discussion on these issues.
JEL classification: Q54, E10, E44, G12, G14, G21, G22, G23, G28.
Keywords: Climate change, low carbon, climate finance, green finance, investment, capital allocation, financial system, disclosure, stranded assets, risks, COP21.
Hydrogen is a cross-cutting energy vector that can help to decarbonise various end-use sectors. At least two-thirds of the global hydrogen production is projected to be green hydrogen by 2050, supporting the transition to a net-zero emissions global energy system. This paper presents a value chain approach to identify priority areas for developing national hydrogen strategies, focussing on emerging and developing economies. Further, the analysis highlights success factors for green hydrogen projects, based on eight case studies covering applications in industrial, transport and power generation sectors. The paper summarises the enabling conditions and financing solutions that can spur the green hydrogen market creation and growth.
This report showcases how triangular co-operation can contribute to achieving ‘green’ objectives (e.g. on climate change mitigation, climate change adaptation, biodiversity, desertification, and local environmental issues). Data collected through an OECD survey on triangular co-operation (2015) and desk research uncovered 224 triangular projects targeting green objectives, involving 91 countries and international organisations, out of a total of 658 triangular co-operation projects for the period 2014-18. Given the available evidence (data, evaluations and interviews with project managers), the report shows that triangular activities can deliver green goals in innovative, flexible and cost-effective ways within and across regions – and thus could help accelerate implementation of the Sustainable Development Goals and other international green agreements (e.g. the Paris Agreement). Nevertheless, there are several barriers that prevent further deployment of this modality, including lack of awareness on triangular co-operation among the different green communities, insufficient evidence on the potential of green triangular co-operation, and few dedicated vehicles that can pilot and scale-up successful initiatives. The report proposes a number of recommendations for policy makers to overcome these barriers.
Governments increasingly include environmental criteria in their purchasing decisions. For example, purchasing guidelines often require that particular products contain a minimum amount of recycled content or achieve specified levels of energy efficiency. Guidelines may also favour – through price preferences, explicit set-asides, or other mechanisms – suppliers who exceed official pollution standards, abide by environmental frameworks...