Implementation Plan - CDKN Global

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CARICOM IMPLEMENTATION PLAN FOR THE REGIONAL FRAMEWORK FOR ACHIEVING DEVELOPMENT RESILIENT TO CLIMATE CHANGEPolicy and investment roadmapsA recent report published by the UNDP (Glenmarec 2011) 6 provides guidance on the financing options availablefor developing countries to support low-emission and climate resilient development. The range of climatefinance sources is complex and includes ODA, new climate funds, private sector and capital market investment,and domestic government budgets. These are set out in figure 9 and are further considered in later parts of thischapter (see also Annex 3).The UNDP guidance sets out a roadmap approach for project developers and countries to follow to secure finance.Key to this approach is securing an optimal national policy mix for the promotion of climate investment. Itshould be noted that the policy mix, for example to develop renewable energy generation, will not be thesame in each country. The existing regulatory and legislative controls vary from country to country across theCaribbean, countries have different resources, challenges, needs and priorities. New regulatory instrumentswill be required; some existing policies (e.g. fossil fuel subsidies) will need to be changed before investmentsupportpolicies for renewable energy can be effectively implemented.Figure 9: Climate change finance sources 7Government cooperationPrivate cooperationCapital marketsDomestic budgetInnovativeclimatefinance(sources andgovernanceundernegotiation)NationalImplementingentitiesBilateralcooperationMultilateralcooperationNationalfinancialinstitutionsBilateralfinanceMultilateralfinanceUNFCCCPrivatesectorCSOs/NGOsOfficialDevelopmentAsistance“New andadditional”climate financeCarbon marketsIndustrializedcountries ODAcommitmentIndustrializedcountries commitmentsto ‘new and additional’finannce for climateIndustrializedcountries emissionreduction obligationsForeing DirectInvestmentCDM levy fundingthe Adaptation FundTotal finance available for climate mitigation and adaptation initiatives6 Glemarec, Yannick (2011). Catalysing Climate Finance: A Guidebook on Policy and Financing Options to Support Green, Low-Emission and Climate-ResilientDevelopment. United Nations Development Programme, New York, NY, USA.7 UNDP (Glenmarec 2011)62
DELIVERING TRANSFORMATIONAL CHANGE 2011-21The selection of the most appropriate mix of public policies to catalyse climate investment for either low carbonor climate resilience building actions will be influenced by:• Technology maturity (low carbon) and impact uncertainties (adaptation).• Global market conditions for investment.• Country conditions, including the macro-economy, the existing policy framework, institutionalstructures, maturity of the financial system, capacity issues, resource mobilisation, and availabilityof evidence based impact assessments.• Specific national barriers and challenges.The UNDP guidance suggests a four-step approach to select and implement an optimal mix of public policies andfinancing instruments to catalyse climate finance in line with national development priorities. The four stepsare:1. Identify priority adaptation and mitigation/low-carbon options2. Assess key barriers and challenges3. Develop appropriate policy mix4. Select financing optionsSteps 1 to 3 can be delivered through the risk assessment and management process (described in section 4) thatunderpins the Regional Framework and this Implementation Plan.Step 4 explores the four key areas where finance is required to:• Assist in policy development• Support financial instruments• Identify and select information and regulatory instruments• Provide project investmentThe first three areas are related to the development of internal policies to enable the low carbon or climateresilience action to be undertaken, managed and secured. Figure 9 identifies likely sources for the financerequired. There may be some flexibility in the funding criteria of donors to enable other policy financing areasto be covered (and in the case of climate resilience actions, donors and IFIs may also be prepared to directly fundasset creating projects).The interest of private sector investors and the capital markets is likely to be less flexible, with their focus firmlyon direct financing of a new asset or a revenue generating service. They will look for regulatory and institutionalincentive policies to be in place as a pre-condition. A key task of national governments seeking to attract privatesector finance will be to identify, design and implement an appropriate combination of public policies to changebackground conditions and manage investment and project risk (see section 3.5).63
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