優(yōu)惠氣候融資：MDB架構(gòu)正在運(yùn)作嗎 Concessional Climate Finance：Is the MDB Architecture Working

ConcessionalClimateFinance

IstheMDBArchitectureWorking?

NANCYLEE·CLEMENCELANDERS·SAMUELMATTHEWS

Abstract

Ourpaperevaluatestheclimatefinancialintermediaryfunds(FIFs)whichareoneofthe

largestsourcesofmultilateralgrantandconcessionalfinanceforclimate,especiallyfor

middle-incomecountries.Donorshavecontributedmorethan$50billiontothesefunds.

TheWorldBankactsasatrusteefortwelveclimateFIFs.Inthispaper,wefocusonthe

threelargest:theGlobalEnvironmentFacility(GEF),ClimateInvestmentFunds(CIF),

andGreenClimateFund(GCF).

Ourfindingsrevealsignificantchallengesatthesystemiclevelanddifferingperformance

acrossFIFs.FIFfundingisnotallocatedaccordingtosharedcriteriameasuringresults

andimpact,norarethereconsistentresultsandimpactreportingstandards.Thismakes

ithardfordonorstoassesswherebesttoputtheirscarcegrantresources.

Basedonouranalysis,werecommendconsolidatingfundsinordertoincreaseefficiency

andimpact;deployingmoreconcessionalfundsattheclimatefinanceportfolio

(vs.transaction)leveltoachievegreaterscaleandleverage;avoidingthecreationof

newclimatefundsthatwouldfurtherfragmentthissystem;andallocatingFIFfinance

accordingtoasharedsetofcriteriathatmaximizesmitigationandadaptationimpact

andimpactperdollarofFIFfunding.

POLICYPAPER287?MARCH2023

ConcessionalClimateFinance:IstheMDBArchitectureWorking?

NancyLee,ClemenceLanders,andSamuelMatthews

CenterforGlobalDevelopment

TheauthorswishtoacknowledgetheGovernmentoftheFederalRepublicofGermany,theAgenceFran?aisedeDéveloppement,andtheRockefellerFoundationfortheirfinancialsupport.

NancyLee,ClemenceLanders,andSamuelMatthews.2023.“ConcessionalClimateFinance:Isthe

MDBArchitectureWorking?”CGDPolicyPaper287.Washington,DC:CenterforGlobalDevelopment.

/publication/concessional-climate-finance-mdb-architecture-working

CENTERFORGLOBALDEVELOPMENT

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CenterforGlobalDevelopment.2023.

TheCenterforGlobalDevelopmentworkstoreduceglobalpovertyandimprovelivesthroughinnovativeeconomicresearchthatdrivesbetterpolicyandpracticebytheworld’stopdecisionmakers.UseanddisseminationofthisPolicyPaperisencouraged;however,reproducedcopiesmaynotbeusedforcommercialpurposes.FurtherusageispermittedunderthetermsoftheCreativeCommonsLicense.

TheviewsexpressedinCGDPolicyPapersarethoseoftheauthorsandshouldnotbeattributedtotheboardofdirectors,fundersoftheCenterforGlobalDevelopment,ortheauthors’respectiveorganizations.

Contents

I.Introduction 1

II.OverviewoftheclimateFinancialIntermediaryFunds(FIFs) 3

FIFarchitecture 3

Sectoralallocation 6

FIFinstruments 6

FIFimplementingagencies 7

Publicvs.privaterecipientsofFIFfunding 8

FIFgovernance 10

III.FIFperformance 11

AreFIFresourcesgoingwheretheyareneededmost? 11

AreFIFscatalytic? 23

AreFIFdonorcontributionsgrowingandbecomingmore

diversified? 27

AreFIFsdeliveringresults? 29

AreFIFsefficient? 30

IV.Summaryofkeyfindings 35

V.Recommendations 36

FIFconsolidationandleverage 36

Financeallocation 37

Reportingonimpactandmobilizationofprivatefinance 38

Newdonorsandscale 38

Financialsustainability 38

Performance-baseddonorfundingdecisions 38

References 39

Endnotes 41

ListofFigures

1.TheclimateFIFs 4

2.TotalcumulativeclimateFIFcommitmentsbysector(millionUSD) 6

3.ClimateFIFcommitmentsbyinstrument(percent) 7

4.TotalcumulativeclimateFIFcommitmentsbyimplementingentity

(millionUSD) 8

5.ShareoftotalcommitmentsfortheCIFandGCFbyrecipientsector(percent) 9

6.Climatefinancebysectorandsource,2021(percent) 9

7.Proportionofrepresentationingoverningbodybyministry(percent) 11

8.Comparisonofthesectoraldistributionofmitigationcommitments

bytheCIFandGCFtosectoralGHGemissionsbynon-AnnexIcountries,

2009–2019(percent) 14

9.ShareofCIFmitigationcommitmentsandemissionsbydevelopingcountries

fortoptenCIFmitigationrecipients,2009–2019(percent) 16

10.ShareofGCFmitigationcommitmentsandemissionsbydevelopingcountries

fortoptenGCFmitigationrecipients,2009–2019(percent) 17

11.CIFadaptationfinancebycountryplottedagainstND-GAINindexvalues 19

12.GCFadaptationfinancebycountryplottedagainstND-GAINindexvalues 20

13.Sharesofclimatefinancebyincomegroup(percent) 22

14.DistributionofclimateFIFfinancebyinstrumentandincomelevel(percent) 22

15.ClimateFIFcommitmentvolumesbyinstrumentandcountryincomegroup

(billionUSD) 23

16.Co-financingtoFIFcommitmentratiosbyclimateFIFs(USD) 24

17.Co-financingtoFIFcommitmentratiosbyimplementingentities(USD) 25

18.Privatesectorco-financingtocommitmentratiosforCIFentities(USD) 25

19.FIFgrantsharecomparedtoco-financeratios 26

20.Ratioofco-financingtoFIFcommitmentsfordifferentprojectsectors(USD) 27

21.CIF,GCF,GEF,andtotalclimateFIFresourcesovertime,2012–2021

(billionUSD) 28

22.ToptendonorstoclimateFIFsbycontributions,2011–2021(billionUSD) 28

23.Exantetargetsreportedattheinstitutionallevelforthethree-largest

climateFIFs 30

24.CommitmentanddisbursementratiosforclimateFIFsandprograms,

2012–2021 30

25.Administrativebudgetsasashareofprojectapprovalsforclimateand

non-climateFIFs,2019–2021(three-yearaverages) 32

26.Cumulativeadministrativebudgetsasashareofcumulativecommitments

forclimateandnon-climateFIFs 33

27.Cumulativeadministrativebudgetperproject(millionUSD) 34

ListofTables

1.ShareofmitigationfinancingfortoptendevelopingGHGemittersand

toptenrecipientsofmitigationfinancefromtheCIFandGCF,2009–2019 15

2.Shareofadaptationfinancingfortoptenmostvulnerablecountriesand

toptenrecipientsofadaptationfinancefromtheCIFandGCF,2009–2021 18

3.CIFandGCFadaptationfinancecomparedtoIDAcountryallocationsfor

toptenmostvulnerablecountries,2009–2021 19

4.ToptenrecipientsofGEFclimatefinancecomparedtodevelopingemitters

andmostvulnerablecountries 21

5.Financingandco-financingactivitiesofthethree-largestclimateFIFs 24

6.ToptenIDAandmajorclimateFIFdonors,2011–2021 29

CONCESSIONALCLIMATEFINANCE:ISTHEMDBARCHITECTUREWORKING?1

I.Introduction

ThereportreleasedatthebeginningofCOP27bytheHigh-LevelExpertsGrouponClimateFinanceestimatesthatadditionalannualexternalfinanceof$1trillionwillbeneededby2030forpublicandprivateinvestmentsinemergingmarketsanddevelopingcountriestoachievenetzerocarbonemissions,adaptation,resilience,andnaturalcapital.1Muchofthiswillhavetocomefrommultilateralinstitutions,particularlymultilateraldevelopmentbanks(MDBs).AsfrequentlynotedatCOP27,amuchgreatereffortisneededfromallsources,includingtheMDBs,whichcollectivelyprovided$50.7billiontolow-incomeandmiddle-incomecountriesin2021.2

Butincreasingly,attentionisfocusedonthetermsaswellasthevolumeofclimatefinance.Atthe2022AnnualMeetingoftheIMFandWorldBank,manyMDBshareholderscalledforanevolutionoftheMDBsystemtofocusmoreon“globalchallenges”likeclimatechangemitigationandadaptation.TheywanttheevolutionoftheWorldBankandotherMDBstoincludebettertoolsandincentivesforincreasedclimateinvestment.SecretaryYellen,amongothers,calledforconcessionalterms(includinggrants,below-marketinterestrates,andlongertenors)forMDBlendingthatyieldspositiveglobalexternalitiesbeyondthebenefitsaccruingtotheborrowingcountry,includingconcessionaltermsformiddleincomecountries(MICs).3

Theclimatefinancialintermediaryfunds(FIFs)arevitalinstrumentsinthisendeavor.Theyrepresentoneofthelargestsourcesofgrantandotherconcessionalfinanceforclimate,includingforMICs,withcombinedcumulativefundingfromdonorsofmorethan$50billion.Eachyear,theyprovide$3.9billioninconcessionalandgrantfinance,atthecostofapproximately$300millioninadministrativeexpenses.

Buttheirarchitectureiscomplexandfragmented.Borrowingcountriesstrugglewithprocessesforaccessingthefundsthatarenontransparent,difficulttonavigate,andcomewithhightransactioncosts.Andfinancingvolumesremainverylowcomparedtotheirneeds.DonorsfindithardtoassesswhetherFIFsaredeployingtheirresourcesefficientlyandwithmaximumimpact.Atatimewhengrantandotherconcessionalclimatefinanceisscarce,thecriticalquestioniswhetherdonorresourcesaregoingtoprojectsandcountrieswheretheyaremostneeded,mostimpactful,andmostcatalytic.Thisquestionalsohasrenewedsalienceastheinternationalcommunityhasagreedtosetupanotherfundforclimate-relatedlossesanddamagestovulnerablecountries.

Thispaperassessesthestructure,size,andperformanceoftheclimateFIFs.ItbeginswithanoverviewoftheFIFsystem,coveringFIFarchitecture,missions,size,sectoralallocationoffunding,instruments,implementingagencies,publicvs.privaterecipients,andgovernance.

CONCESSIONALCLIMATEFINANCE:ISTHEMDBARCHITECTUREWORKING?2

ThesecondpartaddressesFIFperformance.Theaimistoassessperformancealongthefollowingdimensions:need-basedallocation,co-financingperformance,growthanddiversificationofdonorfunding,impact,andadministrativeefficiency.Thissectionattemptstoanswerthefollowingquestions:

AreFIFresourcesgoingwheretheyareneededmost?

?DoFIFshavetransparentresourceallocationmethodologies?

?Domitigationfundsgotothesectorswiththelargestemissions?

?Aremitigationfundsgoingtothelargestcountryemitters?

?Areadaptationfundsgoingtothemostvulnerablecountries?

?Arelow-incomecountriesreceivingalargershareofFIFgrantfinancethanmiddle-incomecountries?

AreFIFscatalytic?

?Howmuchco-financefrompublicandprivatesourcesisdeployedwithFIFfunding?

AreFIFseffectivefundraisingvehicles?

?AreFIFdonorcontributionsgrowingandbecomingmorediversified?

AreFIFsdeliveringresults?

?DoFIFsreportimpactattheinstitutionalandprojectlevels?

AreFIFsefficient?

?Aredonorcommitmentsdisbursedonatimelybasis?

?WhatistherelationbetweenFIFadministrativeexpendituresandprogramcommitments?

?AreFIFsfinanciallyefficient?

Aswillbeclear,thereisoftennotenoughcomparabledataandotherinformationonFIF

performancetofullyassessmanyofthesecriteria.

ThelasttwopartsofthepapersummarizekeyfindingsandofferrecommendationstostrengthenFIFperformanceandtransparency.

CONCESSIONALCLIMATEFINANCE:ISTHEMDBARCHITECTUREWORKING?3

II.OverviewoftheclimateFinancialIntermediaryFunds(FIFs)

FIFarchitecture

BOX1.FIFmissionstatements

GEF:TheGlobalEnvironmentFacility(GEF)istheworld’slargestfunderofbiodiversityprotection,naturerestoration,pollutionreduction,andclimatechangeresponseindevelopingcountries.Itfinancesinternationalenvironmentalconventionsandcountry-driveninitiativesthatgenerateglobalbenefits.

CIF:TheClimateInvestmentFunds(CIF)isanenablerofpioneeringclimate-smartplanningandclimateactioninlowandmiddle-incomeeconomies,manyofwhicharetheleastpreparedyetthemostpronetothechallengesofclimatechange.CIFrespondstotheworldwideclimatecrisiswithlarge-scale,low-cost,andlong-termfinancialsolutionstosupportcountriesachievetheirclimateobjectives.

GCF:TheGreenClimateFund(GCF)—acriticalelementofthehistoricParisAgreement—istheworld’slargestclimatefund,mandatedtosupportdevelopingcountriesraiseandrealizetheirNationallyDeterminedContributions(NDC)ambitionstowardslow-emissions,climate-resilientpathways.

TheWorldBankactsasatrusteefortwelveclimateFIFs,whichtogetherhaveraisedover$50billionfromdonors.FIFsarehybridsbetweentrustfundsandstandaloneorganizations.Theydonotmanagetheirownprogramsandinsteadfundotherorganizationstoimplementtheirprojects,meaningthattheWorldBankisnotthesolebeneficiaryofFIFfunding.Theyhaveindependentgoverningbodies—responsibleforsettingtheirstrategicdirection,providingoversight,andselectingprojects.TheWorldBankactsasatrusteefortheirassetsuntiltheyaredisbursedtoimplementingentities.Thisentailsreceivingfinancialcontributions;holdingandinvesting

them;andtransferringthemontheinstructionsoftheFIF’sgoverningbody.DependingontheFIF,theWorldBankmayalsoprovidealegalpersonality,hostitssecretariat,and/oractasanimplementingentity.

CONCESSIONALCLIMATEFINANCE:ISTHEMDBARCHITECTUREWORKING?4

AF

GCF

CIF

PAF

GRIF

CREWS

SCF

CTF

SCCF

CBIT

LDCF

FIP

PPCR

SREP

FIGURE1.TheclimateFIFs

GEF

NPIF

GEFTF

=FIF=Program=Facility=Fund

Glossary*

CIF:ClimateInvestmentFunds;CTF:CleanTechnologyFund;SCF:StrategicClimateFund;

FIP:ForestInvestmentPartnership;PPCR:PilotProgramforClimateResilience;SREP:ScalingUpRenewableEnergyPrograminLowIncomeCountries;GCF:GreenClimateFund;AF:AdaptationFund;GEF:GlobalEnvironmentFacility;GEFTF:GlobalEnvironmentFacilityTrustFund;LDCF:LeastDevelopedCountriesFund;NPIF:NagoyaProtocolImplementationFund;SCCF:SpecialClimateChangeFund;CBIT:Capacity-BuildingInitiativeforTransparency;PAF:PilotAuctionFacilityforMethaneandClimateChangeMitigation;GRIF:GuyanaREDD+InvestmentFund;CREWS:ClimateRiskandEarlyWarningSystems

Note:Thoughprograms,theFIP,PPCR,andSREParepresentedheretobetterillustratethestructureoftheCIF.

ThethreemajorclimateFIFsincludingtheGlobalEnvironmentFacilityTrustFund(GEFTF),theClimateInvestmentFunds(CIF)andtheGreenClimateFund(GCF)accountformorethan80percentofFIFfinancingwith$53billionindonorcommitmentsand$41.9billionintotalprojects.Theyprovidefinancinginamixofgrants,loans,guarantees,andequitytocountriesacrosstheincomespectrumandrelyonregulardonorcashinfusionstocontinueoperating.

TheGEF

TheGEFTrustFundisthelargestFIFthatfundsclimateprojectswith$25.4billionincumulativecontributions.4Thelargestnon-climateFIFistheGlobalFundat$60.3billion.TheGEFumbrellacontainsfiveFIFs:theGEFTrustFund,CBIF,LDCF,NPIF,andSCCF.(Unlessotherwisenoted,thediscussionbelowreferstoalltheFIFswithintheGEF).ThescopeoftheGEFisthebroadestoftheFIFsdiscussedhereasclimatechangeisonlyoneofsixfocalareasalongsidebiodiversity,climatechange,internationalwaters,landdegradation,andchemicalsandwaste.ProjectsthattheGEFhastaggedasbeingconnectedtoitsclimatechangefocalareaaccountfor45.4percentofcommitmentsoverthelifeofthefund.ThismeansthatifwearestrictlyspeakingaboutFIFsintermsoftheircommitmentsforclimatechangeprojects,theGCFistechnicallylarger.TheGEFhaseighteenimplementingentitieswhichincludeMDBs,UNagencies,NGOs,andnationalandregionalagencies.ThemajorityoftheGEF’scommitmentsforclimatechangeprojectshavebeenimplementedby

*Outsideofthislist,thereareseveralFIFsthatarenotexplicitlyclimate-focusedsuchastheAgResultsInitiativeandGlobalInfrastructureFacility(GIF)whichfundprojectsthathaveadaptationandmitigationco-benefits.

UNagencies(60.6percent).Thesearealmostentirelyintheformofgrants,thoughtheGEFhassetasideasmallportionofrecentfundingwindowsforpilotingtheuseofnon-grantinstruments.

TheCIF

TheCIFconsistsoftwoFIFs:theCleanTechnologyFund(CTF)andStrategicClimateFund(SCF).

Thesefundshaveraised$11.4billion,5inamixofdonorgrants,loans,andcapitalcontributions.TheCTFisthelargestCIFfundandfocusesonlarge-scalemitigationopportunities.TheSCFwasoriginallyorganizedaroundthreeprograms:theForestInvestmentProgram(FIP),PilotProgramforClimateResilience(PPCR),andScalingupRenewableEnergyPrograminLowIncomeCountries(SREP).TheCTF’snewAcceleratingCoalTransitionInvestmentProgram(ACT)aimsmakecriticalcontributionstotheenergytransitionofcountrieslikeSouthAfrica.TheCIFwasoriginallyintendedtosunsetafterthelaunchoftheGCFbutinsteaddonorsoptedtorampthemupin2019.

TherangeofprogrammingundertheSCFumbrellawasrecentlyexpandedwiththecreationoftheGlobalClimateActionProgramSub-Committeetocoordinatefournewprograms:theRenewableEnergyIntegrationProgram(REI);theNature,People,andClimateInvestmentProgram(NPC);theIndustryDecarbonizationProgram;andtheClimateSmartCitiesProgram.

TheCIFexclusivelyimplementsprojectsthroughMDBs,primarilytheWorldBankGroup

(52.7percentofcommitments).TheCIFalsousesnon-grantinstruments,with70.3percent

ofcommitmentsintheformofloans.

TheGCF

TheGCFwasfoundedtosupporttheUnitedNationsFrameworkConventiononClimateChangeandhasreceived$16.2billioninfunding6(with$20.3billionpledged).7TheWorldBankprovidesinterimtrusteeservicestotheGCFuntilsuchtimeasapermanenttrusteeisselected.TheGCFfundsavarietyofprojectsacrosssectorsandiscommittedtoa50/50splitinfundingforclimatemitigationandadaptation.GrantsarelessthanfortypercentofGCFcommitmentswiththeremainderconsistingofloans,guarantees,equity,andresults-basedpayments.TheGCFrelieslessonloansthantheCIFwithdebtinstrumentsrepresenting71.5percentofnon-grantcommitmentscomparedto94.5percent.TheGCFhaspartneredonprojectswith53implementingentitiescomparedtosixfortheCIFandeighteenfortheGEF.Thisincludessignificantrepresentationfrombilateraldevelopmentorganizations(17.7percentofcommitments)andtheprivatesector(8.9percent).With114entitiesapprovedforaccreditation,theGCFhasanevenwiderscopeforfutureprojectfinancing.

CONCESSIONALCLIMATEFINANCE:ISTHEMDBARCHITECTUREWORKING?5

CONCESSIONALCLIMATEFINANCE:ISTHEMDBARCHITECTUREWORKING?6

Sectoralallocation

FIGURE2.TotalcumulativeclimateFIFcommitmentsbysector(millionUSD)

Note:Sectoralspendingwascalculatedusingcumulativecommitments,reportedsectoraldistributions,andproject-leveltagging;GEFcommitmentswerelimitedtothoseforprojectswithatleastsomeclimatecomponent;GEFwastreatedasawholebecauseofinabilitytodisaggregatebetweenclimatechangesectorsatanylevelofattribution;conversely,theprogramswithintheSCFwerebrokenouttoillustratetheirspecialization.

Source:FIFannualreports;CIF,GCF,andGEFprojectdatabases.

Author’scalculationsbasedonannualreportsandprojectdatabases.

MostFIFfundinghasgonetocleanenergyandmitigationprograms.WhileeachclimateFIFhasadifferentstrategicfocus,mostoftheprojectcommitmentsgototheenergysector(52.7percentwerecapableofbeingseparatedbysector)withmostofthistrendbeingdrivenbytheCTFandGCF.PureadaptationprojectsarethenextlargestsectorwithcontributionsfrommanydifferentFIFs.BecauseoftheGEF’swiderinstitutionalmandate,itwasnotpossibletodisaggregateclimatechangeprojectsbysector.Broadlyspeaking,itsprojectsarespreadoutacrossseveralthemes.

FIFinstruments

GrantsaccountfornearlyeightypercentofaggregatecommitmentsmadebytheclimateFIFs.

TheonlyFIFsthatusenon-grantinstrumentstoasignificantdegreearetheCIFandtheGCFbutgrantsstillmakeupathirdoftheircommitments(seeFigure3).Mostoftheseloansgotorenewable

Shareoftotalcommitments

10.7

2.3

2.3

4.3

1.6

energyinvestments.LendinghashelpedmaketheCTFmorefinanciallysustainablethanitspeersbecauseitreceivesreflows.Overall,theuseofnon-grantinstrumentsoutsideofloans—likeguaranteesorequity—hasbeenlimited.

FIGURE3.ClimateFIFcommitmentsbyinstrument(percent)

100

90

80

70

60

50

40

30

20

10

0

70.3

43.5

39.3

25.8

GCF

CIF

FIF

GrantsLoansEquityGuaranteesResults-basedpayments

Note:InstrumentmixeswerecalculatedfromprojectleveldataforeachclimateFIF.

Source:CIFandGCFprojectdatabases;estimatesarecumulative.

Author’scalculationsbasedonannualreportsandprojectdatabases.

FIFimplementingagencies

TheWorldBankisthesinglelargestimplementingagencyacrosstheclimateFIFs(nearlythirtypercentofcommitmentsbythethreelargest).MDBs—includingtheAfricanDevelopmentBank(AfDB),theAsianDevelopmentBank(ADB)andtheInter-AmericanDevelopmentBank(IDB)—receivemorethanhalfofclimateFIFcommitments,followedbyUNagencies,bilateraldevelopmentorganizations,privatesectorentities,andNGOs.FIFprojectsimplementedbyMDBstendtobeintheenergysectorwhilethoseimplementedbyUNagenciesaremorelikelytoberelatedtoagriculture,forestry,andotherlanduses(AFOLU)oradaptation.ForprojectsbytheCIF,GCF,andGEF,MDBsaremostlikelytoimplementloanprojects(60.0percent)followedbybilateraldevelopmentorganizations(39.7percent)andtheprivatesector(14.4percent).UNagenciesalmostentirelyworkwithgrants(89.8percent).ItisimportanttonotethatthereisconsiderableheterogeneityacrossFIFs.WhiletheCIFsonlyworkwithlargeMDBs,theGEFprimarilyfundprojectsthroughUNagencies—whichisconsistentwithitsUNFCCCmandate.

CONCESSIONALCLIMATEFINANCE:ISTHEMDBARCHITECTUREWORKING?7

FIGURE4.TotalcumulativeclimateFIFcommitments

byimplementingentity(millionUSD)

Note:OnlytheCIF,GCF,andGEFareconsideredhere;commitmentsfortheGEFareconsiderablysmallerthanthose

displayedinFigure2becauseolderGEFprojectsarenottaggedwiththeimplementingentity;theCIFwasnotseparatedintoitscomponentstoavoidredundancy;estimatesarecumulative.

Source:CIF,GCF,andGEFprojectdatabases.

Author’scalculationsbasedonannualreportsandprojectdatabases.

Publicvs.privaterecipientsofFIFfunding

MorethanthreequartersofclimateFIFfundinggoestothepublicsector.TheCIFandGCFaretheonlyfundswithsignificantprivatesectorportfolios.Inbothcases,privatesectorprojectsaccountforaboutaquarteroftheiroverallcommitments.AboutaquarteroftheCIF’sMDB-implementedfundsisdirectedtoprivaterecipients.Inparticular,theCTFoftenworksonutility-scaleenergyinfrastructurewherethereissignificantprivateinvestorappetite.

CONCESSIONALCLIMATEFINANCE:ISTHEMDBARCHITECTUREWORKING?8

CONCESSIONALCLIMATEFINANCE:ISTHEMDBARCHITECTUREWORKING?9

Shareoftotalcommitments

3

0.3

3

24

13

11

31

36

10

8

9

6

72

35

34

FIGURE5.ShareoftotalcommitmentsfortheCIFandGCF

byrecipientsector(percen