TY - JOUR
T1 - Green finance: An empirical analysis of the Green Climate Fund portfolio structure
AU - AMIGHINI, Alessia
AU - Giudici, Paolo
AU - Ruet, Joël
N1 - Publisher Copyright:
© 2022 Elsevier Ltd
PY - 2022
Y1 - 2022
N2 - While multilateral climate negotiations are at a deadlock, climate finance faces a crossroads as the lending
community needs to develop renewed strategies on the ‘Future of Environment Funds’. Most policy and scholarly
attention have been directed on how to improve the largest multilateral climate fund – the Green Climate Fund
(GCF) – own funding, compared to surprisingly few studies on the allocation strategies of the GCF funding. A
conventional view so far has been of a Fund devoted mostly to finance non-bankable projects with public
funding. Yet, improving the ability of the GCF to channelize both public and private sources of finance, and to
contribute to de-risking more traditional sources of finance, would scale up climate finance and at the same time
also improve the GCF own attractiveness for contributors. In this paper we empirically analyse the GCF portfolio
structure and strategy and suggest the GCF can skillfully fund non-bankable parts of larger “nearly bankable
projects”. This supports a view of the GCF that departs from the conventional one.
AB - While multilateral climate negotiations are at a deadlock, climate finance faces a crossroads as the lending
community needs to develop renewed strategies on the ‘Future of Environment Funds’. Most policy and scholarly
attention have been directed on how to improve the largest multilateral climate fund – the Green Climate Fund
(GCF) – own funding, compared to surprisingly few studies on the allocation strategies of the GCF funding. A
conventional view so far has been of a Fund devoted mostly to finance non-bankable projects with public
funding. Yet, improving the ability of the GCF to channelize both public and private sources of finance, and to
contribute to de-risking more traditional sources of finance, would scale up climate finance and at the same time
also improve the GCF own attractiveness for contributors. In this paper we empirically analyse the GCF portfolio
structure and strategy and suggest the GCF can skillfully fund non-bankable parts of larger “nearly bankable
projects”. This supports a view of the GCF that departs from the conventional one.
KW - Climate finance
Climate change
Green finance
Adaptation
Mitigation
Green climate fund
de-risking
Leverage
Additionality
KW - Climate finance
Climate change
Green finance
Adaptation
Mitigation
Green climate fund
de-risking
Leverage
Additionality
UR - https://iris.uniupo.it/handle/11579/136354
U2 - 10.1016/j.jclepro.2022.131383
DO - 10.1016/j.jclepro.2022.131383
M3 - Article
SN - 0959-6526
VL - 350
JO - Journal of Cleaner Production
JF - Journal of Cleaner Production
ER -