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1、Guidebook on Facilitating Climate FDIW H I T E P A P E RJ U LY 2 0 2 3In collaboration with fDi StrategiesContentsImages:Midjourney,Getty Images,Unsplash 2023 World Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,including p

2、hotocopying and recording,or by any information storage and retrieval system.Disclaimer This document is published by the World Economic Forum as a contribution to a project,insight area or interaction.The findings,interpretations and conclusions expressed herein are a result of a collaborative proc

3、ess facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum,nor the entirety of its Members,Partners or other stakeholders.ForewordExecutive summaryIntroductionMeasure 1 Incentives and de-riskingMeasure 2 Databases and

4、 supplier programmesMeasure 3 Matchmaking MNEs with investment projectsMeasure 4 Legal provisions for FDI facilitationConclusionContributorsEndnotes3467142128333436Guidebook on Facilitating Climate FDI2ForewordDeveloping countries,while particularly vulnerable to the negative environmental and econo

5、mic shocks of climate change,face an enormous climate finance gap.Climate-positive foreign direct investment or climate FDI can help narrow this gap.However,growing climate FDI will require concerted collaboration between public and private actors,a strong strategic vision within host countries and

6、focused investment facilitation efforts by investment authorities.Investment promotion agencies(IPAs)can act as powerful enablers of developing countries net-zero transition by adopting targeted facilitation measures that promote and nurture climate FDI.Furthermore,by encouraging sustainable,climate

7、-positive investments,IPAs can help local companies decarbonize faster,thereby enabling them to better compete in a green global economy.This guidebook,with step-by-step guidance and best practices for four categories of facilitation measures,will help IPAs design a comprehensive strategy for climat

8、e FDI.IPAs could also benefit from engaging in peer learning to share knowledge and methodologies.A coalition of IPAs would provide a platform for such useful exchanges to happen.We hope that IPAs and allied government agencies can use the guidebook to accelerate decarbonization in their constituenc

9、ies.The World Economic Forum,through its Climate Trade Zero initiative and its Investment Policy and Practice initiative,with support from fDi Intelligence,stands ready to work with IPAs interested in implementing climate FDI facilitation measures.Guidebook on Facilitating Climate FDIJuly 2023Sean D

10、oherty Head of International Trade and Investment,World Economic ForumHenry Loewendahl Senior Consultant to fDi Intelligence,Financial TimesGuidebook on Facilitating Climate FDI3Executive summaryUp to$6 trillion in investment is required annually to achieve national climate goals and decarbonization

11、.1 This paper outlines four categories of investment facilitation measures that investment promotion agencies(IPAs)and other authorities can adopt to increase climate-supportive investment.“Climate FDI”refers to foreign direct investment(FDI)that contributes to countries climate-aligned growth objec

12、tives.This may include investment projects that:are zero or low carbon in nature;aim to reduce the carbon footprint of economic activity;support the reduction of greenhouse gases(GHG)through emissions-reduction solutions and technologies;or are designed to improve the resilience of infrastructure to

13、 the effects of climate change.As such,climate FDI can take place across all sectors.Targeting“climate FDI”as a subcategory of“green FDI”can be a helpful distinction for policy-makers and stakeholders looking for targeted interventions to increase overall climate-supportive investment(see Figure 1).

14、Conceptual framework to understand climate FDIFIGURE 1FDIProjects across all sectors and activities,regardless of sustainability characteristicsSustainable FDIProjects contributing to any of the 17 SDGs(e.g.education,health,sustainable cities and climate)Green FDIProjects using clean energy,sustaina

15、ble materials,less water,recycling etc.that contribute to sustainable development and environmental objectivesClimate FDIProjects that contribute to climate-aligned growth objectives by e.g.increasing the proportion of renewable energy in final consumption,using clean technologies,reducing emissions

16、 from industrial production Climate FDI for mitigation and adaptationFDI projects contributing to climate objectives,e.g.climate mitigation(emissions reduction)and climate adaptation(improving resilience to climate change conditions)Source:Stephenson and Saran(2023)2The world needs to grow climate F

17、DI.The Intergovernmental Panel on Climate Changes(IPCC)Synthesis Report on climate change from March 20233 shows that humanity is still not on track to limit temperature increase to 1.5C above pre-industrial levels.This guidebook provides practical steps on how to implement high-impact climate FDI f

18、acilitation measures;it offers a menu from which IPAs can choose while tailoring actions to their priorities and capabilities,rather than suggesting a one-size-fits-all approach.The guidebook particularly considers the needs of emerging and developing countries.Guidebook on Facilitating Climate FDI4

19、Measure 1:Align IPA strategies,KPIs,investment incentives and de-risking instruments to achieve climate goals.Measure 2:Create a database of domestic suppliers with sustainability dimensions(SD2)and launch a supplier development programme to help domestic firms become more sustainable.Measure 3:Map

20、MNE climate commitments to investment opportunities in host economies and create a pipeline of endorsed and vetted climate-friendly investment projects that help MNEs deliver on their commitments.Measure 4:Work with governments and stakeholders to potentially include climate FDI facilitation provisi

21、ons in IIAs and strengthen national frameworks.4IPAs play an integral role in identifying,attracting,facilitating and retaining climate FDI in their location.Implementing these measures,in collaboration with public and private actors,can drive the systemic change required to grow climate FDI project

22、s and achieve the worlds shared climate goals.In addition,IPAs could consider creating a coalition to raise awareness,adopt targeted facilitation measures and share knowledge and best practices on climate FDI.Such a Coalition of IPAs for Climate(CIPAC)will provide further momentum to the growth of c

23、limate FDI and help close the climate finance gap in developing countries.Finally,the successful conclusion of text-based negotiations on a World Trade Organization(WTO)Agreement on Investment Facilitation for Development(IFD)provides added impetus and support for this agenda.While the IFD Agreement

24、 can help create a baseline of good practices on investment facilitation broadly,climate FDI facilitation can complement this with targeted measures to grow investment aligned with climate goals.Guidebook on Facilitating Climate FDI5IntroductionFacilitating climate-aligned FDI is essential to help d

25、eliver on the worlds shared climate goals.Trillions of dollars of investment are needed annually to decarbonize,make the required energy,production and consumption shifts,and adapt to climate change.Investment of the volume needed cannot solely be mobilized nationally;it requires capital and embedde

26、d technology to be brought in from abroad.This guidebook defines climate foreign direct investment(FDI)as that which contributes to countries climate-aligned growth objectives.5 This includes investment projects that:are zero or low carbon in nature;aim to reduce the carbon footprint of a firm;suppo

27、rt the reduction of greenhouse gases(GHG)through more efficient energy technologies;or are designed to improve the resilience of infrastructure to adapt to the effects of climate change.As such,climate FDI can take place across all sectors.Investment promotion agencies(IPAs)can play a crucial role i

28、n promoting and facilitating climate FDI projects.Their function is to promote,facilitate and retain FDI and work with both public and private stakeholders to create a business environment that is attractive for investors.IPAs therefore have a vital role in helping to achieve national and internatio

29、nal targets for climate while also generating economic development benefits.The focus of this guidebook is to present four categories of investment facilitation measures that IPAs can adopt to increase climate FDI.The paper particularly aims to empower emerging-and developing-country IPAs where capi

30、tal needs are significant and FDI flows are currently lower.FDI facilitation has the potential to accelerate on various fronts.International guidelines and standards for sustainable suppliers exist,and sector-specific guidelines are in development at the international level.Multinational enterprises

31、(MNEs)around the world have made climate-related commitments and pledges,and actively seek out investment project opportunities.Developments have been made in international legal frameworks for the inclusion of climate FDI provisions in international investment agreements(IIAs).Yet,as temperatures c

32、ontinue to rise worldwide,deeper and faster deployment of capital is needed.Furthermore,it is crucial to consider domestic social objectives when evaluating the sustainability of a project.To illustrate,hydropower projects can displace residents through the creation of reservoirs,while biomass proje

33、cts may occupy agricultural land,increasing the risk to food security,as was witnessed during the 20072008 global food crisis.Due consideration must be given to real-world trade-offs that communities may face when prioritizing climate-friendly investments to achieve long-term sustainability goals.Pu

34、blic-private collaboration will be an integral part of this process.Drawing on the expertise and insights of the private sector will enable IPAs to improve regulatory and policy frameworks and deliver more attractive,viable and inclusive climate FDI projects.Beyond that,buy-in from key public and pr

35、ivate actors,and adopting a joined-up approach to FDI facilitation,will enhance the effectiveness of these efforts.Guidebook on Facilitating Climate FDI6Align IPA strategies,KPIs,investment incentives and de-risking instruments to achieve climate goals This measure aims to accelerate climate investm

36、ents through integrated IPA strategy development and project de-risking.Measure 1Guidebook on Facilitating Climate FDI7IPAs can increase the appeal of climate-aligned investment projects by including climate FDI in their strategies and key performance indicators(KPIs),establishing relevant sector pr

37、iorities and evaluating and coordinating incentives for investment in climate FDI projects.It is important to undertake these actions throughout the process of investor targeting,aftercare and policy advocacy.Developing countries,particularly the least developed countries(LDCs),face the greatest thr

38、eats related to the effects of climate change,but can struggle to attract and retain capital-intensive climate projects.This is often due to their higher risk profiles,relative lack of subsidies and more difficult project-financing conditions.FDI risks,including lower institutional quality,macroecon

39、omic instability,poor sovereign credit ratings and inadequate infrastructure,are generally greater in developing countries and emerging markets.For this reason,facilitating and de-risking capital for climate FDI projects should be a particular priority for IPAs,including identifying specific commerc

40、ial,financial,technological and political risks that investors may face in a location,as well as mitigating these by deploying tailored incentives,insurance and guarantee instruments.In addition,IPAs can help to connect investors with sources of financing for their projects.Recommended approachA rec

41、ommended approach for the formulation of a climate FDI strategy is posited in Figure 2.This framework aligns with the Organisation for Economic Co-operation and Development(OECD)s FDI Qualities Policy Toolkit,which describes specific principles and policies that governments can take to attract FDI t

42、hat helps contribute to decarbonization.6Measure 1 actionsFIGURE 2Define climate FDI to inform how an FDI project shows a positive sum of climate-related benefits that contributes to climate objectives.Prioritize nationally determined contributions(NDCs)and national adaptation plans(NAPs)related to

43、climate.Develop a sector prioritization strategy to identify the target sectors that contribute to economic development and climate objectives.Review incentives and political risk insurance that can be used as de-risking mechanisms to overcome market failures for climate-related projects with signif

44、icant commercial and political risks,but important positive spillovers related to climate.A well-planned investment facilitation framework will require clear key performance indicators(KPIs)to quantifiably measure climate FDI attraction successes.Step4Step3Step2Step1Define climate FDI strategies in

45、relation to climate goals Prioritize IPA sector targeting and activitiesAlign investment incentivesDevelop an implementation plan Measure1Source:fDi Strategies,from the Financial TimesStep 1:Define climate FDI strategies in relation to climate goalsA locations definition of climate FDI will shape it

46、s climate investment attraction strategy and influence the selection of investment projects.Integrating climate goals into strategic plans for investment attraction is recommended.Countries nationally determined contributions(NDCs)to the Paris Agreement offer a set of defined goals and existing metr

47、ics that can be used in a climate FDI strategy.The OECDs FDI Qualities Policy Toolkit lays out a framework for ensuring coherence across climate,sectoral and investment strategies.7Guidebook on Facilitating Climate FDI8Step 2:Prioritize IPA sector targeting and activities IPAs should develop sector

48、strategies(see Figure 3)to identify target sectors that contribute to both economic development and to climate objectives.IPAs should review the NDCs of their country to narrow down the target sectors and identify those in which FDI can have a major positive contribution,from economic and climate pe

49、rspectives.For example,Invest India has prioritized 11 sectors in which FDI projects have been identified as strongly aligning with the United Nations Sustainable Development Goals(SDGs),including renewable energy.This has allowed Invest India to develop a target of facilitating investments in 40GW

50、of the Ministry of New and Renewable Energys total national target of 175GW of renewable energy production by 2022.8Sector prioritization strategyFIGURE 301Align sectors with priority areasTranslate economic strengths and challenges into investment promotion by mapping existing and potential economi

51、c sectors and subsectors with the prioritized climate objectives.04Align target sectors with KPIsAlign IPAs strategy to attract climate FDI by implementing targets for the volume of FDI needed,with annual progress evaluations in meeting climate objectives and the contribution of FDI.02Identify clima

52、te objectives relevant to a locationAnalyse climate objectives and comparison with key climate indicators in a location to check if the location is on track to meet NDCs and NAPs.03Evaluate the importance of FDI to target sectorsEvaluate the importance of FDI for important climate-related sectors an

53、d subsectors identified.Measure 1Source:fDi Strategies,from the Financial TimesSector prioritization can help with the selection and implementation of de-risking instruments,which can be specific to subsectors,and be applied depending on the relative levels of public-private participation in the pro

54、ject.Private-sector actors decisions to invest in climate-supportive projects depend on several factors,including the presence of well-defined revenue models and an understanding of project and regulatory risks.The weight of these factors may vary across sectors,as shown in Figure 4.Due to a higher

55、risk level and project implementation challenges,compounded by significant upfront capital costs,9 almost 50%of climate-related projects in developing countries require some level of public participation(which rises to 72%for climate adaptation projects).10 Identifying public-private opportunities f

56、or participation in climate FDI projects by sector is crucial for attracting investments in projects that would not take place without public support.For example,Invest in Uzbekistan provides clear investment offer guidelines to foreign firms on its website.It particularly promotes public-private pa

57、rtnership(PPP)investment proposals,through a link to the Public-Private Partnership Development Agency,which has included capital-intensive renewable energy projects that align with the state programme for economic development and decarbonization.11Guidebook on Facilitating Climate FDI9Ratio of publ

58、ic-private participation by climate sectorFIGURE 4Example sectors_Floodwalls_Drainage systems_Reforestation_Mangrove protection_Climate change-resilient infrastructure_Green infrastructure_Water management_Public transport systems_Agricultural investments in resistant crops_Weather monitoring system

59、s_Clean,carbon-neutral buildings_Carbon capture and storage_Clean technologies_Renewable energy generation_Electric vehicles_Green mineral extractionProjects that are pure public goods Projects that allow for PPP models or concessionary schemes Projects that can be privately financed but require gov

60、ernment support,incentives or subsidies to cover the costs of making them climate-friendly or climate change-resilient Ratio of public-private participationSource:United Nations Conference on Trade and Developments(UNCTAD),“World Investment Report 2022”Step 3:Align investment incentives Both fiscal

61、and non-fiscal incentives for climate investments need to be targeted and cost-effective.An increasing number of discretionary incentives are granted based on how a projects parameters align with climate objectives,and on evidence that climate investments would be hindered without them due to signif

62、icant commercial risks.12 Short-term incentives mainly fiscal incentives can help encourage climate FDI.These should be complementary to a sound regulatory investment regime since incentives cannot compensate for regulatory risk by themselves.In addition,new tax rules associated with the OECD base e

63、rosion and profit shifting(BEPS)initiative will limit countries scope to reduce corporate tax rates below 15%.However,within the band of allowable 15%fiscal incentives under the BEPS initiative,incentives can be an additional tool to help grow climate FDI.In addition,financial incentives(which are n

64、ot covered by BEPS)may become increasingly important as a tool.Non-fiscal and non-financial incentives also have an important role to play.They can reduce the administrative burden and time costs of an investment project.For instance,IPAs can work to streamline investment processes,provide revenue g

65、uarantees for strategic projects,form or facilitate joint ventures and support site visits.To illustrate,sourcing capital for many climate projects(e.g.renewable energy generation)will be dependent on the availability of offtake markets in a location,how companies engage with stakeholders and the sp

66、eed of procuring permits that can help fast-track a project.13 The OECDs FDI Qualities Policy Toolkit provides detailed guidance on the importance of providing financial support to stimulate low-carbon investment and carbon-pricing measures.14 Figure 5 contains a non-exhaustive list of incentives th

67、at can be considered,drawing from what has been recommended under Principle 3 within Chapter 5 of the OECDs FDI Qualities Policy Toolkit.Guidebook on Facilitating Climate FDI10Incentive categoriesFIGURE 5Source:fDi Strategies,from the Financial Times In addition to commercial risks,political risks s

68、uch as expropriation,breach of contract,currency inconvertibility,adverse regulatory changes,war and terrorism15 would affect an investments profitability.To address such broad risks,which might hamper climate investment scale-up,IPAs can facilitate awareness of and access to political-risk insuranc

69、e,provided by a body within the source(home)or destination(host)country,or multilaterally by the World Bank Groups Multilateral Investment Guarantee Agency(MIGA).The latter has supported commitments to the World Banks Climate Change Action Plan 20212025 by providing political-risk insurance for proj

70、ects in developing countries that include private capital.This approach consists of linking favourable insurance and investment guarantees(reduced premiums,longer coverage periods and higher coverage limits)to the climate-friendliness of investments.On the flip side,multilateral institutions could a

71、lso require that carbon-intensive activities be subject to higher premiums and stricter conditions to access coverage.As a further step,depending on capacity,IPAs can award incentives and insurance options to parties meeting criteria for a“climate-investor”status.For example,Karl P.Sauvant and Evan

72、Gabor have outlined the Recognised Sustainable Investor(RSI)framework16 as a means of increasing the level of FDI that is aligned with a countrys developmental goals,including those related to climate.17 This framework can be set up through three major steps:181.Establish essential criteria that an

73、investor should meet to be designated an RSI RSI designation could be awarded to FDI projects following general responsible business conduct(RBC)practices and meeting criteria to achieve climate objectives.The impact of a project on climate should be analysed on a case-by-case basis,with evidence of

74、 the investments climate-friendly qualities being more important than a companys sustainability antecedents.2.Consider country-specific development goals,including those related to climate,that investors would commit to meetInvestors make reasonable efforts to ensure that investments contribute to c

75、ountry-specific climate goals by undertaking actions to reduce the investments carbon footprint.In other words,investors would first identify the countrys climate goals,then ensure that their investment projects were aligned with those goals.3.If 1 and 2 are met,grant special incentives to climate F

76、DI projects RSI designation entails receiving special incentives not available to general investment projects.19 Examples could include“red-green-gold”services that is,red-carpet treatment to accelerate permitting and approvals,green channel processes to facilitate customs clearances and gold status

77、 treatment for post-establishment aftercare.20 Non-fiscal/non-financial incentivesFiscal/financial incentives Regulatory incentives:derogations from certain national or subnational rules and regulations including“red-carpet services”meant to fast-track administrative,bureaucratic and legal processes

78、 for climate FDI projects.Technical and business support incentives:advisory services provided to ease market entry or support the operations of firms,such as arranging site visits,recruitment and immigration services,market intelligence and strategic introductions to potential partners and clients.

79、Fiscal incentives:exemptions,tax holidays,deductions,accelerated depreciation,investment allowances and reduced tax rates(e.g.corporate tax,income tax,capital repatriation tax,real estate tax,land tax);many fiscal incentives are available in special economic zones.Tax incentives can be used to encou

80、rage projects and activities with the greatest impact on environmental indicators(e.g.renewable energy projects),particularly affecting efficiency-seeking projects in competitive and cost-saving climate sectors.Financial incentives:forms of financial support that are non-tax-based,including cash gra

81、nts,government insurance,preferential loans to foreign investors and use of feed-in-tariffs and power purchasing agreements for renewable energy.Guidebook on Facilitating Climate FDI11Ghana Investment Promotion Centre(GIPC)pioneering the development of sustainability-linked incentives BOX 1GIPC has

82、worked with the World Economic Forum to develop an RSI framework and incorporate RSI designation into Ghanas investment code to encourage sustainable and climate-supporting investment.The RSI designation is awarded to investors observing responsible business conduct(RBC)guidelines and contributing t

83、o Ghanas sustainable development priorities.GIPC seeks to develop investments that are designated as climate-supportive through measuring the reduction in carbon emissions brought about,for example,from renewable energy.Stakeholder engagement has been key to implementing this,with both firms and pub

84、lic actors such as the Ministry of Environment,Science,Technology and Innovation,the Ministry of Energy and the Environmental Protection Agency,which carries out environmental impact assessments to measure carbon emissions for projects,which can then be directly tied to the awarding of incentives.So

85、urce:Consultation with Ghana Investment Promotion Centre(March 2023)Step 4:Develop an implementation plan with KPIs and monitoring and evaluation An IPA should identify links between NDCs and a climate FDI strategy,then take steps to enact this strategy.This can involve introducing time-bound target

86、s for climate-related capital investment or monitoring the environmental performance of investment projects,by calculating carbon footprint,waste management and energy consumption,for example.21 IPAs should ideally work with relevant governmental agencies to monitor climate-related performance.Monit

87、oring and evaluating climate investment flows will further help a country assess its impact on NDCs and achieve the objectives of the climate FDI strategy.22 Industrial Development Agency(IDA)Ireland tracking sustainable investmentsBOX 2IDA Ireland23 aims to attract 60 sustainable projects by 2024 a

88、nd records the number of environmentally sustainable investments attracted annually.In 2021,out of 249 projects,15 were classified as sustainable,including both greenfield and expansion investments,and were distinct from other investment projects.Source:IDA Ireland,Annual Reports and Accounts(2021)I

89、nvest in Trkiye capitalizing on SDG metrics to monitor priorities of the national FDI strategyBOX 3Invest in Trkiye defined“Quality FDI”for Trkiye in its national FDI Strategy in three dimensions(technological transformation,employment and current account balance),with seven different priority areas

90、 and four“horizontal axes”areas with which all investments should align.One of these four axes is the SDG compliance of each investment project,measured by a checklist of 47 relevant questions for all 17 SDGs.These questions are ranked in terms of importance,from 15,including questions related to SD

91、G7(clean energy for all)e.g.is it an investment in renewable energy production?and SDG 13(climate action),e.g.is it an investment in technology,a product,service or infrastructure that will reduce carbon/GHG emissions?Is it an investment that adopts technologies that will enable it to reduce its car

92、bon footprint in its own manufacturing facility?Does the investor have a policy document/target/commitment to reduce carbon emissions/footprints in the production processes and supply chain,and is it shared with the public?This has provided Invest in Trkiye with a series of easily answerable questio

93、ns for use by its sectoral experts,which is relatively cost-effective and contributes to measuring the KPI of the national strategy to attract quality FDI,including alignment with climate goals.Source:Consultation with Invest in Trkiye(March 2023)Guidebook on Facilitating Climate FDI12Implementation

94、 and key stakeholders Key national and regional stakeholders that an IPA should consider engaging to align IPA strategies,KPIs,investment incentives and de-risking instruments to climate goals:Existing foreign investors to identify common challenges and bottlenecks to climate investments,which in tu

95、rn should inform future policies regarding incentives and regulations Government entities and authorities that are responsible for regulatory changes,fast-tracking permitting and licensing and implementing incentives to ensure a whole-of-government approach at the domestic level(see Box 4 for best p

96、ractices),environmental impact monitoring and standard-setting High-level policy councils that include working groups for climate-related investments and coordinate private and public actors in facilitating climate investments24 Multilateral institutions that provide a range of de-risking measures a

97、nd services for climate FDI,including political-risk insurance,investment guarantees,financing for climate projects and capacity-building/technical training programmes for IPAsInvest India adopting a whole-of-government approach to attracting climate FDI BOX 4Invest India provides a one-stop shop fo

98、r all FDI projects,working to facilitate investments in prioritized climate FDI subsectors,particularly renewable energy.It has fostered a strong whole-of-government approach with multiple agencies including the Project Development Cell(PDC)within the Ministry of New and Renewable Energy,the Empower

99、ed Group of Secretaries(EGoS)and the Central Pollution Control Board(CPCB)within the Ministry of Environment,Forestry and Climate Change which work with Invest India to identify and address bottlenecks for climate FDI projects,such as navigating the national approval system for environmental assessm

100、ents and land acquisition for larger projects.Source:Consultation with Invest India(March 2023)Potential risks and mitigation strategiesTABLE 1No.RiskSuggested mitigation1The IPA may not have a clear focus on sustainability or dedicated officer/team for climate FDI strategy formulation and execution

101、Establish a clear mandate for the IPA to support climate FDI,preferably with a vision and mission statement affirming a dedication to sustainable investmentAppoint dedicated staff to execute on mandate2Difficulty for the IPA in measuring prospective projects based on their climate impact due to expe

102、rtise constraintsCooperate with government departments responsible for monitoring environmental permitting and licensing rather than undertaking the process completely independently3Lack of public support for PPPs and concessions in strategic climate projects and lack of supporting regulations for k

103、ey climate sectorsEngage in policy advocacy and coordination with government stakeholders to identify sectors in which public and private investments can be directed towards and identify regulatory changes that can de-risk climate FDI projectsSource:fDi Strategies,from the Financial Times Guidebook

104、on Facilitating Climate FDI13Create a database of suppliers with sustainability dimensions(SD2)and launch a supplier development programme to help domestic firms become more sustainableMeasure 2This measure sets out to increase the visibility of sustainable suppliers through online databases and dev

105、elop programmes to help companies improve the sustainability of their operations.Guidebook on Facilitating Climate FDI14Access to a reliable supplier database allows foreign and domestic firms to identify potential suppliers efficiently,thereby reducing transaction costs and accelerating market entr

106、y and operations.Additionally,supplier databases can help investors assess the quality and reliability of local suppliers,understand local market dynamics and supply-chain risks and access quality inputs into the production process.Supplier databases are also a promotional tool,making it more likely

107、 that an MNE will consider driving investments to a location,as they are able to gain an understanding of local sourcing opportunities.25Supplier databases have been used by IPAs and other stakeholders for many decades to encourage trade and investment across priority sectors.Increasing demand from

108、corporates for sustainable supply chains creates the need to include sustainability dimensions or sustainable criteria in these databases.In May 2021,the Council for the Development of Cambodia(CDC),with support from the World Economic Forum,launched its Supplier Database with Sustainability Dimensi

109、ons(SD2),26 the first supplier database designed to include not only traditional information(e.g.sector,products,contact information,etc.)but also information on the degree to which local companies operated sustainably.The aim was both to attract foreign firms committed to investing sustainably and

110、to encourage more Cambodian firms to shift to sustainable operations,in order to qualify for such capital and investor interest.Complementary and integral to an effective supplier database is a supplier development programme to ensure that domestic firms have the right capacity in terms of quality,c

111、ost and scale,in addition to sustainability standards.Supplier development programmes have been used by public-and private-sector organizations with the aim of increasing the competitiveness and efficiency of domestic companies to integrate into global supply chains.Supplier development programmes o

112、ften involve multiple stakeholders,including enterprise support agencies,technical consultancies,standards bodies and training and research institutions.An example is the global supply chain coordination support offered by the Malaysian Investment Development Authority(MIDA).27 Recommended approach

113、Figure 6 provides an overview of the recommended approach an IPA can adopt to implement Measure 2.Measure 2 actionsFIGURE 6Define the criteria for inclusion in the database(e.g.products/services by type and size of company,certifications/accreditations).Work with stakeholders to define the criteria.

114、Identify existing domestic firms in the location by consolidating data from the IPA and stakeholder organizations,and through desk research(pany databases,web searches).Assess the company database identified in Step 2 against the defined criteria for inclusion in the database.Conduct consultations o

115、r provide a registration form to validate the companies for inclusion.Work with a technical partner to develop the database/portal using suitable software,ensuring that the product has an easy-to-navigate user interface(UI).Discuss the implementation strategy with stakeholders.Step4Step3Step2Step1De

116、fine the criteria for inclusionResearch the locationAssess the long list of companiesDevelop and implement Measure2Step5Create supplier development programmes Ensure the ongoing development of both the database/portal and location of supplier development programmes to help companies meet the criteri

117、a for inclusion.Source:fDi Strategies,from the Financial TimesGuidebook on Facilitating Climate FDI15Step 1:Define the criteria for inclusionExplain the rationale behind developing a database of suppliers with sustainability dimensions(SD2)to relevant stakeholders and gather feedback on criteria or

118、dimensions that could be used for including firms within the database.It is essential that major MNEs in the location are consulted,to understand both their supplier assessment criteria and what sustainability standards are currently used or are likely to be used to screen companies for inclusion in

119、 their supply chains.Inclusion criteria for local companies in the supplier database should also be“reality-checked”with local firms and stakeholders.For example,access to internationally accredited certification is not always possible or feasible in many developing countries.Therefore,including thi

120、s as a mandatory criterion might result in a very low number of eligible companies.In addition,a supplier may be sustainable in one dimension but not in another,and governments may wish to include such firms in order to help them gradually,over time,through the supplier development programme increas

121、e the number of dimensions in which they are able to operate sustainably.Figure 7 provides examples of potential sustainability criteria that locations may consider,based on what is feasible in that place and the requirements of MNEs.Examples of potential criteria for inclusion in a supplier databas

122、e FIGURE 7Source:fDi Strategies,from the Financial TimesCompany self-certification/identification as sustainableCompany has detailed an emissions-reduction strategy Company has a sustainability/climate strategy in placeCompany has recognition/visibility in sustainability/climate action(awards,media,

123、active participation,etc.)Sector accreditations(within specific industry),e.g.bluesign(textiles),Green Seal(household/building products)Company accreditations or certification within environmental,social and corporate governance(ESG),e.g.B Corp Certification,sustainability and climate risk certifica

124、te etc.Specific ESG or sustainable standards through the International Organization for Standardization(ISO)e.g.ISO 14001(environmental management systems)High-level criteriaSpecific dimensions/certificationsGuidebook on Facilitating Climate FDI16To enhance the relevance of the database for corporat

125、es,it is crucial to incorporate globally recognized sustainable development standards that are specific to various sectors.For instance,in the textile industry,there are several different international sustainable development standards.A non-exhaustive list of these standards can be found in Table 2

126、.Examples of sustainable development standards and memberships for textile companies TABLE 2Name of standardArea of influence(environmental or social)Validity of certificates External,independent audits required?Textile Exchange Global Recycled Standard Version 3Environmental and social 1 yearGlobal

127、 Organic Textile Standard,GOTS-NL,Version 4.0 Environmental and social 1 yearISO 14001:2004,revised format:ISO 14001:2015Environmental3 yearsWorldwide Responsible Accredited Production(WRAP)Environmental and social6 months to 2 yearsSocial Accountability International SA8000Social3 yearsBluesign sta

128、ndard sustainable textile productionEnvironmental and social3 yearsBetter Work InitiativeSocial1 year(estimate)Fair Labor AssociationSocial1 yearLeather Working Group promoting sustainable leather productionEnvironmental and social1.5 to 2 years Source:fDi Strategies,from the Financial Times;Kollins

129、ky and Loewendahl(2018)28Guidebook on Facilitating Climate FDI17Step 2:Research the location to identify a long list of local firmsIPAs and government authorities should identify local companies operating in the sectors that have the best potential for foreigndomestic collaboration and for increasin

130、g sustainability in local supply chains.Where available,the IPA should use its own customer relationship management(CRM)system,along with the business registry data consolidated from other stakeholder agencies such as the locations business registry office,chambers of commerce and sector association

131、s to develop a comprehensive picture of businesses registered within the location.Additional supporting research can be conducted through online searches and third-party company databases where required;however,external company databases can be expensive.Step 3:Assess the long list of companies to b

132、uild a short list of local firms Work with stakeholders and partners to assess companies against the defined criteria for inclusion to identify a short list of firms that should be engaged.These can include companies that already meet key criteria or companies that could potentially meet the criteri

133、a with the support of supplier development programmes.The criteria should be closely aligned with that used by MNEs in the location or wider region,to ensure the best probability of domestic companies plugging into global value chains(GVCs).There are examples of countries that have chosen to leverag

134、e regional agreements for the development of a regional database.For instance,the Association of Southeast Asian Nations(ASEAN)has built the ASEAN Supporting Industry Database to increase awareness of supporting industries that exist in ASEAN member states;29 private-sector databases,such as the Eas

135、t African database of suppliers for the oil and gas sector by the private sector company Achilles,have also been created.30 IPAs should contact the shortlisted firms to explain the purpose of the supplier database with sustainability dimensions(SD2),collect further information and let them know how

136、to register.This can be done through face-to-face consultations or via an online registration form,depending on the number of companies to be covered and the IPAs capacity.Significant companies should be consulted face to face where possible.Step 4:Develop and implementEngage with third-party techni

137、cal experts or software development companies to begin to develop a supplier database with sustainability dimensions(SD2).IPAs should involve relevant stakeholders in conversation with the database developer to ensure that no information is missed in the development brief regarding functionality(e.g

138、.by including a tagging system and search function to quickly identify firms by verified sustainability criteria).While the selected developer is creating the supplier database,the IPA should begin discussions with stakeholders on implementation strategy,including where the database will be hosted,s

139、cheduling periodic reviews to identify areas for further development and discussing the marketing strategy for the system to ensure the tool is promoted.It is essential that the supplier database is easy to use,and that the IPA can edit and add companies easily.Hosting of the database should be secu

140、re(as it will include company information and personal information on contacts in companies).Guidebook on Facilitating Climate FDI18In addition,it is important that a long-term solution is provided so that,after the up-front costs,the IPA knows and agrees each year how much hosting,maintenance and t

141、echnical support will cost.If a software as a service(SaaS)solution is available,this may be more sustainable,cheaper and quicker to implement.But if a custom-built system is the only option,the long-term viability of the database must be very carefully planned out for a number of years.In addition,

142、the online application should be able to plug into,or be embedded within,the IPAs website and be fast and easy to use.Another consideration is whether suppliers should be allowed to register themselves on the online application and add and edit information on their company.Step 5:Create supplier dev

143、elopment programmesIPAs and relevant stakeholders should launch a complementary supplier development programme to help local companies and small to medium-sized enterprises(SMEs)increase their capacity by achieving certain standards and certifications,including those related to ESG.The IPA and partn

144、ers should align any supplier development programmes with the criteria for inclusion defined for the supplier database to ensure that companies which fail to meet the inclusion criteria are aware of the opportunity to seek support to become eligible for inclusion.This would be valuable for small bus

145、inesses that might not otherwise have access to MNE standards and would present an opportunity to boost their firms general green competitiveness.These support programmes can be delivered by various stakeholder or partner organizations,but it is important that existing MNEs are fully involved in the

146、 programme to align supplier development programmes with their supply-chain assessment criteria and,in many cases,to benefit from the technical support MNEs can provide.This is especially the case in developing countries,where many major MNEs have local supplier development programmes as part of the

147、ir own commitment to corporate sustainability to help achieve the SDGs.Another option would be to include ESG modules in already existing supplier development programmes or SME accelerators to allow firms to take steps towards becoming more sustainable suppliers.These programmes can eventually devel

148、op into fully fledged sustainable supplier development programmes.Implementation and key stakeholdersThe implementation of a supplier database with sustainability dimensions(SD2)should be conducted as a joint effort between the IPA and key stakeholders involved in the process.Key points IPAs should

149、raise with relevant stakeholders include:Discuss the proposed criteria for inclusion in the database,in addition to which sectors to focus on Research and assess companies to be included in the database,drawing on all sources of information Determine where the online database should be located integ

150、rated into the IPA website/stakeholder website or stand-alone on its own webpage(which would require a stronger marketing programme to get visibility of the webpage)Identify and engage in feedback during development with a chosen third-party software/website developer with a strong long-term sustain

151、ability plan for hosting and maintaining the database for many years Devise a marketing and promotion strategy for the database to ensure both MNEs and local firms are aware of it and use it Enact periodic reviews of the live database and its performance through stakeholder feedback sessions Identif

152、y local supplier development programme opportunities,either provided in-house or from a third-party supplier/existing investor programmesKey national and regional stakeholders that an IPA should consider engaging to begin discussions on the proposed development of a supplier database include:Enterpr

153、ise development agencies Public-sector stakeholders,including ministries such as Trade,Energy and Environment Academia and educational institutions,including universities and business schools Trade associations International and national standards and accreditation bodies Sector and industry develop

154、ment organizations Public-private intermediaries and chambers of commerce Existing foreign investors,especially key investors in the economy and those with a clear focus on sustainable developmentGuidebook on Facilitating Climate FDI19Potential risks and mitigation strategies TABLE 3No.RiskSuggested

155、 mitigation1Misunderstanding definition of criteria for inclusion in a supplier database with sustainability dimensions(SD2)Define inclusion criteria based on what is most appropriate for location;this could be defined by accredited certifications in one location or by company self-certification in

156、another2Lack of stakeholder involvement in development and implementation of a supplier database with sustainability dimensions(SD2)Ensure stakeholder buy-in and support is established early in the supplier database life cycle through clear protocols and messaging3Foreign investor perceptions of sus

157、tainability standards and accountabilityInclude supporting information on the companys sustainability of operations.Investors from developed markets will also frequently be held to higher standards,so divergent standards of sustainability need to be considered4Sustainability of software solutionSet

158、up a long-term sustainability plan so the IPAs can be certain that the database will be hosted and supported at a price they can afford for a number of years5Supplier development programmes may not be fiscally viable,especially in LDCsLeverage international development partnerships to support the de

159、velopment of supplier development programmesSource:fDi Strategies,from the Financial Times Guidebook on Facilitating Climate FDI20Map MNE climate commitments to investment opportunities in host economies and create a pipeline of endorsed and vetted climate-friendly investment projects that help MNEs

160、 deliver on their commitmentsDeveloping a rolling pipeline of bankable sustainable project opportunities for MNEs to invest in can help direct efforts to fulfil climate-related commitments,while advancing a countrys SDGs.Measure 3Guidebook on Facilitating Climate FDI21Companies around the world are

161、making bold commitments to address climate change.Net Zero Trackers Net Zero Stocktake 2022 report showed an increase in net-zero targets in its database since December 2020,with 40.6%more Forbes 2000 companies committing to net-zero announcements in the course of 2021.31 Pledges by governments and

162、corporates have also proliferated,driven by the United Nations Framework Convention on Climate Change(UNFCCC)s Race to Zero campaign.32 Many MNEs struggle to realize their commitments,however,because of obstacles around identifying relevant climate-friendly projects.MNEs account for more than one-fi

163、fth of global CO2 emissions,with a significant percentage of this comprising Scope 3 emissions from their supply chains that have often been outsourced to emerging economies.33 Climate FDI has large information asymmetries,with a paucity of essential data about climate-friendly investment opportunit

164、ies,especially in emerging markets.IPAs can play an important role in addressing this issue by developing and promoting investment projects ready to offer(IPROs)that provide a pathway to realizing MNE climate commitments and thus help realize national climate goals.Recommended approachA recommended

165、implementation approach for Measure 3 is outlined in Figure 8.Measure 3 actionsFIGURE 8Develop a holistic understanding of MNE climate commitments to orient and frame the next steps.Identify new and existing investors with climate commitments that align with country climate goals.Develop and impleme

166、nt a process to develop a pipeline of project opportunities,to include specific MNE climate commitments as a screening criteria.Develop third-party vetted and government-endorsed customized packaging and promotion materials for prioritized project opportunities.Perform a matching exercise between pr

167、oject opportunities and MNEs and prioritize project opportunities to package and promote.Step4Step3Step2Step1Identify MNE commitmentsSet up pipelinePackage and promotePrioritize and matchMeasure3Source:fDi Strategies,from the Financial TimesStep 1:Identify MNE commitments It is essential for IPAs to

168、 gain an understanding of MNE climate commitments,to inform the identification and packaging of project opportunities.Reviewing the climate commitments made by relevant MNEs allows IPAs to identify specific corporate targets,goals and focus areas,to inform criteria and screen potential project oppor

169、tunities.The relevance of an MNE should be determined by its existing presence in the market or likelihood to invest(e.g.sector relevance or attractiveness).An IPA should conduct reviews of publicly available information on MNE climate commitments to identify potential new investors and existing inv

170、estors that could expand further in the location.MNE climate commitments can include,for example:34 Carbon neutrality:Reductions in GHG emissions and offsetting remaining emissions by investing in carbon-removal projects or buying carbon credits Renewable energy:Obtaining 100%of electricity from ren

171、ewable resources or from suppliers that use renewable sources Guidebook on Facilitating Climate FDI22Where do MNEs typically publish their climate commitments?TABLE 4Where publishedHow it worksAdvantages and disadvantagesExamples1.Company websites and social media MNEs may publish their climate comm

172、itments,corporate sustainability reports and progress reports on their own websites This allows MNEs to showcase sustainability efforts and report on progress made in achieving targets to a wider audiencePlatforms such as LinkedIn and Twitter can be used to publish progress reports and engage in con

173、versations with stakeholdersDirect engagement with stakeholders and key interest groupsMNE is accountable to the wider public if climate commitments/pledges are published onlineMNE controls messaging on its websiteNo requirement for commitments to be specific,or mandatory progress reporting to be pu

174、blished on websitesNestl published its commitment to achieving net-zero emissions by 2050,35 using 100%renewables in its operation by 2025American Airlines ESG report laid out its action plan of reaching net-zero carbon emissions by 202036 2.Sustainability and reporting platforms/rankingsSeveral thi

175、rd-party platforms publish and report on MNE climate commitments to manage their environmental impactsIn most cases,this information is self-reported,and in some cases,independently verifiedKey metrics that are collected and reported include:GHG emissions,renewable electricity usage,supply-chain emi

176、ssions,carbon reduction targets and the progress made in achieving themPublishing commitments on recognized third-party platforms can increase the credibility of a companys climate commitmentsPublishing commitments on a third-party platform may garner the MNE greater visibility(beyond its own websit

177、e/social media)Several reporting platforms and rankings offer benchmarking services that will allow MNEs to compare their commitments and performance against peers or the industry standardParticipating in a third-party platform may not always be free(e.g.fee for participation,data collection,consult

178、ation)SBTi37 CDP38Ecovadis39 Sustainability Accounting Standards Board40 More than 300 businesses across 51 industries and 29 countries have signed up to the Climate Pledge(an initiative supported by Amazon and Global Optimism)41 3.Industry-specific initiativesSome industries have their own sustaina

179、bility initiatives and platforms for industry players to publish their climate commitments/pledges Allows comparison and comparability of MNE commitments across the industry and can promote collaboration as companies share best practices in achieving climate commitmentsMay promote a one-size-fits-al

180、l approach to climate commitments,which may not be meaningful,depending on industry composition First Movers Coalition42 Sustainable products:Making products more sustainable by using recycled materials,reducing waste and minimizing the environmental impact of production processes Supply-chain emiss

181、ions:Working with suppliers to improve their sustainability practices and reduce GHG emissions Circular economy:Adopting circular economy principles(minimizing waste and encouraging reuse of products)Carbon removal:Investing in carbon-removal technologies Nature positive:Stopping biodiversity loss a

182、nd restoring natural ecosystemsMNE websites and social media,annual reports,sustainability reporting platforms and rankings and industry-specific initiatives should be reviewed to identify relevant climate commitments,as shown in Table 4.Source:fDi Strategies,from the Financial TimesGuidebook on Fac

183、ilitating Climate FDI23It is important to note that this measure focuses primarily on IPAs gathering information on MNE climate commitments based on publicly announced statements and pledges,as opposed to MNE country reporting requirements(e.g.as required by the EU Corporate Sustainability Reporting

184、 Directive CSRD).43 Step 2:Set up a pipeline of investment opportunities,using specific MNE climate commitments as a prioritization factorIPROs can be challenging to identify and profile,and they require technical expertise to research,package,validate and promote effectively,especially when designe

185、d to be both financially viable and climate-friendly.IPROs are very closely linked to the regulatory and policy climate,land and site availability and infrastructure readiness.IPAs will typically need to work closely with other government departments,especially ministries for Energy,Infrastructure a

186、nd Land,to ensure a coordinated approach.Memoranda of understanding between the IPA and relevant ministries regarding the development and promotion of IPROs can help institutionalize this coordination to ensure strong and joined-up government support for attracting FDI in IPROs.Reviewing national cl

187、imate objectives is an important step early in the process.Climate goals specific to a location could include targets for reducing GHG emissions,increasing renewable energy in the national energy mix and improving energy efficiency.44 Where there is strong policy commitment backed up by related regu

188、latory procedures to enable and fast-track climate FDI,there is a much higher likelihood of attracting climate FDI into IPROs.Many climate projects,especially renewable energy,require large areas of land and suitable sites as well as access to the electricity grid,and these enabling factors are also

189、 very important to successfully promote IPROs.Based on location-specific objectives for decarbonization,MNEs can then be targeted by the IPA,according to the MNE climate commitments and the identification of suitable IPROs to be promoted to these MNEs,as shown in Figure 9.Setting up a pipeline for c

190、limate-friendly investment projectsFIGURE 9Source:fDi Strategies,from the Financial TimesMap the climate commitments of key MNEs 1Build a project database2Review and develop concepts with project sponsors based on e.g.project description,needs assessment and expected outcomesSelect your shortlist cr

191、iteria3Potential shortlisting criteria:Investor requirements Enabling environment Country climate agendaShortlist high-potential projects4Reject project or reconsider at a later stageIdentify and map out the climate commitments of key MNEs.These commitments will support the development of a project

192、databaseIdentify project5Move to assessing bankabilityGuidebook on Facilitating Climate FDI24Step 3:Develop third-party-vetted and government-endorsed projects,along with customized packaging and promotion materials to present project opportunitiesEngaging third-party organizations or consultants to

193、 conduct independent vetting and validation of project opportunities can support IPAs in adding credibility and security to a packaged project opportunity.This can involve contracting an internationally recognized third-party vetting body(e.g.Bureau Veritas or SGS)to audit project opportunities for

194、climate-friendliness and to validate them.It is important to note that validating for climate-friendliness does not imply validating for investibility(otherwise known as“bankability”),in the sense of guaranteeing a certain return on investment.Once project opportunities have been vetted and validate

195、d,and potential new and existing MNEs with climate commitments have been identified,an IPA can engage with them to explore opportunities for collaboration.This could involve sharing information on the countrys climate goals and specific projects that provide a pathway for achieving the companys stat

196、ed goals.Careful packaging and promotion of these opportunities is vital and may be performed by developing investment prospectuses,holding investor events and engaging with potential MNEs and investors to share information on the opportunities.Ukraine Invest has placed IPROs at the centre of its FD

197、I promotion strategy,with project opportunities developed for each target sector and prioritized for“socioeconomic effect”.These IPROs are presented in just two pages(see Box 5),with a QR code for direct contact with the projects account manager and key project details,including estimated investment

198、,form of ownerships,estimated payback period,information about the project developer and socioeconomic effect on the area.Ukraine Invest climate adaptation IPRO summary from Ukraine InvestBOX 5Source:Ukraine InvestStep 4:Perform matching exercises between packaged,vetted and validated project opport

199、unities and MNEsCombined with the potential MNE partners that have been identified,an IPA may then perform matching exercises to identify which MNEs are the best fit for each packaged,vetted and validated project opportunity.This could involve evaluating the MNEs priorities,its existing relationship

200、s in the region and its interest in the specific project opportunity.Ghana Investment Promotion Centre(GIPC)using existing platforms to map sustainable investment opportunitiesBOX 6GIPC has worked with the United Nations Development Programme(UNDP)to create an SDG investor roadmap outlining investme

201、nt opportunities in target SDG sectors in the country.Investors can view these proposals online,with relevant information including the expected impact,indicative return,timeframe and estimated market all easily available to view.These projects are based on development priorities and the investment

202、potential of target sectors,with an emphasis on their expected SDG impact.Source:Consultation with Ghana Investment Promotion Centre(March 2023)Guidebook on Facilitating Climate FDI25An IPA can develop a project pipeline by promoting project opportunities and supporting government agencies and the p

203、rivate sector in screening for bankability potential.Identifying strategic climate-related projects requires the input of IPAs to highlight project risks,including challenges relating to land acquisition,environmental impact assessments,community stakeholder requirements and other economic and finan

204、cial risks.IPAs should take particular care in selecting and helping to develop project concepts,which will involve outlining the expected climate outcomes of a project by describing the sector,type of FDI,scale and project stage and carbon characteristics.Following this,the IPA should review stakeh

205、older objectives in relation to the countrys economic and climate goals,the market demand from prospective investors and the countrys economic and political environment,to align these elements.Invest India single digital platform for IPROsBOX 7The India Investment Grid(IIG)initiative was developed b

206、y Invest India,the Department for Promotion of Industry and Internal Trade(DPIIT),the Ministry of Commerce and Industry and the government of India to showcase investment opportunities across the subcontinents sectors and regions in one platform,directly connecting investors and developers with prom

207、oters.The IIG has identified more than 750 designated corporate social responsibility(CSR)projects in the pipeline,capitalizing on the fact that India is one of the first countries in the world to mandate these expenditures by corporations,and Invest India is well placed to match MNEs with high-impa

208、ct CSR-related investments.The IIG also promotes and facilitates more than 15,000 projects under the National Infrastructure Pipeline(NIP),with 349 renewable energy projects totalling$230.91 billion worth of investments listed on its website.Source:Consultation with Invest India(March 2023)Guidebook

209、 on Facilitating Climate FDI26Implementation and key stakeholdersKey national and regional stakeholders that an IPA should consider engaging include:Public institutions,such as ministries and subnational government agencies,which can assist with the technical,economic and environmental analysis of I

210、PROS as they are identified and developed,including potentially the planning,programming and structuring of a project,designing the contract and tendering process,bidding out the transaction and managing the final contract.Private-sector entities,such as project developers,investors,banks,corporatio

211、ns and domestic firms,which can help in the design,planning and development of IPROs.The private sector can be a significant source of IPROs,and IPAs can engage in consultations with them to identify gaps in a value chain,highlight firms interested in vertical integration of production and provide m

212、arket analysis of target sectors with the highest growth potential.Dedicated public-private partnership units,which can assist with promoting and facilitating infrastructure project development,including technical support for an IPROs development and overseeing the management of PPP projects.IPAs ma

213、y source projects from these stakeholders to identify a long list of potential projects and then develop a screening mechanism to prioritize them for climate-related investments.Third-party organizations providing sustainability and reporting platforms,which can also be engaged by IPAs in order to v

214、et and validate projects for climate-friendliness.In tandem with this,IPAs can spearhead initiatives with multilateral development organizations to provide funding for these services,as well as technical training to build project pipelines.Potential risks and mitigation strategiesTABLE 5No.RiskSugge

215、sted mitigation1Lack of government support and stakeholder coordination for IPROs Obtain buy-in from major government ministries and spearhead this initiative to ensure a joined-up government approach is adopted.2The cost of third-party vetting is high,and IPAs may find it difficult to allocate fund

216、s for this process in addition to their other prioritiesOne possible solution is for donor institutions to assist in scoping out this process and provide funding for such initiatives.These costs may also be covered by supranational funding bodies.3MNE climate commitments may be imprecise or broad st

217、atements that may not provide sufficient information for project opportunity developmentRely on internationally recognized standards for MNE climate commitment reporting,such as science-based targets.In addition,industry initiatives such as the World Economic Forum First Movers Coalition provide a b

218、reakdown of companies and their detailed climate commitments across various climate-related and decarbonization themes.Source:fDi Strategies,from the Financial Times Guidebook on Facilitating Climate FDI27Work with governments and stakeholders to potentially include climate FDI facilitation provisio

219、ns in IIAs and strengthen national frameworksReviewing,reforming and developing IIAs with climate FDI provisions can help advance climate-aligned FDI.Measure 4Guidebook on Facilitating Climate FDI28Reconciling IIAs with sustainable development commitments has become more pertinent as the global inve

220、stment landscape and urgent need for climate action have evolved.This has triggered a move towards reviewing and reforming IIAs to ensure they contribute to,and do not detract from,international climate action.The IPCCs Climate Change 2022 report highlighted that“significant changes to investment pa

221、tterns”will be needed to meet climate objectives and transition to a low-carbon economy.45 IIAs represent a key aspect of the international legal regime and,if not reformed,could disincentivize climate-related FDI and hence affect investment patterns in disservice of climate goals.A significant body

222、 of research suggests that the current IIA regime poses several challenges to international climate action.The IPCC Sixth Assessment Report on Climate Change Mitigation has noted that IIAs have tended to protect investor rights and constrain the latitude of host countries in adopting environmental p

223、olicies.46 Research suggests that IIAs may lead to a“regulatory chill”,which could result in countries refraining from or delaying the adoption of mitigation policies,such as phasing out fossil fuels.47 This is echoed in the OECDs FDI Qualities Policy Toolkit,which emphasizes the importance of prese

224、rving policy space to regulate on environmental matters within investment agreements.48 The OECD suggests that statements about the societal benefits and costs of IIAs in general,as well as of certain design elements of IIAs,should be made with caution,as it is not yet possible to get a full grasp o

225、f the picture.49 For many of the reasons listed above,several initiatives have been implemented to accelerate the process of IIA review and reform.The United Nations Conference on Trade and Development(UNCTAD)has published a Road Map of IIA Reform within its Reform Package for the International Inve

226、stment Regime,50 building on its previous work around reform of investment dispute settlement and sustainable investment policy.This is currently under consideration as part of OECDs work on the future of investment treaties,and it will be reflected in future iterations of the FDI Qualities Policy T

227、oolkit.51 This has been echoed in the 2023 World Investment Report,where several notable developments regarding termination of bilateral investment treaties(BITs)were discussed.52 Over the years,UNCTAD has released several helpful guidelines concerning the modernization and reform of IIAs,including

228、the IIA Reform Accelerator.53 Building on these reform processes,IPAs have a role to play in identifying what types of investment promotion and facilitation measures can helpfully be developed and potentially included in new-generation IIAs.Recommended approachA recommended implementing framework fo

229、r Measure 4 is represented in Figure 11.Measure 4 actionsFIGURE 10Review IIAs to ensure they allow for sufficient domestic policy space to regulate for climate change.Consider including climate FDI provisions for climate action.Where possible,establish domestic working groups to share good practices

230、 on incorporating climate FDI provisions into IIAs.Gather insight from key stakeholders on how best to improve legal frameworks for climate FDI.Establish clear principles for inter-operation and alignment of the different elements of national and international regimes.Develop laws and regulations th

231、at level the playing field for climate FDI.Step3Step2Step1Review IIAs and consider including climate FDI provisionsLeverage multilevel stakeholder support to drive implementation of IIA reformStrengthen national frameworks and promote coherenceMeasure4Source:fDi Strategies,from the Financial TimesGu

232、idebook on Facilitating Climate FDI29Step 1:Review IIAs and consider modernizing them by including climate FDI provisions,or look at including climate FDI provisions in future IIAs The IIA regime comprises 2,500 treaties currently in force,54 encompassing both BITs and other treaties with investment

233、 provisions(TIPs).55 While modern IIAs(concluded in the 2010s)have shown greater regard for protecting a states right to regulate and have integrated specific provisions on environmental protection and sustainable development,there is still significant room for modernization.Substantive changes to i

234、nternational investment policy-making may create short-term uncertainty within the investment environment,especially for investors that prefer to see continuity in investment policy.However,it is important to ensure that the IIA regime can adapt to changes in societal values and priorities.Key areas

235、 for IIA reform should be prioritized depending on individual country circumstances and priorities.In Section 4 of its recent IIA Issue Note 3,UNCTAD presents a menu of reform options,with a non-exhaustive list presented in Table 6.56 Suggested areas for IIA review and example IIAs to consider TABLE

236、 6Suggested areas for review or actionDescriptionExample IIAsPromotion and facilitation of sustainable investment clausesIIAs may include clauses that emphasize the promotion and facilitation of sustainable investment and can be employed by contracting parties to promote climate and environmental go

237、als.In addition,clauses that encourage technology transfer of low-carbon and sustainable technologies may also be included in IIAs to promote these activities.AustraliaUnited Kingdom FTA(2021)JapanMexico Economic Partnership Agreement(2012)Preambular clauses reaffirming environmental protection and

238、climate actionPreambles that reference climate action and sustainable development reaffirm the overall objective of the IIA and indicate how the agreement should be interpreted.MyanmarSingapore BIT(2019),Preamble BelarusHungary BIT(2019),Article 2(7)Investor obligations and responsibilitiesLanguage

239、that obliges investors to comply with requirements for sustainable investment(e.g.by requiring environmental impact assessments and maintenance of environmental management systems)provides an avenue to enforce these obligations.MoroccoNigeria BIT(2016),Article 14Source:fDi Strategies,from the Financ

240、ial Times,based on UNCTAD IIA Issue Note(2022),UNCTAD Policy Options for IIA Reform(2015),Investment Treaties and Climate Change OECD Public Consultation(2022)Guidebook on Facilitating Climate FDI30When reviewing and reforming IIAs or developing new IIAs,it is important to ensure that the IIA text a

241、ligns with sustainability objectives and climate objectives,while also promoting and facilitating investments.One suggested aspect to consider is the inclusion of clauses that promote and facilitate climate FDI(or sustainable investment more broadly)as,prima facie,this would have upsides only and no

242、 downsides,in that it is likely to help support climate FDI flows.Step 2:Leverage multilevel support to drive implementation of IIA reform or development of future IIAs Holistic reform of IIAs will need to be aligned at various levels of government,and with stakeholders,to determine their relative i

243、mportance.For example,the development of a new or improved model treaty will be relevant at the national level,whereas reference to global standards and ensuring compatibility of treaties across countries will be relevant to global stakeholders.The national-level implementation of investment promoti

244、on and facilitation provisions within international investment agreements is essential.Progressive examples of treaties that have incorporated such provisions are the draft EUAngola Sustainable Investment Facilitation Agreement and AfCFTA Investment Protocol.UNCTAD has developed a toolbox with a foc

245、us on four related action areas:the promotion and facilitation of sustainable energy investment;technology transfer;the right to regulate for climate action;and corporate social responsibility.57 In addition,governments should consult with businesses and relevant national-level actors to improve the

246、ir knowledge of the impact of climate-related IIA reform,though it is important to do so with actors committed to science-based emissions-reduction targets.Table 7 provides a brief overview of how various levels of government may be employed to implement the climate reform process,drawing on recomme

247、ndations provided by UNCTAD in its Reform Package for the International Investment Regime.Suggested approach for multilevel actions and outcomes TABLE 7Source:fDi Strategies,from the Financial Times,based on UNCTAD Reform Package for the International Investment Regime(2018)LevelApproachActions and

248、outcomes1.National levelCreate an action plan on reform areas and sequencing of reform based on prioritized areas for improvement Negotiate strategy of reforming IIA with relevant national-level actors New model treaty Termination of treaty Capacity-building of institutions to improve knowledge of c

249、limate-related IIA reform2.Regional levelWhere possible,engage in collective review of national-level action plans.This could be performed by treaty networks if they existDiscuss ways to collaborate and leverage regional knowledge on IIA reform focused specifically on climate FDI facilitationStrengt

250、hening of regional-level IIA networks Common model treaty Sharing of good-practice clauses relevant for the region3.Multilateral levelObtain multilateral consensus on key international issues related to IIA reform.This will entail a global review of the IIA regime,and require taking stock of key gap

251、s and opportunities for improvement in relation to climate action and climate FDI facilitationDevelopment of a multilateral action plan with clear steps on how to address existing and emerging issues around climate FDI facilitation and the present IIA regime Development of instruments or multilatera

252、l institutions to facilitate reform Guidebook on Facilitating Climate FDI31Beyond providing valuable input and facilitating knowledge-sharing,the involvement of multilevel stakeholders in the process of IIA reform will promote transparency and accountability.It will also present opportunities for th

253、e development of guiding instruments and institutions that will be able to further facilitate the process of reform.Several initiatives around IIA reform have been launched,led by UNCTAD,the United Nations Commission on International Trade Law(UNCITRAL),the OECD and the United Nations Industrial Dev

254、elopment Organization(UNIDO),providing participants with a chance to share methodologies on IIA reform for climate action.In April 2023,the OECD held its 2023 Investment Treaty Conference,which focused on how to align investment treaties with the Paris Agreement and net-zero policies.58 At the Eight

255、h World Investment Forum,to be held in Abu Dhabi on 1620 October 2023,UNCTAD will present concrete solutions for the reform of the IIA regime to increase investment in sustainable energy and tackle the global climate crisis.The forum will take place ahead of the annual climate summit(COP28)and,as su

256、ch,will enable IIA policy-makers and other stakeholders to find solutions and reach consensus on priority issues that could feed into COP28 negotiations.Step 3:Strengthen national frameworks and promote coherence between international and national frameworksIIA reform should align with domestic regu

257、latory frameworks,to promote coherence.Clear approaches for inter-operation and alignment of national frameworks with international legal frameworks will need to be developed.For example,UNCTAD has proposed that careful consideration should be given to tools such as“relationship management clauses”t

258、hat can assist in guiding legal interaction between intersecting and overlapping instruments and establish clear precedence between national and international provisions.59 Beyond that,coordination between domestic policy-makers on deciding the direction of IIA reform can be performed by setting up

259、a ministerial taskforce to coordinate investment policy-related work.Potential risks and mitigation strategiesTABLE 8No.RiskSuggested mitigation1Poor management of the IIA reform process may create confusion for foreign investors and negatively affect a locations reputationClearly define the roles a

260、nd responsibilities of institutions involved in reviewing and reforming IIAs.Where possible,policy-makers will need to make use of synergies between international and national frameworks.Guidance from UNCTAD,OECD and other international organizations will be instrumental in clarifying this process.2

261、IIA reform may result in less predictable and protective investment regimes To help mitigate potential unpredictability in the international investment regime,it is recommended that governments play a more active role in stating the policy direction of these reform efforts and in doubling-down on co

262、ordination promotion and facilitation as approaches to increase climate FDI.The need to reform the IIA space will probably result in short-term unpredictability but lead to long-term benefits,such as a more climate FDI-friendly regime.Source:fDi Strategies,from the Financial Times Guidebook on Facil

263、itating Climate FDI32ConclusionIPAs should position climate investment strategy formation at the forefront of their agenda.Mission statements and organizational mandates and values should reflect this,and specific plans formulated that provide a real agenda for decarbonizing investments.Capacity-bui

264、lding is crucial.IPAs should engage in technical assistance programmes and cooperate with other IPAs and investment authorities to share best practices on:using climate-related indicators to track progress towards achieving climate goals;designing incentives for mitigation and adaptation projects;en

265、gaging in clear communication with investors and public organizations;and ensuring strategies are aligned across the spheres of business and government.IPAs could also consider setting up a coalition to advance climate FDI.Such a Coalition of IPAs for Climate(CIPAC)will offer a formal platform to ra

266、ise awareness,increase capacity-building and share experiences and good practices on climate FDI facilitation.Developing-country IPAs can particularly benefit from the peer-learning opportunities provided by such a coalition.The creation of a supplier database with sustainability dimensions(SD2)requ

267、ires a multistakeholder approach and a clear implementation plan.Defining the reasonable criteria for inclusion of domestic firms in such a database is critical to its successful implementation and use the criteria should be informed by the supplier assessment criteria used by MNEs in the location a

268、nd wider region and based on what is realistic for local companies to achieve,either themselves and/or through supportive supplier-development programmes.Such a database is only as useful as it is visible,and IPAs should work together with stakeholders to ensure that a marketing and promotion plan i

269、s developed.IPAs should also work with stakeholders to deliver supplier-development programmes that support domestic firms in reaching certain standards and certifications,including those related to sustainability,and help them achieve inclusion in the supplier database.In addition,new firms should

270、be given the opportunity to register online to be included in the database if they meet the criteria determined by the IPA.IPROs are a critical tool for IPAs,providing projects that not only promote private investments in a location,but can be tailored to align with the climate goals of a country an

271、d matched with specific MNEs that have aligned climate commitments.IPAs should spearhead the identification,packaging,validation,vetting and promotion of IPROs to attract and facilitate climate FDI,which will be greatly eased when there is a strong policy commitment to the climate,supporting regulat

272、ions and available and suitable lands,sites and infrastructure for investors.Due to the technical challenge of identifying and packaging IPROs,and the necessity for a joined-up approach in government,IPAs need to work closely with relevant ministries and use third-party organizations to ensure that

273、the validation and vetting of projects for climate friendliness is credible.Capacity-building is important for IPAs to successfully implement a strategy of IPRO development and promotion.Multilateral development organizations can significantly contribute to this by sharing best practices for IPRO so

274、urcing,assessment and selection,institutional coordination and channelling funds into third-party technical support when preparing,packaging,validating and vetting IPROs.There is also a pressing need to work collaboratively with stakeholders at the national,regional and multilateral levels to ensure

275、 a coherent investment regime is created that services climate action.This can take place by including provisions related to promoting and facilitating climate FDI in revised or new international investment agreements.National legal frameworks should be aligned with IIAs to promote coherence.Ultimat

276、ely,the goal is to create a regulatory regime that is stable,predictable and supportive of climate FDI.There is a window of opportunity for public-private collaboration to help implement these measures in practice in emerging and developing markets,to create a climate-friendly investment climate and

277、 thus grow climate FDI flows.There is no time to wait.There is an urgent need for IPAs to cooperate with stakeholders to develop specific policies and measures that will increase climate FDI.Guidebook on Facilitating Climate FDI33ContributorsAcknowledgementsLead authors Kimberley BotwrightHead,Susta

278、inable Trade,World Economic Forum,SwitzerlandRory McRobbieAssociate,fDi Strategies,United KingdomJoy Priya SomasundramPrincipal,fDi Strategies,GermanyMatthew StephensonHead,Investment Policy and Practice,World Economic Forum,SwitzerlandSamet AkyuzUnit Manager,Strategy and Corporate Planning,Invest i

279、n TrkiyeFares AlhussamiEconomist and Project Manager,OECDMartin Dietrich BrauchLead Researcher,Columbia Center on Sustainable Investment,Columbia UniversityAlvaro Cuervo-CazuraProfessor,International Business and Strategy,Northeastern UniversityWim DouwActing Manager,Creating Markets Advisory,Middle

280、 East,Central Asia,Trkiye,Pakistan,Afghanistan,International Finance CorporationDavid GaukrodgerSenior Legal Adviser,OECDYofi GrantChief Executive Officer,Ghana Investment Promotion CentreAchim HartigManaging Director,Germany Trade&InvestWorld Economic Forum Khalid AlaamerPolicy Analyst,Investment P

281、olicy and Practice,World Economic Forum,SwitzerlandAyooshee DookheeSpecialist,Sustainable Trade,World Economic Forum,Switzerland Soumyajit KarSpecialist,Sustainable Trade and Resource Circularity,World Economic Forum,SwitzerlandJoachim MonkelbaanClimate Trade Lead,World Economic Forum,SwitzerlandfDi

282、 Strategies Matthew Harvey Associate,fDi Strategies,United KingdomHenry LoewendahlSenior Consultant to fDi Intelligence,Financial Times,United Arab EmiratesThe authors would like to thank the Forums Climate Trade Zero expert network,constituting more than 100 business,academia and civil-society repr

283、esentatives,as well as its Investment Policy and Practice expert network,for valuable inputs in shaping this publication.Particular thanks are due to the following for thoughtful comments and reviews:Guidebook on Facilitating Climate FDI34Ulla HeherStrategy and Innovation Manager,Future Health LabAl

284、ejandro JaramilloSenior Investment Specialist,ProColombia UKDavid JohnsonChief Risk Officer,Africa Finance CorporationJon Lezamiz CortazarGlobal Head of Government Affairs,Siemens Gamesa Renewable EnergyJan Christoph MeyerSenior Manager Project&Export Finance,Siemens GamesaBruce MooreHead of Strateg

285、y and Decarbonisation,LNG and Offshore,MOLAlicia NichollsJunior Research Fellow,the University of the West IndiesMartin PartlBusiness Development Director,CzechinvestKarl SauvantResident Senior Fellow,Columbia Center on Sustainable Investment,Columbia UniversityDushyant ThakorDeputy Executive Direct

286、or,World Association of Investment Promotion Agencies(WAIPA)James WalshSenior Development Manager,Power-to-X,Mainstream Renewable PowerMartin WermelingerHead of Investment Qualities and Incentives Unit,OECDKristina Wulff HansenHead of Section,Invest in DenmarkJames ZhanSenior Director,Investment and

287、 Enterprise,UNCTAD Production team Bianca Gay-FulconisDesigner,1-Pact EditionAlison MooreEditor,Astra ContentGuidebook on Facilitating Climate FDI35Endnotes1.UN Environment Programme,“Investment and Trade to Meet the Paris Climate Goals”,speech delivered by Inger Andersen,13 October 2022:https:/www.

288、unep.org/news-and-stories/speech/investment-and-trade-meet-paris-climate-goals#:text=Mobilizing%20the%20USD%203%2D6,to%20align%20with%20these%20efforts.2.Stephenson,Matthew,and Saran,Samir,“Creating a Climate-Friendly Investment Climate”,T20 Policy Brief,June 2023:https:/t20ind.org/research/creating

289、-a-climate-friendly-investment-climate/.3.IPCC,“AR6 Synthesis Report:Climate Change 2023”:https:/www.ipcc.ch/report/sixth-assessment-report-cycle/.4.Ibid.5.Stephenson,Matthew,and Zhan,James,“What Is Climate FDI?How Can We Help Grow It?”,T20 Policy Brief,September 2022:https:/www.t20indonesia.org/wp-

290、content/uploads/2022/09/TF1_What-is-Climate-FDI_-How-can-we-help-grow-it_-3.pdf.6.OECD,“FDI Qualities Policy Toolkit”,8 June 2022:https:/www.oecd-ilibrary.org/finance-and-investment/fdi-qualities-policy-toolkit_7ba74100-en.7.Ibid.8.Invest India,“Facilitating Investments into Sustainable Development

291、Goals”:https:/www.investindia.gov.in/invest-india-sustainability-framework#:text=In%20addition%20to%20the,175%20GW%20by%202022.9.Consultation with Mainstream Renewable Power(March 2023).10.UNCTAD,“World Investment Report 2022:International Tax Reforms and Sustainable Investment”,2022:https:/unctad.o

292、rg/publication/world-investment-report-2022.11.Invest in Uzbekistan,“Investment Offers”:https:/invest.gov.uz/invest-offers-taxonomy/investitsionnye-predlozheniya/.12.UNCTAD Investment Policy Monitor,“Trends in Climate Change Sectors:20102022”,Special Issue 9,September 2022:https:/unctad.org/system/f

293、iles/official-document/diaepcbinf2022d8_en.pdf.13.Consultation with Mainstream Renewable Power(March 2023).14.OECD,“FDI Qualities Policy Toolkit”,8 June 2022:https:/www.oecd-ilibrary.org/finance-and-investment/fdi-qualities-policy-toolkit_7ba74100-en.15.Multilateral Investment Guarantee Agency,World

294、 Bank Group,“World Investment and Political Risk”,2014:https:/openknowledge.worldbank.org/server/api/core/bitstreams/07c447d7-2d34-5ac5-af4b-ca1a3c8913f9/content.16.Stephenson,Matthew,and Zhan,James,“What Is Climate FDI?How Can We Help Grow It?”,T20 Policy Brief,September 2022:https:/www.t20indonesi

295、a.org/wp-content/uploads/2022/09/TF1_What-is-Climate-FDI_-How-can-we-help-grow-it_-3.pdf.17.fDi Intelligence,“Incentivising Sustainable FDI:The Recognized Sustainable Investor”:https:/ Zhan,James,“What Is Climate FDI?How Can We Help Grow It?”,T20 Policy Brief,September 2022:https:/www.t20indonesia.o

296、rg/wp-content/uploads/2022/09/TF1_What-is-Climate-FDI_-How-can-we-help-grow-it_-3.pdf.19.Sauvant,Karl P.,and Gabor,Evan,“Facilitating Sustainable FDI for Sustainable Development in a WTO Investment Facilitation Framework:Four Concrete Proposals”,Journal of World Trade,Volume 55,2021:https:/ Saran,Sa

297、mir,“We Need to Grow Climate FDI.Here Are Five Ways to Do So”,T20 Policy Brief(forthcoming).21.Stricker,Paul,“Measuring Impact:Key Performance Indicators in FDI Attraction”,FDI Centre,2022:https:/fdi- of Investment Promotion Agencies in OECD Countries”,2018:https:/www.oecd.org/investment/Mapping-of-

298、Investment-Promotion-Agencies-in-OECD-Countries.pdf.23.IDA Ireland,“Annual Report and Accounts 2021”,2021:https:/ Zhan,James,“What Is Climate FDI?How Can We Help Grow It?”,T20 Policy Brief,September 2022:https:/www.t20indonesia.org/wp-content/uploads/2022/09/TF1_What-is-Climate-FDI_-How-can-we-help-

299、grow-it_-3.pdf.25.Heher,Ulla,and Douw,Wim,“Draft Supplier Databases and B2B Matchmaking Services”,Investment Policy and Promotion,Investment Climate Unit,World Bank Group,unpublished.26.Kunmakara,May,“Sustainability Disclosure Database for Local Firms Launched,Phnom Penh Post,12 May 2021:https:/ Inv

300、estment Development Authority,“Global Supply Chain Coordination”:https:/www.mida.gov.my/invest-in-malaysia/business-facilitation/.Guidebook on Facilitating Climate FDI3628.Kollinsky,Christian,and Loewendahl,Henry,“How to Identify Inward Investors That Will Have the Biggest Impact on Sustainable Deve

301、lopment?A New Sustainable Development Company Index”,2018,p.12.29.Heher,Ulla,and Douw,Wim,“Draft Supplier Databases and B2B Matchmaking Services”,Investment Policy and Promotion,Investment Climate Unit,World Bank Group,unpublished.30.Ibid.31.Net Zero Tracker,“Net Zero Stocktake 2022:Assessing the St

302、atus and Trends of Net Zero Target Setting”,June 2022:https:/ca1- to Net-Zero Campaign”:https:/unfccc.int/climate-action/race-to-zero-campaign.33.Lei Win,Thin,“Multinational Companies Account for Nearly a Fifth of Global Co2 Emissions,Researchers Say”,Reuters,8 September 2020:https:/ Strategies,base

303、d on review of company websites.35.Nestl,“Climate Action”:https:/ Airlines,“Environment,Social and Governance at American”:https:/ the Way to a Low-Carbon Future”:https:/sciencebasedtargets.org/how-it-works.38.CDP:https:/ Standards:https:/www.sasb.org/.41.The Climate Pledge,“Be the Planets Turning P

304、oint”:https:/ Movers Coalition:https:/www.weforum.org/first-movers-coalition.43.European Commission,“Proposal for a Directive of the European Parliament and of the Council on Corporate Sustainability Due Diligence and Amending Directive(EU)2019/1937”,23 February 2022:https:/eur-lex.europa.eu/resourc

305、e.html?uri=cellar:bc4dcea4-9584-11ec-b4e4-01aa75ed71a1.0001.02/DOC_1&format=PDF.44.Stricker,Paul,“Measuring Impact:Key Performance Indicators in FDI Attraction”,FDI Centre,2022:https:/fdi- Change 2022:Impacts,Adaptation and Vulnerability”,Sixth Assessment Report,Working Group II:https:/www.ipcc.ch/r

306、eport/ar6/wg2/.46.IPCC,“Climate Change 2022:Mitigation of Climate Change”,Sixth Assessment Report,Working Group III:https:/www.ipcc.ch/report/ar6/wg3/.47.Ibid.48.OECD,“FDI Qualities Policy Toolkit”,8 June 2022:https:/www.oecd-ilibrary.org/finance-and-investment/fdi-qualities-policy-toolkit_7ba74100-

307、en.49.Pohl,Joachim,“Societal Benefits and Costs of International Investment Agreements”,Organisation for Economic Co-Operation Publishing,2018:https:/www.oecd-ilibrary.org/finance-and-investment/societal-benefits-and-costs-of-international-investment-agreements_e5f85c3d-en.50.UNCTAD,“UNCTADs Reform

308、Package for the International Investment Regime”,2018:https:/investmentpolicy.unctad.org/uploaded-files/document/UNCTAD_Reform_Package_2018.pdf.51.OECD,“FDI Qualities Policy Toolkit”,8 June 2022:https:/www.oecd-ilibrary.org/finance-and-investment/fdi-qualities-policy-toolkit_7ba74100-en.52.UNCTAD,“W

309、orld Investment Report 2023:Investing in Sustainable Energy for All”,2023:https:/unctad.org/publication/world-investment-report-2023.53.UNCTAD,“UNCTADs IIA Reform Accelerator-a New Tool to Facilitate Investment Treaty Reform”,12 November 2020:https:/investmentpolicy.unctad.org/news/hub/1662/20201112

310、-unctad-s-iia-reform-accelerator-a-new-tool-to-facilitate-investment-treaty-reform.54.UNCTAD,“International Investment Agreements Navigator”:https:/investmentpolicy.unctad.org/international-investment-agreements.55.“UNCTAD,World Investment Report 2020:Investment beyond the Pandemic”,2020:https:/unct

311、ad.org/system/files/official-document/wir2020_en.pdf.56.UNCTAD,“IIA Issues Note 3:The International Investment Treaty Regime and Climate Action”,September 2022:https:/investmentpolicy.unctad.org/publications/series/2/international-investment-agreements.57.UNCTAD,“World Investment Report 2023:Investi

312、ng in Sustainable Energy Transition”,5 July 2023:https:/investmentpolicy.unctad.org/news/hub/1720/20230627-5-july-launch-of-the-world-investment-report-2023.58.OECD,“OECD 2023 Investment Treaty Conference”:https:/www.oecd-events.org/investment-treaty-conference#bl-7d0b3f5b-c3a6-4b40-8749-390d707a704

313、0.59.UNCTAD,“UNCTADs Reform Package for the International Investment Regime”,2018:https:/investmentpolicy.unctad.org/uploaded-files/document/UNCTAD_Reform_Package_2018.pdf.Guidebook on Facilitating Climate FDI37World Economic Forum9193 route de la CapiteCH-1223 Cologny/GenevaSwitzerland Tel.:+41(0)2

314、2 869 1212Fax:+41(0)22 786 2744contactweforum.orgwww.weforum.orgThe World Economic Forum,committed to improving the state of the world,is the International Organization for Public-Private Cooperation.The Forum engages the foremost political,business and other leaders of society to shape global,regional and industry agendas.