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Guidebook on Facilitating Climate FDI WHITE PAPER JULY 2023 In collaboration with fDi Strategies Contents Images 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 photocopying 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 process 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. Foreword Executive summary Introduction Measure 1 Incentives and de-risking Measure 2 Databases and supplier programmes Measure 3 Matchmaking MNEs with investment projects Measure 4 Legal provisions for FDI facilitation Conclusion Contributors Endnotes 3 4 6 7 14 21 28 33 34 36 Guidebook on Facilitating Climate FDI 2 Foreword Developing countries, while particularly vulnerable to the negative environmental and economic 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 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- 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 climate 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 constituencies. 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 2023 Sean Doherty Head of International Trade and Investment, World Economic Forum Henry Loewendahl Senior Consultant to fDi Intelligence, Financial Times Guidebook on Facilitating Climate FDI 3 Executive summary Up to 6 trillion in investment is required annually to achieve national climate goals and decarbonization. 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 objectives. 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 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. Conceptual framework to understand climate FDIFIGURE 1 FDI Projects across all sectors and activities, regardless of sustainability characteristics Sustainable FDI Projects contributing to any of the 17 SDGs e.g. education, health, sustainable cities and climate Green FDI Projects using clean energy, sustainable materials, less water, recycling etc. that contribute to sustainable development and environmental objectives Climate FDI Projects that contribute to climate-aligned growth objectives by e.g. increasing the proportion of renewable energy in final consumption, using clean technologies, reducing emissions from industrial production Climate FDI for mitigation and adaptation FDI 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 2 The world needs to grow climate FDI. The Intergovernmental Panel on Climate Change’s IPCC Synthesis Report on climate change from March 2023 3 shows that humanity is still not on track to limit temperature increase to 1.5˚C above pre-industrial levels. This guidebook provides practical steps on how to implement high-impact climate FDI facilitation 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 FDI 4 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 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 provisions in IIAs and strengthen national frameworks. 4 IPAs 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 projects and achieve the world’s 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 climate 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 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 FDI 5 Introduction Facilitating climate-aligned FDI is essential to help deliver on the world’s 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 embedded 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; support 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 in 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 international 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 capital 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 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 continue 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 projects may occupy agricultural land, increasing the risk to food security, as was witnessed during the 2007–2008 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. Public-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 private actors, and adopting a joined- up approach to FDI facilitation, will enhance the effectiveness of these efforts. Guidebook on Facilitating Climate FDI 6 Align IPA strategies, KPIs, investment incentives and de-risking instruments to achieve climate goals This measure aims to accelerate climate investments through integrated IPA strategy development and project de-risking. Measure 1 Guidebook on Facilitating Climate FDI 7 IPAs can increase the appeal of climate-aligned investment projects by including climate FDI in their strategies and key performance indicators KPIs, establishing relevant sector priorities 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 threats 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, macroeconomic 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 commercial, 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 approach A recommended 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 that helps contribute to decarbonization. 6 Measure 1 actionsFIGURE 2 Define 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 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 significant 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. Step 4 Step 3 Step 2 Step 1 Define climate FDI strategies in relation to climate goals Prioritize IPA sector targeting and activities Align investment incentives Develop an implementation plan Measure 1 Source fDi Strategies, from the Financial Times Step 1 Define climate FDI strategies in relation to climate goals A location’s definition of climate FDI will shape its 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 metrics that can be used in a climate FDI strategy. The OECD’s FDI Qualities Policy Toolkit lays out a framework for ensuring coherence across climate, sectoral and investment strategies. 7 Guidebook on Facilitating Climate FDI 8 Step 2 Prioritize IPA sector targeting and activities IPAs should develop sector 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 perspectives. 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 targe