[{"id":121351,"date":"2026-05-25T07:31:57","date_gmt":"2026-05-25T07:31:57","guid":{"rendered":"https:\/\/www.climatepolicyinitiative.org\/?post_type=cpi_publications&p=121351"},"modified":"2026-05-27T14:01:16","modified_gmt":"2026-05-27T14:01:16","slug":"assessing-climate-risks-to-indias-power-sector-a-district-level-and-asset-level-methodology-for-climate-resilient-power-systems","status":"publish","type":"cpi_publications","link":"https:\/\/www.climatepolicyinitiative.org\/id\/publication\/assessing-climate-risks-to-indias-power-sector-a-district-level-and-asset-level-methodology-for-climate-resilient-power-systems\/","title":{"rendered":"Assessing Climate Risks to India\u2019s Power Sector: A District-Level and Asset-Level Methodology for Climate-Resilient Power Systems"},"content":{"rendered":"\n

Over the past three decades, India has experienced more than 400 extreme weather events. Its power sector, spanning thermal plants, solar parks, wind installations, and transmission infrastructure, faces escalating physical risk across every layer of the value chain. Yet most existing climate risk tools stop at hazard identification, offering qualitative ratings rather than quantified operational or financial impact.<\/p>\n\n\n\n

CRAF is designed to close that gap. Developed by Climate Policy Initiative India, the framework applies a seven-stage methodology to produce district-level hazard indices, asset-specific vulnerability scores, and Expected Annual Loss (EAL) and Energy Not Served (ENS) estimates calibrated to Indian power sector conditions. It is intended to serve as the sector-specific analytical layer between India’s forthcoming National Adaptation Plan and the granular outputs required by investment and planning decisions.<\/p>\n\n\n\n

The framework is relevant across the power sector value chain, for project developers integrating climate projections into site selection and engineering design, financiers translating physical hazard data into credit and portfolio risk metrics, insurers developing forward-looking actuarial models, and EPC contractors specifying climate-resilient infrastructure.<\/p>\n\n\n\n

An upcoming technical brief will apply the methodology at the district scale across India\u2019s power sector asset base, using climate hazard datasets, sample asset models, and vulnerability parameters described in this paper.<\/p>\n\n\n\n

We welcome stakeholder inputs on our methodology. Please reach out to the authors or the contacts in the paper.<\/em><\/p>\n\n\n\n

DOWNLOAD THE PAPER HERE<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

India has faced 400+ extreme weather events over three decades, yet most climate risk tools stop at hazard identification. CRAF, developed by CPI India, goes further \u2014 quantifying operational and financial risk across the power sector value chain.<\/p>\n","protected":false},"author":242,"featured_media":121355,"template":"","format":"standard","meta":{"_acf_changed":true},"programs":[1836],"regions":[155],"topics":[1010,1193,1200],"collaborations":[],"class_list":["post-121351","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-just-energy-transition","regions-india","topics-adaptation-and-resilience","topics-climate-transition-risk","topics-energy-and-infrastructure"],"acf":[],"yoast_head":"\nAssessing Climate Risks to India\u2019s Power Sector: A District-Level and Asset-Level Methodology for Climate-Resilient Power Systems - CPI<\/title>\n<meta name=\"description\" content=\"India has faced 400+ extreme weather events over three decades, yet most climate risk tools stop at hazard identification. 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Currency Risk-Sharing Facility"},"content":{"rendered":"\n<p class=\"has-small-font-size\"><\/p>\n\n\n\n<p class=\"has-text-align-left\">In the face of rising climate risks, Uganda must mobilize more than USD 28 billion by 2030 to meet its adaptation and mitigation goals. Yet climate finance remains far below what is needed from both domestic and international sources, across the public and private sectors. <\/p>\n\n\n\n<p class=\"has-text-align-left\">For the <a href=\"https:\/\/www.udbl.co.ug\/\" target=\"_blank\" rel=\"noreferrer noopener\">Uganda Development Bank <\/a>(UDB), closing this gap is further constrained by high domestic funding costs, and UDB\u2019s 12% statutory lending cap makes it difficult for UDB to provide long-term, affordable local-currency financing.  While international concessional funding is available, hard-currency borrowing exposes UDB to exchange rate risk, reducing affordability when the local currency depreciates. UDB also has limited options to manage this risk, as traditional hedging instruments are often too costly or unavailable for EMDE currencies at the long maturities required for climate projects. <br><\/p>\n\n\n\n<p class=\"has-vivid-red-color has-text-color has-link-color wp-elements-a1b1de8fcb0ce991e0e2504d280144ed\"><strong>A first-of-its-kind Currency Risk-Sharing Facility (CRSF)<\/strong> <\/p>\n\n\n\n<p><br>To address this, the UDB, through the <a href=\"https:\/\/financeincommon.org\/fics-innovation-lab\" target=\"_blank\" rel=\"noreferrer noopener\">FiCS Innovation Lab<\/a>, has designed the Climate Risk-sharing Facility (CRSF) to mitigate currency risk within its Climate Finance Facility (CFF) and scale affordable lending for green projects. A first-of-its-kind innovation, the CRSF was developed with technical support from CPI, the <a href=\"https:\/\/www.leeds.ac.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">University of Leeds<\/a>, and <a href=\"https:\/\/www.citystgeorges.ac.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">City St. George\u2019s University of London<\/a>. The instrument expands long-term local-currency lending while protecting UDB\u2019s capital adequacy and unlocking balance sheet capacity. <\/p>\n\n\n\n<p>While designed specifically for UDB, this instrument serves as a scalable blueprint for other public development banks (PDBs) across emerging markets facing similar foreign-to-local currency mismatches. <br><\/p>\n\n\n\n<p class=\"has-vivid-red-color has-text-color has-link-color wp-elements-b24153a40d8d056130b2688a20960cd1\"><strong>Key insights<\/strong> <\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-d195bd32cb37146c673369523dbb791c\"><br>The incubation of the CRSF through the FiCS Lab yielded the following insights: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Context-specific FX guarantees can improve capital \u2013efficiency of NDBs by reducing reliance on conventional hedging instruments and helping mobilize greater climate finance. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The CRSF incubation explored how international financial institutions that lend to UDB can provide FX guarantees alongside lending to deploy capital more efficiently.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Modeling suggests that large local currency depreciations exceeding the proposed threshold for guarantee activation are relatively infrequent, supporting the viability of the guarantee structure. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Uganda\u2019s positive economic growth outlook and evolving financial sector provide an immediate testing ground for the CRSF, enabling implementation of the instrument pilot. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Read the full report to discover how these findings pave the way for a scalable approach to currency risk sharing to increase climate finance in emerging markets.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-cyan-bluish-gray-color has-text-color has-link-color has-small-font-size wp-elements-6c27b67325749fe3c949a95d4b80385a\"><a href=\"https:\/\/acrobat.adobe.com\/id\/urn:aaid:sc:US:bf8ace1d-af35-4b9e-b466-5f03f4a65015\" type=\"link\" id=\"https:\/\/acrobat.adobe.com\/id\/urn:aaid:sc:US:bf8ace1d-af35-4b9e-b466-5f03f4a65015\"><span class=\"button\">Download the full\u00a0report<\/span><\/a><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This instrument design report explains how Uganda Development Bank, through the FiCS Innovation Lab, has designed the innovative Climate Risk-sharing Facility to mitigate currency risk to scale affordable lending for green projects. <\/p>\n","protected":false},"author":259,"featured_media":121146,"template":"","format":"standard","meta":{"_acf_changed":false},"programs":[1827],"regions":[5,1505],"topics":[871,623,912,842,1903],"collaborations":[],"class_list":["post-121142","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-finance-in-common-innovation-lab","regions-africa","regions-uganda","topics-blended-finance","topics-development-finance","topics-economic-development","topics-financial-innovation","topics-green-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UDB Currency Risk-Sharing Facility - CPI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Climate Risk Insurance: The Role of Public Development Banks"},"content":{"rendered":"\n<p>Amidst increasing climate-related risks and growing investment needs, insurance is critical to supporting economic resilience and unlocking much-needed finance in emerging markets and developing economies (EMDEs).    <br><br>Climate-related insurance coverage for physical assets can support economic resilience and rapid reconstruction in the event of climate-induced or accelerated hazards, such as cyclones, flooding, and drought. This protection is needed across the spectrum, from smallholder farms to major infrastructure assets. Insurance can also cover general hazards and financial risks faced by climate-related projects, helping mobilize capital to markets and sectors that private investors currently perceive as high risk. However, insurance products protecting physical assets from climate risks remain limited, and coverage for financial risks remains largely underdeveloped in EMDEs.  <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-vivid-red-color has-text-color has-link-color wp-elements-489e78c48f1192b639f08ffeba028ed9\"><strong>Leveraging PDBs to overcome structural barriers <\/strong> <br><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-eb161a00f05dd84131e194ad6ab62b0c\">Public Development Banks (PDBs) are uniquely positioned to bridge this gap by co-developing and scaling products that help overcome structural and market barriers to insurance access. While these banks cannot underwrite insurance products directly, they can act as partners and intermediaries for private insurers, facilitating the deployment and co-development of innovative insurance solutions and integrating them into their own operations. <\/p>\n\n\n\n<p>This report explores the different types of partnerships that PDBs can pursue with private insurers to increase coverage that supports climate goals in EMDEs. Broadly, these partnerships include co-developing insurance solutions, bundling insurance with other financial instruments, providing technical assistance and capacity-building support, and knowledge-sharing initiatives.  <br><\/p>\n\n\n\n<p>The study highlights the distinct, complementary roles of these institutions: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>National Development Banks (NDBs):<\/strong> Leverage their domestic mandates to foster local market development and create context-specific insurance solutions. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Regional Development Banks (RDBs):<\/strong> Harmonize regional efforts by improving data availability, coordinating regulations, and facilitating risk pooling across borders. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Multilateral Development Banks (MDBs):<\/strong> Provide global scale through catalytic capital, credit enhancements, and international risk transfer mechanisms to mature emerging insurance markets. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>This paper also examines how NDBs and RDBs can strengthen their capacity to leverage insurance instruments, while acknowledging the complementary financial and technical support provided by MDBs. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Expanding insurance solutions in EMDEs requires more than innovative products; it requires a coordinated ecosystem and an enabling policy environment. By synchronizing\u00a0efforts amongst\u00a0governments, regulators, and credit\u00a0agencies,\u00a0PDBs and their partners can bridge the protection gap and\u00a0establish\u00a0a foundation for long-term, scalable climate resilience.\u00a0\u00a0<br><\/p>\n\n\n\n<p>Read the report for in-depth analysis and actionable recommendations on how PDBs can bridge the insurance gap in EMDEs.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><a href=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/05\/Unlocking-Climate-Risk-Insurance.pdf\" type=\"link\" id=\"https:\/\/documentcloud.adobe.com\/spodintegration\/index.html#\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"button\">Download report<\/span><\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rising climate risks demand stronger economic resilience. While vital for everything from small farms to infrastructure, insurance remains limited in EMDEs. Our report explores how scaling these solutions can protect physical assets and unlock capital for high-risk markets. <\/p>\n","protected":false},"author":214,"featured_media":121077,"template":"","format":"standard","meta":{"_acf_changed":false},"programs":[1827],"regions":[518,1833],"topics":[1894,623,912,1199,842,580],"collaborations":[],"class_list":["post-120866","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-finance-in-common-innovation-lab","regions-developing-economies","regions-emerging-markets-and-developing-economies-emdes","topics-climate-finance","topics-development-finance","topics-economic-development","topics-finance","topics-financial-innovation","topics-risk-mitigation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Unlocking Climate Risk Insurance: The Role of Public Development Banks - CPI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatepolicyinitiative.org\/publication\/unlocking-climate-risk-insurance-the-role-of-public-development-banks\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unlocking Climate Risk Insurance: The Role of Public Development Banks - CPI\" \/>\n<meta property=\"og:description\" content=\"Rising climate risks demand stronger economic resilience. 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Models for Transmission Financing in Indonesia"},"content":{"rendered":"\n<p><strong>Indonesia\u2019s ambitious yet vital expansion of its electricity transmission infrastructure requires novel approaches to tap new pools of finance. <\/strong>State-owned electricity firm PLN\u2019s Electricity Supply Business Plan (RUPTL) 2025\u20132034 targets approximately 47.76 thousand circuit kilometers of transmission lines and substations, requiring an estimated total investment of USD 24 billion. This expansion is critical to meet rising electricity demand, integrate renewable energy, improve grid reliability, and address Indonesia’s geographic challenges as an archipelagic nation. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>However, PLN has limited ability to provide all of the funds needed to deliver those targets. To address this challenge, this report evaluates <strong>five project financing models that could enable greater private investment in the Indonesian grid<\/strong>. These include leasing, joint ventures (JVs), public-private partnerships (PPPs), infrastructure investment trusts (InvITs), and collective investment schemes for infrastructure (CIS-DINFRA).<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Figure 1. Alternative project finance models<\/strong> <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"588\" src=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/05\/image-1-1024x588.png\" alt=\"\" class=\"wp-image-120953\" srcset=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/05\/image-1-1024x588.png 1024w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/05\/image-1-300x172.png 300w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/05\/image-1.png 1170w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>All of the proposed models shift financing from PLN\u2019s current corporate-level finance models toward project finance structures<\/strong>. These structures rely on core project finance principles, including the use of special purpose vehicles (SPVs), non- or limited-recourse debt, and long-term revenue contracts, allowing risk sharing, improved access to capital, and enhanced financial sustainability for PLN.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Each financing model presents distinct benefits and trade-offs<\/strong>. <strong>InvITs and CIS-DINFRA are the most scalable and liquid options suitable for long-term capital mobilization<\/strong> and balance sheet optimization<strong>.<\/strong> <strong>PPPs offer a balanced approach with strong risk allocation<\/strong> but depend heavily on government support. Meanwhile, <strong>leasing<\/strong><strong> and JVs are more practical for near-term implementation<\/strong> for projects with lower complexity.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>To ensure successful implementation, all models require three <strong>foundational policy enablers<\/strong> as follow:<\/p>\n\n\n\n<ol style=\"list-style-type:upper-roman\" class=\"wp-block-list\">\n<li><strong>A dedicated transmission fee<\/strong> to ensure predictable revenue streams,<\/li>\n\n\n\n<li><strong>Off-balance sheet treatment<\/strong> similar to PLN\u2019s treatment of Independent Power Producers (IPPs) to preserve PLN\u2019s financial capacity, and<\/li>\n\n\n\n<li><strong>Targeted fiscal support<\/strong> such as subsidies, guarantees, or availability payments to bridge gaps between regulated tariffs and investors\u2019 return expectations.<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n\n\n\n<p>The report further recommends that PLN prioritize regulatory engagement \u2014 particularly with the Financial Services Authority (OJK) \u2014 to enable off-balance-sheet treatment and develop supportive frameworks. In parallel, PLN should conduct market sounding to assess investors\u2019 appetite, clarify institutional roles, and define clear criteria for selecting financing models aligned with its strategic objectives. These steps are essential to mobilize private capital effectively and ensure timely delivery of Indonesia\u2019s transmission expansion goals, supporting both national electrification and the renewable energy integration.<\/p>\n\n\n\n<p><span class=\"button\"><a href=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/05\/Alternative-Models-for-Transmission-Financing.pdf\">Read the full report<\/a><\/span><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This report evaluates alternative project financing models that could enable greater private investment in Indonesia grid infrastructure, allowing risk sharing, improved access to capital, and enhanced financial sustainability for PLN.<\/p>\n","protected":false},"author":218,"featured_media":121054,"template":"","format":"standard","meta":{"_acf_changed":false},"programs":[480],"regions":[156],"topics":[871,1200,264],"collaborations":[],"class_list":["post-120945","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-energy-finance","regions-indonesia","topics-blended-finance","topics-energy-and-infrastructure","topics-renewable-energy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alternative Models for Transmission Financing in Indonesia - CPI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatepolicyinitiative.org\/publication\/alternative-models-for-transmission-financing-in-indonesia\/\" \/>\n<meta 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instrument design for an effective carbon market in South Africa"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>South Africa\u2019s national carbon tax has been a major turning point for domestic carbon markets, creating an increased demand for carbon credits. As the tax enters phase two, the country is likely to see surging demand. However, limited access to early-stage investments and high capital stall momentum for domestic carbon mitigation projects.  <br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Built on key design principles<\/strong> <\/h2>\n\n\n\n<p>The\u00a0<a href=\"https:\/\/www.dbsa.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">Development Bank of Southern Africa<\/a>\u00a0(DBSA), in partnership with the\u00a0<a href=\"https:\/\/financeincommon.org\/fics-innovation-lab\" target=\"_blank\" rel=\"noreferrer noopener\">FiCS\u00a0Innovation\u00a0Lab\u00a0Incubator<\/a>,\u00a0Climate Policy Initiative, and\u00a0<a href=\"https:\/\/www.promethium.co.za\/\" target=\"_blank\" rel=\"noreferrer noopener\">Promethium Carbon<\/a>, has developed two novel financial instruments designed to transform carbon credits from complex assets into de-risked, bankable products.\u00a0The\u00a0two\u00a0instruments are:\u00a0\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>A <\/strong><strong>Carbon Repo Facility<\/strong><strong>,<\/strong><strong> <\/strong>designed to provide liquidity to borrowers selling carbon credits to the facility for immediate cash, with an agreement to repurchase the credits later at a pre-determined price. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The Carbon Bond<\/strong> could be issued by the DBSA as a senior unsecured note, with proceeds used to fund loans for carbon projects. Borrowers would repay via a mix of cash interest and the actual carbon credits generated by underlying projects. <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key insights <\/strong> <\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>South Africa is expected to see an increase in structural demand for carbon credits as its carbon tax tightens. However, a lack of early-stage capital for carbon projects limits supply. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In addition, illiquidity and weak pricing in secondary markets reduce the attractiveness of carbon credits as financial assets.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PDBs can enable carbon markets by introducing well-structured financial instruments that mobilize private financing from commercial banks into carbon projects.  <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Market credibility is a prerequisite for mobilizing capital into carbon markets at scale. Trust in carbon-linked instruments requires robust governance and registry transparency, underpinned by independent verification. <br> <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Leveraging financial innovation for effective carbon markets<\/strong> <\/h2>\n\n\n\n<p>These innovative instruments align with the DBSA\u2019s mandate to catalyze infrastructure that drives sustainable growth while accelerating South Africa\u2019s transition to a low-carbon economy. If approved, they would position the bank as a key intermediary in mobilizing the public and private finance required for high-impact climate action. <\/p>\n\n\n\n<p>The instrument design can also offer a groundbreaking blueprint for public development banks in other emerging economies to leverage financial innovation to support carbon markets.  <\/p>\n\n\n\n<p>Access the report to learn more about the instruments\u2019 development and the insights that emerged during the process. <\/p>\n\n\n\n<p><span class=\"button\"><a href=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/04\/DBSA_FiCS-Incubator-Report.pdf\" type=\"link\" id=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/04\/DBSA_FiCS-Incubator-Report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Explore the report<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Development Bank of Southern Africa, in partnership with the FiCS Innovation Lab Incubator, has developed two novel financial instruments designed to transform carbon credits from complex assets into de-risked, bankable products. <\/p>\n","protected":false},"author":235,"featured_media":120768,"template":"","format":"standard","meta":{"_acf_changed":false},"programs":[1827],"regions":[5,397],"topics":[690,1894,1199,842],"collaborations":[],"class_list":["post-120772","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-finance-in-common-innovation-lab","regions-africa","regions-south-africa","topics-carbon-markets","topics-climate-finance","topics-finance","topics-financial-innovation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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Regenerative Agriculture Fund: A scalable blueprint for Agri-innovation in EMDEs\u00a0"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>The agricultural sector is a cornerstone of economic growth in emerging markets and developing economies (EMDEs). However, it faces a critical double bind: it is the primary source of environmental pressure, and producers are increasingly vulnerable to extreme weather and lack the financial tools and technical support needed to transition to regenerative agriculture practicess.  <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Through the <a href=\"https:\/\/financeincommon.org\/fics-innovation-lab\" target=\"_blank\" rel=\"noreferrer noopener\">FiCS Lab<\/a>, the <a href=\"https:\/\/www.bing.com\/ck\/a?!&&p=8c2f795e25382e6845e46df37f7f394e3bdb9176dd4156dcdce58a2336d632c1JmltdHM9MTc3NjAzODQwMA&ptn=3&ver=2&hsh=4&fclid=2cbdd4bb-4659-66c7-1b53-c2c647e06770&psq=Development+Bank+of+Minas+Gerais+(BDMG&u=a1aHR0cHM6Ly93d3cuYmRtZy5tZy5nb3YuYnIvZW4v\" target=\"_blank\" rel=\"noreferrer noopener\">Development Bank of Minas Gerais<\/a> (BDMG) has partnered with Climate Policy Initiative (CPI) and a coalition of experts to design the Regenerative Agriculture (RA) Fund. Targeted at farmers in Brazil, this initiative aims to move beyond simple lending to introduce an integrated approach that equips producers with the necessary tools to sustain long-term soil health and productivity. <br><\/p>\n\n\n\n<p>The fund aims to achieve this through a three-tier approach that:<br><\/p>\n\n\n\n<p><strong>De-risks Investments:<\/strong> Lowers the barrier for financial intermediaries to participate in green lending. <br><strong>Empowers Producers: <\/strong>Combines capital with essential technical assistance. <br><strong>Aligns Incentives: <\/strong>Connects financial terms directly to long-term soil health and productivity. <br><\/p>\n\n\n\n<p class=\"has-vivid-red-color has-text-color has-link-color has-medium-font-size wp-elements-35e9aaa8ecaf1b020668fa2ae1d62203\">Key lessons from the RA Fund<\/p>\n\n\n\n<p>The following key lessons from the tool’s incubation identify the systemic barriers to transition and the strategic opportunities for Public Development Banks (PDBs) to intervene:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Farmers identified financing constraints, high collateral requirements, and potential yield volatility as major obstacles to adopting RA practices.<\/li>\n\n\n\n<li>Knowledge and training were cited as the most significant early-stage challenges in transitioning to RA practices, with technical assistance being the most critical element for risk mitigation.<\/li>\n\n\n\n<li>Existing credit lines vary significantly in rates, tenors, and ticket size requirements, creating gaps for flexible, transition-oriented RA financing.<\/li>\n\n\n\n<li>Federal agricultural credit lines are highly competitive and often exhausted quickly, with limited access in Minas Gerais.<\/li>\n\n\n\n<li>Farmers do not receive price premiums for adopting RA, despite experiencing gains in soil, water, and biodiversity.<\/li>\n\n\n\n<li>Farmers showed willingness to participate in payment-for-ecosystem-services (PES) schemes.<\/li>\n\n\n\n<li>Strong PDB buy-in emerged as a critical factor for the instrument\u2019s overall success.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>This model demonstrates how PDBs can play a vital role in turning policy ambition into reality on the ground. By creating scalable, implementable initiatives, we can bridge the financing gap between global climate goals and local farming success. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Download the report for details on the Regenerative Agriculture Fund design and explore the blended finance opportunities that can drive the future of agri-innovation. <br><\/p>\n\n\n\n<p><span class=\"button\"><a href=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2009\/02\/BDMG-Regenerative-Agriculture-Fund.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Read the full report<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EMDE agriculture faces a double-bind: it’s a climate risk driver and its biggest victim. BDMG\u2019s RA Fund breaks this cycle. Using a three-tiered approach to de-risk, empower, and align incentives, this model turns policy into reality. Download the report to explore the future of agri-innovation.<\/p>\n","protected":false},"author":259,"featured_media":120619,"template":"","format":"standard","meta":{"_acf_changed":false},"programs":[1827],"regions":[353,1838],"topics":[871,1894,1915,623,912,842,1903,580,1172],"collaborations":[],"class_list":["post-120618","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-finance-in-common-innovation-lab","regions-brazil","regions-latin-america","topics-blended-finance","topics-climate-finance","topics-climate-finance-needs","topics-development-finance","topics-economic-development","topics-financial-innovation","topics-green-finance","topics-risk-mitigation","topics-sustainable-agriculture"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Regenerative Agriculture Fund: A scalable blueprint for Agri-innovation in EMDEs\u00a0 - CPI<\/title>\n<meta name=\"description\" content=\"Discover how the RA Fund is financing regenerative agriculture in emerging markets. 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the Rural Credit Divide: Pathways to Increase PRONAF Access for Smallholders"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Introduction<\/strong><\/h2>\n\n\n\n<p>Smallholder farming occupies 77% of rural properties in Brazil, employs around 10 million people, and accounts for 23% of agricultural production.<a href=\"#_ftn1\" id=\"_ftnref1\"><sup>[1]<\/sup><\/a> In this context, the National Program for Strengthening Family Farming (<em>Programa Nacional de Fortalecimento da Agricultura Familiar<\/em> – PRONAF) stands out as the main federal public policy supporting smallholder farming, offering subsidized rural credit with reduced interest rates. Created in 1995, the program provides credit to finance productive activities, the acquisition of equipment, and the adoption of sustainable practices, with the aim of increasing production, income, and sustainability in rural areas, as well as contributing to food security. Evidence shows that PRONAF has been effective in increasing the production and income of smallholders and reducing inequalities in rural areas, reinforcing its strategic role for a more just and sustainable agricultural transition in Brazil.<sup><a href=\"#_ftn2\" id=\"_ftnref2\">[2]<\/a>,<a href=\"#_ftn3\" id=\"_ftnref3\">[3]<\/a><\/sup><\/p>\n\n\n\n<p>In the 2025\/26 Agricultural Plan (<em>Plano Safra<\/em>), the federal government allocated R$ 78.2 billion to PRONAF.<a href=\"#_ftn4\" id=\"_ftnref4\"><sup>[4]<\/sup><\/a><sup>,<a href=\"#_ftn5\" id=\"_ftnref5\">[5]<\/a><\/sup> However, these resources remain unevenly distributed and insufficient to meet the needs of smallholder farmers. Although smallholders are amongst the most vulnerable to climate change, most still face limited access to rural credit and more restricted financing. A previous study by Climate Policy Initiative\/Pontifical Catholic University of Rio de Janeiro (CPI\/PUC-RIO) showed that around 85% of smallholders do not have access to credit.<a href=\"#_ftn6\" id=\"_ftnref6\"><sup>[6]<\/sup><\/a><\/p>\n\n\n\n<p><strong>Given this scenario, researchers from CPI\/PUC-RIO analyzed the main barriers to rural credit and identified pathways to expand it, ensuring that smallholders have the resources needed to increase sustainable production and strengthen their climate resilience. This study finds that access to technical assistance and membership in farmer cooperatives are key determinants of access to PRONAF.<\/strong><\/p>\n\n\n\n<p>Existing academic literature already indicates that farmers with higher levels of education, older age groups, and those located in Brazil\u2019s Southern region tend to have greater access to PRONAF.<sup><a href=\"#_ftn7\" id=\"_ftnref7\">[7]<\/a>,<a href=\"#_ftn8\" id=\"_ftnref8\">[8]<\/a><\/sup> Building on this evidence, CPI\/PUC-RIO researchers simulated how access to credit would change if farmers in the North, Northeast, Midwest, and Southeast regions had characteristics similar to those in the South. <strong>The results show that expanding technical assistance<\/strong> <strong>and rural extension (<em>Assist\u00eancia t\u00e9cnica e extens\u00e3o rural<\/em> – ATER) would be the most effective way to increase access to PRONAF in the North and Northeast, while strengthening cooperative membership would be the most relevant factor in the Southeast and Midwest.<\/strong><\/p>\n\n\n\n<p>Although rural credit, particularly through PRONAF, needs to reach a larger share of smallholder farmers, expanding access alone is not enough to meet the growing challenges facing Brazil\u2019s agricultural production systems. Climate change is already affecting farmers\u2019 income and livelihoods, increasing the need to strengthen resilience and adaptation.<\/p>\n\n\n\n<p>This publication highlights persistent inequalities in access to credit and emphasizes that strengthening PRONAF requires coordination with complementary public policies, particularly ATER. These services play a critical role in improving the financial, productive, and climate resilience of smallholder farming. <strong>In this context, the recent decline in investments in ATER compromises the reach of PRONAF and limits its potential as a strategic instrument for supporting this transition.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is PRONAF?<\/strong><\/h2>\n\n\n\n<p>PRONAF is a credit program aimed at smallholder family farming. Under Law <span class=\"wrap-text\">no. 11,326\/2006<\/span>, family farming is well-defined in terms of size and type of activity performed.<a href=\"#_ftn9\" id=\"_ftnref9\"><sup>[9]<\/sup><\/a> Thus, a smallholder farmer is defined as a producer who operates a property smaller than four fiscal modules, works primarily on the property, manages the productive activities, and relies on the farm as the main source of household income.<a href=\"#_ftn10\" id=\"_ftnref10\"><sup>[10]<\/sup><\/a> Since the producer does not necessarily need to own the property, settlers, tenants, sharecroppers, and usufructuaries, for example, can also access PRONAF.<\/p>\n\n\n\n<p>Building on Law <span class=\"wrap-text\">no. 11,326\/2006<\/span>, the Central Bank of Brazil (<em>Banco Central do Brasil<\/em> – BCB) in the Rural Credit Manual (<em>Manual do Cr\u00e9dito Rural<\/em> – MCR) indicates that, in addition to the previous items, the annual income prior to applying for credit via PRONAF must not exceed R$ 500,000.<a href=\"#_ftn11\" id=\"_ftnref11\"><sup>[11]<\/sup><\/a><\/p>\n\n\n\n<p>Figure 1 below shows the evolution of the funding allocations of the most recent agricultural plans, as well as the portion of these resources directed to PRONAF.<\/p>\n\n\n\n<p><strong>Figure 1.<\/strong> Evolution of Disbursed Funding to PRONAF and the Agricultural Plan, 2020\/21 – 2024\/25<\/p>\n\n\n\n<p><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"636\" class=\"wp-image-120196\" style=\"width: 850px;\" src=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F1-EN.png\" alt=\"\" srcset=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F1-EN.png 1861w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F1-EN-300x225.png 300w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F1-EN-1024x766.png 1024w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F1-EN-1536x1150.png 1536w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/p>\n\n\n\n<p><em><strong>Source: <\/strong>CPI\/PUC-RIO with data from BCB (2025), 2026<\/em><a href=\"#_ftn12\" id=\"_ftnref12\"><sup><strong><sup>[12]<\/sup><\/strong><\/sup><\/a><\/p>\n\n\n\n<p>The total amount of funding disbursed to PRONAF has grown over the last six years, even as the total funding for the Agricultural Plan has seen an overall drop (Figure 1). The allocated amount for PRONAF in the most recent 2025\/26 Agricultural Plan totaled R$ 78.2 billion.<\/p>\n\n\n\n<p>Although the actual volume allocated to PRONAF reaches tens of billions of reais, these resources remain concentrated across regions, products, and producer profiles, limiting access for many farmers. This unequal access results from several factors. Before examining them in greater detail, however, it is important to understand the documentation requirements for obtaining credit. As a credit program, PRONAF involves specific eligibility criteria and documentation requirements that can create barriers for small-scale farmers. Box 1 outlines these requirements.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-background\" style=\"background-color:#ebf0eb\"><strong>Box 1. Documentation Requirements for Obtaining PRONAF<\/strong><br><br>While the legal and regulatory requirements for obtaining PRONAF are well-defined, the documentation required for implementation varies. To begin with, smallholders are required to complete the National Registry of Family Farming (<em>Cadastro Nacional da Agricultura Familiar<\/em> – CAF, formerly the Declaration of Aptitude for PRONAF – <em>Declara\u00e7\u00e3o de Aptid\u00e3o ao Pronaf –<\/em> DAP) to be considered a smallholder farmer eligible for PRONAF.<br><br>PRONAF offers a range of credit lines designed to meet the diverse needs and profiles of farmers. These lines often differ in their eligibility criteria, conditionalities, and repayment terms, with some providing more favorable financial conditions than others. Access to these tailored credit options is linked to specific versions of the CAF, which certify that smallholders meet the legal and socioeconomic requirements to benefit from financing arrangements. In this way, the CAF serves not only to confirm a farmer\u2019s status as a small-scale producer but also to determine eligibility for credit lines with conditions that are better aligned with their production context and income level. <br><br>Consequently, while the CAF is the primary instrument used to identify and qualify farmers for PRONAF, it encompasses different classifications rather than functioning as a single, uniform document. This also means that there is a varied level of difficulty in completing the CAF. Oftentimes, securing better interest rate conditions requires a farmer to meet more conditionalities and submit evidence to justify these better conditions.<br><br>In addition to CAF, farmers must also present the usual documents required to obtain bank credit, such as identification documents (including Individual Taxpayer Registration), marriage certificate, proof of residence, voter registration card, and proof of voting in the last election. Additionally, the process also requires several documents related to the property, such as the Rural Environmental Registry (<em>Cadastro Ambiental Rural<\/em> – CAR), Tax on Rural Land Property <em>(Imposto Territorial Rural<\/em> – ITR), lease, deed or a similar document declaring ownership of the property, and the Rural Property Registration Certificate (<em>Certificado de Cadastro do Im\u00f3vel Rural<\/em> – CCIR). Furthermore, applications also require a soil analysis for agricultural projects and documentation on other movable and immovable properties.<a href=\"#_ftn13\" id=\"_ftnref13\"><sup>[13]<\/sup><\/a><br><br>Beyond these extensive requirements, financial intermediaries that grant PRONAF credit may require additional documentation or use the abovementioned documentation in greater depth. Therefore, small-scale farmers with limited financial history may find it more difficult to access PRONAF than other farmers who have an established history of credit, repayments, and income.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Profile of Smallholders who Obtain PRONAF<\/strong><\/h2>\n\n\n\n<p>Allocated resources for PRONAF credit exceeded R$ 78 billion in the 2025\/26 Agricultural Plan. The Plan provides more than R$ 8.26 billion in subsidies for this type of credit, underscoring the importance of understanding inequalities in access to the program from both a public spending and a policy effectiveness perspective.<a href=\"#_ftn14\" id=\"_ftnref14\"><sup>[14]<\/sup><\/a><\/p>\n\n\n\n<p>In this study, PRONAF access is analyzed at the municipal level using data from the Brazilian Institute of Geography and Statistics (<em>Instituto Brasileiro de Geografia e Estat\u00edstica<\/em> – IBGE). The empirical analysis relies on the 2017 IBGE Agricultural Census, the most recent census data available, referring to the 2016\/17 Agricultural Year. As a result, while earlier sections present more recent figures on rural credit, the empirical assessment draws on the most comprehensive dataset currently available to examine barriers to smallholder farmers\u2019 access to PRONAF.<\/p>\n\n\n\n<p>In this context, Figure 2 illustrates the municipal distribution of PRONAF access among smallholders.<\/p>\n\n\n\n<p><strong>Figure 2.<\/strong> Share of Smallholder Access to PRONAF in the 2016\/17 Agricultural Year<\/p>\n\n\n\n<p><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"676\" class=\"wp-image-120199\" style=\"width: 850px;\" src=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F2-EN.png\" alt=\"\" srcset=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F2-EN.png 2063w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F2-EN-300x238.png 300w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F2-EN-1024x814.png 1024w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F2-EN-1536x1221.png 1536w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F2-EN-2048x1628.png 2048w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/p>\n\n\n\n<p><em><strong>Note:<\/strong> The grey areas indicate municipalities where it was not possible to calculate access to PRONAF, generally because they have few or no smallholder farmers. These municipalities are primarily concentrated in Brazil\u2019s Northern Region, where non-urban areas largely consist of environmental reserves, Indigenous lands, or other legally protected forms of land use. Regional averages are calculated as the means of municipal PRONAF access values within each region, rather than through direct aggregation of regional data. Brazil\u2019s Agricultural Year runs from July 1<sup>st<\/sup> to June 30<sup>th<\/sup> of the following year.<\/em><br><em><strong>Source:<\/strong> CPI\/PUC-RIO with data from the 2017 Agricultural Census, 2026<\/em><\/p>\n\n\n\n<p>Figure 2 shows a clear concentration of access to PRONAF in Brazil\u2019s South region, in contrast to significantly lower levels of access in the North and Northeast. The regional disparity becomes more evident in the bar chart, which presents the municipal average share of smallholder farmers accessing PRONAF in each region. On average, around 21% of smallholders in municipalities in the South access PRONAF compared to approximately 5% in the Northeast and 4% in the North. <strong>In other words, average municipal access to PRONAF in the South is roughly five times higher than in the North.<\/strong><\/p>\n\n\n\n<p>Based on these results, the analysis further examines how specific factors influence access to PRONAF, using data from the 2017 Agricultural Census. In particular, access to ATER and membership in farmer cooperatives are analyzed as key determinants of credit access across Brazilian municipalities, as shown in Figure 3.<\/p>\n\n\n\n<p>Figure 3 reinforces the existence of strong regional disparities. The South (shown in purple) combines higher average access to PRONAF with greater availability of ATER services and higher levels of cooperative participation. On the other hand, the North and Northeast (shown in blue and red, respectively) display the opposite pattern: low levels of access to PRONAF, ATER, and cooperatives. Finally, the Southeast and Midwest present intermediate levels of acces to the variables under consideration.<\/p>\n\n\n\n<p><strong>Figure 3.<\/strong> State Averages for Access to PRONAF<\/p>\n\n\n\n<p>Cooperativism (%)<\/p>\n\n\n\n<p><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"711\" class=\"wp-image-120202\" style=\"width: 850px;\" src=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-COOP-EN.png\" alt=\"\" srcset=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-COOP-EN.png 1943w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-COOP-EN-300x251.png 300w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-COOP-EN-1024x857.png 1024w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-COOP-EN-1536x1285.png 1536w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/p>\n\n\n\n<p>ATER (%)<\/p>\n\n\n\n<p><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"729\" class=\"wp-image-120205\" style=\"width: 850px;\" src=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-ATER-EN.png\" alt=\"\" srcset=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-ATER-EN.png 1961w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-ATER-EN-300x257.png 300w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-ATER-EN-1024x878.png 1024w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F3-ATER-EN-1536x1317.png 1536w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/p>\n\n\n\n<p><em><strong>Source: <\/strong>CPI\/PUC-RIO with data from the 2017 Agricultural Census, 2026<\/em><\/p>\n\n\n\n<p>Overall, Figure 3 suggests a strong association between higher access to PRONAF, greater availability of technical assistance, and strong ties to cooperatives. Together, these factors reflect a broader issue: smallholders\u2019 access to quality information. Limited access to information, generally associated with lower levels of education and restricted access to banking services, limits farmers\u2019 ability to identify and secure suitable credit options. At the same time, technical assistance and membership in cooperatives help bridge information gaps by disseminating knowledge, strengthening productive practices, and facilitating access to financial services.<\/p>\n\n\n\n<p>In addition to these key variables, Box 2 details the relationship between gender and access to PRONAF.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-background\" style=\"background-color:#ebf0eb\"><strong>Box 2. Gender and Access to PRONAF<\/strong><br><br>PRONAF is formally available to any individual who meets the criteria defining a smallholder farmer and can demonstrate productive and repayment capacity. However, in practice, gender inequalities and other structural barriers affect women\u2019s access to rural credit. These challenges do not necessarily stem from formal restrictions in the program but from other structural barriers that shape opportunities differently for men and women in rural areas. Data from the 2017 Agricultural Census show that only about 13% of loans granted under PRONAF were directed to properties managed by women, even though women run 20% of properties classified as smallholder farms.<br><br>To address this gap, the federal government created PRONAF Mulher in 2003 to expand small-scale female farmers\u2019 access to subsidized rural credit.<a href=\"#_ftn15\" id=\"_ftnref15\"><sup>[15]<\/sup><\/a> Disbursements under this sub-program significantly increased (351%) between the 2020\/21 and 2024\/25 Agricultural Plans, rising from R$ 59.38 million to R$ 268.03 million, according to BCB data at current prices. This movement is also evident in the fact that the share of PRONAF Mulher in total Agricultural Plan disbursements also grew over the same period, from 0.18% to 0.41%. Despite this progress, women-led establishments access PRONAF, on average, 16 percentage points less frequently than those run by men, signaling persistent barriers to inclusion.<br><br>Addressing this disparity requires not only expanding financial resources of PRONAF Mulher but also identifying and addressing the structural barriers related to access to credit, including gender inequalities in access to information, technical assistance, and membership in productive networks and cooperatives in rural areas.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>The discrepancy between access to PRONAF observed between the South and other Brazilian regions suggests that <strong>there are additional structural factors that favor access to credit in this region<\/strong>,other than<strong> <\/strong>the determinants analyzed (association with cooperatives and access to ATER). These factors may include institutional, historical, or social characteristics that are not directly observable in the database. Thus, <strong>equalizing access to PRONAF in other regions requires more than isolated advances in these determinants but also coordinated public policies capable of reproducing, at least partially, the institutional environment that supports greater access to credit in the South<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Determinants of Access to PRONAF<\/strong><\/h2>\n\n\n\n<p>To better understand how access to technical assistance and membership in cooperatives affect the likelihood of obtaining PRONAF, this analysis conducts a counterfactual simulation. The exercise estimates how access to PRONAF would change if other Brazilian states had average characteristics similar to those observed in the South. This approach helps isolate the effects of structural variables, such as ATER and cooperativism, on rural credit access (Figure 4).<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Figure 4. <\/strong>Simulation of Access to PRONAF by Region<\/p>\n\n\n\n<p><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"563\" class=\"wp-image-120208\" style=\"width: 850px;\" src=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F4-EN.png\" alt=\"\" srcset=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F4-EN.png 1974w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F4-EN-300x199.png 300w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F4-EN-1024x679.png 1024w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F4-EN-1536x1018.png 1536w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/p>\n\n\n\n<p><em><strong>Note: <\/strong>The baseline scenario considers in the simulation that each region has its own averages for ATER and cooperativism. Some values in the baseline scenarios differ marginally from the averages shown in Figure 1, since in this exercise the results were estimated using the model rather than calculated directly from the observed averages, as in Figure 1.<\/em><br><em><strong>Source:<\/strong> CPI\/PUC-RIO with data from the 2017 Agricultural Census, 2026<\/em><\/p>\n\n\n\n<p>Figure 4 presents the results of these simulations by comparing observed levels of access to PRONAF in each region with hypothetical scenarios in which the key structural variables are aligned with the levels observed in the South. This approach helps illustrate how differences in access to technical assistance and participation in cooperatives may influence regional disparities in rural credit access.<\/p>\n\n\n\n<p>To enhance the comparison, access to PRONAF is first analyzed presented on the characteristics observed in each region. Estimated access levels are then calculated by adjusting these characteristics to match those of the South. For example, the baseline level of access in the North is 3.9%. If the level of cooperative membership in the region were equivalent to that of the South, access to PRONAF would increase to 5.4%, representing an increase of 38.5%. Similarly, if the provision of technical assistance in the North matched Southern levels, access to PRONAF would rise by 53.8%, reaching 6%.<\/p>\n\n\n\n<p>Although the results are derived from a simulation exercise, they offer clear indications for policy design. They show that <strong>expanding access to rural credit depends on complementary policies, especially investments in ATER and strengthening cooperatives.<\/strong> In the case of the North, strengthening ATER stands out as the most direct way to expand smallholders\u2019 access to PRONAF, reinforcing that credit policy is more effective when linked to other structural interventions.<\/p>\n\n\n\n<p>For the Northeast, the average levels of these two variables are associated with an average PRONAF access rate of 5.2%. If the region had the same level of ATER as the South, while holding all other characteristics constant, access to PRONAF would be 8.5%, representing a gain of 63.5%. By contrast, raising cooperative membership to Southern levels would increase access to 6.2%, corresponding to a 19.2% increase.<\/p>\n\n\n\n<p>In the Midwest and Southeast, cooperative participation appears to play a more significant role in expanding access to PRONAF than ATER, although both factors contribute positively. In the Midwest, aligning cooperative membership with Southern levels would increase access to 8.9%, a rise of 28.9%, while matching the provision of ATER would raise PRONAF access to 7.5%, an increase of 8.7%. In the Southeast, similar adjustments would increase access to 10.9% through higher cooperativism (a 22.5% gain) and to 9.8% through expanded ATER services (a 10.1% gain).<\/p>\n\n\n\n<p><strong>Implications for Public Policy<\/strong><\/p>\n\n\n\n<p>PRONAF is a central instrument for supporting smallholder farming and has strong potential to enhance productivity, income generation, and resilience. Its effectiveness, however, depends on its integration within a broader portfolio of public policies aimed at strengthening rural production systems. The analysis highlights ATER as a particularly important determinant of access to PRONAF, pointing to an underexplored and feasible pathway for expanding financial inclusion in rural areas.<\/p>\n\n\n\n<p>Despite its importance, resources allocated to ATER remain limited. In the 2025\/26 Agricultural Plan, only R$ 240 million was allocated to ATER, an amount lower than in previous years and consistent with a broader trend of declining investment.<sup><a href=\"#_ftn16\" id=\"_ftnref16\">[16]<\/a>,<a href=\"#_ftn17\" id=\"_ftnref17\">[17]<\/a><\/sup> Box 3 presents the evolution of actual federal expenditures on ATER between 2003 and October 2025, based on data from the Ministry of Agrarian Development and Family Agriculture (<em>Minist\u00e9rio do Desenvolvimento Agr\u00e1rio e Agricultura Familiar <\/em>– MDA).<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-background\" style=\"background-color:#ebf0eb\"><strong>Box 3. Evolution of Federal Expenditures on ATER in Brazil<\/strong><br><br>Given that the budget for technical assistance and rural extension (<em>Assist\u00eancia t\u00e9cnica e extens\u00e3o rural <\/em>– ATER) reached a planned R$ 240 million in the 2025\/26 Agricultural Plan, it is informative to analyze the actual expenditures on this policy.<a href=\"#_ftn18\" id=\"_ftnref18\"><sup>[18]<\/sup><\/a> Through the Brazilian Law of Access to Information (<em>Lei de Acesso \u00e0 Informa\u00e7\u00e3o <\/em>– LAI), CPI\/PUC-RIO obtained the actual expenditures on ATER from 2003 to October 2025 (latest data available) from the Ministry of Agrarian Development and Family Agriculture (<em>Minist\u00e9rio do Desenvolvimento Agr\u00e1rio e Agricultura Familiar<\/em> – MDA).<a href=\"#_ftn19\" id=\"_ftnref19\"><sup>[19]<\/sup><\/a> Figure 5 shows the actual federal expenditures on ATER from 2023 to 2025. The monetary values are all inflation-adjusted to June 2025 prices, based on the IBGE\u2019s Extended National Consumer Price Index (<em>\u00cdndice Nacional de Pre\u00e7os ao Consumidor Amplo<\/em> – IPCA) for the month and year in which the 2025\/26 Agricultural Plan was released.<br><br><strong>Figure 5. <\/strong>Actual Federal Expenditures on ATER, 2003-2025<br><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"486\" class=\"wp-image-120211\" style=\"width: 850px;\" src=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F5-EN.png\" alt=\"\" srcset=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F5-EN.png 1930w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F5-EN-300x172.png 300w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F5-EN-1024x586.png 1024w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/WP-F5-EN-1536x879.png 1536w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><em><strong>Source:<\/strong> CPI\/PUC-RIO with data from the MDA (2025), 2026<\/em><br><br>Real-term expenditures on ATER show a downward trend, despite a temporary increase in these amounts in 2023 and 2024. Actual expenditures in 2024 were around R$ 225.39 million and in 2025 (through October) dropped to around R$ 26.48 million.<a href=\"#_ftn20\" id=\"_ftnref20\"><sup>[20]<\/sup><\/a> According to the MDA, although the MCR does not limit the percentage that can be spent on contracting ATER, average market values are used as a reference. Thus, for example, approximately 0.5% of the rural credit financing amount can be directed to the preparation of the technical project, while 1.5% of the financing amount can be directed to cover the costs of monitoring the execution of the financing by the ATER technician.<\/p>\n\n\n\n<p><\/p>\n<\/div>\n<\/div>\n\n\n\n<p><strong>Investment in ATER is essential to expand smallholder farmers\u2019 access to PRONAF, as well as for its productive and climate-related effects.<\/strong> While access to PRONAF contributes to greater financial inclusion and strengthens the productive capacity of small-scale farmers, <strong>ATER is crucial for transforming credit into sustainable productivity gains and increased climate resilience<\/strong>, especially in a context in which smallholder farming remains insufficiently covered by agricultural risk management instruments, such as insurance. Resilience should be expressed in a preventive and structural manner, rather than merely as a response to losses resulting from extreme climatic events.<\/p>\n\n\n\n<p>The downward trend in ATER funding, highlighted in Box 3, is particularly concerning for regions that are more vulnerable to the impacts of climate change, where smallholders frequently identify the lack of ATER as the main barrier to climate adaptation. In these regions, access to credit without accompanying technical support tends to have a limited impact on productivity and climate resilience.<\/p>\n\n\n\n<p>Although subsidies for PRONAF exceed R$ 8 billion under the 2025\/26 Agricultural Plan, financial support alone is insufficient to foster production systems that can adapt to climate risks. Building resilience requires a broader policy approach that combines credit with technical assistance, risk management instruments, and measures to strengthen productive networks.<\/p>\n\n\n\n<p>Similarly, low levels of cooperative membership limits knowledge sharing, the adoption of improved practices, and access to information on available credit options, restricting smallholders\u2019 ability to navigate credit requirements and participate effectively in the financial system. Addressing these barriers does not necessarily require substantial increases in public spending. For example, technical assistance can support farmers in obtaining the required documentation, selecting appropriate credit lines, and aligning financing with crop cycles. Other constraints, such as collateral requirements, remain structural and will require coordinated action across institutions.<\/p>\n\n\n\n<p>Overall, findings show that access to rural credit for smallholder farmers remains both limited and uneven. Expanding PRONAF is therefore necessary but not sufficient to ensure resilient agricultural production. Resilience must be understood as a multidimensional objective encompassing financial, productive, and climate dimensions. <strong>While credit contributes directly to financial inclusion, complementary policies\u2014particularly ATER, the strengthening of cooperatives, and information dissemination\u2014are essential for broadening access to PRONAF and ensuring that finance results in sustainable productivity gains.<\/strong><\/p>\n\n\n\n<p>Thus, the expansion of PRONAF, through increased subsidies and more targeted credit lines, should occur alongside a well-coordinated portfolio of complementary public policies. Such an integrated approach is critical for reducing regional inequalities, expanding access to finance, and supporting a transition toward more resilient, sustainable, and inclusive small-scale farming.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><em>This work is supported by a grant from Porticus Foundation. This publication does not necessarily represent the view of our funders and partners.<br>The authors would like to thank Kirsty Taylor, Giovanna de Miranda, and Camila Calado for editing and revising the text and Meyrele Nascimento and Nina Oswald Vieira for formatting and graphic design.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><a href=\"#_ftnref1\" id=\"_ftn1\"><sup>[1]<\/sup><\/a>\u00a0\u00a0\u00a0\u00a0 IBGE. <em>Censo Agropecu\u00e1rio 2017<\/em>. 2017. Access date: September 25, 2025. <a href=\"http:\/\/bit.ly\/3L57xxJ\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/3L57xxJ<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref2\" id=\"_ftn2\"><sup>[2]<\/sup><\/a>\u00a0\u00a0\u00a0\u00a0 Machado, B. S., M. C. R. Neves, M. J. Braga, and D. R. M. Costa. \u201cAccess and impact of Pronaf in Brazil: evidence on typologies and regional concentration\u201d. <em>Revista de Economia e Sociologia Rural<\/em> 62, <span class=\"wrap-text\">no. 3<\/span> (2024): e273994. <a href=\"http:\/\/bit.ly\/4hqdgKI\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4hqdgKI<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref3\" id=\"_ftn3\"><sup>[3]<\/sup><\/a>\u00a0\u00a0\u00a0\u00a0 Batista, Henrique R. and Henrique D. Neder. \u201cEfeitos do Pronaf sobre a pobreza rural no Brasil (2001\u20132009)\u201d. <em>Revista de Economia e Sociologia Rural <\/em>52 (2014): 147\u2013166. <a href=\"http:\/\/bit.ly\/4qp9a9z\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4qp9a9z<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref4\" id=\"_ftn4\"><sup>[4]<\/sup><\/a>\u00a0\u00a0\u00a0\u00a0 To learn more about the data from the 2025\/2026 Agricultural Plan, visit: <a href=\"http:\/\/bit.ly\/4obQNnk\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4obQNnk<\/u><\/a>. Access date: September 25, 2025.<\/p>\n\n\n\n<p><a href=\"#_ftnref5\" id=\"_ftn5\"><sup>[5]<\/sup><\/a>\u00a0\u00a0\u00a0\u00a0 For reference, R$ 78.2 billion is equivalent to US$ 14.4 billion, following June, 2025 exchange rates (where US$ 1 is equivalent to R$ 5.43).<\/p>\n\n\n\n<p><a href=\"#_ftnref6\" id=\"_ftn6\"><sup>[6]<\/sup><\/a>\u00a0\u00a0\u00a0\u00a0 Souza, Priscila and Amanda de Albuquerque. <em>Family Farming in Brazil: Inequalities in Credit Access<\/em>. Rio de Janeiro: Climate Policy Initiative, 2023. <a href=\"http:\/\/bit.ly\/Family-Farming-Brazil\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/Family-Farming-Brazil<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref7\" id=\"_ftn7\"><sup>[7]<\/sup><\/a>\u00a0\u00a0\u00a0\u00a0 Freitas, Rog\u00e9rio E.. <em>Pronaf: observa\u00e7\u00f5es sobre o programa e desafios futuros.<\/em> Rio de Janeiro: Instituto de Pesquisa Econ\u00f4mica Aplicada (Ipea), September 2025. <a href=\"http:\/\/bit.ly\/3Jr4T4T\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/3Jr4T4T<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref8\" id=\"_ftn8\"><sup>[8]<\/sup><\/a>\u00a0\u00a0\u00a0\u00a0 Amaral, Felipe J. G. do. \u201cAn\u00e1lise da concentra\u00e7\u00e3o e da desigualdade na distribui\u00e7\u00e3o de cr\u00e9dito rural no Brasil\u201d. PhD diss., University of S\u00e3o Paulo, 2023. <a href=\"http:\/\/bit.ly\/4qqQ7vM\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4qqQ7vM<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref9\" id=\"_ftn9\"><sup>[9]<\/sup><\/a>\u00a0\u00a0\u00a0\u00a0 Law <span class=\"wrap-text\">no. 11,326<\/span>, July 24, 2006. <a href=\"http:\/\/bit.ly\/3LqMVA0\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/3LqMVA0<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref10\" id=\"_ftn10\"><sup>[10]<\/sup><\/a>\u00a0\u00a0\u00a0 The fiscal module is a land unit, a measure of area, whose definition and updating are carried out by the National Institute for Colonization and Agrarian Reform (<em>Instituto Nacional de Coloniza\u00e7\u00e3o e Reforma Agr\u00e1ria<\/em> – INCRA). Its definition takes into account the type of usual crop, income from agricultural production in the usual crop and other possible crops in that locality, and the size of a \u201cfamily property\u201d. The fiscal module is a municipal metric. The fiscal modules for most municipalities were established in the 1980s. Updates to the fiscal module whenever a municipality is created or changes in the size of the fiscal module of a given municipality are necessary, which is not common for most municipalities. The fiscal module ranges from 5 to 110 hectares. Furthermore, it is a relevant concept in different regulations, such as the Forest Code and the Rural Credit Manual, among other regulations and policies related to land. Learn more at: EMBRAPA. <em>Fiscal Modules<\/em>. sd. Access date: January 30, 2025. <a href=\"http:\/\/bit.ly\/3Te0OAI\" target=\"_blank\" rel=\"noreferrer noopener\">bit.ly\/3Te0OAI<\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref11\" id=\"_ftn11\"><sup>[11]<\/sup><\/a>\u00a0\u00a0\u00a0 The MCR is the regulatory document for rural credit in Brazil. Learn more at: MCR. Normas 10-2-1. 2025. <a href=\"http:\/\/bit.ly\/4pISYi5\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4pISYi5<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref12\" id=\"_ftn12\"><sup>[12]<\/sup><\/a>\u00a0\u00a0\u00a0 BCB. Tabelas e Microdados do Cr\u00e9dito Rural e do Proagro. 2025. Access date: November 25, 2025. <a href=\"http:\/\/bit.ly\/4i15VkX\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4i15VkX<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref13\" id=\"_ftn13\"><sup>[13]<\/sup><\/a>\u00a0\u00a0\u00a0 Governo Federal. <em>Acessar o Programa Nacional de Fortalecimento da Agricultura Familiar (Pronaf)<\/em>. 2025. Access date: September 25, 2025. <a href=\"http:\/\/bit.ly\/4hporDn\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4hporDn<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref14\" id=\"_ftn14\"><sup>[14]<\/sup><\/a>\u00a0\u00a0\u00a0 J\u00fanior, Daumildo. <em>Montante para equaliza\u00e7\u00e3o do Plano Safra pode crescer 23,4% em 2026<\/em>. Estad\u00e3o. 2025. Access date: September 25, 2025. <a href=\"https:\/\/bit.ly\/43vciqH\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/43vciqH<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref15\" id=\"_ftn15\"><sup>[15]<\/sup><\/a>\u00a0\u00a0\u00a0 Cavalcante, Amanda da Cruz and Rodolfo Ara\u00fajo de M. Filho. \u201cAcesso ao cr\u00e9dito rural e g\u00eanero: uma an\u00e1lise do processo de aquisi\u00e7\u00e3o do Pronaf Mulher no Assentamento Normandia em Caruaru \u2013 PE\u201d. <em>Revista Brasileira de Educa\u00e7\u00e3o no Campo<\/em> 8 (2023). <a href=\"http:\/\/bit.ly\/4rCiw2C\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4rCiw2C<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref16\" id=\"_ftn16\"><sup>[16]<\/sup><\/a>\u00a0\u00a0\u00a0 MDA. Plano Safra 2025\/2026. 2025. Access date: September 25, 2025. <a href=\"http:\/\/bit.ly\/4obQNnk\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4obQNnk<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref17\" id=\"_ftn17\"><sup>[17]<\/sup><\/a>\u00a0\u00a0\u00a0 ASBRAER. <em>Plano Safra da Agricultura Familiar destina R$ 307 milh\u00f5es para Assist\u00eancia T\u00e9cnica e Extens\u00e3o Rural<\/em>. 2024. Access date: September 25, 2025. <a href=\"http:\/\/bit.ly\/3LcmAWp\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/3LcmAWp<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref18\" id=\"_ftn18\"><sup>[18]<\/sup><\/a>\u00a0\u00a0\u00a0 MDA. <em>Plano Safra 2025\/2026<\/em>. 2025. Access date: September 25, 2025. <a href=\"https:\/\/bit.ly\/4obQNnk\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4obQNnk<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref19\" id=\"_ftn19\"><sup>[19]<\/sup><\/a>\u00a0\u00a0\u00a0 MDA. Resposta e-SIC \u2013 54800.001489\/2025-15. Clarifications provided through the Law of Access to Information, December 23, 2025. <a href=\"http:\/\/bit.ly\/4ps55Qj\" target=\"_blank\" rel=\"noreferrer noopener\"><u>bit.ly\/4ps55Qj<\/u><\/a>.<\/p>\n\n\n\n<p><a href=\"#_ftnref20\" id=\"_ftn20\"><sup>[20]<\/sup><\/a>    Expenditures use June 2025 prices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this publication, researchers from CPI\/PUC-RIO identify the main barriers to credit and outline pathways to expand family farmers\u2019 access to PRONAF in order to boost sustainable production and climate resilience.<\/p>\n","protected":false},"author":265,"featured_media":118015,"template":"","format":"standard","meta":{"_acf_changed":true},"programs":[725],"regions":[353],"topics":[1199,287,612],"collaborations":[],"class_list":["post-120179","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-brazil","regions-brazil","topics-finance","topics-rural-credit","topics-smallholders"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Closing the Rural Credit Divide: Pathways to Increase PRONAF Access for Smallholders - CPI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatepolicyinitiative.org\/publication\/closing-the-rural-credit-divide-pathways-to-increase-pronaf-access-for-smallholders\/\" \/>\n<meta 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of Climate Finance in Ethiopia"},"content":{"rendered":"\n<p><strong>Macroeconomic reforms and escalating climate shocks are placing climate finance at the center of Ethiopia\u2019s development trajectory.<\/strong> The country contributes 0.4% of global emissions but faces high climate risks, particularly due to its reliance on rain-fed agriculture and hydropower. At the same time, high inflation, foreign-exchange shortages, rising debt service obligations, and a recent sovereign default have constrained fiscal space and raised the cost of capital. Ethiopia must therefore rapidly scale up climate investment in line with its Nationally Determined Contribution (NDC 3.0), while navigating macroeconomic constraints and the declining predictability of international concessional and donor finance. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Ethiopia\u2019s climate policy framework is increasingly investment-oriented, moving from ambition to action. <\/strong>Building on the Climate Resilient Green Economy (CRGE) Strategy (2011) and earlier NDCs, the country\u2019s NDC 3.0 (2025\u20132035) shifts from high-level ambition toward defined sectoral pathways and financing needs. Parallel reforms signaling growing institutional readiness include greening the financial sector under the National Bank of Ethiopia, developing a national green taxonomy, capital market reforms linked to the Ethiopian Securities Exchange, and emerging carbon market frameworks. However, coordination challenges, fragmented mandates, and limited project preparation capacity continue to constrain delivery. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Tracking how climate finance is mobilized and deployed is critical to inform policy decisions, guiding development partner strategies, and identify opportunities to crowd in domestic and private capital.<\/strong> This second iteration of the Landscape of Climate Finance in Ethiopia provides an updated baseline of project-level climate finance commitments for 2019 to 2023, with a focus on the biennial average for 2022 and 2023. It tracks flows across mitigation, adaptation, and dual-benefit activities, mapping finance from domestic and international sources, through public and private actors, to instruments and end-use sectors. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>This assessment draws on publicly available and proprietary datasets compiled on a best-effort basis. <\/strong>Data gaps remain material, especially for domestic public spending, given the absence of systematized climate budget tagging, and for certain private sector investments that are not consistently disclosed. As a result, some flows, particularly domestic public spending and difficult-to-track private investments, are likely underestimated.<\/p>\n\n\n<section class=\"block block-chart is-image\"><div is=\"chart\/image\" class=\"chart-image\">\n\t\t<script type=\"json\/props\">{\n \"colors\": []\n}<\/script>\n\n\t\t\n\t\t<div element=\"tabs\"><\/div>\n\n\t\t\t\t\t<a class=\"block-chart--image image--link\" href=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/04\/Ethiopia-Sankey-scaled.png\" target=\"_blank\"><div class=\"image--wrap\"><img src='https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/04\/Ethiopia-Sankey-scaled.png' class=\"image\" alt=\"Ethiopia-Sankey-scaled\" style=\"max-width:100%\" \/><\/div><\/a><!-- image html = <a class=\"block-chart--image image--link\" href=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/04\/Ethiopia-Sankey-scaled.png\" target=\"_blank\"><div class=\"image--wrap\"><img src='https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/04\/Ethiopia-Sankey-scaled.png' class=\"image\" alt=\"Ethiopia-Sankey-scaled\" style=\"max-width:100%\" \/><\/div><\/a>-->\t\t\n\t\t<div element=\"canvas\"><\/div>\n\n\t\t\t\t<group name=\"\">\n\t\t\t<!-- tab -->\t\t\t\n\t\t<\/group>\n\t\t\n\n\t\t\n\t\t\t<\/div><\/section>\n\n\n<h2 class=\"wp-block-heading\">Key findings<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ethiopia\u2019s climate finance has gradually increased but must rise by at least fourfold to meet identified needs. <\/strong>Tracked flows averaged USD 2.3 billion annually in 2022\/23, equivalent to approximately 1.7% of GDP. This is an 11% increase from the annual average of USD 2.1 billion in 2020\/21 but still well below the estimated USD 10.6 billion annual requirement under the NDC 3.0 (2025\u20132035).<br><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ethiopia\u2019s heavy reliance on international public sources exposes its climate agenda to the constraints of external concessional finance. <\/strong>In 2022\/23, 93% of tracked flows originated from international public sources. Public actors committed approximately USD 2.2 billion annually, primarily through grants (80%) and concessional debt (14%). Multilateral development finance institutions and donor governments were the largest providers. This concentration underscores the urgency of mobilizing broader and more sustainable domestic and private funding sources.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ethiopia\u2019s shallow capital markets and regulatory uncertainty have limited private climate finance.<\/strong> Private actors contributed USD 113 million annually in 2022\/23, representing less than 5% of total flows. This is insufficient to signal a functioning market or provide any buffer against public finance volatility. Private flows were concentrated in agriculture, forestry, and other land use (AFOLU) and small-scale energy activities. Investments were influenced by guarantee-backed transactions and philanthropic grants. Macroeconomic risk, currency constraints, shallow capital markets, and regulatory uncertainty continue to deter private participation at scale.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Adaptation finance accounts for the majority of Ethiopia\u2019s climate flows, reflecting the country\u2019s high vulnerability to drought, hydrological variability, and disaster risk. <\/strong>Adaptation represented 59% of tracked climate finance in 2022\/23 (USD 1.4 billion annually), a slight rise from 56% in 2019\/20. This finance was overwhelmingly grant-based (92%) and internationally sourced. While they exceed mitigation in volume, adaptation flows remain far below the estimated USD 4 billion annual need.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mitigation finance remains insufficient relative to emissions structure and targets and costed needs.<\/strong> These flows averaged approximately USD 500 million annually, compared to the estimated USD 6.6 billion requirement under NDC 3.0. Finance was concentrated in the energy sector and largely concessional in nature. Mitigation flows declined relative to 2020\/21 due to project cycle effects. The AFOLU sector, a large source of emissions, received a small share of mitigation finance, highlighting a structural imbalance between emissions sources and investment patterns.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cross-sectoral and resilience-oriented programs feature prominently across both mitigation and adaptation.<\/strong> In 2022\/23, adaptation investment averaged USD 644 million, mitigation investment USD 77 million, and dual-benefit projects received USD 306 million. These flows targeted initiatives such as disaster-risk management, food security, institutional capacity building, and policy support. This reflects Ethiopia\u2019s integrated CRGE vision and climate\u2013development nexus and requires strong coordination, monitoring, and financial management systems.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Institutional reform momentum is building, but delivery constraints persist. <\/strong>Ethiopia has implemented several climate-related reforms, including fuel subsidy reform, electric mobility incentives, financial sector greening initiatives, carbon market readiness efforts, and capital market development. These reforms can help to mobilize domestic and private capital. Yet fragmented governance structures, limited project preparation capacity, incomplete climate finance tracking systems, and constrained fiscal space continue to limit the scale and predictability of flows.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Recommendations<\/h2>\n\n\n\n<p>Strengthening governance, institutional capacity, and monitoring systems can help align climate finance mandates, build investable pipelines, and improve investor confidence. Strategic use of concessional finance, supportive regulation, and appropriate financial instruments can help mobilize private capital over time. This report highlights six priority actions for scaling Ethiopia\u2019s climate finance: <\/p>\n\n\n\n<p><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Strengthen climate finance governance to accelerate implementation. <\/strong>Enhance the<strong> <\/strong>role of the Climate Resilient Green Economy (CRGE) strategy as an inter-ministerial coordination mechanism with clear mandates and decision rights. This should link NDC planning to budget allocation, including climate budget tagging, and be aligned with public financial management processes. TCRGE efforts can serve as a central platform for screening and prioritizing NDC-aligned projects, coordinating technical assistance, and structuring blended finance\/PPP transactions. <\/li>\n<\/ol>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Build capacity for project preparation\u202fas well as institutional and subnational delivery to convert policy ambition into implementable pipelines.<\/strong> Improve technical capacity for feasibility studies, financial structuring, safeguards, risk allocation, and results-based planning across line ministries and subnational institutions, and establish standardized project preparation tools and targeted support for high-priority sectors, particularly AFOLU.<\/li>\n<\/ol>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Strengthen climate finance tracking, transparency, and data credibility.<\/strong> Climate budget tagging could be extended to regional and local levels, as well as to climate-aligned sectors such as energy, AFOLU, transport, water and wastewater, buildings and infrastructure and industry. Embedding tagging in budget execution and reporting can reconcile climate-relevant expenditures with actual spending and outputs.<\/li>\n<\/ol>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Optimize scarce public resources through catalytic de-risking and innovative fiscal instruments. <\/strong>Ethiopia must meet its NDC3.0 USD 2.4 billion annual domestic public finance target amid fiscal constraints, including rising debt servicing (13% of revenue), declining tax-to-GDP ratio (7.5%), and volatile donor finance. The country can strategically use its CRGE Facility and national funds to provide guarantees or first-loss capital to crowd in private flows. Aggregation mechanisms (SPVs, Platform-based structures, financial intermediary aggregation) can also help accelerate a shift from small, planning-oriented grants to scalable investments. Debt-for-climate swaps may be another viable source.<\/li>\n<\/ol>\n\n\n\n<ol start=\"5\" class=\"wp-block-list\">\n<li><strong>Unlock international and institutional capital through stronger enabling frameworks and domestic markets. <\/strong>High country risk, regulatory gaps, and weak monitoring limit private investment. Momentum is building through initiatives such as Ethiopia’s National Carbon Market Strategy, the establishment of the Ethiopian Securities Exchange, and the NBE’s Greening Financial Systems program. Next steps could include frameworks and regulations for carbon markets, green bonds, and other climate-aligned instruments to reduce uncertainty, enable transactions, and scale local-currency finance. Carbon markets offer a near-term opportunity to mobilize private capital, given the country\u2019s land restoration and reforestation programs.<\/li>\n<\/ol>\n\n\n\n<ol start=\"6\" class=\"wp-block-list\">\n<li><strong>Scale finance for sectors that are hard to abate or prioritized under the NDC 3.0. <\/strong>The limited climate finance flowing to industry represents a missed opportunity, given the sector\u2019s importance in shaping Ethiopia\u2019s long-term emissions trajectory and development ambition. Costed pipelines for carbon-intensive sectors, blended finance, and technical assistance for project preparation, standards, and technology deployment can help direct more capital to NDC 3.0 mitigation priorities, including industrial energy efficiency, fuel switching, and low-carbon technologies.<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n\n\n\n<p><span class=\"button\"><a href=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/04\/Landscape-of-Climate-Finance-in-Ethiopia.pdf\">Download the report<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethiopia\u2019s climate finance landscape tracks mitigation and adaptation flows from 2019\u20132023, revealing gaps between investment needs and available finance. It highlights sources, uses, and priorities that support climate action in one of Africa\u2019s fastest-growing and climate-vulnerable economies.<\/p>\n","protected":false},"author":249,"featured_media":120407,"template":"","format":"standard","meta":{"_acf_changed":false},"programs":[1770],"regions":[1371,1970],"topics":[1258,1894,1901,1287,1293,1334],"collaborations":[],"class_list":["post-120304","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-climate-finance-tracking-id","regions-afrika","regions-ethiopia","topics-adaptasi-dan-ketahanan","topics-climate-finance","topics-climate-finance-landscapes","topics-energi-dan-infrastruktur","topics-pembiayaan","topics-pembiayaan-swasta"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Landscape of Climate Finance in Ethiopia - CPI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatepolicyinitiative.org\/publication\/landscape-of-climate-finance-in-ethiopia-2\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landscape of Climate Finance in Ethiopia - CPI\" \/>\n<meta property=\"og:description\" content=\"Ethiopia\u2019s climate finance landscape tracks mitigation and adaptation flows from 2019\u20132023, revealing gaps between investment needs and available finance. 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The industry had a turnover of INR 20 lakh crore (USD 240 billion) in 2025, with total vehicle sales of 28 million units (SIAM 2025). It contributed 7.1% of national GDP, nearly 49% of manufacturing GDP, and close to 15% of total goods and services tax (PIB 2025a; PIB 2026c). It is also India\u2019s third-largest employer, supporting over 30 million direct and indirect jobs (PIB 2026a Feb).<\/p>\n\n\n\n<p><strong>However, dependence on crude oil imports and rising transport emissions present macroeconomic risks<\/strong>. India spent around USD 150 billion on net oil and gas imports in 2025 alone (PPAC 2026). Fluctuations in international crude oil prices expose the economy to external shocks. Furthermore, road transport energy use and related emissions have doubled since 2010, accounting for 12% of India\u2019s total CO\u2082 emissions in 2021, making it the third most emitting sector (IEA 2022). With emissions projected to quadruple by 2050, decarbonizing road transport is not just an environmental imperative but a strategic economic necessity (WRI 2024). Therefore, transport electrification offers a credible pathway to enhance energy security while mitigating GHG emissions.<\/p>\n\n\n\n<p><strong>The Government of India enables EV adoption through coordinated demand- and supply-side interventions<\/strong>. Purchase incentives via flagship policies, including the Faster Adoption and Manufacturing of Electric Vehicles (FAME) I and II and PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE), alongside supply-side incentives such as Production-Linked Incentive schemes, have stimulated EV demand and domestic manufacturing (PIB 2025b). These policies seek to build indigenous manufacturing capabilities and boost India\u2019s competitiveness in emerging clean mobility value chains.<\/p>\n\n\n\n<p><strong>The <\/strong><strong>EV transition will create new employment opportunities in battery manufacturing, charging infrastructure deployment, and battery recycling<\/strong>. These emerging segments present opportunities for domestic value addition, technological upgradation, and new employment generation aligned with high-skill manufacturing and services. However, internal combustion engine-specific manufacturing and traditional supply chain players could face revenue risks as demand for ICEVs declines. The ripple effects of the transition extend further, impacting employment and revenue of adjacent sectors, including fuel retail and aftermarket services, such as repair and maintenance.<\/p>\n\n\n\n<p><strong>Managing the transition requires evidence-based policy design and focused financial backing, grounded in rigorous impact evaluations and analysis across the automotive value chain. <\/strong>India\u2019s broader energy transition ambitions reinforce this need.<strong> <\/strong>The Atmanirbhar Bharat (Self-Reliant India) vision includes a long-term goal of achieving energy independence by 2047. This ambition, alongside India\u2019s commitment to reach net zero emissions by 2070, requires a gradual shift from a fossil fuel\u2013dependent economy toward one powered by renewable energy, green hydrogen, and electric mobility (PIB 2025 Aug). This transition will require accelerated action well before 2070, with 2047 as a critical milestone given the long investment cycle across energy, transport, and industrial systems.<\/p>\n\n\n\n<p><strong>Against this backdrop, a 100% EV scenario assessment is key to understanding the scale of benefits, challenges, and support required across the economy. <\/strong>This study, therefore, conducts a quantitative, scenario-based assessment of India’s automotive value chain with EV adoption under a business-as-usual (BAU) and a full electrification (100% EV) scenario achievable with additional policy support. This report analyzes the impact of a complete transition to EVs on economic growth, jobs, and climate action in India by 2047. It captures impacts across manufacturing, employment, energy demand, and emissions to comprehensively evaluate the opportunities and transition risks associated with large-scale electrification.<\/p>\n\n\n\n<p><span class=\"button\"><a href=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/Driving-Jobs-Economic-Growth-and-Climate-Action-The-Role-of-Clean-Mobility-Report.pdf\" type=\"link\" id=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2026\/03\/Driving-Jobs-Economic-Growth-and-Climate-Action-The-Role-of-Clean-Mobility-Report.pdf\">Download the publication here<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s industrial growth is increasingly aligned with climate goals, with the auto sector central to GDP and jobs. Yet oil dependence and rising emissions pose risks\u2014making EV transition critical for energy security, competitiveness, and low-carbon growth, with both opportunities and transition cha<\/p>\n","protected":false},"author":242,"featured_media":119515,"template":"","format":"standard","meta":{"_acf_changed":true},"programs":[1836],"regions":[155],"topics":[1205,1834,585],"collaborations":[],"class_list":["post-119230","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-just-energy-transition","regions-india","topics-mobility","topics-sustainable-transportation","topics-transportation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Driving Jobs, Economic Growth, and Climate Action: The Role of Clean Mobility in India - CPI<\/title>\n<meta name=\"description\" content=\"India\u2019s industrial growth is increasingly aligned with climate goals, with the auto sector central to GDP and jobs. Yet oil dependence and rising emissions pose risks\u2014making EV transition critical for energy security, competitiveness, and low-carbon growth, with both opportunities and transition cha\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatepolicyinitiative.org\/publication\/driving-jobs-economic-growth-and-climate-action-the-role-of-clean-mobility-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Driving Jobs, Economic Growth, and Climate Action: The Role of Clean Mobility in India - CPI\" \/>\n<meta property=\"og:description\" content=\"India\u2019s industrial growth is increasingly aligned with climate goals, with the auto sector central to GDP and jobs. 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Global Innovation Lab for Climate Finance Impact Report"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>The 2025 <a href=\"https:\/\/www.climatefinancelab.org\/\">Global Innovation Lab for Climate Finance<\/a> (the Lab) Impact Report highlights how innovative financial solutions are helping mobilize private investment for climate action in emerging markets.<\/p>\n\n\n\n<p>From 2014 to 2025, the Lab incubated <a href=\"https:\/\/www.climatefinancelab.org\/ideas\/\">87 climate finance<\/a> instruments designed to address barriers to investment in sectors such as renewable energy, sustainable agriculture, nature-based solutions, and climate resilience. Together, these solutions have mobilized USD 5 billion in climate investment, with USD 1.9 billion from private investors.<\/p>\n\n\n\n<p>The report explores how the Lab\u2019s investor-led model transforms early-stage ideas into investment-ready financial vehicles. Through a structured incubation process, collaboration with over 100 member institutions, and a global network of experts, the Lab helps design scalable financial solutions that can unlock capital where it is most needed.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Highlights<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>USD 5 billion mobilized<\/strong> across the Lab portfolio<\/li>\n\n\n\n<li><strong>87 climate finance solutions launched<\/strong><\/li>\n\n\n\n<li><strong>57% capital mobilization success rate<\/strong><\/li>\n\n\n\n<li><strong>150+ investors<\/strong> supporting Lab instruments<br><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.climatefinancelab.org\/wp-content\/uploads\/2026\/05\/Lab-Impact-Sankey-5bn.png\" alt=\"\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The report also highlights the Lab\u2019s growing regional programs, which develop solutions tailored to local markets and investment barriers. Active programs in Africa, Brazil, India, Latin America and the Caribbean, and the Philippines work with regional investors and stakeholders to design financial vehicles that can mobilize domestic and international capital where it is most needed.<\/p>\n\n\n\n<p>In addition, the report features case studies of Lab alumni, showcasing how innovative concepts move from incubation to implementation. These examples illustrate how Lab-endorsed instruments are raising capital, supporting climate projects on the ground, and building scalable financial models that can be replicated across markets.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 2014 to 2025, the Lab incubated 87 climate finance instruments designed to address barriers to investment in climate sectors. Together, these solutions have mobilized USD 4.4B in climate investment, with USD 1.83B from private investors.<\/p>\n","protected":false},"author":253,"featured_media":118717,"template":"","format":"standard","meta":{"_acf_changed":true},"programs":[395],"regions":[],"topics":[],"collaborations":[],"class_list":["post-118716","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-global-innovation-lab-for-climate-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2025 Global Innovation Lab for Climate Finance Impact Report - CPI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatepolicyinitiative.org\/publication\/2025-global-innovation-lab-for-climate-finance-impact-report\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2025 Global Innovation Lab for Climate Finance Impact Report - CPI\" \/>\n<meta property=\"og:description\" content=\"From 2014 to 2025, the Lab incubated 87 climate finance instruments designed to address barriers to investment in climate sectors. 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