Amid growing global recognition of the urgency to mobilize climate finance and accelerate climate action, CPI is significantly expanding our global, sectoral, and country-specific work, from adaptation to zero-emissions transportation.

Increased and improved tracking

CPI launched more than 15 climate finance tracking products in 2023. With improved data science capabilities, we leveraged new datasets for our flagship Global Landscape of Climate Finance report and many regional and sectoral analyses. The new Net Zero Finance Tracker launched, now covering all GFANZ institutions. Our tracking work also expanded to estimating the cost of delaying climate action.

Enhanced effectiveness & integrity work

Our Innovative Operating Model for International Financial Institutions for the 21st Century report was referenced at key climate finance events, including World Bank and G20 meetings, the Finance in Common Summit, and COP28.

Expanded support for country platforms included policy design to catalyze finance for Indonesia’s Just Energy Transition Partnership (JETP) Secretariat. This work focused on key investment areas identified through our work for the Energy Transition Mechanism Country Platform and the Comprehensive Investment and Policy Plan, released in November 2023.

Accelerating sustainable finance in the G20. Our India team was active throughout the year in supporting India’s G20 presidency, including the Sustainable Finance Working Group, inputs to T20 and U20 task forces, and collaboration with multiple organizations including IIT Madras.

Improving sustainable agriculture finance in Brazil. Brazil’s Federal Court of Auditors invited CPI to advise an audit on agricultural risk management policies. Brazil’s Agricultural Plan 2023/24 incorporated CPI’s recommendations on better aligning rural credit incentives and environmental compliance.

Focus on the private sector. CPI released the Corporate Climate Finance Playbook with Salesforce to guide corporations on leveraging their capital stack for climate action. This quickly gained traction— one Fortune 50 sustainability executive called it a “must read

Landmarks for innovation & mobilization

The Global Innovation Lab for Climate Finance has now mobilized USD 4 billion through the 68 climate finance instruments in its portfolio.

Our Catalytic Climate Finance Facility kicked into gear, raising USD 13 million and announcing its first cohort at COP28. Six market-ready blended finance vehicles will receive a combined USD 2.4 million in grants, as well as technical support.

The ClimateShot Investor Coalition (CLIC) is off to a strong start, supporting its first cohort of African agribusinesses who pitched to investors at the 2023 Africa Food Systems Summit. Since then, the businesses have raised a total of USD 1 million in funding. Two new solar finance mobilization projects are building on the success of our 2017-22 USICEF program in India. India Clean Energy Finance (ICEF) continues the USICEF model to support distributed renewable energy developers (DRE), and the India PURE Finance Facility is focused on DRE in rural settings.

Two new solar finance mobilization projects are building on the success of our 2017-22 USICEF program in India. India Clean Energy Finance (ICEF) continues the USICEF model to support distributed renewable energy developers (DRE), and the India PURE Finance Facility is focused on DRE in rural settings.

New areas of collaboration

India Center for Sustainable Finance (CSF) launched to foster learning and collaboration across India’s financial sector. The CSF has signed MoUs with leading government and academic institutions, including the International Financial Services Centres Authority, a government entity responsible for mobilizing international investment.

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The Year Ahead

Highlights of some of the many projects coming online at CPI in 2024.

Tracking

An unprecedented number of tracking projects are underway in 2024, including:

• The next edition of the State of Cities Climate Finance report
• Net Zero Finance Tracker: Improved functionality and data on global pension funds’ climate action
• Indonesia Climate Finance Flow Platform: Analysis of finance flows to clean and dirty energy via the country’s public electricity utility
• Climate finance landscapes for Brazil, India, and South Africa
• Enhancing our capabilities for estimating needs and calculating the cost of inaction

Effectiveness and integrity

Carbon markets

• Continued methodology work on the Coal-to-Clean Credits Initiative
• New work on Brazil forest compensation and the role of carbon markets in protecting the Amazon

Just transition and country platforms

• Continued work for Indonesia’s JETP secretariat
• New support for Viet Nam’s JETP
• Expanding just transition analysis and advice for fossil fuel-dependent states in India and the agricultural sector in Brazil

Continued support for IFI reform to mobilize private capital, including supporting efforts to enhance guarantees, and analysis of public development banks’ (PDBs’) Paris alignment and private capital mobilization.

Buildings, transportation, and heavy industry

• Expanding work by the Cities Climate Finance Leadership Alliance on net zero carbon buildings
• Launching analysis and advisory on the net zero transition for trucking and freight, and decarbonization of heavy industry in India

Brazil’s G20 presidency: Building on our successful support for Indonesia and India’s G20 presidencies, CPI is active in the Sustainable Finance Working Group supporting Brazil’s Ministry of Finance.

Innovation and mobilization

The Lab turns 10! CPI is celebrating by supporting our largest cohort yet—10 instruments (10 for 10!). This includes new programs for Latin America and the Caribbean, and the Philippines, and a new workstream dedicated to protecting high-integrity forests.

The Indonesia Climate Finance and Economics Program aims to unlock finance for energy transition projects through public-private partnerships. CPI will organize multistakeholder dialogues and produce research papers, op-eds and podcasts on policy recommendations to improve regulatory frameworks and optimize PPP implementation in Indonesia.

FiCS Financial Innovation Lab: Partnering with Finance in Common and the Inter-American Development Bank, CPI is the secretariat of the FiCS Lab. The FiCS Lab will support PDBs to address barriers to mobilizing private sector climate finance.

CLIC is expanding its Agrifood Investment Connector program to support a new cohort of up to 12 agribusinesses with investor engagement in Africa and potentially other regions.

Collaboration

The Green Banking Academy is launching under the Indonesia Center for Sustainable Finance to lower perceived investment risks for energy efficiency and renewables projects, and connect investors and banks with project developers.

2024 San Giorgio Group Agenda. With an emphasis on risk mitigation, domestic capital mobilization, and transition finance, this year’s SGG will provide critical focus to support commitments and implementation on the international climate finance agenda, including the leadup to World Bank and G20 meetings, and COP29 and COP30.