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The document identifies a gap in Indonesia's top-down climate finance approach, which often prioritizes financier requirements over the needs of marginalized communities. It argues for a shift from a reliance on philanthropic funding toward commercial and blended finance to increase the scale and coverage of support. To achieve this, the report emphasizes the need to address structural barriers such as inadequate capacity, low-quality project pipelines, and regulatory uncertainty.

The report analyzes 52 cross-border guarantee instruments from 34 entities, finding that while guarantees are critical for mobilizing private capital in EMDEs, the current landscape is fragmented. Most guarantees are climate-agnostic and focused on commercial risk and debt instruments, with significant gaps in climate-exclusive products, equity guarantees, and coverage for political and currency risks. The study recommends increasing guarantees for low-income countries and high-emitting EMDEs, and expanding the role of Multilateral Development Banks (MDBs) in offering climate-specific instruments.

The 2023 update shows minimal progress in climate commitments among the 70 largest PFIs, with only two institutions setting new targets. However, an analysis of smaller PFIs in emerging markets and developing economies reveals that institutional size is not a primary barrier to climate ambition; instead, government prioritization and national climate goals are the strongest drivers of engagement. The report highlights that banks with general development mandates tend to be more climate-ambitious than those with narrow sectoral mandates, though successful examples exist in infrastructure and agriculture.

India faces significant climate vulnerability, with adaptation investment needs estimated between USD 14 billion and USD 67 billion annually for 2015-2030. While the government utilizes a 'co-benefits' approach—integrating adaptation into broader development goals—this makes it difficult to track specific adaptation funding. Analysis of six states' updated State Action Plans on Climate Change (SAPCCs) reveals a collective annual investment need of INR 444.7 billion (USD 5.5 billion) for 2021-30. State governments are the primary drivers of adaptation finance, but their capacity is constrained by high debt levels and strict borrowing limits under the Fiscal Responsibility and Budget Management (FRBM) Act. The report recommends that the 16th Finance Commission include adaptation variables in fund devolution and suggests using Public-Private Partnerships (PPPs) and blended finance to attract private capital, which is currently limited by data gaps and uncertain returns.

The report identifies four global municipal solid waste (MSW) management archetypes—Build the Basics (BtB), Build the Basics Plus (BtB+), Move up the Hierarchy (MuH), and Close the Circle (CtC)—and proposes specific abatement strategies for each. It emphasizes that diverting organic waste from landfills and dumpsites is the most significant opportunity for methane reduction. The authors recommend a combination of source-separated organics (SSO) programs, improved landfill gas collection and control systems (GCCS), and enabling policy frameworks, such as landfill taxes and organic waste bans, to align waste management with the waste hierarchy and limit global warming.

The GCF Board's 37th meeting in Tbilisi, Georgia, resulted in the approval of 15 funding proposals totaling USD 736.4 million and the adoption of the 2024 administrative budget of USD 112.4 million. Key strategic outcomes include the endorsement of the Readiness Strategy 2024–2027, which allocates USD 501.5 million to enhance country ownership and direct access, and the confirmation of USD 9.3 billion in pledges for the second formal replenishment (GCF-2). The Board also established an ad hoc Committee on Human Resources Matters to address systemic compensation and policy issues. Significant discussions occurred regarding the potential for a regional presence to reduce operational bottlenecks and the ongoing debate over the financing of results-based payments for REDD+, which was deferred to the next meeting.

Hamara Grid is implementing a PPPP model in Mon district, Nagaland, to deploy solar mini-grids (30 kWp to 45 kWp) as a solution to the poor reliability of the national grid. The project integrates energy access with livelihoods, health, and education, utilizing a blended finance structure of grants, debt, and equity. As of August 2023, six mini-grids are operational, with a target of 50 villages by June 2025. Key findings highlight the importance of incubating energy-based livelihoods to accelerate energy utilization and the strategic prioritization of larger villages to reach commercial viability faster.

The Greenhouse Gas Reduction Fund (GGRF), established by the 2022 Inflation Reduction Act, provides USD 27 billion in grants to mobilize financing for GHG emissions reduction in the United States, specifically targeting low-income and disadvantaged communities (LIDACs). While the fund offers a transformative opportunity to align climate mitigation with economic development and climate justice, the report identifies significant barriers, including short implementation timeframes, varying operational capacities among community development financial institutions (CDFIs), and a shortage of skilled workforce and project pipelines. To overcome these, the report recommends catalyzing private capital through secondary markets and blended finance, standardizing underwriting and financial products, implementing a hub-and-spoke technical assistance framework, aligning government efforts across all levels, and establishing a collaborative 'sandbox' culture for systemic learning.

The report finds that gender-responsive climate blended finance is scarce, with only 22% of climate deals in Convergence's database meeting the criteria. In the energy sector, gender focus is more prevalent in off-grid projects (28%) than on-grid projects (11%), largely due to the domestic nature of off-grid energy needs. The document highlights the role of concessional capital, technical assistance (TA), and performance-based incentives in driving gender outcomes. It provides case studies of vehicles like the Green Guarantee Company and Catalyst Fund to illustrate how blended finance can support women-led enterprises and increase female labor participation in technical roles. Key recommendations include deploying TA alongside financial incentives and utilizing equity to influence gender policies at early stages.

The GRP 2024–2029 Strategy focuses on three transformative opportunities: regenerative food systems, reimagined finance flows, and community-led resilience. The partnership aims to scale locally-led innovations and bridge the adaptation finance gap, which is currently five to ten times lower than required for developing countries. Key goals include transforming food and financial systems, scaling formal-informal collaborations, increasing transdisciplinary learning, and embedding resilience in the private sector. Geographically, the strategy prioritises sub-Saharan Africa, South and South East Asia, and Small Island Developing States in the Pacific and Caribbean.

The report outlines the necessity of community-led climate action, innovative financing, and the democratisation of technology to build resilient communities. It emphasizes that effective adaptation requires integrating local and Indigenous knowledge, leveraging private sector capital through blended finance, and breaking down infrastructure management silos. The document advocates for a collaborative ecosystem involving governments, NGOs, and the private sector to bridge gaps in funding and technical capacity ahead of COP29 and COP30.

WeLight Madagascar, founded in 2018, operates a portfolio of 118 solar mini-grids financed by Team Europe (EIB, ElectriFI, and Triodos) with a budget of EUR 23,000,000. These sites provide distributed renewable energy to 540,000 people, including 36,000 households and 1,050 public buildings, while avoiding 1,930 tonnes of CO2 emissions annually. The project has generated over 8,100 new jobs, electrified more than 250 schools and 100 health centres, and installed over 3,000 streetlights across 15 regions of Madagascar.

The global mini-grid market has seen significant growth, with installations in 2024 projected to be six times higher than in 2018. There is a clear transition from diesel to solar PV, with solar's share of installed capacity rising from 14% in 2018 to 59% in 2024. While funding has increased—with total committed funding for ongoing programmes exceeding USD 3.1 billion—a significant financing gap remains, particularly in sub-Saharan Africa. The sector is shifting toward Productive Use of Energy (PUE) business models and innovative technologies like mesh grids and lithium-ion batteries to improve financial viability. However, the report notes that regulatory implementation often lags behind formal policy, and there is a critical need for standardized reporting and better data sharing to attract private investment.

The 2024 State of the Global Mini-Grids Market report highlights a significant expansion of the sector, with installations increasing six-fold since 2018. It documents a transition from diesel-heavy systems to solar photovoltaic (PV) and lithium-ion battery storage, driven by a 90% drop in solar panel costs over the last decade. The report emphasizes the shift toward Productive Use of Energy (PUE) to ensure financial viability and the emergence of innovative models like mesh grids for low-density areas. While total committed funding has exceeded 3.1 billion USD, the report identifies a persistent financing gap and slow disbursement rates, averaging 57% as of March 2024. It recommends the adoption of integrated energy planning, standardized regulatory tools, and a greater focus on local developers to achieve universal electricity access by 2030.

Reclaim Finance asserts that the 'transitioning away from fossil fuels' agreement at COP28 must be backed by concrete action from rich countries. It calls for the EU, US, Canada, Norway, the UK, and Australia to end domestic oil and gas production, stop their financial institutions from enabling global fossil fuel expansion, and provide concessional finance for just coal retirements and renewable energy deployment in the Global South.

The document highlights the critical need for timely financing to decarbonize heavy industry in emerging and developing economies, noting that steel and cement production alone account for 11% of global greenhouse gas emissions. It argues that IFIs can accelerate the transition to net zero by providing concessional capital to de-risk investments and offering technical assistance for national and corporate roadmaps. However, IFI engagement is currently in its early stages due to barriers such as misaligned financing mandates, the massive scale of required investments, and competing country priorities.

The Green Climate Fund (GCF) has approved a US$1.5 million grant to the United Nations Development Programme (UNDP) for the preparation of the Climate and Health Co-Investment Facility Coordination Programme. This preparatory phase aims to develop a full funding proposal to reduce health-related vulnerability and greenhouse gas emissions from the health sector. Key activities include conducting baseline studies and barrier analyses in 14 targeted countries, designing innovative blended financing instruments, and performing feasibility studies for investment projects in 7 countries. The programme is designed to support COP26 Health commitments and will be implemented in collaboration with the World Health Organization (WHO) and the Alliance for Transformative Action on Climate and Health (ATACH).

The report argues that climate adaptation is now a business imperative due to increasing physical risks and economic losses. It identifies three 'entry points' for private finance: 'Protect' (safeguarding existing assets and supply chains), 'Grow' (investing in early-stage and mature companies developing resilience technologies), and 'Participate' (co-investing in public sector infrastructure projects). The analysis highlights that adaptation investments can yield high benefit-to-cost ratios, particularly in emerging markets and developing economies (EMDEs), and that valuation multiples for resilience solution providers are promising, with a median of 9 times revenue.

The paper argues that the dominant 'Billions to Trillions' agenda, which prioritises private sector mobilisation and de-risking, often conflicts with international human rights standards. It evaluates this architecture through five principle clusters: national responsibilities, national sovereignty, procedural fairness, responsibilities of financial investment, and obligations during crises. The author contends that this model commodifies public goods, undermines state policy autonomy through investment treaties, and lacks transparency. Using South Africa's Just Energy Transition Investment Plan (JET-IP) as a case study, the report highlights gaps in public transport funding and the risks of private-sector dominance. It concludes by proposing a research agenda to bridge the gap between human rights norms and the actual implementation of climate investment plans.

The report argues that while MDBs have increased overall climate finance, urban climate investments in L&MICs have plateaued and remain insufficient. It identifies critical gaps in strategy, operating models, and private capital mobilization, recommending a shift from project-by-project approaches to programmatic strategies and increased direct financing for cities to meet global climate goals.