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Spain has significantly lowered its wholesale electricity prices by decoupling them from volatile fossil fuel costs through the expansion of wind and solar capacity. In the first half of 2025, Spain's wholesale prices were 32% lower than the EU average, with the share of hours where prices were tied to gas costs dropping from 75% in 2019 to 19% in 2025. However, a blackout on April 28, 2025, led to a 'reinforced mode' of grid operation that increased reliance on gas for stability services. This resulted in the cost of grid balancing doubling in May 2025 and renewable curtailment tripling from 1.8% to 7.2% between May and July 2025. The report highlights a lag in investment in battery storage and grid-enhancing technologies, noting that Spain's 120 MW battery fleet is only the 13th largest in Europe despite being the 4th largest power market. To address this, Spain is implementing reforms, including adding eight synchronous compensators to the mainland grid and expanding its battery storage pipeline.

The document assesses the current state and future trajectory of solar and wind energy in Colombia, noting a rise in installed capacity to 9% of the electricity matrix by 2024 and a target of 20,000 energy communities by 2026. It highlights a significant drop in renewable investment between 2022 and 2023 and identifies a funding gap of up to USD 92.4 billion to meet National Energy Plan goals, while emphasizing the need for justice and equity strategies for local communities.

The report examines four EU climate regulations—the Carbon Border Adjustment Mechanism (CBAM), the EU Deforestation Regulation (EUDR), the EU ETS for Shipping, and Methane Regulations—and their disproportionate effects on African economies. It highlights risks such as GDP reduction, loss of export revenue, and increased maritime costs, while calling for financial support, technical capacity building, and a shift toward global rather than unilateral regulatory frameworks.

The report analyzes the potential for California to meet its 2045 CDR target of 75 MMT CO2e by diversifying its portfolio with Biomass Carbon Removal and Storage (BiCRS) systems. Using seven scenarios based on cost and social acceptance, the study finds that BiCRS can remove between 13 and 75 MMT CO2e annually. Scenarios utilizing high biomass availability estimates show that BiCRS alone could meet the state's target, potentially reducing costs and increasing bioenergy and job production by up to 10 times compared to the DAC-heavy 2022 Scoping Plan. However, scenarios with limited forest biomass availability fail to meet the target. The report highlights a trade-off between optimizing biomass for CDR versus sustainable aviation fuel (SAF) production and recommends expanding the state's CDR portfolio beyond hydrogen-based BECCS.

The document examines how the Investor-State Dispute Settlement (ISDS) system enables foreign investors, particularly from the fossil fuel industry, to claim compensation from states for climate policies. It highlights the 'regulatory chill' effect, where the threat of costly awards—which have increased from an average of $25 million (1994-2003) to over $250 million (2014-2023)—deters governments from phasing out fossil fuels. The briefing references July 2025 advisory opinions from the International Court of Justice and the Inter-American Court of Human Rights to affirm state duties to regulate polluting conduct. It concludes that current reform efforts, including the EU and UK withdrawals from the Energy Charter Treaty (ECT), are insufficient due to sunset clauses and inadequate carve-outs, and recommends coordinated UN-level action to eliminate ISDS threats to climate and human rights obligations.

The document provides a comprehensive analysis of the IACtHR's Advisory Opinion OC-32/25, which recognizes the right to a healthy climate as an autonomous and justiciable right. It details the court's findings on the obligations of states to mitigate greenhouse gas emissions, adapt to climate impacts, and cooperate internationally. The report emphasizes the recognition of Nature as a subject of rights and the establishment of a reinforced due diligence standard for preventing climate damage. It also explores the specific protections required for vulnerable groups, including indigenous peoples, LGBTIQ+ individuals, persons with disabilities, and future generations, while outlining the necessity of comprehensive climate reparations and environmental democracy.

The report provides a comprehensive overview of Brazil's sustainable debt market (VSS+) as of June 30, 2025, highlighting the dominance of green bonds and the role of non-financial corporations. It details the regulatory landscape, including the development of the Brazilian Sustainable Taxonomy (TSB), and identifies strategic investment opportunities across sectors such as agriculture, energy, and sanitation.

The report outlines a framework for sovereign transition planning based on five pillars: robust targets, a whole-of-government approach, green public financial management (PFM), a diverse policy mix, and transparency. It argues that integrating climate considerations into core budgetary processes (green PFM) is essential for coordinating action across all government departments. To address fiscal constraints and debt overhang, the report suggests alternative financing mechanisms, including carving out transition spending from deficit limits, utilizing GSS+ and sustainability-linked bonds, leveraging national development banks and sovereign wealth funds, and employing central bank monetary tools such as green asset purchases and adjusted collateral frameworks.

The report outlines a framework for credible sovereign transition planning based on five elements: robust targets, a 'whole-of-government' approach, green public financial management, integrated policy tools, and transparency. It addresses the challenge of 'debt overhang' in both developed and emerging markets, suggesting alternatives such as excluding transition spending from deficit calculations and utilizing GSS+ bonds. The document also examines the roles of national development banks, sovereign wealth funds, and central banks in mobilizing private capital and providing low-cost financing for climate action.

Methane abatement is critical for near-term climate action, requiring a 45% reduction in global emissions by 2030. The report highlights that the energy sector has the highest technical abatement potential, while agriculture is dominated by behavioural change opportunities. It identifies five national sector archetypes—China's coal, India's smallholder agriculture, Brazil's livestock, Indonesia's waste, and O&G exporters—to provide scalable policy lessons. Significant financing gaps exist, with only USD 13.7bn tracked in 2021/22 against an estimated annual need of USD 48bn. The report advocates for methane-specific targets in NDCs, the use of satellite monitoring to close data gaps, and the implementation of import standards and carbon pricing to drive global supply chain reductions.

The report argues that climate change threatens decades of global health progress and calls for the embedding of health priorities into all UNFCCC negotiations. It recommends operationalising the Global Goal on Adaptation with health indicators, phasing out fossil fuels to prevent millions of pollution-related deaths, and establishing a global mechanism for just transitions. The document highlights a severe finance gap, noting that current climate finance is insufficient to protect health, and suggests redirecting fossil fuel subsidies toward health-protective climate resilience. It also advocates for a transition to agroecology in food systems and the implementation of a robust Gender Action Plan to address gender-differentiated health impacts.

The document examines Namibia's transition toward becoming an oil exporter, highlighting the gap between government growth targets and industry realities. While significant offshore discoveries have been made, the report warns that relying on fossil fuels may divert resources from sustainable development and renewable energy, especially as global demand declines and technical challenges persist.

The document details the methodology used to evaluate investment risks and attributes for the livestock sector in Latin America and the Caribbean, categorizing risks into governance, financial, physical climate, market, infrastructure, and nature. It establishes a framework for matching these risks with the preferences of public and private investors and models three capital scenarios: business-as-usual (BAU), improved financial strategies (IFS), and improved financial and political strategies (IFPS). The analysis distinguishes between small-scale farms (2-10 hectares) and large-scale commercial operations, noting that small-scale systems are more dependent on public funding. Geographically, it segments the region into Brazil, Argentina, Mexico, and the 'rest of LAC', highlighting Brazil's role as the region's primary beef producer and the significant underreporting of private climate finance in the sector.

The document outlines a comprehensive methodology for evaluating investment risks and attributes in the livestock sector across Latin America and the Caribbean, specifically distinguishing between small-scale and large-scale commercial farms. It establishes a scoring system across six risk categories—governance, financing, physical climate, market, infrastructure, and nature—and compares these against the risk tolerances of public and private investors. The annexes also model three financial scenarios: Business-as-Usual (BAU), Enhanced Financial Strategies (IFS), and Enhanced Financial and Policy Strategies (IFPS), predicting how targeted interventions can shift capital composition from predominantly public to increased private investment. Geographic analysis highlights Brazil's relative stability and market dominance, while noting higher risks in Argentina and Mexico.

The report analyzes the convergence of nature-based solutions (NbS) and adaptation and resilience (A&R) finance, highlighting a critical funding gap where annual global nature finance flows of USD 200 billion are only one-third of the amount needed by 2030. Through five case studies—including the Acumen Resilient Agriculture Fund and Wildfire Resilience Insurance—the document identifies key barriers such as the complexity of measuring outcomes in changing climates, the lack of standardized metrics, and the high upfront costs of resilience interventions. It argues that while carbon credits and regulatory standards like the EU Deforestation Regulation provide pathways, scaling requires a shift from reactive to preventive investment mindsets and the development of credible, localized impact metrics. The report concludes that reforming the development finance architecture and leveraging global frameworks like COP30 are essential to mainstreaming nature-based adaptation.

The report identifies a massive funding gap for sustainable livestock in Latin America and the Caribbean, where the sector is responsible for approximately 28% of regional emissions but receives minimal climate investment. It analyzes investment risks—including governance instability, physical climate threats like El Niño, and macroeconomic volatility—and evaluates the suitability of various public and private investors. The document proposes three scenarios: Business-as-Usual, Improved Finance Strategies (IFS), and Improved Finance and Policy Strategies (IFPS), arguing that a combination of blended finance, risk-reduction tools, and institutional reforms is necessary to transition from a heavy reliance on public funding to a diversified capital base. Specific recommendations include implementing first-loss capital, long-term loans, and natural capital accounting to unlock investment in practices such as silvopasture and sustainable feed production.

In 2024, IDFC members committed $173 billion in total green finance, a 13% decrease from 2023, though 14 of 23 responding members increased their individual commitments. Climate finance dominated at $167 billion, with mitigation finance ($140 billion) remaining the primary focus, while adaptation finance grew by 64% to $17 billion. Biodiversity finance reached $8 billion, with the largest shares directed toward water preservation. Non-OECD institutions provided 72% of climate finance and 78% of biodiversity finance, with East Asia and the Pacific emerging as the largest recipient region for both categories.

Between 2019 and 2023, Indonesia's power sector saw total reported investments of USD 38.02 billion, with fossil fuels (FF) dominating at 62% of the share. The report highlights a significant gap in 'unreported' investment in captive coal-fired power plants (CFPPs), estimated at USD 10.63 billion. While renewable energy (RE) investment reached USD 8.85 billion, it remains concentrated in baseload sources like hydropower and geothermal. Private international financial institutions are the primary drivers of fossil fuel investment, whereas RE is increasingly supported by domestic private sources. Analysis of PLN reveals that coal plants account for 46% of annual operating costs, and PLN-owned solar plants suffer from severe inefficiency with a capacity factor of only 4% compared to a 16% benchmark.

The report identifies a severe underfunding of sustainable livestock systems in Latin America and the Caribbean (LAC), where livestock accounts for approximately 28% of regional greenhouse gas emissions. It highlights a significant financing gap, estimating that annual flows need to increase up to 255 times to enable a transition. The analysis reveals that public investors are currently the most suitable for the sector due to higher risk tolerance, while private investment is hindered by governance risks, macroeconomic instability, and a mismatch between project scales and investor preferences. The document proposes three scenarios—Business-as-Usual, Improved Finance Strategies (IFS), and Improved Finance and Policy Strategies (IFPS)—to demonstrate how blended finance, risk-reduction tools, and regulatory reforms can attract private capital, particularly for large-scale farms in Brazil and Mexico.

The report argues that tropical forests should be central to climate strategies, moving from being viewed as a risk to a solution. It analyzes 91 countries, categorizing them by forest cover and deforestation rates, and concludes that forest protection and restoration are compatible with economic growth. To address the funding gap for restoration, the authors propose the Reversing Deforestation Mechanism (RDM), a jurisdictional, results-based payment system for net carbon removals. RDM is designed to complement existing tools like JREDD+ and the Tropical Forest Forever Facility (TFFF). Simulations suggest that at a carbon price of US$ 50 per ton, RDM could generate significant annual revenues and remove up to 2 GtCO2 per year globally in its early stages.