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This report by the Stockholm Environment Institute examines the global trend of 'green industrial policies' and the risks they pose to emerging market and developing economies (EMDEs). It argues that current policies in major economies often prioritize domestic benefits and geopolitical security over global fairness, potentially creating a 'two-speed' transition that hinders global climate goals. The document proposes several pathways to ensure a more inclusive transition, including scaled-up climate finance, technology transfer, and the adaptation of trade rules.

This report, prepared by an Independent High-Level Expert Group (IHLEG) for the Brazilian G20 Presidency and the G20 Sustainable Finance Working Group, reviews the Vertical Climate and Environmental Funds (VCEFs). It assesses the current climate finance gap in emerging markets and developing economies (EMDEs) and provides a strategic framework to optimize VCEF operations and enhance their ability to mobilize sustainable finance.