Download or read book A Governance Framework for Climate Relevant Public Investment Management written by Asian Development Bank and published by Asian Development Bank. This book was released on 2024-02-01 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report explains why strengthening the governance around public investment management is central to cutting inefficiencies and unblocking the climate finance needed to narrow Asia and the Pacific’s gaping infrastructure gap. Outlining how adaptation and mitigation should be woven into more inclusive investment planning, it explains why private investment should be combined with public resources to better tackle the climate and investment shortfall. It shows why a stronger understanding of climate data and risk analysis can help drive transparent and accountable climate-responsive investment in order to finance a solid pipeline of resilient infrastructure projects.
Download or read book Strengthening Infrastructure Governance for Climate Responsive Public Investment written by International Monetary and published by International Monetary Fund. This book was released on 2021-12-22 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries have committed, through the Paris Agreement and the Sustainable Development Goals (SDGs), to pursue climate targets and policies that would limit global temperature rise to well below 2 degrees Celsius, compared to pre-industrial levels. A shift toward green public investment will help to mitigate greenhouse gas (GHG) emissions. In addition, substantial public investment will be necessary to build public infrastructure that makes economies more resilient to climate change and related natural disasters. Climate change mitigation and adaptation challenges thus compound preexisting needs for public investment to foster the economic recovery from the pandemic and to meet the SDGs in a broader range of areas, often in a context of limited fiscal space. Against this backdrop, a priority for all countries is to manage their public investment efficiently and effectively. To help countries improve the institutions and processes for infrastructure governance (the planning, allocation, and implementation of public investment), the IMF developed in 2015 the Public Investment Management Assessment (PIMA), which has already been applied in over 70 countries. However, the current PIMA does not provide a sufficiently tailored assessment of how public investment management can support climate change mitigation and adaptation. To fill this gap, this paper introduces a new module to the to the current Public Investment Management Assessment (PIMA) framework, the “Climate-PIMA” (C-PIMA), whose goal is to help governments identify potential improvements in public investment institutions and processes to build low-carbon and climate-resilient infrastructure.
Download or read book Strengthening Infrastructure Governance for Climate Responsive Public Investment written by International Monetary Fund Fiscal Affairs Dept and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries have committed, through the Paris Agreement and the Sustainable Development Goals (SDGs), to pursue climate targets and policies that would limit global temperature rise to well below 2 degrees Celsius, compared to pre-industrial levels. A shift toward green public investment will help to mitigate greenhouse gas (GHG) emissions. In addition, substantial public investment will be necessary to build public infrastructure that makes economies more resilient to climate change and related natural disasters. Climate change mitigation and adaptation challenges thus compound preexisting needs for public investment to foster the economic recovery from the pandemic and to meet the SDGs in a broader range of areas, often in a context of limited fiscal space. Against this backdrop, a priority for all countries is to manage their public investment efficiently and effectively. To help countries improve the institutions and processes for infrastructure governance (the planning, allocation, and implementation of public investment), the IMF developed in 2015 the Public Investment Management Assessment (PIMA), which has already been applied in over 70 countries. However, the current PIMA does not provide a sufficiently tailored assessment of how public investment management can support climate change mitigation and adaptation. To fill this gap, this paper introduces a new module to the to the current Public Investment Management Assessment (PIMA) framework, the 'Climate-PIMA' (C-PIMA), whose goal is to help governments identify potential improvements in public investment institutions and processes to build low-carbon and climate-resilient infrastructure.
Download or read book United Kingdom written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2022-09-02 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Report discusses the results of applying the climate-focused module of the Public Investment Management Assessment (PIMA) to the United Kingdom (UK) in October 2021. The UK has some of the most ambitious climate mitigation targets in the world, requiring a strong role for public investment. The Climate-PIMA found that the UK has a relatively well-designed system to manage climate relevant public investment, but there is room to strengthen its institutional design and improve effectiveness. The application of the PIMA is covered in a separate companion report.
Download or read book Cabo Verde written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2024-04-26 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical report discusses the findings and recommendations of the Climate Public Investment Management Assessment (PIMA) of Cabo Verde (CPV) undertaken in March 2023. Progress has been made in the development of a comprehensive climate change policy framework, spatial planning, coordination with municipalities and in planning for disaster risk financing. But coordination across the central government is weak with no institution positioned strategically to lead either adaptation or mitigation related investments. The regulatory and oversight framework for public enterprise (PEs) does not promote consistency between their climate-related investments and national climate policies while PEs are the main driver of public investment in Cabo Verde. The Public-Private Partnership (PPP) framework does not define how climate risks are allocated between the government and PPP partners, while the use of PPP is increasing. Investment project appraisal and selection practices do not exist. Climate-responsive spending in infrastructure is at a concept development stage but gender budgeting is a well-recognised practice. Ex post reviews or external audits of projects on climate outcomes are not conducted and climate impact is not integrated into public asset management. On these grounds, this report makes seven high-priority recommendations which could improve climate-related public investment management in Cabo Verde and support green and sustainable economic growth. In addition, the C-PIMA report informed the design of the reform measures for a recently approved Arrangement Under the Resilience and Sustainability Facility.
Download or read book Well Spent written by Mr.Gerd Schwartz and published by International Monetary Fund. This book was released on 2020-09-03 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the Fund’s analytical and capacity development work, including Public Investment Management Assessments (PIMAs) carried out in more than 60 countries, the new book Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment will address how countries can attain quality infrastructure outcomes through better infrastructure governance—an issue becoming increasingly important in the context of the Great Lockdown and its economic consequences. It covers critical issues such as infrastructure investment and Sustainable Development Goals, controlling corruption, managing fiscal risks, integrating planning and budgeting, and identifying best practices in project appraisal and selection. It also covers emerging areas in infrastructure governance, such as maintaining and managing public infrastructure assets and building resilience against climate change.
Download or read book Climate Sensitive Management of Public Finances Green PFM written by Mr. Fabien Gonguet and published by International Monetary Fund. This book was released on 2021-08-11 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public financial management (PFM) consists of all the government’s institutional arrangements in place to facilitate the implementation of fiscal policies. In response to the growing urgency to fight climate change, “green PFM” aims at adapting existing PFM practices to support climate-sensitive policies. With the cross-cutting nature of climate change and wider environmental concerns, green PFM can be a key enabler of an integrated government strategy to combat climate change. This note outlines a framework for green PFM, emphasizing the need for an approach combining various entry points within, across, and beyond the budget cycle. This includes components such as fiscal transparency and external oversight, and coordination with state-owned enterprises and subnational governments. The note also identifies principles for effective implementation of a green PFM strategy, among which the need for a strong stewardship located within the ministry of finance is paramount.
Download or read book Gateway Framework written by Asian Development Bank and published by Asian Development Bank. This book was released on 2023-06-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: For tackling complex global challenges such as climate change, this publication advises how a Gateway Process (GP) can help the Asian Development Bank’s developing member countries channel scarce public resources into viable, sustainable, and efficient infrastructure investments. Supporting ministries of finance and related agencies, this publication explains how GPs can enhance the preparation, procurement, and execution of public private partnership projects and traditional public investment projects. To advance the environmental, social, and fiscal priorities of diverse economies and build institutional capacities, the publication describes an adjustable GP model—allowing policymakers to develop bespoke GPs within broader public investment management strategies.
Download or read book Investing to Mitigate and Adapt to Climate Change written by Anthony Bonen and published by International Monetary Fund. This book was released on 2016-08-05 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a macroeconomic model to assess optimal public policy decisions in the the face of competing funding demands for climate change action versus traditional welfare-enhancing capital investment. How to properly delineate the costs and benefits of traditional versus adaption-focused development remains an open question. The paper places particular emphasis on the changing level of risk and vulnerabilities faced by developing countries as they allocate investment toward growth strategies, adapting to climate change and emissions mitigation.
Download or read book Assessing Public Investment Management Functions and Institutional Arrangements for State Owned Enterprises written by Graham Glenday and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a diagnostic framework (DF) for helping governments conceptualize and develop desirable functions and institutional arrangements for public investments managed by state-owned enterprises (SOEs). The DF also extends its coverage to not-for-profit, quasi-independent government entities. Determining the appropriate approach to managing SOE public investments requires a measured reconciliation of multiple trade-offs. In certain cases, when SOEs make profit-seeking investments for commercial purposes, operate in competitive markets, and make investments that present no major externalities, governments should take a hands-off approach, a scenario that may include cases in which governments simply exit and leave the corporate governance in the hands of private investors. Governments should let SOEs make their own investment decisions in pursuit of business efficiency. In such instances, governments need to establish a level playing field on which SOEs can operate and compete with private actors and exercise their public interest as a shareholder. In other cases, however, governments should establish a robust system - well aligned with the national public investment management (PIM) architecture to regulate SOE investments. This alignment should occur when SOE investments extend the role of line ministries and are financed by the general government budget or involve large-scale projects, posing significant fiscal risks through implicit or explicit contingent liabilities. The PIM practiced by SOEs should also align with the national PIM system when there are potential detrimental impacts on the environment, climate, and resilience. Our DF consists of four matrices intended to be used in combination to assess the gap between a country's current SOE PIM and international best practices. Matrix 1 sketches the guideposts to determine which stakeholders should guard SOE investments, focusing on who. Matrix 2 helps assess PIM functions, focusing on what should be done under each PIM function and by whom. Matrix 3 presents a framework and a set of measurement indicators to evaluate how governments should introduce PIM processes and systems. Matrix 4 gives some consideration to the project viability of SOEs. To effectively apply the DF, it cannot be used mechanically: it must be grounded in a good understanding of the country's political economy and the vested incentives of all stakeholders involved in SOE PIM.
Download or read book Pakistan written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2023-11-17 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pakistan is working to improve its public investment management (PIM) to support economic growth and service delivery and make public infrastructure more sustainable and resilient to climate change. This assessment applies the IMF’s Public Investment Management Assessment (PIMA) framework, including the Climate-PIMA module. It highlights some of the important efforts made in recent years to strengthen PIM and identifies scope for further strengthening of key institutions. In a context where fiscal space is tight and climate action urgent, it recommends a number of targeted actions to move reforms forward.
Download or read book Sierra Leone written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2024-08-02 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sierra Leone faces significant climate-related challenges, including rising temperatures, unpredictable precipitation patterns, and increased risks of extreme weather events, which threaten its infrastructure and coastal communities. This assistance assessed Sierra Leone's public investment management through the Climate Module of the Public Investment Management Assessment (C-PIMA). Sierra Leone was found to perform moderately well in some areas of the C-PIMA, but there were key gaps in other areas, often linked to weaknesses in the underlying public investment management framework. The assistance found that addressing these persisting core public investment management challenges is a prerequisite for effective climate-sensitive public investment management.
Download or read book Republic of Kosovo written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2023-12-04 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kosovo is rightly working to improve its public investment management to support future economic growth and improvements in wellbeing. This assessment applies the IMF Public Investment Management Assessment (PIMA) framework, including the Climate-PIMA module. It finds that there have been improvements in Kosovo’s public investment management institutions since the original 2015 PIMA assessment—but the design of these institutions is stronger than their effectiveness in practice. Continued reforms are needed to strengthen the project appraisal process, improve the pace of project implementation, and increase central support for major projects. Like most other countries, Kosovo is at an early stage of incorporating climate aspects into public investment management. Strengthening the alignment between climate goals and sectoral infrastructure planning and delivery will be needed to ensure that infrastructure investments are resilient and assist Kosovo in meeting is climate objectives.
Download or read book Macroeconomic and Financial Policies for Climate Change Mitigation A Review of the Literature written by Signe Krogstrup and published by International Monetary Fund. This book was released on 2019-09-04 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.
Download or read book Climate Resilient Fiscal Planning written by Asian Development Bank and published by Asian Development Bank. This book was released on 2023-11-01 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report shows how adopting good practices around climate-resilient fiscal planning can help decision-makers in Asia and the Pacific ramp up public and private resources to plug the yawning adaptation financing gap. Outlining a three-step framework, the report explains the need to effectively assess the rising impacts of climate change, develop a fiscal risk management strategy, and optimize available resources. It underscores why coherent action hinges on a solid understanding of the impacts of climate change and how central finance agencies can better integrate climate risk into decision-making to lead the drive towards economic resilience.
Download or read book Seychelles written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2023-11-20 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Public Investment Management Assessment (PIMA) for Seychelles shows a relatively well-designed public investment management system, with well-unified budgeting arrangements and effective funding processes for capital projects. However, the assessment also notes under-execution of capital budgets and identifies important areas for improvement in medium-term budgeting, project planning, and asset management. The Climate Public Investment Management Assessment (C-PIMA) provides a climate perspective on public investment management in Seychelles. This module identifies proactive climate-related public investment coordination but gaps in the incorporation of climate resilience measures within the investment framework. Recommended reforms are geared towards enhancing project appraisal, defining roles in the public investment system, and integrating climate change adaptation into the planning process. These reforms, aligned with Seychelles' National Development Strategy, aim to optimize public investment management and ensure sustainable development in the face of climate-related challenges.
Download or read book Managing Climate Risk in the U S Financial System written by Leonardo Martinez-Diaz and published by U.S. Commodity Futures Trading Commission . This book was released on 2020-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
