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Geopolitics looms large over the global economy. A recent client survey by Goldman Sachs found geopolitics is the top investment risk of this year, overtaking inflation and the...
Reports by Gautam Jain • September 07, 2023
This report represents the research and views of the author. It does not necessarily represent the views of the Center on Global Energy Policy. The piece may be subject to further revision. Contributions to SIPA for the benefit of CGEP are general use gifts, which gives the Center discretion in how it allocates these funds. More information is available at Our Partners. Rare cases of sponsored projects are clearly indicated.
For a full list of financial supporters of the Center on Global Energy Policy at Columbia University SIPA, please visit our website at Our Partners. See below a list of members that are currently in CGEP’s Visionary Annual Circle.
(This list is updated periodically)
Corporate Partnerships
Occidental Petroleum Corporation
Tellurian Inc.
Foundations and Individual Donors
Anonymous
Anonymous
the bedari collective
Jay Bernstein
Breakthrough Energy LLC
Children’s Investment Fund Foundation (CIFF)
Arjun Murti
Ray Rothrock
Kimberly and Scott Sheffield
A large gap exists between the financing needed for the energy transition and what is being invested. Green bonds are flourishing as one of the main sources to close this financing gap, with over $2.5 trillion issued globally thus far. However, emerging market and developing economies (EMDEs) haven’t fully capitalized on the growth of this asset class: the share of EMDE (excluding China) green bonds denominated in local currencies within the total green bond universe remains minuscule. While some EMDE issuers can sell a bond denominated in dollars and hedge by swapping the dollar exposure into the local currency of the underlying projects, the cost of doing so is usually prohibitive.
This report, part of the Financing the Energy Transition initiative at the Center on Global Energy Policy at Columbia University SIPA, adds to ongoing discussions of how to encourage a greater flow of green financing from international investors to emerging economies. Toward that end, it explores a blended finance structure wherein an intermediary takes on the local currency risk of an EMDE green bond, effectively converting it to a dollar bond that settles internationally, to potentially stimulate more issuances and expand the pool of international investors with access to these bonds.
Key takeaways from this report include the following:
Today, Qatar is among the world’s wealthiest countries. Its rich hydrocarbon resources have transformed this small Gulf state into an energy powerhouse, funded its outsized global ambitions, and allowed it to forge an identity separate from those of its large and powerful neighbors.
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Reports by Gautam Jain • September 07, 2023