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Europe is entering the 2026 gas injection season with its lowest level of gas in storage since 2018.
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The global order that shaped the past several decades is giving way to a more fragmented and uncertain world. Long-standing alliances are under strain, economic integration is giving...
Reports by Gautam Jain • September 07, 2023
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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:
The US-Israeli war against Iran highlights the Gulf’s dual role as the backbone of global energy supply and a major source of systemic risk.
Within days of the initial U.S. and Israeli attack on Iran on February 28, 2026, the world was plunged into an energy crisis.
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Reports by Gautam Jain • September 07, 2023