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cover of episode Why investors avoid developing countries, and how to change that: Moving Money

Why investors avoid developing countries, and how to change that: Moving Money

2025/4/24
logo of podcast Zero: The Climate Race

Zero: The Climate Race

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Akshat Rati
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Avinash Persaud
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Akshat Rati: 本期节目讨论如何解锁发展中国家的私人资金,以应对清洁能源转型中资金缺口巨大的问题。发达国家和发展中国家在清洁能源投资方面存在巨大差距,大部分资金缺口需要私营部门填补。 Akshat Rati: 尽管全球清洁能源投资总额巨大,但发展中国家只获得少量资金,投资者担忧不熟悉市场、汇率波动和高风险。 Avinash Persaud: 为发展中国家的投资提供汇率保证,可以吸引更多私人投资。我们与巴西政府合作,启动了一个外汇流动性工具,以解决汇率风险问题。发展中国家清洁能源项目的商业可行性高,但投资者担心国家风险和汇率风险,当前金融市场结构导致投资者回避发展中国家的清洁能源投资。洲开发银行利用其AAA评级,在经济下行时期为可再生能源项目提供美元贷款,降低了投资者风险。通过当地银行,而非直接对项目投资,可以吸引外国投资者进入发展中国家。创建一个基金购买银行现有的高收益可再生能源项目资产,并要求银行将出售贷款所得资金再投资于同一领域,可以迅速增加投资规模。金融机构更倾向于再融资,而对发展中国家现有可再生能源项目的投资需要额外努力。绿色债券市场规模庞大,但其影响力取决于绿色溢价的大小,绿色债券的绿色溢价很低,可能因为投资者不信任绿色定义或缺乏对绿色投资的需求。绿色债券的需求下降,是因为投资者可以从其他投资中获得更高的回报。绿色债券市场缺乏需求,是因为投资者不愿意为了做善事而接受较低的回报率。可持续发展挂钩债券市场规模不断增长,但信息问题可能会限制其发展。可持续发展挂钩债券可以利用特定捐赠者的兴趣,但其大众市场尚不明确。碳市场的成功取决于跨境强制执行机制,而非信用完整性。自愿碳市场价格低廉,是因为缺乏强制性,而非缺乏诚信。解决跨境强制执行问题是自愿碳市场成功的关键。

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Global investment in clean energy hit a record $2 trillion last year, according to BloombergNEF. But developing countries see only a sliver of that funding. Private investors are wary of unfamiliar markets, currency risks and perceived instability. So how do we change that? Avinash Persaud, special adviser on climate risks to the president of the Inter-American Development Bank, joins Zero to explore how we can de-risk investments, unlock private capital, and supercharge the global clean energy transition. From carbon markets to sustainability-linked bonds, where should the focus be to make the biggest impact?

Explore other episodes from the Moving Money series:

These ‘Beautiful’ Banks Are Being Pitched to Save Climate Finance) How the Financial System Can Work for Climate, Not Against It)

Zero is a production of Bloomberg Green. Our producer is Oscar Boyd. Special thanks to: Mythili Rao, Sommer Saadi, Mohsis Andam, Blake Maples and Siobhan Wagner. Thoughts or suggestions? Email us at [email protected]. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green).

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