Investment Energy System Investments Global new investment in renewable power and fuels i reached a record high of USD 495.4 billion in 2022. 187 (See GSR 2023 Renewables in Energy Supply Module.) However, this was less than one-third (29.4%) of the total global investment committed across the power and fuel supply and infrastructure (including fossil fuels and nuclear) during the year. 188 (See Figure 10.) Investment in renewable power and fuels increased 17.2% from 2021, due largely to the global rise in solar PV installations. 189 Renewable energy accounted for less than one-third of the global investment across the power and fuel supply and infrastructure. Investment varied by region, rising in Brazil, China and India but falling in Europe and the United States. China continued to account for the largest share of investment, at 55%, followed by Europe (11.3%), Asia-Oceania (excluding China and India; 10.8%), the United States (10.0%) and all other world regions, which accounted for 4% or less of the total. 190 Spurred in part by high prices, global investment in the fossil fuel supply increased in 2022, although it did not return to pre-pandemic levels. 191 In many parts of the world, the Russian Federation's invasion of Ukraine drove up fossil gas prices to record levels and oil prices to levels not seen in a decade or more. 192 Higher investment in coal – mostly in China and India – was driven by robust demand and high prices. 193 These trends resulted in record net profits from fossil fuel sales. 194 (See Sidebar 2.) FIGURE 10.Global Investment in the Energy Sector, by Type, 2022 Source: See endnote 188 for this module.Note: "Low-emission fuels" include modern liquid and gaseous bioenergy, low-emission hydrogen and low-emission hydrogen-based fuels. Sidebar 2. Are the World's Big Fossil Fuel and Financial Players Supporting the Energy Transition? Fossil Fuel Companies Are Failing to Transition Fossil fuel companies are increasingly rebranding as “energy companies”, as awareness about climate change grows and societal acceptance of fossil fuel use plummets. At the same time, some governments have shifted their political priorities in a push to phase out oil and gas production, although fossil fuels remain heavily subsidised. In one example of high-level political action, the Beyond Oil and Gas Alliance (BOGA) brings together key players in the international arena – including the governments of Costa Rica, Denmark, France, Tuvalu and Vanuatu – in a call for a “massive increase in energy efficiency and renewable energy investment”. Many oil companies have designed internal scenarios for net zero emissions by 2050 to showcase their commitments to long-term decarbonisation and to guide their strategic decision making. However, most companies continue to rely heavily on fossil fuels as the main component of their business portfolio. A 2022 study found that scenarios by BP, Equinor and Shell were inconsistent with the emission reduction goals outlined in the Paris Agreement. Scenario updates in 2023, such as Shell's Sky 2050, show that to keep global temperature rise below 1.5 degrees Celsius, oil and gas production need to stop growing, and solar PV and wind power must ramp up significantly, adding an estimated 950 GW of solar PV and more than 90,000 wind turbines annually by 2050. But fossil fuel companies are not ambitious enough. In 2022, in the context of the global energy crisis, the five biggest western fossil fuel companies – Chevron, ExxonMobil, Shell, BP and TotalEnergies – earned their highest profits ever, totalling USD 195 billion, or 120% more than in 2021. Despite widespread commitments towards net zero emissions by 2050, as of 2022 low-carbon solutions averaged only 17% of the total capital investment of the top seven fossil fuel companies (See Figure 11) and accounted for only 1.13% of total global investment in clean energy, while investments in renewables are not clearly disclosed. FIGURE 11.Share of Total Capital Investment of Fossil Fuel Companies Dedicated to Low-Carbon Solutions, 2022 Note: Equinor defines “low carbon” as renewable energy and low-carbon solutions, including hydrogen and carbon capture, utilisation and storage; BP defines it as transition growth investment (including power trading and marketing); Shell uses the term low carbon energy solutions, ExxonMobil uses low carbon solutions, and TotalEnergies refers to low carbon energies (excluding new molecules).Source: See endnote 194 for this module. In 2022, the average capital expenditure of the top seven fossil fuel companies increased to USD 15.5 billion (up from USD 12.4 billion in 2021), yet the share of low-carbon investment, of which renewable energy is only a fraction, did not increase. This indicates that new investment was not channelled towards long-term net zero targets, but rather towards growth in fossil fuel projects, dividends, share buybacks and debt repayment. Moreover, these companies invested USD 9 billion annually between 2020 and 2022 in fossil fuel exploration, signalling a long-term commitment to fossil energy sources. Fossil fuel companies lack transparency in their communications around renewable energy, as reporting on capital expenditure is not disaggregated. Renewable energy is often part of the larger category of low-carbon solutions that can comprise carbon capture, utilisation and storage (CCUS), hydrogen and energy efficiency. Shell, for example, reports in its annual acounts on “renewables, energy solutions and downstream business”, combining renewables, electric vehicle charging services, and the portion of its chemicals production that turns oil into diverse products. Thus, the share of capital expenditure on renewable energy is smaller than the overall low-carbon expenditure. Financial Flows Are Still Locked In The flow of liquid capital investment from banks to fossil fuel projects is still significant and far exceeds the flows towards renewable energy projects. The financial sector plays a critical role as both a lender and an investor. Financial institutions support large-scale fossil fuel projects through loans and underwriting as well as through investments in bonds and shares (equity ownership). Institutional investors (such as commercial banks, hedge funds and pension banks) hold a large amount of bonds and shares in fossil fuel companies i , totalling more than USD 3 trillion in 2022. Just two players – Vanguard and Blackrock – held 17% of these shares, and US-based institutions held 64% of them. Around 40% of the investments were held by members of the Glasgow Financial Alliance for Net Zero (GFANZ). On the lending side, the top 60 financial institutions are contributing to a financial lock-in to fossil fuels, as only 12% of the loans and underwriting to energy project finance in 2021 (and 7% in 2022) went to renewables. (See Figure 12. ) In a broader assessment, BloombergNEF found that 44% of energy loans went to low-carbon energy supply projects. However, even when this low-carbon category includes nuclear and clean energy manufacturing, it still falls short of the 80% in low-carbon loans needed by 2030. As of July 2022, only 11 financial institutions had portfolios comprising 100% renewable energy, with BTG Pactual leading with a total of USD 167 million. Huatai Securities was the largest funder of renewable energy (representing 69% of its energy portfolio), but it still lent USD 895 million to fossil fuel projects. By country of origin, Chinese banks are the biggest renewable energy funders, providing USD 51 billion in 2021 and 2022, but this was still only 22% of total energy finance in the country. US institutions are the second largest source of energy finance and provided USD 6 billion in 2021 and 2022 for renewable energy, accounting for only 4% of total national energy finance. Among the top 20 home countries of investors, other than China, only institutions in Switzerland, Italy, Norway and Australia dedicated more than 10% of their energy finance to renewables. Source: See endnote 194 for this module. FIGURE 12.Loans and Underwriting for Renewable Energy versus Fossil Fuel Projects, Top 20 Banks, 2021 Note: Fossil fuel companies are defined by Urgewald in the Global Coal Exit List and the Global Oil and Gas Exit List. Data from Profundo in 2022 extend up to July 2022. Divestment Since 2011, growing numbers of institutions worldwide have divested from, or sold off their financial interests in, fossil fuel companies. By October 2022, around 1,559 institutions, with estimated total assets of around USD 40.5 trillion, had committed to fossil fuel divestment ii . 195 However, there were fewer new divestment announcements in 2022 than in 2021, when a flood of announcements were made in the lead-up to the UN Climate Change Conference (COP 26) in Glasgow, Scotland. 196 By late 2022, institutions with assets of around USD 40.5 trillion had committed to divesting from fossil fuels. Among key divestment moves in 2022, Princeton University in the United States announced that it was disassociating itself from 90 companies that are involved in thermal coal or tar sands segments of the fossil fuel industry. 197 In September, HSBC, one of the world's largest banking and financial services organisations, announced a policy to phase out coal-fired power and thermal coal mining from its listed holdings. 198 Later in the year, HSBC announced that it would also stop funding new oil and gas fields. 199 In July, with support from the Vatican, 35 faith-based institutions from six countries – with combined assets of more than USD 1.25 billion – announced divestment from fossil fuel companies. 200 Some have argued that the broader divestment movement is largely ineffective, based on the view that only a small portion of investors divest their holdings, and that divested shares are bought by other investors. 201 However, others have noted that, on a country-level, in years that more assets are committed to fossil fuel divestment, the oil and gas sector fundraises less compared with its historical average. 202 Yet at the same time, oil and gas financing across countries has continued to increase. 203 Funds divested from fossil fuel companies are not necessarily re-invested in companies associated with renewables. 204 However, the global network DivestInvest links the two by providing guidance to organisations and individuals during the divestment process and encouraging them to establish climate-friendly criteria for their investments (for example, by investing in renewable energy companies, low-carbon transport, and sustainable agriculture and forestry options). 205 Shifting Frameworks for Investment in Renewables Investors wishing to address climate change and to support renewables are increasingly turning to sustainable finance options, in consideration of regulatory requirements, risk management imperatives and/or changes in demand and asset allocation strategies. 206 (See Box 3.) Three frameworks that are increasingly relevant for renewable energy finance and investment are: 1) the development of sustainable finance taxonomies at the national and regional levels to provide information on the environmental and/or social performance of enterprises and financial products; 2) green bonds, the proceeds of which may go to renewables; and 3) systems that rate the performance of enterprises according to environmental, social and governance criteria to help assess the suitability of a company, activity or fund for investment. 207 BOX 3. The Asian Development Bank's New IF-CAP Programme for Climate Financing The Asian Development Bank (ADB) has announced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), a ground-breaking programme aimed at bolstering support for the region in the fight against climate change. The programme, unveiled during the ADB's 56th Annual Meeting, involves partnerships with countries including Denmark, Japan, the Republic of Korea, Sweden, the United Kingdom and the United States. These partners are discussing providing grants for project preparation and guarantees for portions of the ADB's sovereign loan portfolios. The reduced risk exposure from the guarantees will enable the ADB to allocate more capital for new loans dedicated to climate projects, potentially creating up to USD 15 billion in loans with an initial ambition of USD 3 billion in guarantees. IF-CAP's financing aligns with the ADB's target of USD 100 billion from its own resources for climate change efforts between 2019 and 2030. The ADB is actively engaging with potential partners, including bilateral and multilateral sources, the private sector, and philanthropies, to stimulate climate investments. The ADB's overarching commitment is to achieve a prosperous, inclusive, resilient, and sustainable Asia and Pacific region while continuing its endeavours to eradicate extreme poverty. Source: See endnote 206 for this module. Sustainable Finance Taxonomies Sustainable finance taxonomies provide a classification of economic activities with the aim of clarifying which investments and/or activities may be defined as sustainable or “green”. 208 Such taxonomies can be relevant for renewables in two main ways: 1) for companies producing or manufacturing renewable energy technologies; and 2) for the owners or operators of renewable energy assets (such as a utility that operates a wind farm as part of its broader portfolio). 209 For example, renewables-related economic activities may be coded “green”; fossil fuel-based activities that adhere to certain standards may be coded “yellow”; while other activities may be “red”, similar to a traffic light system. 210 The number of sustainable finance taxonomies in use or under development has increased rapidly since the Paris Agreement was signed in 2015. 211 (See Figure 13.) In 2022, Peru announced its intention to develop a Green Finance Taxonomy by 2025. 212 In December, the Taiwan Sustainable Taxonomy was released, which encourages companies to voluntarily disclose information on the alignment of their primary economic activities with the taxonomy. 213 In Hong Kong, work began on proposing a structure and core elements for a local green classification framework. 214 The vested interests in each country's definitions make creating a harmonised taxonomy across jurisdictions challenging. 215 Although a global, harmonised taxonomy is not yet on the table, diverse regional initiatives are under way that may provide the first steps towards standardisation. 216 In July 2020, China and the EU began developing a Common Ground Taxonomy (CGT) through a working group of the International Platform on Sustainable Finance, identifying commonalities and differences in their approaches. 217 In June 2022, a version of the CGT was published that covered 72 jointly recognised climate mitigation activities. 218 The Association of Southeast Asian Nations (ASEAN) released the second version of its joint taxonomy in early 2023, classifying economic activities based on their grade of alignment, thus establishing a framework within which member states can develop national taxonomies. 219 In 2022, a common framework for sustainable finance taxonomies was officially initiated across Latin America and the Caribbean, with co-operation from seven organisations across the region. 220 The number of sustainable finance taxonomies in use or under development has increased rapidly since 2015. In specific situations, sustainable finance taxonomies may divert or discourage investment from renewable energy when its relative cost of capital is higher. This could happen, for example, if companies are allowed to be labelled as aligned with a particular taxonomy category (for example, having a certain threshold of greenhouse gas emissions for fossil power production), when in fact the category has not been defined to accurately reflect scientific requirements (such as to reach substantial emission reduction requirements that align with the goals of the Paris Agreement). 221 In this way, investment may be channelled away from companies or projects that more fully support renewable energy deployment. 222 FIGURE 13.Sustainable Finance Taxonomies Worldwide, In Place, Under Development and In Discussion, 2022 Source: See endnote 211 for this module. Green Bonds Among the various instruments available to finance renewable energy projects, green bonds have become especially prominent in recent years. 223 Green bonds differ from traditional bonds in that the proceeds are earmarked for qualifying investments in renewable technologies or in various forms of climate adaptation and mitigation. Investors obtain a certain interest rate over a stipulated time period, and the funds must be used for the purposes for which the bond was issued. This provides investors with greater visibility over the actual use of the funds than is the case for traditional bonds. In 2022, USD 649 billion in green bonds was issued, or 7% less than in 2021. 224 This decline occurred in all world regions except Asia, where green bond issuance grew 8% in 2022. 225 China leads the Asia and Pacific region, accounting for 67% of the green bonds issued. 226 Although the total number of green bonds declined in Europe, the region remains the largest issuer with around half of the total supply. 227 In late 2022, macroeconomic conditions posed challenges for issuers of green bonds. European growth forecasts were downgraded, inflation forecasts were revised upwards, and the Euro was heading toward parity with the US dollar. 228 Although issuers continued to visit the bond market, caution was illustrated by multi-day periods with no new issuance and reports of deals being pulled at the last minute. 229 Environmental, Social and Governance (ESG) Criteria The use of ESG criteria has shifted from being a niche focus to becoming a component of mainstream finance in many member countries of the Organisation for Economic Co-operation and Development (OECD). 230 Net inflows of investment into ESG funds in 2022 totalled USD 89 billion, down 78% from USD 405 billion in 2021. 231 This decline reflects fund relabelling developments in Europe, stricter standards in Asia, and debates on the definition of ESG in the United States, where ESG has become highly politicised and some states have redirected funds away from large asset managers with ESG priorities. 232 The categorisation of an organisation or its activities as ESG may be based on a risk perspective (for example, how environmental risks may affect a company) and/or by an impact perspective (for example, the impact that a company or activity has on the outside world). 233 Companies that rate and value ESG funds more from a risk perspective have been criticised for using methodologies that ignore the larger (environmental) impact of a company on the planet. 234 As the impact perspective becomes increasingly relevant to investors aiming for net zero carbon or clean energy goals, a “double-materiality concept” is arising, which incorporates both the risk and impact perspectives. 235 This approach may have more relevance for renewables. 236 Relatedly, ESG products increasingly are being used to assess a company's commitments and actions to transition to renewable energy. 237 Policy Challenges and Opportunities Footnotes i Renewable power and fuels does not include hydropower projects larger than 50 MW. In addition, these estimates do not include investments in renewable heating and cooling technologies, for which data are not collected systematically. ii Through fossil fuel divestment, an institution makes a binding commitment to exclude any fossil fuel company (coal, oil and fossil gas) from either all or part of its managed asset classes, or to selectively exclude companies that derive a large portion of their revenue from coal and/or tar sands companies. Organisations also may commit to some form of an exclusion policy based on different criteria, such as whether the company is aligned with the goals of the Paris Agreement. United Nations Development Programme (UNDP) Sustainable Energy Hub, “Three Trends That Will Shape the Energy Sector in 2023”, January 12, 2023, https://www.undp.org/energy/blog/three-trends-will-shape-energy-sector-2023; International Energy Agency (IEA), “Global Energy Crisis – Topics”, https://www.iea.org/topics/global-energy-crisis, accessed May 11, 2023. Box 1 from the following sources: IEA, “World Energy Outlook 2022”, 2022, https://iea.blob.core.windows.net/assets/830fe099-5530-48f2-a7c1-11f35d510983/WorldEnergyOutlook2022.pdf; IEA, “Global Energy Crisis – Topics”, op. cit. this note; Eurostat, “Electricity & Gas Hit Record Prices in 2022”, April 26, 2023, https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20230426-2.1 IEA, “World Energy Outlook 2022”, op. cit. note 1.2 European Commission, “REPowerEU: Affordable, Secure and Sustainable Energy for Europe”, May 18, 2022, https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal/repowereu-affordable-secure-and-sustainable-energy-europe_en; US Environmental Protection Agency (EPA), “The Inflation Reduction Act”, Overviews and Factsheets, November 21, 2022, https://www.epa.gov/green-power-markets/inflation-reduction-act.3 World Meteorological Organization, “Climate and Weather Extremes in 2022 Show Need for More Action”, December 23, 2022, https://public.wmo.int/en/media/news/climate-and-weather-extremes-2022-show-need-more-action. 4 BP, “Statistical Review of World Energy 2022”, 2022, https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2022-full-report.pdf. 5 United Nations Framework Convention on Climate Change (UNFCCC), “Maintaining a Clear Intention to Keep 1.5°C Within Reach”, https://unfccc.int/maintaining-a-clear-intention-to-keep-15degc-within-reach, accessed June 28, 2023.6 Ibid.7 United Nations Environment Programme (UNEP), “COP27 Ends with Announcement of Historic Loss and Damage Fund”, November 22, 2022, https://www.unep.org/news-and-stories/story/cop27-ends-announcement-historic-loss-and-damage-fund. 8 IEA, “Energy Technology Perspectives 2023”, 2023, https://iea.blob.core.windows.net/assets/a86b480e-2b03-4e25-bae1-da1395e0b620/EnergyTechnologyPerspectives2023.pdf; US EPA, op. cit. note 3. Box 2 based on the following sources: McKinsey, “Renewable-Energy Development: Disrupted Supply Chains”, February 2023, https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/renewable-energy-development-in-a-net-zero-world-disrupted-supply-chains; IEA, “Renewable Energy Market Update – June 2023”, June 2023, https://www.iea.org/reports/renewable-energy-market-update-june-2023; BloombergNEF, “Cost of New Renewables Temporarily Rises as Inflation Starts to Bite”, June 30, 2022, https://about.bnef.com/blog/cost-of-new-renewables-temporarily-rises-as-inflation-starts-to-bite; Energy Transitions Commission, “Streamlining Planning and Permitting to Accelerate Wind and Solar Deployment”, in Barriers to Clean Electrification Series – Planning and Permitting, January 2023, https://www.energy-transitions.org/wp-content/uploads/2023/01/Barriers_PlanningAndPermitting_vFinal.pdf; BloombergNEF, “2H 2022 Levelized Cost of Electricity Update”, December 2022, https://about.bnef.com/blog/2h-2022-levelized-cost-of-electricity-update; Wood Mackenzie, “Renewable Power in Asia Pacific Gains Competitiveness Amidst Cost Inflation”, January 2022, https://www.woodmac.com/press-releases/renewable-power-in-asia-pacific-gains-competitiveness-amidst-cost-inflation; J. Saul, W. Mathis and R. Morison, “Planet-Saving Wind Farms Fall Victim to Global Inflation Fight”, Bloomberg, March 10, 2023, https://www.bloomberg.com/news/articles/2023-03-10/offshore-wind-farms-face-fresh-hurdles-around-the-world-because-of-inflation. 9 Figure 1 from IEA, “World Energy Outlook 2021”, 2021, https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf. 10 L. Cozzi et al., “For the First Time in Decades, the Number of People Without Access to Electricity Is Set to Increase in 2022 – Analysis”, IEA, November 3, 2022, https://www.iea.org/commentaries/for-the-first-time-in-decades-the-number-of-people-without-access-to-electricity-is-set-to-increase-in-2022. 11 IEA, “Energy Access – Achieving Modern Energy for All by 2030 Seems Unlikely”, https://www.iea.org/topics/energy-access, accessed May 11, 2023.12 Ibid. 13 Ibid.14 Renewable Energy Policy Network for the 21st Century (REN21), “Renewables 2023 Global Status Report Collection, Renewables in Energy Supply”, June 2023, https://www.ren21.net/wp-content/uploads/2019/05/GSR-2023_Energy-Supply-Module.pdf.15 Ibid.16 IEA, “World Energy Balances”, 2022, https://www.iea.org/reports/world-energy-balances-overview/world.17 Ibid.18 Figure 2 from Ibid.19 Figure 3 from Ibid. 20 Ibid.21 Ibid.22 REN21, op. cit. note 15.23 Ibid.; IEA “Renewable Heat – Renewables 2022 – Analysis”, 2022, https://www.iea.org/reports/renewables-2022/renewable-heat.24 REN21, op. cit. note 15.25 REN21 Policy Database. See Reference Table R3a in the GSR 2023 Renewables in Energy Demand Data Pack, http://www.ren21.net/gsr2023-data-pack. 26 IEA, “CO2 Emissions in 2022 – Analysis”, March 2023, https://www.iea.org/reports/co2-emissions-in-2022.27 Ibid.28 Ibid.29 Ibid.30 Ibid.31 Figure 4 from Ibid.32 M. Wiatros-Motyka, “Global Electricity Review 2023”, Ember, https://ember-climate.org/insights/research/global-electricity-review-2023/#supporting-material. 33 Ibid. Figure 5 from Ember, “Electricity Data Explorer | Open Source Global Electricity Data”, 2023, https://ember-climate.org/data/data-tools/data-explorer.34 Our World in Data, “Carbon Intensity of Electricity”, https://ourworldindata.org/grapher/carbon-intensity-electricity, accessed June 27, 2023.35 Ibid.36 REN21, “Renewables 2023 Global Status Report Collection: Renewables in Energy Demand”, March 2023, https://www.ren21.net/wp-content/uploads/2019/05/GSR2023_Demand_Modules.pdf.37 Ibid.38 International Renewable Energy Agency (IRENA), “Electrification with Renewables: Driving the Transformation of Energy Services”, 2019, https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Jan/IRENA_RE-Electrification_SGCC_2019_preview.pdf. 39 REN21, op. cit. note 15.40 Energy Institute in partnership with KPMG and KEARNEY, “Statistical Review of World Energy 2023, 72nd Edition”, June 2023, https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2022-full-report.pdf. 41 “Explained: Why India Is Facing Longest Power Cuts in 6 Years”, Times of India, April 30, 2022, https://timesofindia.indiatimes.com/india/explained-why-india-is-facing-longest-power-cuts-in-6-years/articleshow/91198487.cms; Bloomberg, “China's Factories Still Struggling as Power Cuts Curb Output”, August 31, 2022, https://www.bloomberg.com/news/articles/2022-08-31/china-factory-activity-falls-again-as-power-outages-curb-output; S-L. Tan, “China Is Facing Another Power Crunch. But This Time It's Likely to Be Different”, CNBC, August 23, 2022, https://epthinktank.eu/2023/01/12/how-will-increasing-fuel-prices-impact-transport-ten-issues-to-watch-in-2023. 42 REN21, op. cit. note 37.43 IRENA, “World Energy Transitions Outlook 2023”, June 2023, https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn-endpoint.azureedge.net/-/media/Files/IRENA/Agency/Publication/2023/Jun/IRENA_World_energy_transitions_outlook_v_1_2023.pdf; IEA, “World Energy Outlook 2022”, op. cit. note 1.44 Ibid.45 Ibid. 46 REN21, op. cit. note 37.47 REN21, op. cit. note 15.48 Ibid.49 IEA, “Electrification – Analysis”, September 2022, https://www.iea.org/reports/electrification.50 Ibid.51 Ibid.52 “Greenhyscale Has Begun the Installation Process of a 6 MW Prototype Electrolyser in the Danish Green Industrial Park, Greenlab.” Hydrogen Central, April 12, 2023. https://hydrogen-central.com/greenhyscale-begun-installation-process-6-mw-prototype-electrolyser-danish-green-industrial-park-greenlab/ 53 IRENA, “Hydrogen”, https://www.irena.org/Energy-Transition/Technology/Hydrogen, accessed May 21, 2023.54 UNDP Sustainable Energy Hub, op. cit. note 1.55 European Commission, “A Hydrogen Strategy for a Climate-Neutral Europe”, July 2020, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020DC0301. The EU Hydrogen Strategy consists of the following phases: Phase 1 (2020-2024): Install 6 GW of renewable hydrogen electrolysers and produce up to 1 million tonnes of renewable hydrogen. Scale up electrolyser manufacturing, including large ones up to 100 MW and establish hydrogen refuelling stations for fuel-cell buses and trucks. Retrofit existing hydrogen production plants with carbon capture and storage technologies. Phase 2 (2025-2030): Install 40 GW of renewable hydrogen electrolysers and produce up to 10 million tonnes of renewable hydrogen. Gradual cost competitiveness of renewable hydrogen. Implement demand side policies for industrial applications, including steel-making, trucks, rail, and maritime transport. Use green hydrogen for balancing a renewables-based electricity system, providing flexibility and storage.56 FleishmanHillard, “National Hydrogen Strategies in the EU Member States”, February 2022, https://fleishmanhillard.eu/wp-content/uploads/sites/7/2022/02/FH-National-Hydrogen-Strategies-Report-2022.pdf. The Hydrogen Innovation Scheme is divided into two streams. Stream 1 focuses on funding feasibility studies or technical demonstrations of hydrogen production, distribution, or storage solutions at various Technology Readiness Levels (TRL 3 to 7). Stream 2 provides support for the development of test and demonstration facilities and equipment within Scotland. See also Scottish Government, “Emerging Energy Technologies Fund – Hydrogen Innovation Scheme: Form and Guidance”, October 21, 2022, http://www.gov.scot/publications/emerging-energy-technologies-fund-hydrogen-innovation-scheme-form-and-guidance. 57 Energy Transitions Commission, op. cit. note 9.58 Ibid.59 Ibid.60 IEA, “Renewable Energy Market Update – June 2023”, op. cit. note 9.61 Energy Transitions Commission, op. cit. note 9.62 IEA, “Renewable Energy Market Update – June 2023”, op. cit. note 9.63 Ibid.64 Ibid.65 Energy Transitions Commission, op. cit. note 9.66 Ibid.67 Ibid.68 Ibid.69 Ibid.70 Global Wind Energy Council, 2022, "India Wind Power Market Outlook, 2022-2026", https://gwec.net/wp-content/uploads/2022/08/India-Outlook-2026.pdf.71 S. Mojib Zahraee, N. Shiwakoti and P. Stasinopoulos, “Agricultural Biomass Supply Chain Resilience: COVID-19 Outbreak vs. Sustainability Compliance, Technological Change, Uncertainties, and Policies”, Cleaner Logistics and Supply Chain, Vol. 4 (July 2022), p. 100049, https://doi.org/10.1016/j.clscn.2022.100049.72 OECD, “Supply of Critical Raw Materials Risks Jeopardising the Green Transition”, April 2023, https://www.oecd.org/newsroom/supply-of-critical-raw-materials-risks-jeopardising-the-green-transition.htm. 73 IEA, “Renewable Energy Market Update – June 2023”, op. cit. note 9.74 C40, “How to win support for local clean energy”, September 2021, https://www.c40knowledgehub.org/s/article/How-to-win-support-for-local-clean-energy.75 Ibid.76 B.K. Sovacool et al., “Conflicted Transitions: Exploring the Actors, Tactics and Outcomes of Social Opposition Against Energy Infrastructure”, Global Environmental Change, Vol. 73, (March 2022), p. 102473, https://doi.org/10.1016/j.gloenvcha.2022.102473.77 BP, op. cit. note 5; Energy Institute in partnership with KPMG and KEARNEY, op. cit. note 41; Ember, op. cit. note 34.78 BP, op. cit. note 5; Ember, op. cit. note 34.79 Energy Institute in partnership with KPMG and KEARNEY, op. cit. note 41.80 BP, op. cit. note 5.81 Energy Institute in partnership with KPMG and KEARNEY, op. cit. note 41. 82 Ibid.83 Ember, op. cit. note 34.84 Wiatros-Motyka, op. cit. note 33.85 Sidebar 1 from the following sources: BloombergNEF, “Tech Firms Seal US Dominance in Corporate Clean Power Purchasing”, March 17, 2023, https://about.bnef.com/blog/tech-firms-seal-us-dominance-in-corporate-clean-power-purchasing; American Clean Power (ACP), "Clean Energy Investing in America", 2023, https://cleanpower.org/wp-content/uploads/2023/05/CleanEnergy_ImpactReport_230505.pdf. Figure 6 from BloombergNEF, “Corporations Brush Aside Energy Crisis, Buy Record Clean Power”, February 9, 2023, https://about.bnef.com/blog/corporations-brush-aside-energy-crisis-buy-record-clean-power.86 Ember, op. cit. note 34.87 Energy Institute in partnership with KPMG and KEARNEY, op. cit. note 41.88 REN21, op. cit. note 15.89 Deloitte, “2023 Renewable Energy Industry Outlook”, 2023, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-eri-renewable-energy-outlook-2023.pdf; Anadolu Ajansı, “Renewables Set to Break New Record in 2022 Despite Supply Chain Challenges”, May 11, 2022, https://www.aa.com.tr/en/economy/renewables-set-to-break-new-record-in-2022-despite-supply-chain-challenges/2584641. 90 Ibid.91 Ibid.92 Ibid.93 Ibid.94 REN21, op. cit. note 15.95 Wiatros-Motyka, op. cit. note 33; Global Energy Monitor, “China Permits Two New Coal Power Plants per Week in 2022”, February 26, 2023, https://globalenergymonitor.org/press-release/china-permits-two-new-coal-power-plants-per-week-in-2022. 96 Ibid. 97 Ibid. 98 Ibid.99 IEA, “The State of Clean Technology Manufacturing. An Energy Technology Perspectives Special Briefing”, 2023, https://iea.blob.core.windows.net/assets/baa765ac-27c7-42ba-9eba-73717359de23/TheStateofCleanTechnologyManufacturing.pdf. 100 Ibid.101 Ibid.102 Ibid.103 IEA, “Energy Technology Perspectives 2023”, op. cit. note 9.104 IEA, op. cit. note 100.105 Energy Transitions Commission, op. cit. note 9.106 McKinsey, op. cit. note 9.107 IEA, op. cit. note 100.108 McKinsey, op. cit. note 9.109 Eco Green Energy, “PV Industry Price Trends”, April 2023, https://www.eco-greenenergy.com/pv-industry-price-trends-april-2023.110 Global Wind Energy Council, “Global Wind Report 2023”, 2023, https://gwec.net/globalwindreport2023. 111 Ibid.112 Ibid.113 op. cit. note 100. 114 Ibid.115 Ibid.116 IRENA, “Renewable Energy and Jobs: Annual Review 2022”, September 2022, https://www.irena.org/publications/2022/Sep/Renewable-Energy-and-Jobs-Annual-Review-2022.117 Ibid.118 McKinsey, “Renewable Development: Overcoming Talent Gaps”, https://www.mckinsey.com/industries/electric-power-andnatural-gas/our-insights/renewable-energy-development-in-anet-zero-world-overcoming-talent-gaps, accessed June 30, 2023.119 Ibid.120 Figure 7 from REN21 Policy Database. See GSR 2023 Data Pack, available at www.ren21.net/gsr2023-data-pack/go.121 REN21 Policy Database. See GSR 2023 Data Pack, available at www.ren21.net/gsr2023-data-pack/go.122 Ibid.123 D. Gibb, S. Thomas and J. Rosenow, “Metrics Matter: Efficient Renewable Heating and Cooling in the Renewable Energy Directive”, Regulatory Assistance Project, September 6, 2022, https://www.raponline.org/knowledge-center/metrics-matterefficient-renewable-heating-cooling-renewable-energy-directive. 124 European Parliament, “Renewable Energy Directive – Amendments Adopted in Sept 2022”, September 14, 2022, https://www.europarl.europa.eu/doceo/document/TA-9-2022-0317_EN.pdf.125 R. Lowes et al., “A Policy Toolkit for Global Mass Heat Pump Deployment”, Regulatory Assistance Project, 2022, https://www.raponline.org/knowledge-center/policy-toolkit-global-mass-heat-pump-deployment. 126 Chinese Ministry of Housing and Urban-Rural Development, “14th Five-Year' Building Energy Efficiency and Green Building Development Plan”, 2021, https://www-mohurd-gov-cn.translate.goog/gongkai/fdzdgknr/zfhcxjsbwj/202203/20220311_765109.html. 127 IEA, “World Energy Outlook 2022”, op. cit. note 1.128 Ibid.129 M. Vitorino, “Portugal Sets New Goals for Renewable Energy Consumption”, Lexology.com, December 12, 2022, https://www.lexology.com/library/detail.aspx?g=fe7c9067-8562-475a-bcb9-399b9a6fe73c; Dutch Emission Authority, "Renewable Energy for Transport 2022-2030", 2023, https://www.emissionsauthority.nl/topics/general---renewable-energy-for-transport; European Renewable Ethanol, "Overview of Biofuels Policies and Markets Across the EU", October 2022, https://www.epure.org/wp-content/uploads/2022/10/221011- DEF-REPOverview-of-biofuels-policies-and-markets-across-the- EUOctober-2022.pdf. 130 REN21 Policy Database. See Reference Table R3a in GSR 2023 Renewables in Energy Demand Data Pack, www.ren21.net/gsr2023-data-pack.131 International Air Transport Association, “Fact Sheet: EU and US Policy Approaches to Advance SAF Production”, 2021, https://www.iata.org/contentassets/d13875e9ed784f75bac90f000760e998/fact-sheet---us-and-eusaf-policies.pdf. 132 European Council, “ETS Aviation: Council and Parliament Strike Provisional Deal to Reduce Flight Emissions”, https://www.consilium.europa.eu/en/press/press-releases/2022/12/07/ets-aviation-council-and-parliamentstrike-provisional-deal-to-reduce-flight-emissions, accessed December 18, 2022.133 REN21 Policy Database. See Reference Table R4 in GSR 2023 Renewables in Energy Demand Data Pack, www.ren21.net/gsr2023-data-pack/demand.134 Ibid.135 IEA, “World Energy Outlook 2022 Shows the Global Energy Crisis Can Be a Historic Turning Point Towards a Cleaner and More Secure Future”, October 27, 2022, https://www.iea.org/news/world-energy-outlook-2022-shows-the-global-energy-crisis-can-be-a-historic-turning-point-towards-a-cleaner-and-more-secure-future. 136 REN21 Policy Database. See Reference Table R4 in GSR 2023 Renewables in Energy Supply Data Pack, available at www.ren21.net/gsr2023-data-pack/supply.137 Ibid. See Reference Table R5.138 M. Barbanell, “A Brief Summary of the Climate and Energy Provisions of the Inflation Reduction Act of 2022”, World Resources Institute, October 28, 2022, https://www.wri.org/update/brief-summary-climate-and-energy-provisions-inflation-reduction-act-2022. 139 J. Espinoza et al., “EU Plans to Relax Curbs on Tax Credits in Response to ‘Toxic' US Subsidies”, Financial Times, January 30, 2023, https://www.ft.com/content/53eb769b-6ce1-4f50-9703-f2463c465001.140 IRENA, “Accelerating Energy Transition Solutions at COP27”, November 18, 2022, https://www.irena.org/News/articles/2022/Nov/Accelerating-energy-transition-solutions-at-COP27. 141 IRENA, “Renewable Energy Targets in 2022: A Guide to Design”, November 2022, https://www.irena.org/Publications/2022/Nov/Renewable-energy-targets-in-2022.142 Climate Action Tracker, “CAT Climate Target Update Tracker”, https://climateactiontracker.org/climate-target-update-tracker-2022, accessed May 2, 2023.143 IRENA, op. cit. note 142.144 Figure 8 based on Climate Watch and various sources compiled in the REN21 Policy Database. See Reference Table R8 in GSR 2023 Global Overview Data Pack, available at www.ren21.net/gsr2023-data-pack/go.145 Ibid.146 Ibid.147 IEA, “Carbon Neutrality and Green Growth Act for the Climate Change”, 8 November 2021, https://www.iea.org/policies/14212-carbon-neutrality-and-green-growth-act-for-the-climate-change. 148 UNFCCC, “Long-Term Strategies Portal”, https://unfccc.int/process/the-paris-agreement/long-term-strategies, accessed May 2, 2023.149 Figure 9 based on World Bank, “Carbon Pricing Dashboard”, https://carbonpricingdashboard.worldbank.org/map_data, viewed June 21, 2022; net zero targets and fossil fuel ban data from various sources compiled in the REN21 Policy Database.150 Ibid., both references.151 Ibid.152 Ibid.153 Ibid.154 Ibid.155 Ibid.156 European Commission, “Carbon Border Adjustment Mechanism”, https://taxation-customs.ec.europa.eu/green-taxation-0/carbon-border-adjustment-mechanism_en, accessed May 2, 2023.157 World Bank, op. cit. note 150.158 Ibid. 159 IEA, “General Law of Climate Change (Mexico) – Policies”, https://www.iea.org/policies/8683-general-law-of-climate-change-mexico, accessed May 2, 2023.160 World Bank, op. cit. note 150.161 IEA, “Fossil Fuels Consumption Subsidies 2022”, 2022, https://www.iea.org/reports/fossil-fuels-consumption-subsidies-2022.162 Ibid.163 Ibid.164 Ibid.165 Ibid.166 Ibid.167 Ibid.168 IEA, “Fossil Fuel Subsidies in Clean Energy Transitions: Time for a New Approach? – Analysis”, 2023, https://www.iea.org/reports/fossil-fuel-subsidies-in-clean-energy-transitions-time-for-a-new-approach. 169 L. Taylor, “Colombia Announces Halt on Fossil Fuel Exploration for a Greener Economy”, The Guardian (UK), January 20, 2023, https://www.theguardian.com/world/2023/jan/20/colombia-stop-new-oil-gas-exploration-davos.170 P. Messad, “EU, G20 Countries to Help Finance Indonesia's Coal Phase-Out”, Euractiv, November 17, 2022, https://www.euractiv.com/section/energy/news/eu-g20-countries-to-help-finance-indonesias-coal-phase-out. 171 IEA, “Just Energy Transition Programme – Policies”, https://www.iea.org/policies/14590-just-energy-transition-programme, accessed May 2, 2023.172 J. Ainger and A. Rathi, “India Wants ‘Phase Down' to Apply to All Fossil Fuels at COP27”, Bloomberg, November 12, 2022, https://www.bloomberg.com/news/articles/2022-11-12/india-wants-phase-down-to-apply-to-all-fossil-fuels-at-cop27. 173 Al Jazeera, “G7 Puts Focus on Push for Global Fossil Fuel Phase-out Deal”, April 18, 2023, https://www.aljazeera.com/news/2023/4/18/g7-puts-focus-on-push-for-global-fossil-fuel-phase-out-deal. 174 M. Beer, “Quebec Becomes World's First Jurisdiction to Ban Oil and Gas Exploration”, The Energy Mix, April 13, 2022, https://www.theenergymix.com/2022/04/13/quebec-becomes-worlds-first-jurisdiction-to-ban-oil-and-gas-exploration. 175 S. Treolar, “Norway Approves Over $18 billion of Oil, Natural Gas Projects”, Bloomberg, June 28, 2023, https://worldoil.com/news/2023/6/28/norway-approves-over-18-billion-of-oil-natural-gas-projects. 176 European Parliamentary Research Service, “Energy Policy in the National Recovery and Resilience Plans”, 2022, https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/738194/EPRS_BRI(2022)738194_EN.pdf.177 Ibid.178 IEA, “Inflation Reduction Act of 2022 – Policies”, https://www.iea.org/policies/16156-inflation-reduction-act-of-2022, accessed May 2, 2023. 179 M. Shoeck, “Government Releases $1 Billion Puerto Rico Energy Resilience Relief Package”, pv magazine USA, February 22, 2023, https://pv-magazine-usa.com/2023/02/22/government-releases-1-billion-puerto-rico-energy-resilience-relief-package. 180 I. Tsagas, “Greece Launches €200 Million Residential Solar-plus-Battery Subsidy Scheme”, pv magazine International, March 29, 2023, https://www.pv-magazine.com/2023/03/29/greece-launches-e200-million-residential-solar-plus-battery-subsidy-scheme-2. 181 Canary Media, “What's Driving the Surge in Opposition to Renewables?” The Carbon Copy, April 5, 2023, https://www.canarymedia.com/podcasts/the-carbon-copy/whats-driving-the-surge-in-opposition-to-renewables. 182 IEA, “Energy Efficiency Policy Database – Data & Statistics”, https://www.iea.org/policies, accessed June 22, 2023.183 REthink Tokyo, “Energy Conservation Architecture to Be Mandatory for Japan Real Estate from 2025”, April 25, 2022, https://www.rethinktokyo.com/news/2022/04/25/energy-conservation-architecture-be-mandatory-japan-real-estate-2025/1650839788. 184 IEA, “Energy Efficiency Grant – Policies”, https://www.iea.org/policies/17300-energy-efficiency-grant, accessed June 22, 2023.185 IEA, “National Energy Efficiency Programme (NEEP) – Policies”, https://www.iea.org/policies/17464-national-energy-efficiency-programme-neep, accessed June 22, 2023.186 BloombergNEF, “Energy Transition Investment Trends 2023”, 2023, https://about.bnef.com/energy-transition-investment.187 Figure 10 from IEA, “World Energy Investment 2023 – Analysis”, May 2023, https://www.iea.org/reports/world-energy-investment-2023.188 BloombergNEF, op. cit. note 187.189 Ibid.190 IEA, op. cit. note 188.191 Ibid.192 Ibid.193 Ibid. Sidebar 2 from the following sources: Z. Hussain, "Oil and Gas Supermajors Rebrand as Energy Companies", Engineering, February 1, 2021, https://www.engineering.com/story/oil-and-gas-supermajors-rebrand-as-energy-companies; D. Carrington, "Fossil Fuel Industry Gets Subsidies of $11m a Minute, IMF Finds", The Guardian (UK), October 6, 2021, https://www.theguardian.com/environment/2021/oct/06/fossil-fuel-industry-subsidies-of-11m-dollars-a-minute-imf-finds; Beyond Oil and Gas Alliance, https://beyondoilandgasalliance.org/news-events, accessed April 16, 2023; R.J. Brecha et al., "Institutional Decarbonization Scenarios Evaluated Against the Paris Agreement 1.5 °C Goal", Nature Communications, Vol. 13, No. 1 (August 16, 2022), p. 4304, https://doi.org/10.1038/s41467-022-31734-1; J. Gabbatiss, "Analysis: Shell Admits 1.5C Climate Goal Means Immediate End to Fossil Fuel Growth", Carbon Brief, April 20, 2023, https://www.carbonbrief.org/analysis-shell-admits-1-5c-climate-goal-means-immediate-end-to-fossil-fuel-growth; Shell, "The Energy Security Scenarios", 2023, https://www.shell.com/energy-and-innovation/the-energy-future/scenarios/the-energy-security-scenarios/_jcr_content/root/main/section_926760145/simple/promo_copy_142460259/links/item0.stream/1679345012896/4dccc89 eba3c80899dc0e61b43ce07839d7899ee/energy-sec; Global Witness, "Crisis Year 2022 Brought $134 Billion in Excess Profit to the West's Five Largest Oil and Gas Companies", February 9, 2023, https://www.globalwitness.org/en/campaigns/fossil-gas/crisis-year-2022-brought-134-billion-in-excess-profit-to-the-wests-five-largest-oil-and-gas-companies; IEA, "World Energy Investment 2023 – Overview and Key Findings", 2023, https://www.iea.org/reports/world-energy-investment-2023/overview-and-key-findings; USD 9 billion from urgewald, "Global Oil and Gas Exit List", 2023, https://gogel.org. Figure 11 from the following sources: Eni, "2023 Capital Markets Update", 2023, https://www.eni.com/assets/documents/eng/investor/presentations/2023/2023-Capital-Markets-Update/2023-Capital-Markets-Update-presentation.pdf; Eni, "Eni Fourth Quarter 2022: CEO Claudio Descalzi Comments on Results", 2023, p. 34, https://www.eni.com/assets/documents/press-release/migrated/2023-en/02/eni-fourth-quarter-2022-ceo-claudio-descalzi-comments-results.pdf; BP, "BP Sustainability Report 2022", 2022, p. 30, https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/sustainability/group-reports/bp-sustainability-report-2022.pdf; Shell, "Investing in Net Zero: Energy Transition Progress Report 2022, Financial Framework", 2022, https://reports.shell.com/energy-transition-progress-report/2022/financial-framework/investing-in-net-zero.html; TotalEnergies, "Sustainability & Climate 2023 Progress Report", March 2023, https://totalenergies.com/system/files/documents/2023-03/Sustainability_Climate_2023_Progress_Report_EN.pdf; ExxonMobil, "Advancing Climate Solutions: Progress Report 2023", 2023, p. 58, https://corporate.exxonmobil.com/-/media/global/files/advancing-climate-solutions-progress-report/2023/2023-acs-progress-report.pdf; Statista, "Capital Expenditure of Chevron Corporation from 2009 to 2022 (in billion U.S. dollars)", https://www.statista.com/statistics/1212180/capital-expenditure-of-chevron-corporation, accessed June 20, 2023. Excluding 2.9 billion on acquisition of renewable energy group (REG); Equinor, "Equinor Annual Report 2022", 2022, p. 40, https://cdn.equinor.com/files/h61q9gi9/global/03d92ebc1ab4f124aabe4fa5be40da3dec6e24b4.pdf?2022-annual-report-equinor.pdf. L. Hoy, "The Green or Black Stuff – What's More Important for Shell and BP?" Hargreaves Lansdown, May 11, 2023, https://www.hl.co.uk/news/articles/the-green-or-black-stuff-whats-more-important-for-shell-and-bp; bonds and shares and GFANZ from urgewald, "Investing in Climate Chaos", April 20, 2023, https://investinginclimatechaos.org/reports; top 60, 100% renewable portfolios and Figure 12 from Profundo, personal communication with REN21, April 19, 2023; BloombergNEF, "Financing the Transition: Energy Supply Investment and Bank Financing Activity", February 28, 2023, https://about.bnef.com/blog/financing-the-transition-energy-supply-investment-and-bank-financing-activity. 194 Global Fossil Fuel Commitments Database, https://divestmentdatabase.org, accessed March 27, 2023. 195 Ibid.196 Princeton University, “Princeton University Widens Net-Zero Goals and Lays out Dissociation Process to Advance Action on Climate Change”, May 27, 2023, https://www.princeton.edu/news/2021/05/27/princeton-university-widens-net-zero-goals-and-lays-out-dissociation-process; Fossil Fuel Dissociation, https://fossilfueldissociation.princeton.edu, accessed March 27, 2023.197 HSBC, “HSBC Asset Management to Phase Out Thermal Coal Investments”, September 22, 2022, https://www.hsbc.com/news-and-media/media-releases/2022/hsbc-asset-management-to-phase-out-thermal-coal-investments. 198 L. White and S. Jessop, “HSBC to Stop Funding New Oil and Gas Fields as Part of Policy Overhaul”, Reuters, December 14, 2022, https://www.reuters.com/business/finance/hsbc-cut-funding-new-oil-gas-fields-2022-12-14. 199 D. Castellano Lubov, “Massive Divestment from Fossil Fuels by Faith Organizations”, Vatican News, July 5, 2022, https://www.vaticannews.va/en/church/news/2022-07/multimillion-divestment-from-fossil-fuels-catholic-organizations.html. 200 N. Ameli, S. Kothari and M. Grubb, “Misplaced Expectations from Climate Disclosure Initiatives”, Nature Climate Change, Vol. 11, No. 11 (November 2021), pp. 917-924, https://doi.org/10.1038/s41558-021-01174-8.201 T.F. Cojoianu et al., “Does the Fossil Fuel Divestment Movement Impact New Oil and Gas Fundraising?” Journal of Economic Geography, Vol. 21, No. 1 (January 1, 2021), pp. 141-164, https://doi.org/10.1093/jeg/lbaa027.202 Ibid.203 Ameli, Kothari and Grubb, op. cit. note 201204 DivestInvest, https://www.divestinvest.org, accessed February 24, 2023.205 Box 3 from Asian Development Bank, “ADB Announces IF-CAP, New Program to Accelerate Billions in Climate Change Financing”, May 2, 2023, https://www.adb.org/news/adb-announces-if-cap-new-program-accelerate-billions-climate-change-financing. 206 S. Brand and J. Steinbrecher, “Green Bonds – a Sustainable Alternative for Municipal Infrastructure Finance?” KfW Research Focus on Economics, No. 245 (March 7, 2019), https://www.kfw.de/PDF/Download-Center/Konzernthemen/Research/PDFDokumente-Fokus-Volkswirtschaft/Fokus-englische-Dateien/Fokus-2019-EN/Fokus-No.-245-March-2019-Green-Bonds.pdf; S. Gray, “Sustainable Finance: A Guide to the Taxonomy”, VitalBriefing, April 28, 2021, https://vitalbriefing.com/industry/sustainable-finance/sustainable-finance-taxonomy-guide.207 Organisation for Economic Co-operation and Development (OECD), “Developing Sustainable Finance Definitions and Taxonomies”, 2020, https://doi.org/10.1787/134a2dbe-en.208 M. Emmerich and K. Loeffler, personal communications with REN21, March 8, 2022.209 Ibid.210 Environment, London School of Economics and Political Science, “India Becoming a Sustainable Finance Maker”, February 17, 2023, https://www.lse.ac.uk/granthaminstitute/news/india-becoming-a-sustainable-finance-maker; M. Banks, “Turkey Is Defeating Inflation Through Production, Says Turkish Minister of Treasury and Finance”, Eureporter, January 27, 2023, https://www.eureporter.co/world/turkey/2023/01/27/turkiye-is-defeating-inflation-through-production-says-turkish-minister-of-treasure-and-finance; E. El Mrabet, “The Road to COP28”, Economy Middle East, June 15, 2023, https://economymiddleeast.com/news/the-road-to-cop28; Center for Macroeconomic Policy and Forecasting (CIEM), “Green Taxonomy for Green Credit and Green Bond”, http://gizmacro.ciem.org.vn/tin-tuc/1499/green-taxonomy-for-green-credit-and-green-bond, accessed July 3, 2023.211 Climate Bonds Initiative, “Peru Sustainable Finance – State of the Market 2022”, September 2022, https://www.climatebonds.net/files/reports/cbi_peru_sotm_2021_03d.pdf.212 Financial Supervisory Commission Republic of China (Taiwan), “Important Measures-FSC, EPA, MOEA, MOTC, and MOI Jointly Issue ‘Taiwan Sustainable Taxonomy' to Encourage Financial Institutions to Support Enterprises Transition towards Sustainable and Low-Carbon Economy-Financial Supervisory Commission”, January 11, 2023, https://www.fsc.gov.tw/en/home.jsp?id=74&parentpath=0,2&mcustomize=multimessage_view.jsp&dataserno=202301110004&dtable=Bulletin. 213 Hong Kong Monetary Authority, “Cross-Agency Steering Group Announces Launch of Information and Data Repositories and Other Progress in Advancing Hong Kong's Green and Sustainable Finance Development”, June 21, 2022, http://www.hkma.gov.hk/eng/news-and-media/press-releases/2022/06/20220621-5.214 Emmerich and Loeffler, op. cit. note 209.215 D. Thur, “Green Taxonomies Around the World: Where Do We Stand?” ECOFACT, November 1, 2022, https://www.ecofact.com/blog/green-taxonomies-around-the-world-where-do-we-stand.216 International Platform on Sustainable Finance, “Common Ground Taxonomy – Climate Change Mitigation Instruction Report”, December 2021, https://finance.ec.europa.eu/system/files/2021-12/211104-ipsf-common-ground-taxonomy-instruction-report-2021_en.pdf. 217 International Platform on Sustainable Finance, “Common Ground Taxonomy – Climate Change Mitigation Instruction Report”, June 3, 2022, https://finance.ec.europa.eu/system/files/2022-06/220603-international-platform-sustainable-finance-common-ground-taxonomy-instruction-report_en.pdf. 218 ASEAN Taxonomy Board, “ASEAN Taxonomy for Sustainable Finance, Version 2”, March 2023, https://www.sfinstitute.asia/wp-content/uploads/2023/03/ASEAN-Taxonomy-Version-2.pdf.219 UNDP, “Building a Common Framework of Sustainable Finance Taxonomies in Latin America and the Caribbean”, June 7, 2022, https://www.undp.org/latin-america/press-releases/building-common-framework-sustainable-finance-taxonomies-latin-america-and-caribbean. 220 C. Gardes-Landolfini, personal communication with REN21, February 21, 2023. Statement reflects personal opinion and does not reflect the broader opinion of the International Monetary Fund.221 Ibid.222 IMF Climate Finance Policy Unit, “ESG Monitor Q4 2021”, February 8, 2022, https://www.imfconnect.org/content/dam/imf/News%20and%20Generic%20Content/GMM/Special%20Features/ESG%20Monitor%20Q4%202021.pdf. 223 C. Harrison, “Green Bond Pricing in the Primary Market H2 2022”, Climate Bonds Initiative, March 2023, https://www.climatebonds.net/files/reports/cbi_pricing_h2_2022_01c.pdf.224 IMF Climate Finance Policy Unit, “Climate Finance Monitor Q4 2022”, February 1, 2023, https://www.imfconnect.org/content/dam/imf/News%20and%20Generic%20Content/GMM/Special%20Features/Climate%20Finance%20Monitor%20Q4%202022.pdf. 225 Ibid.226 Ibid.227 Harrison, op. cit. note 224.228 Ibid.229 OECD, “ESG Investing and Climate Transition, Market Practices, Issues and Policy Considerations: OECD Business and Finance Outlook, 6th edition”, 2020, https://doi.org/10.1787/eb61fd29-en.230 IMF Climate Finance Policy Unit, op. cit. note 225.231 Ibid.; Skadden, Arps, Slate, Meagher & Flom LLP, “ESG in 2022 and Predictions for 2023”, February 1, 2023, https:// www.skadden.com/insights/publications/2023/02/esg-in-2022-and-predictions-for-2023. 232 Emmerich and Loeffler, op. cit. note 209.233 MSCI, “ESG Investing: ESG Ratings”, https://www.msci.com/our-solutions/esg-investing/esg-ratings, accessed February 24, 2023; C. Simpson, A. Rathi and S. Kishan, “The ESG Mirage”, Bloomberg, December 10, 2021, https://www.bloomberg.com/graphics/2021-what-is-esg-investing-msci-ratings-focus-on-corporate-bottom-line. 234 M. Taeger, “‘Double Materiality': What Is It and Why Does It Matter?” Grantham Research Institute on Climate Change and the Environment, April 21, 2021, https://www.lse.ac.uk/grantham-institute/news/double-materiality-what-is-it-and-why-does-it-matter; Emmerich and Loeffler, op. cit. note 209.235 Emmerich and Loeffler, op. cit. note 209.236 OECD, op. cit. note 230.237