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Guidebook on Facilitating

Climate FDI

WHITE PAPER

JULY 2023

In collaboration with

fDi Strategies

Contents

Images: Midjourney, Getty Images, Unsplash

reserved. No part of this publication may

be reproduced or transmitted in any form

or by any means, including photocopying

and recording, or by any information

storage and retrieval system.

Disclaimer

This document is published by the

World Economic Forum as a contribution

to a project, insight area or interaction.

The ﬁndings, interpretations and

conclusions expressed herein are a result

of a collaborative process facilitated and

endorsed by the World Economic Forum

but whose results do not necessarily

represent the views of the World Economic

Forum, nor the entirety of its Members,

Partners or other stakeholders.

Foreword

Executive summary

Introduction

Measure 1 Incentives and de-risking

Measure 2 Databases and supplier programmes

Measure 3 Matchmaking MNEs with investment projects

Measure 4 Legal provisions for FDI facilitation

Conclusion

Contributors

Endnotes

Guidebook on Facilitating Climate FDI 2

Foreword

Developing countries, while particularly vulnerable

to the negative environmental and economic

shocks of climate change, face an enormous

climate ﬁnance gap. Climate-positive foreign direct

investment – or climate FDI – can help narrow this

gap. However, growing climate FDI will require

concerted collaboration between public and

private actors, a strong strategic vision within host

countries and focused investment facilitation efforts

by investment authorities.

Investment promotion agencies (IPAs) can act as

powerful enablers of developing countries’ net-

zero transition by adopting targeted facilitation

measures that promote and nurture climate FDI.

Furthermore, by encouraging sustainable, climate-

positive investments, IPAs can help local companies

decarbonize faster, thereby enabling them to better

compete in a green global economy.

This guidebook, with step-by-step guidance and

best practices for four categories of facilitation

measures, will help IPAs design a comprehensive

strategy for climate FDI. IPAs could also beneﬁt from

engaging in peer learning to share knowledge and

methodologies. A coalition of IPAs would provide a

platform for such useful exchanges to happen.

We hope that IPAs and allied government

agencies can use the guidebook to accelerate

decarbonization in their constituencies. The World

Economic Forum, through its Climate Trade Zero

initiative and its Investment Policy and Practice

initiative, with support from fDi Intelligence, stands

ready to work with IPAs interested in implementing

climate FDI facilitation measures.

Guidebook on Facilitating Climate FDI

July 2023

Sean Doherty

Head of International

Trade and Investment,

World Economic Forum

Henry Loewendahl

Senior Consultant to fDi

Intelligence, Financial Times

Guidebook on Facilitating Climate FDI 3

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GuidebookonFacilitatingClimateFDIWHITEPAPERJULY2023IncollaborationwithfDiStrategiesContentsImages:Midjourney,GettyImages,Unsplash©2023WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.DisclaimerThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.ForewordExecutivesummaryIntroductionMeasure1Incentivesandde-riskingMeasure2DatabasesandsupplierprogrammesMeasure3MatchmakingMNEswithinvestmentprojectsMeasure4LegalprovisionsforFDIfacilitationConclusionContributorsEndnotes3467142128333436GuidebookonFacilitatingClimateFDI2ForewordDevelopingcountries,whileparticularlyvulnerabletothenegativeenvironmentalandeconomicshocksofclimatechange,faceanenormousclimatefinancegap.Climate-positiveforeigndirectinvestment–orclimateFDI–canhelpnarrowthisgap.However,growingclimateFDIwillrequireconcertedcollaborationbetweenpublicandprivateactors,astrongstrategicvisionwithinhostcountriesandfocusedinvestmentfacilitationeffortsbyinvestmentauthorities.Investmentpromotionagencies(IPAs)canactaspowerfulenablersofdevelopingcountries’net-zerotransitionbyadoptingtargetedfacilitationmeasuresthatpromoteandnurtureclimateFDI.Furthermore,byencouragingsustainable,climate-positiveinvestments,IPAscanhelplocalcompaniesdecarbonizefaster,therebyenablingthemtobettercompeteinagreenglobaleconomy.Thisguidebook,withstep-by-stepguidanceandbestpracticesforfourcategoriesoffacilitationmeasures,willhelpIPAsdesignacomprehensivestrategyforclimateFDI.IPAscouldalsobenefitfromengaginginpeerlearningtoshareknowledgeandmethodologies.AcoalitionofIPAswouldprovideaplatformforsuchusefulexchangestohappen.WehopethatIPAsandalliedgovernmentagenciescanusetheguidebooktoacceleratedecarbonizationintheirconstituencies.TheWorldEconomicForum,throughitsClimateTradeZeroinitiativeanditsInvestmentPolicyandPracticeinitiative,withsupportfromfDiIntelligence,standsreadytoworkwithIPAsinterestedinimplementingclimateFDIfacilitationmeasures.GuidebookonFacilitatingClimateFDIJuly2023SeanDohertyHeadofInternationalTradeandInvestment,WorldEconomicForumHenryLoewendahlSeniorConsultanttofDiIntelligence,FinancialTimesGuidebookonFacilitatingClimateFDI3ExecutivesummaryUpto$6trillionininvestmentisrequiredannuallytoachievenationalclimategoalsanddecarbonization.1Thispaperoutlinesfourcategoriesofinvestmentfacilitationmeasuresthatinvestmentpromotionagencies(IPAs)andotherauthoritiescanadopttoincreaseclimate-supportiveinvestment.“ClimateFDI”referstoforeigndirectinvestment(FDI)thatcontributestocountries’climate-alignedgrowthobjectives.Thismayincludeinvestmentprojectsthat:arezeroorlowcarboninnature;aimtoreducethecarbonfootprintofeconomicactivity;supportthereductionofgreenhousegases(GHG)throughemissions-reductionsolutionsandtechnologies;oraredesignedtoimprovetheresilienceofinfrastructuretotheeffectsofclimatechange.Assuch,climateFDIcantakeplaceacrossallsectors.Targeting“climateFDI”asasubcategoryof“greenFDI”canbeahelpfuldistinctionforpolicy-makersandstakeholderslookingfortargetedinterventionstoincreaseoverallclimate-supportiveinvestment(seeFigure1).ConceptualframeworktounderstandclimateFDIFIGURE1FDIProjectsacrossallsectorsandactivities,regardlessofsustainabilitycharacteristicsSustainableFDIProjectscontributingtoanyofthe17SDGs(e.g.education,health,sustainablecitiesandclimate)GreenFDIProjectsusingcleanenergy,sustainablematerials,lesswater,recyclingetc.thatcontributetosustainabledevelopmentandenvironmentalobjectivesClimateFDIProjectsthatcontributetoclimate-alignedgrowthobjectivesbye.g.increasingtheproportionofrenewableenergyinﬁnalconsumption,usingcleantechnologies,reducingemissionsfromindustrialproductionClimateFDIformitigationandadaptationFDIprojectscontributingtoclimateobjectives,e.g.climatemitigation(emissionsreduction)andclimateadaptation(improvingresiliencetoclimatechangeconditions)Source:StephensonandSaran(2023)2TheworldneedstogrowclimateFDI.TheIntergovernmentalPanelonClimateChange’s(IPCC)SynthesisReportonclimatechangefromMarch20233showsthathumanityisstillnotontracktolimittemperatureincreaseto1.5˚Cabovepre-industriallevels.Thisguidebookprovidespracticalstepsonhowtoimplementhigh-impactclimateFDIfacilitationmeasures;itoffersamenufromwhichIPAscanchoosewhiletailoringactionstotheirprioritiesandcapabilities,ratherthansuggestingaone-size-fits-allapproach.Theguidebookparticularlyconsiderstheneedsofemerginganddevelopingcountries.GuidebookonFacilitatingClimateFDI4Measure1:AlignIPAstrategies,KPIs,investmentincentivesandde-riskinginstrumentstoachieveclimategoals.Measure2:Createadatabaseofdomesticsupplierswithsustainabilitydimensions(SD2)andlaunchasupplierdevelopmentprogrammetohelpdomesticfirmsbecomemoresustainable.Measure3:MapMNEclimatecommitmentstoinvestmentopportunitiesinhosteconomiesandcreateapipelineofendorsedandvettedclimate-friendlyinvestmentprojectsthathelpMNEsdeliverontheircommitments.Measure4:WorkwithgovernmentsandstakeholderstopotentiallyincludeclimateFDIfacilitationprovisionsinIIAsandstrengthennationalframeworks.4IPAsplayanintegralroleinidentifying,attracting,facilitatingandretainingclimateFDIintheirlocation.Implementingthesemeasures,incollaborationwithpublicandprivateactors,candrivethesystemicchangerequiredtogrowclimateFDIprojectsandachievetheworld’ssharedclimategoals.Inaddition,IPAscouldconsidercreatingacoalitiontoraiseawareness,adopttargetedfacilitationmeasuresandshareknowledgeandbestpracticesonclimateFDI.SuchaCoalitionofIPAsforClimate(CIPAC)willprovidefurthermomentumtothegrowthofclimateFDIandhelpclosetheclimatefinancegapindevelopingcountries.Finally,thesuccessfulconclusionoftext-basednegotiationsonaWorldTradeOrganization(WTO)AgreementonInvestmentFacilitationforDevelopment(IFD)providesaddedimpetusandsupportforthisagenda.WhiletheIFDAgreementcanhelpcreateabaselineofgoodpracticesoninvestmentfacilitationbroadly,climateFDIfacilitationcancomplementthiswithtargetedmeasurestogrowinvestmentalignedwithclimategoals.GuidebookonFacilitatingClimateFDI5IntroductionFacilitatingclimate-alignedFDIisessentialtohelpdeliverontheworld’ssharedclimategoals.Trillionsofdollarsofinvestmentareneededannuallytodecarbonize,maketherequiredenergy,productionandconsumptionshifts,andadapttoclimatechange.Investmentofthevolumeneededcannotsolelybemobilizednationally;itrequirescapitalandembeddedtechnologytobebroughtinfromabroad.Thisguidebookdefinesclimateforeigndirectinvestment(FDI)asthatwhichcontributestocountries’climate-alignedgrowthobjectives.5Thisincludesinvestmentprojectsthat:arezeroorlowcarboninnature;aimtoreducethecarbonfootprintofafirm;supportthereductionofgreenhousegases(GHG)throughmoreefficientenergytechnologies;oraredesignedtoimprovetheresilienceofinfrastructuretoadapttotheeffectsofclimatechange.Assuch,climateFDIcantakeplaceacrossallsectors.Investmentpromotionagencies(IPAs)canplayacrucialroleinpromotingandfacilitatingclimateFDIprojects.Theirfunctionistopromote,facilitateandretainFDIandworkwithbothpublicandprivatestakeholderstocreateabusinessenvironmentthatisattractiveforinvestors.IPAsthereforehaveavitalroleinhelpingtoachievenationalandinternationaltargetsforclimatewhilealsogeneratingeconomicdevelopmentbenefits.ThefocusofthisguidebookistopresentfourcategoriesofinvestmentfacilitationmeasuresthatIPAscanadopttoincreaseclimateFDI.Thepaperparticularlyaimstoempoweremerging-anddeveloping-countryIPAswherecapitalneedsaresignificantandFDIflowsarecurrentlylower.FDIfacilitationhasthepotentialtoaccelerateonvariousfronts.Internationalguidelinesandstandardsforsustainablesuppliersexist,andsector-specificguidelinesareindevelopmentattheinternationallevel.Multinationalenterprises(MNEs)aroundtheworldhavemadeclimate-relatedcommitmentsandpledges,andactivelyseekoutinvestmentprojectopportunities.DevelopmentshavebeenmadeininternationallegalframeworksfortheinclusionofclimateFDIprovisionsininternationalinvestmentagreements(IIAs).Yet,astemperaturescontinuetoriseworldwide,deeperandfasterdeploymentofcapitalisneeded.Furthermore,itiscrucialtoconsiderdomesticsocialobjectiveswhenevaluatingthesustainabilityofaproject.Toillustrate,hydropowerprojectscandisplaceresidentsthroughthecreationofreservoirs,whilebiomassprojectsmayoccupyagriculturalland,increasingtherisktofoodsecurity,aswaswitnessedduringthe2007–2008globalfoodcrisis.Dueconsiderationmustbegiventoreal-worldtrade-offsthatcommunitiesmayfacewhenprioritizingclimate-friendlyinvestmentstoachievelong-termsustainabilitygoals.Public-privatecollaborationwillbeanintegralpartofthisprocess.DrawingontheexpertiseandinsightsoftheprivatesectorwillenableIPAstoimproveregulatoryandpolicyframeworksanddelivermoreattractive,viableandinclusiveclimateFDIprojects.Beyondthat,buy-infromkeypublicandprivateactors,andadoptingajoined-upapproachtoFDIfacilitation,willenhancetheeffectivenessoftheseefforts.GuidebookonFacilitatingClimateFDI6AlignIPAstrategies,KPIs,investmentincentivesandde-riskinginstrumentstoachieveclimategoalsThismeasureaimstoaccelerateclimateinvestmentsthroughintegratedIPAstrategydevelopmentandprojectde-risking.Measure1GuidebookonFacilitatingClimateFDI7IPAscanincreasetheappealofclimate-alignedinvestmentprojectsbyincludingclimateFDIintheirstrategiesandkeyperformanceindicators(KPIs),establishingrelevantsectorprioritiesandevaluatingandcoordinatingincentivesforinvestmentinclimateFDIprojects.Itisimportanttoundertaketheseactionsthroughouttheprocessofinvestortargeting,aftercareandpolicyadvocacy.Developingcountries,particularlytheleastdevelopedcountries(LDCs),facethegreatestthreatsrelatedtotheeffectsofclimatechange,butcanstruggletoattractandretaincapital-intensiveclimateprojects.Thisisoftenduetotheirhigherriskprofiles,relativelackofsubsidiesandmoredifficultproject-financingconditions.FDIrisks,includinglowerinstitutionalquality,macroeconomicinstability,poorsovereigncreditratingsandinadequateinfrastructure,aregenerallygreaterindevelopingcountriesandemergingmarkets.Forthisreason,facilitatingandde-riskingcapitalforclimateFDIprojectsshouldbeaparticularpriorityforIPAs,includingidentifyingspecificcommercial,financial,technologicalandpoliticalrisksthatinvestorsmayfaceinalocation,aswellasmitigatingthesebydeployingtailoredincentives,insuranceandguaranteeinstruments.Inaddition,IPAscanhelptoconnectinvestorswithsourcesoffinancingfortheirprojects.RecommendedapproachArecommendedapproachfortheformulationofaclimateFDIstrategyispositedinFigure2.ThisframeworkalignswiththeOrganisationforEconomicCo-operationandDevelopment(OECD)’sFDIQualitiesPolicyToolkit,whichdescribesspecificprinciplesandpoliciesthatgovernmentscantaketoattractFDIthathelpscontributetodecarbonization.6Measure1actionsFIGURE2DeﬁneclimateFDItoinformhowanFDIprojectshowsapositivesumofclimate-relatedbeneﬁtsthatcontributestoclimateobjectives.Prioritizenationallydeterminedcontributions(NDCs)andnationaladaptationplans(NAPs)relatedtoclimate.Developasectorprioritizationstrategytoidentifythetargetsectorsthatcontributetoeconomicdevelopmentandclimateobjectives.Reviewincentivesandpoliticalriskinsurancethatcanbeusedasde-riskingmechanismstoovercomemarketfailuresforclimate-relatedprojectswithsigniﬁcantcommercialandpoliticalrisks,butimportantpositivespilloversrelatedtoclimate.Awell-plannedinvestmentfacilitationframeworkwillrequireclearkeyperformanceindicators(KPIs)toquantiﬁablymeasureclimateFDIattractionsuccesses.Step4Step3Step2Step1DeﬁneclimateFDIstrategiesinrelationtoclimategoalsPrioritizeIPAsectortargetingandactivitiesAligninvestmentincentivesDevelopanimplementationplanMeasure1Source:fDiStrategies,fromtheFinancialTimesStep1:DefineclimateFDIstrategiesinrelationtoclimategoalsAlocation’sdefinitionofclimateFDIwillshapeitsclimateinvestmentattractionstrategyandinfluencetheselectionofinvestmentprojects.Integratingclimategoalsintostrategicplansforinvestmentattractionisrecommended.Countries’nationallydeterminedcontributions(NDCs)totheParisAgreementofferasetofdefinedgoalsandexistingmetricsthatcanbeusedinaclimateFDIstrategy.TheOECD’sFDIQualitiesPolicyToolkitlaysoutaframeworkforensuringcoherenceacrossclimate,sectoralandinvestmentstrategies.7GuidebookonFacilitatingClimateFDI8Step2:PrioritizeIPAsectortargetingandactivitiesIPAsshoulddevelopsectorstrategies(seeFigure3)toidentifytargetsectorsthatcontributetobotheconomicdevelopmentandtoclimateobjectives.IPAsshouldreviewtheNDCsoftheircountrytonarrowdownthetargetsectorsandidentifythoseinwhichFDIcanhaveamajorpositivecontribution,fromeconomicandclimateperspectives.Forexample,InvestIndiahasprioritized11sectorsinwhichFDIprojectshavebeenidentifiedasstronglyaligningwiththeUnitedNationsSustainableDevelopmentGoals(SDGs),includingrenewableenergy.ThishasallowedInvestIndiatodevelopatargetoffacilitatinginvestmentsin40GWoftheMinistryofNewandRenewableEnergy’stotalnationaltargetof175GWofrenewableenergyproductionby2022.8SectorprioritizationstrategyFIGURE301AlignsectorswithpriorityareasTranslateeconomicstrengthsandchallengesintoinvestmentpromotionbymappingexistingandpotentialeconomicsectorsandsubsectorswiththeprioritizedclimateobjectives.04AligntargetsectorswithKPIsAlignIPAs’strategytoattractclimateFDIbyimplementingtargetsforthevolumeofFDIneeded,withannualprogressevaluationsinmeetingclimateobjectivesandthecontributionofFDI.02IdentifyclimateobjectivesrelevanttoalocationAnalyseclimateobjectivesandcomparisonwithkeyclimateindicatorsinalocationtocheckifthelocationisontracktomeetNDCsandNAPs.03EvaluatetheimportanceofFDItotargetsectorsEvaluatetheimportanceofFDIforimportantclimate-relatedsectorsandsubsectorsidentiﬁed.Measure1Source:fDiStrategies,fromtheFinancialTimesSectorprioritizationcanhelpwiththeselectionandimplementationofde-riskinginstruments,whichcanbespecifictosubsectors,andbeapplieddependingontherelativelevelsofpublic-privateparticipationintheproject.Private-sectoractors’decisionstoinvestinclimate-supportiveprojectsdependonseveralfactors,includingthepresenceofwell-definedrevenuemodelsandanunderstandingofprojectandregulatoryrisks.Theweightofthesefactorsmayvaryacrosssectors,asshowninFigure4.Duetoahigherrisklevelandprojectimplementationchallenges,compoundedbysignificantupfrontcapitalcosts,9almost50%ofclimate-relatedprojectsindevelopingcountriesrequiresomelevelofpublicparticipation(whichrisesto72%forclimateadaptationprojects).10Identifyingpublic-privateopportunitiesforparticipationinclimateFDIprojectsbysectoriscrucialforattractinginvestmentsinprojectsthatwouldnottakeplacewithoutpublicsupport.Forexample,InvestinUzbekistanprovidesclearinvestmentofferguidelinestoforeignfirmsonitswebsite.Itparticularlypromotespublic-privatepartnership(PPP)investmentproposals,throughalinktothePublic-PrivatePartnershipDevelopmentAgency,whichhasincludedcapital-intensiverenewableenergyprojectsthatalignwiththestateprogrammeforeconomicdevelopmentanddecarbonization.11GuidebookonFacilitatingClimateFDI9Ratioofpublic-privateparticipationbyclimatesectorFIGURE4Examplesectors_Floodwalls_Drainagesystems_Reforestation_Mangroveprotection_Climatechange-resilientinfrastructure_Greeninfrastructure_Watermanagement_Publictransportsystems_Agriculturalinvestmentsinresistantcrops_Weathermonitoringsystems_Clean,carbon-neutralbuildings_Carboncaptureandstorage_Cleantechnologies_Renewableenergygeneration_Electricvehicles_GreenmineralextractionProjectsthatarepurepublicgoodsProjectsthatallowforPPPmodelsorconcessionaryschemesProjectsthatcanbeprivatelyﬁnancedbutrequiregovernmentsupport,incentivesorsubsidiestocoverthecostsofmakingthemclimate-friendlyorclimatechange-resilientRatioofpublic-privateparticipationSource:UnitedNationsConferenceonTradeandDevelopment’s(UNCTAD),“WorldInvestmentReport2022”Step3:AligninvestmentincentivesBothfiscalandnon-fiscalincentivesforclimateinvestmentsneedtobetargetedandcost-effective.Anincreasingnumberofdiscretionaryincentivesaregrantedbasedonhowaproject’sparametersalignwithclimateobjectives,andonevidencethatclimateinvestmentswouldbehinderedwithoutthemduetosignificantcommercialrisks.12Short-termincentives–mainlyfiscalincentives–canhelpencourageclimateFDI.Theseshouldbecomplementarytoasoundregulatoryinvestmentregimesinceincentivescannotcompensateforregulatoryriskbythemselves.Inaddition,newtaxrulesassociatedwiththeOECDbaseerosionandprofitshifting(BEPS)initiativewilllimitcountries’scopetoreducecorporatetaxratesbelow15%.However,withinthebandofallowable15%fiscalincentivesundertheBEPSinitiative,incentivescanbeanadditionaltooltohelpgrowclimateFDI.Inaddition,financialincentives(whicharenotcoveredbyBEPS)maybecomeincreasinglyimportantasatool.Non-fiscalandnon-financialincentivesalsohaveanimportantroletoplay.Theycanreducetheadministrativeburdenandtimecostsofaninvestmentproject.Forinstance,IPAscanworktostreamlineinvestmentprocesses,providerevenueguaranteesforstrategicprojects,formorfacilitatejointventuresandsupportsitevisits.Toillustrate,sourcingcapitalformanyclimateprojects(e.g.renewableenergygeneration)willbedependentontheavailabilityofofftakemarketsinalocation,howcompaniesengagewithstakeholdersandthespeedofprocuringpermitsthatcanhelpfast-trackaproject.13TheOECD’sFDIQualitiesPolicyToolkitprovidesdetailedguidanceontheimportanceofprovidingfinancialsupporttostimulatelow-carboninvestmentandcarbon-pricingmeasures.14Figure5containsanon-exhaustivelistofincentivesthatcanbeconsidered,drawingfromwhathasbeenrecommendedunderPrinciple3withinChapter5oftheOECD’sFDIQualitiesPolicyToolkit.GuidebookonFacilitatingClimateFDI10IncentivecategoriesFIGURE5Source:fDiStrategies,fromtheFinancialTimesInadditiontocommercialrisks,politicalrisks–suchasexpropriation,breachofcontract,currencyinconvertibility,adverseregulatorychanges,warandterrorism15–wouldaffectaninvestment’sprofitability.Toaddresssuchbroadrisks,whichmighthamperclimateinvestmentscale-up,IPAscanfacilitateawarenessofandaccesstopolitical-riskinsurance,providedbyabodywithinthesource(home)ordestination(host)country,ormultilaterallybytheWorldBankGroup’sMultilateralInvestmentGuaranteeAgency(MIGA).ThelatterhassupportedcommitmentstotheWorldBank’sClimateChangeActionPlan2021–2025byprovidingpolitical-riskinsuranceforprojectsindevelopingcountriesthatincludeprivatecapital.Thisapproachconsistsoflinkingfavourableinsuranceandinvestmentguarantees(reducedpremiums,longercoverageperiodsandhighercoveragelimits)totheclimate-friendlinessofinvestments.Ontheflipside,multilateralinstitutionscouldalsorequirethatcarbon-intensiveactivitiesbesubjecttohigherpremiumsandstricterconditionstoaccesscoverage.Asafurtherstep,dependingoncapacity,IPAscanawardincentivesandinsuranceoptionstopartiesmeetingcriteriafora“climate-investor”status.Forexample,KarlP.SauvantandEvanGaborhaveoutlinedtheRecognisedSustainableInvestor(RSI)framework16asameansofincreasingthelevelofFDIthatisalignedwithacountry’sdevelopmentalgoals,includingthoserelatedtoclimate.17Thisframeworkcanbesetupthroughthreemajorsteps:181.EstablishessentialcriteriathataninvestorshouldmeettobedesignatedanRSIRSIdesignationcouldbeawardedtoFDIprojectsfollowinggeneralresponsiblebusinessconduct(RBC)practicesandmeetingcriteriatoachieveclimateobjectives.Theimpactofaprojectonclimateshouldbeanalysedonacase-by-casebasis,withevidenceoftheinvestment’sclimate-friendlyqualitiesbeingmoreimportantthanacompany’ssustainabilityantecedents.2.Considercountry-specificdevelopmentgoals,includingthoserelatedtoclimate,thatinvestorswouldcommittomeetInvestorsmakereasonableeffortstoensurethatinvestmentscontributetocountry-specificclimategoalsbyundertakingactionstoreducetheinvestment’scarbonfootprint.Inotherwords,investorswouldfirstidentifythecountry’sclimategoals,thenensurethattheirinvestmentprojectswerealignedwiththosegoals.3.If1and2aremet,grantspecialincentivestoclimateFDIprojectsRSIdesignationentailsreceivingspecialincentivesnotavailabletogeneralinvestmentprojects.19Examplescouldinclude“red-green-gold”services–thatis,red-carpettreatmenttoacceleratepermittingandapprovals,greenchannelprocessestofacilitatecustomsclearancesandgoldstatustreatmentforpost-establishmentaftercare.20Non-ﬁscal/non-ﬁnancialincentivesFiscal/ﬁnancialincentivesRegulatoryincentives:derogationsfromcertainnationalorsubnationalrulesandregulationsincluding“red-carpetservices”meanttofast-trackadministrative,bureaucraticandlegalprocessesforclimateFDIprojects.Technicalandbusinesssupportincentives:advisoryservicesprovidedtoeasemarketentryorsupporttheoperationsofﬁrms,suchasarrangingsitevisits,recruitmentandimmigrationservices,marketintelligenceandstrategicintroductionstopotentialpartnersandclients.Fiscalincentives:exemptions,taxholidays,deductions,accelerateddepreciation,investmentallowancesandreducedtaxrates(e.g.corporatetax,incometax,capitalrepatriationtax,realestatetax,landtax);manyﬁscalincentivesareavailableinspecialeconomiczones.Taxincentivescanbeusedtoencourageprojectsandactivitieswiththegreatestimpactonenvironmentalindicators(e.g.renewableenergyprojects),particularlyaffectingefﬁciency-seekingprojectsincompetitiveandcost-savingclimatesectors.Financialincentives:formsofﬁnancialsupportthatarenon-tax-based,includingcashgrants,governmentinsurance,preferentialloanstoforeigninvestorsanduseoffeed-in-tariffsandpowerpurchasingagreementsforrenewableenergy.GuidebookonFacilitatingClimateFDI11GhanaInvestmentPromotionCentre(GIPC)–pioneeringthedevelopmentofsustainability-linkedincentivesBOX1GIPChasworkedwiththeWorldEconomicForumtodevelopanRSIframeworkandincorporateRSIdesignationintoGhana’sinvestmentcodetoencouragesustainableandclimate-supportinginvestment.TheRSIdesignationisawardedtoinvestorsobservingresponsiblebusinessconduct(RBC)guidelinesandcontributingtoGhana’ssustainabledevelopmentpriorities.GIPCseekstodevelopinvestmentsthataredesignatedasclimate-supportivethroughmeasuringthereductionincarbonemissionsbroughtabout,forexample,fromrenewableenergy.Stakeholderengagementhasbeenkeytoimplementingthis,withbothfirmsandpublicactorssuchastheMinistryofEnvironment,Science,TechnologyandInnovation,theMinistryofEnergyandtheEnvironmentalProtectionAgency,whichcarriesoutenvironmentalimpactassessmentstomeasurecarbonemissionsforprojects,whichcanthenbedirectlytiedtotheawardingofincentives.Source:ConsultationwithGhanaInvestmentPromotionCentre(March2023)Step4:DevelopanimplementationplanwithKPIsandmonitoringandevaluationAnIPAshouldidentifylinksbetweenNDCsandaclimateFDIstrategy,thentakestepstoenactthisstrategy.Thiscaninvolveintroducingtime-boundtargetsforclimate-relatedcapitalinvestmentormonitoringtheenvironmentalperformanceofinvestmentprojects,bycalculatingcarbonfootprint,wastemanagementandenergyconsumption,forexample.21IPAsshouldideallyworkwithrelevantgovernmentalagenciestomonitorclimate-relatedperformance.MonitoringandevaluatingclimateinvestmentflowswillfurtherhelpacountryassessitsimpactonNDCsandachievetheobjectivesoftheclimateFDIstrategy.22IndustrialDevelopmentAgency(IDA)Ireland–trackingsustainableinvestmentsBOX2IDAIreland23aimstoattract60sustainableprojectsby2024andrecordsthenumberofenvironmentallysustainableinvestmentsattractedannually.In2021,outof249projects,15wereclassifiedassustainable,includingbothgreenfieldandexpansioninvestments,andweredistinctfromotherinvestmentprojects.Source:IDAIreland,AnnualReportsandAccounts(2021)InvestinTürkiye–capitalizingonSDGmetricstomonitorprioritiesofthenationalFDIstrategyBOX3InvestinTürkiyedefined“QualityFDI”forTürkiyeinitsnationalFDIStrategyinthreedimensions(technologicaltransformation,employmentandcurrentaccountbalance),withsevendifferentpriorityareasandfour“horizontalaxes”areaswithwhichallinvestmentsshouldalign.OneofthesefouraxesistheSDGcomplianceofeachinvestmentproject,measuredbyachecklistof47relevantquestionsforall17SDGs.Thesequestionsarerankedintermsofimportance,from1–5,includingquestionsrelatedtoSDG7(cleanenergyforall)–e.g.isitaninvestmentinrenewableenergyproduction?–andSDG13(climateaction),e.g.isitaninvestmentintechnology,aproduct,serviceorinfrastructurethatwillreducecarbon/GHGemissions?Isitaninvestmentthatadoptstechnologiesthatwillenableittoreduceitscarbonfootprintinitsownmanufacturingfacility?Doestheinvestorhaveapolicydocument/target/commitmenttoreducecarbonemissions/footprintsintheproductionprocessesandsupplychain,andisitsharedwiththepublic?ThishasprovidedInvestinTürkiyewithaseriesofeasilyanswerablequestionsforusebyitssectoralexperts,whichisrelativelycost-effectiveandcontributestomeasuringtheKPIofthenationalstrategytoattractqualityFDI,includingalignmentwithclimategoals.Source:ConsultationwithInvestinTürkiye(March2023)GuidebookonFacilitatingClimateFDI12ImplementationandkeystakeholdersKeynationalandregionalstakeholdersthatanIPAshouldconsiderengagingtoalignIPAstrategies,KPIs,investmentincentivesandde-riskinginstrumentstoclimategoals:–Existingforeigninvestorstoidentifycommonchallengesandbottleneckstoclimateinvestments,whichinturnshouldinformfuturepoliciesregardingincentivesandregulations–Governmententitiesandauthoritiesthatareresponsibleforregulatorychanges,fast-trackingpermittingandlicensingandimplementingincentivestoensureawhole-of-governmentapproachatthedomesticlevel(seeBox4forbestpractices),environmentalimpactmonitoringandstandard-setting–High-levelpolicycouncilsthatincludeworkinggroupsforclimate-relatedinvestmentsandcoordinateprivateandpublicactorsinfacilitatingclimateinvestments24–Multilateralinstitutionsthatprovidearangeofde-riskingmeasuresandservicesforclimateFDI,includingpolitical-riskinsurance,investmentguarantees,financingforclimateprojectsandcapacity-building/technicaltrainingprogrammesforIPAsInvestIndia–adoptingawhole-of-governmentapproachtoattractingclimateFDIBOX4InvestIndiaprovidesaone-stopshopforallFDIprojects,workingtofacilitateinvestmentsinprioritizedclimateFDIsubsectors,particularlyrenewableenergy.Ithasfosteredastrongwhole-of-governmentapproachwithmultipleagencies–includingtheProjectDevelopmentCell(PDC)withintheMinistryofNewandRenewableEnergy,theEmpoweredGroupofSecretaries(EGoS)andtheCentralPollutionControlBoard(CPCB)withintheMinistryofEnvironment,ForestryandClimateChange–whichworkwithInvestIndiatoidentifyandaddressbottlenecksforclimateFDIprojects,suchasnavigatingthenationalapprovalsystemforenvironmentalassessmentsandlandacquisitionforlargerprojects.Source:ConsultationwithInvestIndia(March2023)PotentialrisksandmitigationstrategiesTABLE1No.RiskSuggestedmitigation1TheIPAmaynothaveaclearfocusonsustainabilityordedicatedofficer/teamforclimateFDIstrategyformulationandexecutionEstablishaclearmandatefortheIPAtosupportclimateFDI,preferablywithavisionandmissionstatementaffirmingadedicationtosustainableinvestmentAppointdedicatedstafftoexecuteonmandate2DifficultyfortheIPAinmeasuringprospectiveprojectsbasedontheirclimateimpactduetoexpertiseconstraintsCooperatewithgovernmentdepartmentsresponsibleformonitoringenvironmentalpermittingandlicensingratherthanundertakingtheprocesscompletelyindependently3LackofpublicsupportforPPPsandconcessionsinstrategicclimateprojectsandlackofsupportingregulationsforkeyclimatesectorsEngageinpolicyadvocacyandcoordinationwithgovernmentstakeholderstoidentifysectorsinwhichpublicandprivateinvestmentscanbedirectedtowardsandidentifyregulatorychangesthatcande-riskclimateFDIprojectsSource:fDiStrategies,fromtheFinancialTimesGuidebookonFacilitatingClimateFDI13Createadatabaseofsupplierswithsustainabilitydimensions(SD2)andlaunchasupplierdevelopmentprogrammetohelpdomesticfirmsbecomemoresustainableMeasure2Thismeasuresetsouttoincreasethevisibilityofsustainablesuppliersthroughonlinedatabasesanddevelopprogrammestohelpcompaniesimprovethesustainabilityoftheiroperations.GuidebookonFacilitatingClimateFDI14Accesstoareliablesupplierdatabaseallowsforeignanddomesticfirmstoidentifypotentialsuppliersefficiently,therebyreducingtransactioncostsandacceleratingmarketentryandoperations.Additionally,supplierdatabasescanhelpinvestorsassessthequalityandreliabilityoflocalsuppliers,understandlocalmarketdynamicsandsupply-chainrisksandaccessqualityinputsintotheproductionprocess.Supplierdatabasesarealsoapromotionaltool,makingitmorelikelythatanMNEwillconsiderdrivinginvestmentstoalocation,astheyareabletogainanunderstandingoflocalsourcingopportunities.25SupplierdatabaseshavebeenusedbyIPAsandotherstakeholdersformanydecadestoencouragetradeandinvestmentacrossprioritysectors.Increasingdemandfromcorporatesforsustainablesupplychainscreatestheneedtoincludesustainabilitydimensionsorsustainablecriteriainthesedatabases.InMay2021,theCouncilfortheDevelopmentofCambodia(CDC),withsupportfromtheWorldEconomicForum,launcheditsSupplierDatabasewithSustainabilityDimensions(SD2),26thefirstsupplierdatabasedesignedtoincludenotonlytraditionalinformation(e.g.sector,products,contactinformation,etc.)butalsoinformationonthedegreetowhichlocalcompaniesoperatedsustainably.TheaimwasbothtoattractforeignfirmscommittedtoinvestingsustainablyandtoencouragemoreCambodianfirmstoshifttosustainableoperations,inordertoqualifyforsuchcapitalandinvestorinterest.Complementaryandintegraltoaneffectivesupplierdatabaseisasupplierdevelopmentprogrammetoensurethatdomesticfirmshavetherightcapacityintermsofquality,costandscale,inadditiontosustainabilitystandards.Supplierdevelopmentprogrammeshavebeenusedbypublic-andprivate-sectororganizationswiththeaimofincreasingthecompetitivenessandefficiencyofdomesticcompaniestointegrateintoglobalsupplychains.Supplierdevelopmentprogrammesofteninvolvemultiplestakeholders,includingenterprisesupportagencies,technicalconsultancies,standardsbodiesandtrainingandresearchinstitutions.AnexampleistheglobalsupplychaincoordinationsupportofferedbytheMalaysianInvestmentDevelopmentAuthority(MIDA).27RecommendedapproachFigure6providesanoverviewoftherecommendedapproachanIPAcanadopttoimplementMeasure2.Measure2actionsFIGURE6Deﬁnethecriteriaforinclusioninthedatabase(e.g.products/servicesbytypeandsizeofcompany,certiﬁcations/accreditations).Workwithstakeholderstodeﬁnethecriteria.IdentifyexistingdomesticﬁrmsinthelocationbyconsolidatingdatafromtheIPAandstakeholderorganizations,andthroughdeskresearch(e.g.companydatabases,websearches).AssessthecompanydatabaseidentiﬁedinStep2againstthedeﬁnedcriteriaforinclusioninthedatabase.Conductconsultationsorprovidearegistrationformtovalidatethecompaniesforinclusion.Workwithatechnicalpartnertodevelopthedatabase/portalusingsuitablesoftware,ensuringthattheproducthasaneasy-to-navigateuserinterface(UI).Discusstheimplementationstrategywithstakeholders.Step4Step3Step2Step1DeﬁnethecriteriaforinclusionResearchthelocationAssessthelonglistofcompaniesDevelopandimplementMeasure2Step5CreatesupplierdevelopmentprogrammesEnsuretheongoingdevelopmentofboththedatabase/portalandlocationofsupplierdevelopmentprogrammestohelpcompaniesmeetthecriteriaforinclusion.Source:fDiStrategies,fromtheFinancialTimesGuidebookonFacilitatingClimateFDI15Step1:DefinethecriteriaforinclusionExplaintherationalebehinddevelopingadatabaseofsupplierswithsustainabilitydimensions(SD2)torelevantstakeholdersandgatherfeedbackoncriteriaordimensionsthatcouldbeusedforincludingfirmswithinthedatabase.ItisessentialthatmajorMNEsinthelocationareconsulted,tounderstandboththeirsupplierassessmentcriteriaandwhatsustainabilitystandardsarecurrentlyusedorarelikelytobeusedtoscreencompaniesforinclusionintheirsupplychains.Inclusioncriteriaforlocalcompaniesinthesupplierdatabaseshouldalsobe“reality-checked”withlocalfirmsandstakeholders.Forexample,accesstointernationallyaccreditedcertificationisnotalwayspossibleorfeasibleinmanydevelopingcountries.Therefore,includingthisasamandatorycriterionmightresultinaverylownumberofeligiblecompanies.Inaddition,asuppliermaybesustainableinonedimensionbutnotinanother,andgovernmentsmaywishtoincludesuchfirmsinordertohelpthem–gradually,overtime,throughthesupplierdevelopmentprogramme–increasethenumberofdimensionsinwhichtheyareabletooperatesustainably.Figure7providesexamplesofpotentialsustainabilitycriteriathatlocationsmayconsider,basedonwhatisfeasibleinthatplaceandtherequirementsofMNEs.ExamplesofpotentialcriteriaforinclusioninasupplierdatabaseFIGURE7Source:fDiStrategies,fromtheFinancialTimesCompanyself-certiﬁcation/identiﬁcationassustainableCompanyhasdetailedanemissions-reductionstrategyCompanyhasasustainability/climatestrategyinplaceCompanyhasrecognition/visibilityinsustainability/climateaction(awards,media,activeparticipation,etc.)Sectoraccreditations(withinspeciﬁcindustry),e.g.bluesign(textiles),GreenSeal(household/buildingproducts)Companyaccreditationsorcertiﬁcationwithinenvironmental,socialandcorporategovernance(ESG),e.g.BCorpCertiﬁcation,sustainabilityandclimateriskcertiﬁcateetc.SpeciﬁcESGorsustainablestandardsthroughtheInternationalOrganizationforStandardization(ISO)–e.g.ISO14001(environmentalmanagementsystems)High-levelcriteriaSpeciﬁcdimensions/certiﬁcationsGuidebookonFacilitatingClimateFDI16Toenhancetherelevanceofthedatabaseforcorporates,itiscrucialtoincorporategloballyrecognizedsustainabledevelopmentstandardsthatarespecifictovarioussectors.Forinstance,inthetextileindustry,thereareseveraldifferentinternationalsustainabledevelopmentstandards.Anon-exhaustivelistofthesestandardscanbefoundinTable2.ExamplesofsustainabledevelopmentstandardsandmembershipsfortextilecompaniesTABLE2NameofstandardAreaofinfluence(environmentalorsocial)ValidityofcertificatesExternal,independentauditsrequired?TextileExchangeGlobalRecycledStandardVersion3Environmentalandsocial1yearGlobalOrganicTextileStandard,GOTS-NL,Version4.0Environmentalandsocial1yearISO14001:2004,revisedformat:ISO14001:2015Environmental3yearsWorldwideResponsibleAccreditedProduction(WRAP)Environmentalandsocial6monthsto2yearsSocialAccountabilityInternational–SA8000Social3yearsBluesignstandard–sustainabletextileproductionEnvironmentalandsocial3yearsBetterWorkInitiativeSocial1year(estimate)FairLaborAssociationSocial1yearLeatherWorkingGroup–promotingsustainableleatherproductionEnvironmentalandsocial1.5to2yearsSource:fDiStrategies,fromtheFinancialTimes;KollinskyandLoewendahl(2018)28GuidebookonFacilitatingClimateFDI17Step2:ResearchthelocationtoidentifyalonglistoflocalfirmsIPAsandgovernmentauthoritiesshouldidentifylocalcompaniesoperatinginthesectorsthathavethebestpotentialforforeign–domesticcollaborationandforincreasingsustainabilityinlocalsupplychains.Whereavailable,theIPAshoulduseitsowncustomerrelationshipmanagement(CRM)system,alongwiththebusinessregistrydataconsolidatedfromotherstakeholderagencies–suchasthelocationsbusinessregistryoffice,chambersofcommerceandsectorassociations–todevelopacomprehensivepictureofbusinessesregisteredwithinthelocation.Additionalsupportingresearchcanbeconductedthroughonlinesearchesandthird-partycompanydatabaseswhererequired;however,externalcompanydatabasescanbeexpensive.Step3:AssessthelonglistofcompaniestobuildashortlistoflocalfirmsWorkwithstakeholdersandpartnerstoassesscompaniesagainstthedefinedcriteriaforinclusiontoidentifyashortlistoffirmsthatshouldbeengaged.Thesecanincludecompaniesthatalreadymeetkeycriteriaorcompaniesthatcouldpotentiallymeetthecriteriawiththesupportofsupplierdevelopmentprogrammes.ThecriteriashouldbecloselyalignedwiththatusedbyMNEsinthelocationorwiderregion,toensurethebestprobabilityofdomesticcompaniespluggingintoglobalvaluechains(GVCs).Thereareexamplesofcountriesthathavechosentoleverageregionalagreementsforthedevelopmentofaregionaldatabase.Forinstance,theAssociationofSoutheastAsianNations(ASEAN)hasbuilttheASEANSupportingIndustryDatabasetoincreaseawarenessofsupportingindustriesthatexistinASEANmemberstates;29private-sectordatabases,suchastheEastAfricandatabaseofsuppliersfortheoilandgassectorbytheprivatesectorcompanyAchilles,havealsobeencreated.30IPAsshouldcontacttheshortlistedfirmstoexplainthepurposeofthesupplierdatabasewithsustainabilitydimensions(SD2),collectfurtherinformationandletthemknowhowtoregister.Thiscanbedonethroughface-to-faceconsultationsorviaanonlineregistrationform,dependingonthenumberofcompaniestobecoveredandtheIPA’scapacity.Significantcompaniesshouldbeconsultedfacetofacewherepossible.Step4:DevelopandimplementEngagewiththird-partytechnicalexpertsorsoftwaredevelopmentcompaniestobegintodevelopasupplierdatabasewithsustainabilitydimensions(SD2).IPAsshouldinvolverelevantstakeholdersinconversationwiththedatabasedevelopertoensurethatnoinformationismissedinthedevelopmentbriefregardingfunctionality(e.g.byincludingataggingsystemandsearchfunctiontoquicklyidentifyfirmsbyverifiedsustainabilitycriteria).Whiletheselecteddeveloperiscreatingthesupplierdatabase,theIPAshouldbegindiscussionswithstakeholdersonimplementationstrategy,includingwherethedatabasewillbehosted,schedulingperiodicreviewstoidentifyareasforfurtherdevelopmentanddiscussingthemarketingstrategyforthesystemtoensurethetoolispromoted.Itisessentialthatthesupplierdatabaseiseasytouse,andthattheIPAcaneditandaddcompanieseasily.Hostingofthedatabaseshouldbesecure(asitwillincludecompanyinformationandpersonalinformationoncontactsincompanies).GuidebookonFacilitatingClimateFDI18Inaddition,itisimportantthatalong-termsolutionisprovidedsothat,aftertheup-frontcosts,theIPAknowsandagreeseachyearhowmuchhosting,maintenanceandtechnicalsupportwillcost.Ifasoftwareasaservice(SaaS)solutionisavailable,thismaybemoresustainable,cheaperandquickertoimplement.Butifacustom-builtsystemistheonlyoption,thelong-termviabilityofthedatabasemustbeverycarefullyplannedoutforanumberofyears.Inaddition,theonlineapplicationshouldbeabletopluginto,orbeembeddedwithin,theIPA’swebsiteandbefastandeasytouse.Anotherconsiderationiswhethersuppliersshouldbeallowedtoregisterthemselvesontheonlineapplicationandaddandeditinformationontheircompany.Step5:CreatesupplierdevelopmentprogrammesIPAsandrelevantstakeholdersshouldlaunchacomplementarysupplierdevelopmentprogrammetohelplocalcompaniesandsmalltomedium-sizedenterprises(SMEs)increasetheircapacitybyachievingcertainstandardsandcertifications,includingthoserelatedtoESG.TheIPAandpartnersshouldalignanysupplierdevelopmentprogrammeswiththecriteriaforinclusiondefinedforthesupplierdatabasetoensurethatcompanieswhichfailtomeettheinclusioncriteriaareawareoftheopportunitytoseeksupporttobecomeeligibleforinclusion.ThiswouldbevaluableforsmallbusinessesthatmightnototherwisehaveaccesstoMNEstandardsandwouldpresentanopportunitytoboosttheirfirms’generalgreencompetitiveness.Thesesupportprogrammescanbedeliveredbyvariousstakeholderorpartnerorganizations,butitisimportantthatexistingMNEsarefullyinvolvedintheprogrammetoalignsupplierdevelopmentprogrammeswiththeirsupply-chainassessmentcriteriaand,inmanycases,tobenefitfromthetechnicalsupportMNEscanprovide.Thisisespeciallythecaseindevelopingcountries,wheremanymajorMNEshavelocalsupplierdevelopmentprogrammesaspartoftheirowncommitmenttocorporatesustainabilitytohelpachievetheSDGs.AnotheroptionwouldbetoincludeESGmodulesinalreadyexistingsupplierdevelopmentprogrammesorSMEacceleratorstoallowfirmstotakestepstowardsbecomingmoresustainablesuppliers.Theseprogrammescaneventuallydevelopintofullyfledgedsustainablesupplierdevelopmentprogrammes.ImplementationandkeystakeholdersTheimplementationofasupplierdatabasewithsustainabilitydimensions(SD2)shouldbeconductedasajointeffortbetweentheIPAandkeystakeholdersinvolvedintheprocess.KeypointsIPAsshouldraisewithrelevantstakeholdersinclude:–Discusstheproposedcriteriaforinclusioninthedatabase,inadditiontowhichsectorstofocuson–Researchandassesscompaniestobeincludedinthedatabase,drawingonallsourcesofinformation–Determinewheretheonlinedatabaseshouldbelocated–integratedintotheIPAwebsite/stakeholderwebsiteorstand-aloneonitsownwebpage(whichwouldrequireastrongermarketingprogrammetogetvisibilityofthewebpage)–Identifyandengageinfeedbackduringdevelopmentwithachosenthird-partysoftware/websitedeveloperwithastronglong-termsustainabilityplanforhostingandmaintainingthedatabaseformanyyears–DeviseamarketingandpromotionstrategyforthedatabasetoensurebothMNEsandlocalfirmsareawareofitanduseit–Enactperiodicreviewsofthelivedatabaseanditsperformancethroughstakeholderfeedbacksessions–Identifylocalsupplierdevelopmentprogrammeopportunities,eitherprovidedin-houseorfromathird-partysupplier/existinginvestorprogrammesKeynationalandregionalstakeholdersthatanIPAshouldconsiderengagingtobegindiscussionsontheproposeddevelopmentofasupplierdatabaseinclude:–Enterprisedevelopmentagencies–Public-sectorstakeholders,includingministriessuchasTrade,EnergyandEnvironment–Academiaandeducationalinstitutions,includinguniversitiesandbusinessschools–Tradeassociations–Internationalandnationalstandardsandaccreditationbodies–Sectorandindustrydevelopmentorganizations–Public-privateintermediariesandchambersofcommerce–Existingforeigninvestors,especiallykeyinvestorsintheeconomyandthosewithaclearfocusonsustainabledevelopmentGuidebookonFacilitatingClimateFDI19PotentialrisksandmitigationstrategiesTABLE3No.RiskSuggestedmitigation1Misunderstandingdefinitionofcriteriaforinclusioninasupplierdatabasewithsustainabilitydimensions(SD2)Defineinclusioncriteriabasedonwhatismostappropriateforlocation;thiscouldbedefinedbyaccreditedcertificationsinonelocationorbycompanyself-certificationinanother2Lackofstakeholderinvolvementindevelopmentandimplementationofasupplierdatabasewithsustainabilitydimensions(SD2)Ensurestakeholderbuy-inandsupportisestablishedearlyinthesupplierdatabaselifecyclethroughclearprotocolsandmessaging3ForeigninvestorperceptionsofsustainabilitystandardsandaccountabilityIncludesupportinginformationonthecompany’ssustainabilityofoperations.Investorsfromdevelopedmarketswillalsofrequentlybeheldtohigherstandards,sodivergentstandardsofsustainabilityneedtobeconsidered4SustainabilityofsoftwaresolutionSetupalong-termsustainabilityplansotheIPAscanbecertainthatthedatabasewillbehostedandsupportedatapricetheycanaffordforanumberofyears5Supplierdevelopmentprogrammesmaynotbefiscallyviable,especiallyinLDCsLeverageinternationaldevelopmentpartnershipstosupportthedevelopmentofsupplierdevelopmentprogrammesSource:fDiStrategies,fromtheFinancialTimesGuidebookonFacilitatingClimateFDI20MapMNEclimatecommitmentstoinvestmentopportunitiesinhosteconomiesandcreateapipelineofendorsedandvettedclimate-friendlyinvestmentprojectsthathelpMNEsdeliverontheircommitmentsDevelopingarollingpipelineofbankablesustainableprojectopportunitiesforMNEstoinvestincanhelpdirecteffortstofulfilclimate-relatedcommitments,whileadvancingacountry’sSDGs.Measure3GuidebookonFacilitatingClimateFDI21Companiesaroundtheworldaremakingboldcommitmentstoaddressclimatechange.NetZeroTracker’sNetZeroStocktake2022reportshowedanincreaseinnet-zerotargetsinitsdatabasesinceDecember2020,with40.6%moreForbes2000companiescommittingtonet-zeroannouncementsinthecourseof2021.31Pledgesbygovernmentsandcorporateshavealsoproliferated,drivenbytheUnitedNationsFrameworkConventiononClimateChange(UNFCCC)’sRacetoZerocampaign.32ManyMNEsstruggletorealizetheircommitments,however,becauseofobstaclesaroundidentifyingrelevantclimate-friendlyprojects.MNEsaccountformorethanone-fifthofglobalCO2emissions,withasignificantpercentageofthiscomprisingScope3emissionsfromtheirsupplychainsthathaveoftenbeenoutsourcedtoemergingeconomies.33ClimateFDIhaslargeinformationasymmetries,withapaucityofessentialdataaboutclimate-friendlyinvestmentopportunities,especiallyinemergingmarkets.IPAscanplayanimportantroleinaddressingthisissuebydevelopingandpromotinginvestmentprojectsreadytooffer(IPROs)thatprovideapathwaytorealizingMNEclimatecommitmentsandthushelprealizenationalclimategoals.RecommendedapproachArecommendedimplementationapproachforMeasure3isoutlinedinFigure8.Measure3actionsFIGURE8DevelopaholisticunderstandingofMNEclimatecommitmentstoorientandframethenextsteps.Identifynewandexistinginvestorswithclimatecommitmentsthatalignwithcountryclimategoals.Developandimplementaprocesstodevelopapipelineofprojectopportunities,toincludespeciﬁcMNEclimatecommitmentsasascreeningcriteria.Developthird-partyvettedandgovernment-endorsedcustomizedpackagingandpromotionmaterialsforprioritizedprojectopportunities.PerformamatchingexercisebetweenprojectopportunitiesandMNEsandprioritizeprojectopportunitiestopackageandpromote.Step4Step3Step2Step1IdentifyMNEcommitmentsSetuppipelinePackageandpromotePrioritizeandmatchMeasure3Source:fDiStrategies,fromtheFinancialTimesStep1:IdentifyMNEcommitmentsItisessentialforIPAstogainanunderstandingofMNEclimatecommitments,toinformtheidentificationandpackagingofprojectopportunities.ReviewingtheclimatecommitmentsmadebyrelevantMNEsallowsIPAstoidentifyspecificcorporatetargets,goalsandfocusareas,toinformcriteriaandscreenpotentialprojectopportunities.TherelevanceofanMNEshouldbedeterminedbyitsexistingpresenceinthemarketorlikelihoodtoinvest(e.g.sectorrelevanceorattractiveness).AnIPAshouldconductreviewsofpubliclyavailableinformationonMNEclimatecommitmentstoidentifypotentialnewinvestorsandexistinginvestorsthatcouldexpandfurtherinthelocation.MNEclimatecommitmentscaninclude,forexample:34–Carbonneutrality:ReductionsinGHGemissionsandoffsettingremainingemissionsbyinvestingincarbon-removalprojectsorbuyingcarboncredits–Renewableenergy:Obtaining100%ofelectricityfromrenewableresourcesorfromsuppliersthatuserenewablesourcesGuidebookonFacilitatingClimateFDI22WheredoMNEstypicallypublishtheirclimatecommitments?TABLE4WherepublishedHowitworksAdvantagesanddisadvantagesExamples1.CompanywebsitesandsocialmediaMNEsmaypublishtheirclimatecommitments,corporatesustainabilityreportsandprogressreportsontheirownwebsitesThisallowsMNEstoshowcasesustainabilityeffortsandreportonprogressmadeinachievingtargetstoawideraudiencePlatformssuchasLinkedInandTwittercanbeusedtopublishprogressreportsandengageinconversationswithstakeholdersDirectengagementwithstakeholdersandkeyinterestgroupsMNEisaccountabletothewiderpublicifclimatecommitments/pledgesarepublishedonlineMNEcontrolsmessagingonitswebsiteNorequirementforcommitmentstobespecific,ormandatoryprogressreportingtobepublishedonwebsitesNestlépublisheditscommitmenttoachievingnet-zeroemissionsby2050,35using100%renewablesinitsoperationby2025AmericanAirlines’ESGreportlaidoutitsactionplanofreachingnet-zerocarbonemissionsby2020362.Sustainabilityandreportingplatforms/rankingsSeveralthird-partyplatformspublishandreportonMNEclimatecommitmentstomanagetheirenvironmentalimpactsInmostcases,thisinformationisself-reported,andinsomecases,independentlyverifiedKeymetricsthatarecollectedandreportedinclude:GHGemissions,renewableelectricityusage,supply-chainemissions,carbonreductiontargetsandtheprogressmadeinachievingthemPublishingcommitmentsonrecognizedthird-partyplatformscanincreasethecredibilityofacompany’sclimatecommitmentsPublishingcommitmentsonathird-partyplatformmaygarnertheMNEgreatervisibility(beyonditsownwebsite/socialmedia)SeveralreportingplatformsandrankingsofferbenchmarkingservicesthatwillallowMNEstocomparetheircommitmentsandperformanceagainstpeersortheindustrystandardParticipatinginathird-partyplatformmaynotalwaysbefree(e.g.feeforparticipation,datacollection,consultation)SBTi37CDP38Ecovadis39SustainabilityAccountingStandardsBoard40Morethan300businessesacross51industriesand29countrieshavesigneduptotheClimatePledge(aninitiativesupportedbyAmazonandGlobalOptimism)413.Industry-specificinitiativesSomeindustrieshavetheirownsustainabilityinitiativesandplatformsforindustryplayerstopublishtheirclimatecommitments/pledgesAllowscomparisonandcomparabilityofMNEcommitmentsacrosstheindustryandcanpromotecollaborationascompaniessharebestpracticesinachievingclimatecommitmentsMaypromoteaone-size-fits-allapproachtoclimatecommitments,whichmaynotbemeaningful,dependingonindustrycompositionFirstMoversCoalition42–Sustainableproducts:Makingproductsmoresustainablebyusingrecycledmaterials,reducingwasteandminimizingtheenvironmentalimpactofproductionprocesses–Supply-chainemissions:WorkingwithsupplierstoimprovetheirsustainabilitypracticesandreduceGHGemissions–Circulareconomy:Adoptingcirculareconomyprinciples(minimizingwasteandencouragingreuseofproducts)–Carbonremoval:Investingincarbon-removaltechnologies–Naturepositive:StoppingbiodiversitylossandrestoringnaturalecosystemsMNEwebsitesandsocialmedia,annualreports,sustainabilityreportingplatformsandrankingsandindustry-specificinitiativesshouldbereviewedtoidentifyrelevantclimatecommitments,asshowninTable4.Source:fDiStrategies,fromtheFinancialTimesGuidebookonFacilitatingClimateFDI23ItisimportanttonotethatthismeasurefocusesprimarilyonIPAsgatheringinformationonMNEclimatecommitmentsbasedonpubliclyannouncedstatementsandpledges,asopposedtoMNEcountryreportingrequirements(e.g.asrequiredbytheEUCorporateSustainabilityReportingDirective[CSRD]).43Step2:Setupapipelineofinvestmentopportunities,usingspecificMNEclimatecommitmentsasaprioritizationfactorIPROscanbechallengingtoidentifyandprofile,andtheyrequiretechnicalexpertisetoresearch,package,validateandpromoteeffectively,especiallywhendesignedtobebothfinanciallyviableandclimate-friendly.IPROsareverycloselylinkedtotheregulatoryandpolicyclimate,landandsiteavailabilityandinfrastructurereadiness.IPAswilltypicallyneedtoworkcloselywithothergovernmentdepartments,especiallyministriesforEnergy,InfrastructureandLand,toensureacoordinatedapproach.MemorandaofunderstandingbetweentheIPAandrelevantministriesregardingthedevelopmentandpromotionofIPROscanhelpinstitutionalizethiscoordinationtoensurestrongandjoined-upgovernmentsupportforattractingFDIinIPROs.Reviewingnationalclimateobjectivesisanimportantstepearlyintheprocess.ClimategoalsspecifictoalocationcouldincludetargetsforreducingGHGemissions,increasingrenewableenergyinthenationalenergymixandimprovingenergyefficiency.44Wherethereisstrongpolicycommitmentbackedupbyrelatedregulatoryprocedurestoenableandfast-trackclimateFDI,thereisamuchhigherlikelihoodofattractingclimateFDIintoIPROs.Manyclimateprojects,especiallyrenewableenergy,requirelargeareasoflandandsuitablesitesaswellasaccesstotheelectricitygrid,andtheseenablingfactorsarealsoveryimportanttosuccessfullypromoteIPROs.Basedonlocation-specificobjectivesfordecarbonization,MNEscanthenbetargetedbytheIPA,accordingtotheMNEclimatecommitmentsandtheidentificationofsuitableIPROstobepromotedtotheseMNEs,asshowninFigure9.Settingupapipelineforclimate-friendlyinvestmentprojectsFIGURE9Source:fDiStrategies,fromtheFinancialTimesMaptheclimatecommitmentsofkeyMNEs1Buildaprojectdatabase2Reviewanddevelopconceptswithprojectsponsorsbasedone.g.projectdescription,needsassessmentandexpectedoutcomesSelectyourshortlistcriteria3Potentialshortlistingcriteria:InvestorrequirementsEnablingenvironmentCountryclimateagendaShortlisthigh-potentialprojects4RejectprojectorreconsideratalaterstageIdentifyandmapouttheclimatecommitmentsofkeyMNEs.Thesecommitmentswillsupportthedevelopmentofaprojectdatabase–––Identifyproject5MovetoassessingbankabilityGuidebookonFacilitatingClimateFDI24Step3:Developthird-party-vettedandgovernment-endorsedprojects,alongwithcustomizedpackagingandpromotionmaterialstopresentprojectopportunitiesEngagingthird-partyorganizationsorconsultantstoconductindependentvettingandvalidationofprojectopportunitiescansupportIPAsinaddingcredibilityandsecuritytoapackagedprojectopportunity.Thiscaninvolvecontractinganinternationallyrecognizedthird-partyvettingbody(e.g.BureauVeritasorSGS)toauditprojectopportunitiesforclimate-friendlinessandtovalidatethem.Itisimportanttonotethatvalidatingforclimate-friendlinessdoesnotimplyvalidatingforinvestibility(otherwiseknownas“bankability”),inthesenseofguaranteeingacertainreturnoninvestment.Onceprojectopportunitieshavebeenvettedandvalidated,andpotentialnewandexistingMNEswithclimatecommitmentshavebeenidentified,anIPAcanengagewiththemtoexploreopportunitiesforcollaboration.Thiscouldinvolvesharinginformationonthecountry’sclimategoalsandspecificprojectsthatprovideapathwayforachievingthecompany’sstatedgoals.Carefulpackagingandpromotionoftheseopportunitiesisvitalandmaybeperformedbydevelopinginvestmentprospectuses,holdinginvestoreventsandengagingwithpotentialMNEsandinvestorstoshareinformationontheopportunities.UkraineInvesthasplacedIPROsatthecentreofitsFDIpromotionstrategy,withprojectopportunitiesdevelopedforeachtargetsectorandprioritizedfor“socioeconomiceffect”.TheseIPROsarepresentedinjusttwopages(seeBox5),withaQRcodefordirectcontactwiththeproject’saccountmanagerandkeyprojectdetails,includingestimatedinvestment,formofownerships,estimatedpaybackperiod,informationabouttheprojectdeveloperandsocioeconomiceffectonthearea.UkraineInvest–climateadaptationIPROsummaryfromUkraineInvestBOX5Source:UkraineInvestStep4:Performmatchingexercisesbetweenpackaged,vettedandvalidatedprojectopportunitiesandMNEsCombinedwiththepotentialMNEpartnersthathavebeenidentified,anIPAmaythenperformmatchingexercisestoidentifywhichMNEsarethebestfitforeachpackaged,vettedandvalidatedprojectopportunity.ThiscouldinvolveevaluatingtheMNE’spriorities,itsexistingrelationshipsintheregionanditsinterestinthespecificprojectopportunity.GhanaInvestmentPromotionCentre(GIPC)–usingexistingplatformstomapsustainableinvestmentopportunitiesBOX6GIPChasworkedwiththeUnitedNationsDevelopmentProgramme(UNDP)tocreateanSDGinvestorroadmapoutlininginvestmentopportunitiesintargetSDGsectorsinthecountry.Investorscanviewtheseproposalsonline,withrelevantinformationincludingtheexpectedimpact,indicativereturn,timeframeandestimatedmarketalleasilyavailabletoview.Theseprojectsarebasedondevelopmentprioritiesandtheinvestmentpotentialoftargetsectors,withanemphasisontheirexpectedSDGimpact.Source:ConsultationwithGhanaInvestmentPromotionCentre(March2023)GuidebookonFacilitatingClimateFDI25AnIPAcandevelopaprojectpipelinebypromotingprojectopportunitiesandsupportinggovernmentagenciesandtheprivatesectorinscreeningforbankabilitypotential.Identifyingstrategicclimate-relatedprojectsrequirestheinputofIPAstohighlightprojectrisks,includingchallengesrelatingtolandacquisition,environmentalimpactassessments,communitystakeholderrequirementsandothereconomicandfinancialrisks.IPAsshouldtakeparticularcareinselectingandhelpingtodevelopprojectconcepts,whichwillinvolveoutliningtheexpectedclimateoutcomesofaprojectbydescribingthesector,typeofFDI,scaleandprojectstageandcarboncharacteristics.Followingthis,theIPAshouldreviewstakeholderobjectivesinrelationtothecountry’seconomicandclimategoals,themarketdemandfromprospectiveinvestorsandthecountry’seconomicandpoliticalenvironment,toaligntheseelements.InvestIndia–singledigitalplatformforIPROsBOX7TheIndiaInvestmentGrid(IIG)initiativewasdevelopedbyInvestIndia,theDepartmentforPromotionofIndustryandInternalTrade(DPIIT),theMinistryofCommerceandIndustryandthegovernmentofIndiatoshowcaseinvestmentopportunitiesacrossthesubcontinent’ssectorsandregionsinoneplatform,directlyconnectinginvestorsanddeveloperswithpromoters.TheIIGhasidentifiedmorethan750designatedcorporatesocialresponsibility(CSR)projectsinthepipeline,capitalizingonthefactthatIndiaisoneofthefirstcountriesintheworldtomandatetheseexpendituresbycorporations,andInvestIndiaiswellplacedtomatchMNEswithhigh-impactCSR-relatedinvestments.TheIIGalsopromotesandfacilitatesmorethan15,000projectsundertheNationalInfrastructurePipeline(NIP),with349renewableenergyprojectstotalling$230.91billionworthofinvestmentslistedonitswebsite.Source:ConsultationwithInvestIndia(March2023)GuidebookonFacilitatingClimateFDI26ImplementationandkeystakeholdersKeynationalandregionalstakeholdersthatanIPAshouldconsiderengaginginclude:–Publicinstitutions,suchasministriesandsubnationalgovernmentagencies,whichcanassistwiththetechnical,economicandenvironmentalanalysisofIPROSastheyareidentifiedanddeveloped,includingpotentiallytheplanning,programmingandstructuringofaproject,designingthecontractandtenderingprocess,biddingoutthetransactionandmanagingthefinalcontract.–Private-sectorentities,suchasprojectdevelopers,investors,banks,corporationsanddomesticfirms,whichcanhelpinthedesign,planninganddevelopmentofIPROs.TheprivatesectorcanbeasignificantsourceofIPROs,andIPAscanengageinconsultationswiththemtoidentifygapsinavaluechain,highlightfirmsinterestedinverticalintegrationofproductionandprovidemarketanalysisoftargetsectorswiththehighestgrowthpotential.–Dedicatedpublic-privatepartnershipunits,whichcanassistwithpromotingandfacilitatinginfrastructureprojectdevelopment,includingtechnicalsupportforanIPRO’sdevelopmentandoverseeingthemanagementofPPPprojects.IPAsmaysourceprojectsfromthesestakeholderstoidentifyalonglistofpotentialprojectsandthendevelopascreeningmechanismtoprioritizethemforclimate-relatedinvestments.–Third-partyorganizationsprovidingsustainabilityandreportingplatforms,whichcanalsobeengagedbyIPAsinordertovetandvalidateprojectsforclimate-friendliness.Intandemwiththis,IPAscanspearheadinitiativeswithmultilateraldevelopmentorganizationstoprovidefundingfortheseservices,aswellastechnicaltrainingtobuildprojectpipelines.PotentialrisksandmitigationstrategiesTABLE5No.RiskSuggestedmitigation1LackofgovernmentsupportandstakeholdercoordinationforIPROsObtainbuy-infrommajorgovernmentministriesandspearheadthisinitiativetoensureajoined-upgovernmentapproachisadopted.2Thecostofthird-partyvettingishigh,andIPAsmayfinditdifficulttoallocatefundsforthisprocessinadditiontotheirotherprioritiesOnepossiblesolutionisfordonorinstitutionstoassistinscopingoutthisprocessandprovidefundingforsuchinitiatives.Thesecostsmayalsobecoveredbysupranationalfundingbodies.3MNEclimatecommitmentsmaybeimpreciseorbroadstatementsthatmaynotprovidesufficientinformationforprojectopportunitydevelopmentRelyoninternationallyrecognizedstandardsforMNEclimatecommitmentreporting,suchasscience-basedtargets.Inaddition,industryinitiativessuchastheWorldEconomicForumFirstMoversCoalitionprovideabreakdownofcompaniesandtheirdetailedclimatecommitmentsacrossvariousclimate-relatedanddecarbonizationthemes.Source:fDiStrategies,fromtheFinancialTimesGuidebookonFacilitatingClimateFDI27WorkwithgovernmentsandstakeholderstopotentiallyincludeclimateFDIfacilitationprovisionsinIIAsandstrengthennationalframeworksReviewing,reforminganddevelopingIIAswithclimateFDIprovisionscanhelpadvanceclimate-alignedFDI.Measure4GuidebookonFacilitatingClimateFDI28ReconcilingIIAswithsustainabledevelopmentcommitmentshasbecomemorepertinentastheglobalinvestmentlandscapeandurgentneedforclimateactionhaveevolved.ThishastriggeredamovetowardsreviewingandreformingIIAstoensuretheycontributeto,anddonotdetractfrom,internationalclimateaction.TheIPCC’sClimateChange2022reporthighlightedthat“significantchangestoinvestmentpatterns”willbeneededtomeetclimateobjectivesandtransitiontoalow-carboneconomy.45IIAsrepresentakeyaspectoftheinternationallegalregimeand,ifnotreformed,coulddisincentivizeclimate-relatedFDIandhenceaffectinvestmentpatternsindisserviceofclimategoals.AsignificantbodyofresearchsuggeststhatthecurrentIIAregimeposesseveralchallengestointernationalclimateaction.TheIPCCSixthAssessmentReportonClimateChangeMitigationhasnotedthatIIAshavetendedtoprotectinvestorrightsandconstrainthelatitudeofhostcountriesinadoptingenvironmentalpolicies.46ResearchsuggeststhatIIAsmayleadtoa“regulatorychill”,whichcouldresultincountriesrefrainingfromordelayingtheadoptionofmitigationpolicies,suchasphasingoutfossilfuels.47ThisisechoedintheOECD’sFDIQualitiesPolicyToolkit,whichemphasizestheimportanceofpreservingpolicyspacetoregulateonenvironmentalmatterswithininvestmentagreements.48TheOECDsuggeststhatstatementsaboutthesocietalbenefitsandcostsofIIAsingeneral,aswellasofcertaindesignelementsofIIAs,shouldbemadewithcaution,asitisnotyetpossibletogetafullgraspofthepicture.49Formanyofthereasonslistedabove,severalinitiativeshavebeenimplementedtoacceleratetheprocessofIIAreviewandreform.TheUnitedNationsConferenceonTradeandDevelopment(UNCTAD)haspublishedaRoadMapofIIAReformwithinitsReformPackagefortheInternationalInvestmentRegime,50buildingonitspreviousworkaroundreformofinvestmentdisputesettlementandsustainableinvestmentpolicy.ThisiscurrentlyunderconsiderationaspartofOECD’sworkonthefutureofinvestmenttreaties,anditwillbereflectedinfutureiterationsoftheFDIQualitiesPolicyToolkit.51Thishasbeenechoedinthe2023WorldInvestmentReport,whereseveralnotabledevelopmentsregardingterminationofbilateralinvestmenttreaties(BITs)werediscussed.52Overtheyears,UNCTADhasreleasedseveralhelpfulguidelinesconcerningthemodernizationandreformofIIAs,includingtheIIAReformAccelerator.53Buildingonthesereformprocesses,IPAshavearoletoplayinidentifyingwhattypesofinvestmentpromotionandfacilitationmeasurescanhelpfullybedevelopedandpotentiallyincludedinnew-generationIIAs.RecommendedapproachArecommendedimplementingframeworkforMeasure4isrepresentedinFigure11.Measure4actionsFIGURE10ReviewIIAstoensuretheyallowforsufﬁcientdomesticpolicyspacetoregulateforclimatechange.ConsiderincludingclimateFDIprovisionsforclimateaction.Wherepossible,establishdomesticworkinggroupstosharegoodpracticesonincorporatingclimateFDIprovisionsintoIIAs.GatherinsightfromkeystakeholdersonhowbesttoimprovelegalframeworksforclimateFDI.Establishclearprinciplesforinter-operationandalignmentofthedifferentelementsofnationalandinternationalregimes.DeveloplawsandregulationsthatleveltheplayingﬁeldforclimateFDI.Step3Step2Step1ReviewIIAsandconsiderincludingclimateFDIprovisionsLeveragemultilevelstakeholdersupporttodriveimplementationofIIAreformStrengthennationalframeworksandpromotecoherenceMeasure4Source:fDiStrategies,fromtheFinancialTimesGuidebookonFacilitatingClimateFDI29Step1:ReviewIIAsandconsidermodernizingthembyincludingclimateFDIprovisions,orlookatincludingclimateFDIprovisionsinfutureIIAsTheIIAregimecomprises2,500treatiescurrentlyinforce,54encompassingbothBITsandothertreatieswithinvestmentprovisions(TIPs).55WhilemodernIIAs(concludedinthe2010s)haveshowngreaterregardforprotectingastate’srighttoregulateandhaveintegratedspecificprovisionsonenvironmentalprotectionandsustainabledevelopment,thereisstillsignificantroomformodernization.Substantivechangestointernationalinvestmentpolicy-makingmaycreateshort-termuncertaintywithintheinvestmentenvironment,especiallyforinvestorsthatprefertoseecontinuityininvestmentpolicy.However,itisimportanttoensurethattheIIAregimecanadapttochangesinsocietalvaluesandpriorities.KeyareasforIIAreformshouldbeprioritizeddependingonindividualcountrycircumstancesandpriorities.InSection4ofitsrecentIIAIssueNote3,UNCTADpresentsamenuofreformoptions,withanon-exhaustivelistpresentedinTable6.56SuggestedareasforIIAreviewandexampleIIAstoconsiderTABLE6SuggestedareasforrevieworactionDescriptionExampleIIAsPromotionandfacilitationofsustainableinvestmentclausesIIAsmayincludeclausesthatemphasizethepromotionandfacilitationofsustainableinvestmentandcanbeemployedbycontractingpartiestopromoteclimateandenvironmentalgoals.Inaddition,clausesthatencouragetechnologytransferoflow-carbonandsustainabletechnologiesmayalsobeincludedinIIAstopromotetheseactivities.Australia–UnitedKingdomFTA(2021)Japan–MexicoEconomicPartnershipAgreement(2012)PreambularclausesreaffirmingenvironmentalprotectionandclimateactionPreamblesthatreferenceclimateactionandsustainabledevelopmentreaffirmtheoverallobjectiveoftheIIAandindicatehowtheagreementshouldbeinterpreted.Myanmar–SingaporeBIT(2019),PreambleBelarus–HungaryBIT(2019),Article2(7)InvestorobligationsandresponsibilitiesLanguagethatobligesinvestorstocomplywithrequirementsforsustainableinvestment(e.g.byrequiringenvironmentalimpactassessmentsandmaintenanceofenvironmentalmanagementsystems)providesanavenuetoenforcetheseobligations.Morocco–NigeriaBIT(2016),Article14Source:fDiStrategies,fromtheFinancialTimes,basedonUNCTADIIAIssueNote(2022),UNCTADPolicyOptionsforIIAReform(2015),InvestmentTreatiesandClimateChangeOECDPublicConsultation(2022)GuidebookonFacilitatingClimateFDI30WhenreviewingandreformingIIAsordevelopingnewIIAs,itisimportanttoensurethattheIIAtextalignswithsustainabilityobjectivesandclimateobjectives,whilealsopromotingandfacilitatinginvestments.OnesuggestedaspecttoconsideristheinclusionofclausesthatpromoteandfacilitateclimateFDI(orsustainableinvestmentmorebroadly)as,primafacie,thiswouldhaveupsidesonlyandnodownsides,inthatitislikelytohelpsupportclimateFDIflows.Step2:LeveragemultilevelsupporttodriveimplementationofIIAreformordevelopmentoffutureIIAsHolisticreformofIIAswillneedtobealignedatvariouslevelsofgovernment,andwithstakeholders,todeterminetheirrelativeimportance.Forexample,thedevelopmentofaneworimprovedmodeltreatywillberelevantatthenationallevel,whereasreferencetoglobalstandardsandensuringcompatibilityoftreatiesacrosscountrieswillberelevanttoglobalstakeholders.Thenational-levelimplementationofinvestmentpromotionandfacilitationprovisionswithininternationalinvestmentagreementsisessential.ProgressiveexamplesoftreatiesthathaveincorporatedsuchprovisionsarethedraftEU–AngolaSustainableInvestmentFacilitationAgreementandAfCFTAInvestmentProtocol.UNCTADhasdevelopedatoolboxwithafocusonfourrelatedactionareas:thepromotionandfacilitationofsustainableenergyinvestment;technologytransfer;therighttoregulateforclimateaction;andcorporatesocialresponsibility.57Inaddition,governmentsshouldconsultwithbusinessesandrelevantnational-levelactorstoimprovetheirknowledgeoftheimpactofclimate-relatedIIAreform,thoughitisimportanttodosowithactorscommittedtoscience-basedemissions-reductiontargets.Table7providesabriefoverviewofhowvariouslevelsofgovernmentmaybeemployedtoimplementtheclimatereformprocess,drawingonrecommendationsprovidedbyUNCTADinitsReformPackagefortheInternationalInvestmentRegime.SuggestedapproachformultilevelactionsandoutcomesTABLE7Source:fDiStrategies,fromtheFinancialTimes,basedonUNCTADReformPackagefortheInternationalInvestmentRegime(2018)LevelApproachActionsandoutcomes1.NationallevelCreateanactionplanonreformareasandsequencingofreformbasedonprioritizedareasforimprovementNegotiatestrategyofreformingIIAwithrelevantnational-levelactorsNewmodeltreatyTerminationoftreatyCapacity-buildingofinstitutionstoimproveknowledgeofclimate-relatedIIAreform2.RegionallevelWherepossible,engageincollectivereviewofnational-levelactionplans.ThiscouldbeperformedbytreatynetworksiftheyexistDiscusswaystocollaborateandleverageregionalknowledgeonIIAreformfocusedspecificallyonclimateFDIfacilitationStrengtheningofregional-levelIIAnetworksCommonmodeltreatySharingofgood-practiceclausesrelevantfortheregion3.MultilaterallevelObtainmultilateralconsensusonkeyinternationalissuesrelatedtoIIAreform.ThiswillentailaglobalreviewoftheIIAregime,andrequiretakingstockofkeygapsandopportunitiesforimprovementinrelationtoclimateactionandclimateFDIfacilitationDevelopmentofamultilateralactionplanwithclearstepsonhowtoaddressexistingandemergingissuesaroundclimateFDIfacilitationandthepresentIIAregimeDevelopmentofinstrumentsormultilateralinstitutionstofacilitatereformGuidebookonFacilitatingClimateFDI31Beyondprovidingvaluableinputandfacilitatingknowledge-sharing,theinvolvementofmultilevelstakeholdersintheprocessofIIAreformwillpromotetransparencyandaccountability.Itwillalsopresentopportunitiesforthedevelopmentofguidinginstrumentsandinstitutionsthatwillbeabletofurtherfacilitatetheprocessofreform.SeveralinitiativesaroundIIAreformhavebeenlaunched,ledbyUNCTAD,theUnitedNationsCommissiononInternationalTradeLaw(UNCITRAL),theOECDandtheUnitedNationsIndustrialDevelopmentOrganization(UNIDO),providingparticipantswithachancetosharemethodologiesonIIAreformforclimateaction.InApril2023,theOECDheldits2023InvestmentTreatyConference,whichfocusedonhowtoaligninvestmenttreatieswiththeParisAgreementandnet-zeropolicies.58AttheEighthWorldInvestmentForum,tobeheldinAbuDhabion16–20October2023,UNCTADwillpresentconcretesolutionsforthereformoftheIIAregimetoincreaseinvestmentinsustainableenergyandtackletheglobalclimatecrisis.Theforumwilltakeplaceaheadoftheannualclimatesummit(COP28)and,assuch,willenableIIApolicy-makersandotherstakeholderstofindsolutionsandreachconsensusonpriorityissuesthatcouldfeedintoCOP28negotiations.Step3:StrengthennationalframeworksandpromotecoherencebetweeninternationalandnationalframeworksIIAreformshouldalignwithdomesticregulatoryframeworks,topromotecoherence.Clearapproachesforinter-operationandalignmentofnationalframeworkswithinternationallegalframeworkswillneedtobedeveloped.Forexample,UNCTADhasproposedthatcarefulconsiderationshouldbegiventotoolssuchas“relationshipmanagementclauses”thatcanassistinguidinglegalinteractionbetweenintersectingandoverlappinginstrumentsandestablishclearprecedencebetweennationalandinternationalprovisions.59Beyondthat,coordinationbetweendomesticpolicy-makersondecidingthedirectionofIIAreformcanbeperformedbysettingupaministerialtaskforcetocoordinateinvestmentpolicy-relatedwork.PotentialrisksandmitigationstrategiesTABLE8No.RiskSuggestedmitigation1PoormanagementoftheIIAreformprocessmaycreateconfusionforforeigninvestorsandnegativelyaffectalocation’sreputationClearlydefinetherolesandresponsibilitiesofinstitutionsinvolvedinreviewingandreformingIIAs.Wherepossible,policy-makerswillneedtomakeuseofsynergiesbetweeninternationalandnationalframeworks.GuidancefromUNCTAD,OECDandotherinternationalorganizationswillbeinstrumentalinclarifyingthisprocess.2IIAreformmayresultinlesspredictableandprotectiveinvestmentregimesTohelpmitigatepotentialunpredictabilityintheinternationalinvestmentregime,itisrecommendedthatgovernmentsplayamoreactiveroleinstatingthepolicydirectionofthesereformeffortsandindoubling-downoncoordinationpromotionandfacilitationasapproachestoincreaseclimateFDI.TheneedtoreformtheIIAspacewillprobablyresultinshort-termunpredictabilitybutleadtolong-termbenefits,suchasamoreclimateFDI-friendlyregime.Source:fDiStrategies,fromtheFinancialTimesGuidebookonFacilitatingClimateFDI32ConclusionIPAsshouldpositionclimateinvestmentstrategyformationattheforefrontoftheiragenda.Missionstatementsandorganizationalmandatesandvaluesshouldreflectthis,andspecificplansformulatedthatprovidearealagendafordecarbonizinginvestments.Capacity-buildingiscrucial.IPAsshouldengageintechnicalassistanceprogrammesandcooperatewithotherIPAsandinvestmentauthoritiestosharebestpracticeson:usingclimate-relatedindicatorstotrackprogresstowardsachievingclimategoals;designingincentivesformitigationandadaptationprojects;engaginginclearcommunicationwithinvestorsandpublicorganizations;andensuringstrategiesarealignedacrossthespheresofbusinessandgovernment.IPAscouldalsoconsidersettingupacoalitiontoadvanceclimateFDI.SuchaCoalitionofIPAsforClimate(CIPAC)willofferaformalplatformtoraiseawareness,increasecapacity-buildingandshareexperiencesandgoodpracticesonclimateFDIfacilitation.Developing-countryIPAscanparticularlybenefitfromthepeer-learningopportunitiesprovidedbysuchacoalition.Thecreationofasupplierdatabasewithsustainabilitydimensions(SD2)requiresamultistakeholderapproachandaclearimplementationplan.Definingthereasonablecriteriaforinclusionofdomesticfirmsinsuchadatabaseiscriticaltoitssuccessfulimplementationanduse–thecriteriashouldbeinformedbythesupplierassessmentcriteriausedbyMNEsinthelocationandwiderregionandbasedonwhatisrealisticforlocalcompaniestoachieve,eitherthemselvesand/orthroughsupportivesupplier-developmentprogrammes.Suchadatabaseisonlyasusefulasitisvisible,andIPAsshouldworktogetherwithstakeholderstoensurethatamarketingandpromotionplanisdeveloped.IPAsshouldalsoworkwithstakeholderstodeliversupplier-developmentprogrammesthatsupportdomesticfirmsinreachingcertainstandardsandcertifications,includingthoserelatedtosustainability,andhelpthemachieveinclusioninthesupplierdatabase.Inaddition,newfirmsshouldbegiventheopportunitytoregisteronlinetobeincludedinthedatabaseiftheymeetthecriteriadeterminedbytheIPA.IPROsareacriticaltoolforIPAs,providingprojectsthatnotonlypromoteprivateinvestmentsinalocation,butcanbetailoredtoalignwiththeclimategoalsofacountryandmatchedwithspecificMNEsthathavealignedclimatecommitments.IPAsshouldspearheadtheidentification,packaging,validation,vettingandpromotionofIPROstoattractandfacilitateclimateFDI,whichwillbegreatlyeasedwhenthereisastrongpolicycommitmenttotheclimate,supportingregulationsandavailableandsuitablelands,sitesandinfrastructureforinvestors.DuetothetechnicalchallengeofidentifyingandpackagingIPROs,andthenecessityforajoined-upapproachingovernment,IPAsneedtoworkcloselywithrelevantministriesandusethird-partyorganizationstoensurethatthevalidationandvettingofprojectsforclimatefriendlinessiscredible.Capacity-buildingisimportantforIPAstosuccessfullyimplementastrategyofIPROdevelopmentandpromotion.MultilateraldevelopmentorganizationscansignificantlycontributetothisbysharingbestpracticesforIPROsourcing,assessmentandselection,institutionalcoordinationandchannellingfundsintothird-partytechnicalsupportwhenpreparing,packaging,validatingandvettingIPROs.Thereisalsoapressingneedtoworkcollaborativelywithstakeholdersatthenational,regionalandmultilaterallevelstoensureacoherentinvestmentregimeiscreatedthatservicesclimateaction.ThiscantakeplacebyincludingprovisionsrelatedtopromotingandfacilitatingclimateFDIinrevisedornewinternationalinvestmentagreements.NationallegalframeworksshouldbealignedwithIIAstopromotecoherence.Ultimately,thegoalistocreatearegulatoryregimethatisstable,predictableandsupportiveofclimateFDI.Thereisawindowofopportunityforpublic-privatecollaborationtohelpimplementthesemeasuresinpracticeinemerginganddevelopingmarkets,tocreateaclimate-friendlyinvestmentclimateandthusgrowclimateFDIflows.Thereisnotimetowait.ThereisanurgentneedforIPAstocooperatewithstakeholderstodevelopspecificpoliciesandmeasuresthatwillincreaseclimateFDI.GuidebookonFacilitatingClimateFDI33ContributorsAcknowledgementsLeadauthorsKimberleyBotwrightHead,SustainableTrade,WorldEconomicForum,SwitzerlandRoryMcRobbieAssociate,fDiStrategies,UnitedKingdomJoyPriyaSomasundramPrincipal,fDiStrategies,GermanyMatthewStephensonHead,InvestmentPolicyandPractice,WorldEconomicForum,SwitzerlandSametAkyuzUnitManager,StrategyandCorporatePlanning,InvestinTürkiyeFaresAlhussamiEconomistandProjectManager,OECDMartinDietrichBrauchLeadResearcher,ColumbiaCenteronSustainableInvestment,ColumbiaUniversityAlvaroCuervo-CazuraProfessor,InternationalBusinessandStrategy,NortheasternUniversityWimDouwActingManager,CreatingMarketsAdvisory,MiddleEast,CentralAsia,Türkiye,Pakistan,Afghanistan,InternationalFinanceCorporationDavidGaukrodgerSeniorLegalAdviser,OECDYofiGrantChiefExecutiveOfficer,GhanaInvestmentPromotionCentreAchimHartigManagingDirector,GermanyTrade&InvestWorldEconomicForumKhalidAlaamerPolicyAnalyst,InvestmentPolicyandPractice,WorldEconomicForum,SwitzerlandAyoosheeDookheeSpecialist,SustainableTrade,WorldEconomicForum,SwitzerlandSoumyajitKarSpecialist,SustainableTradeandResourceCircularity,WorldEconomicForum,SwitzerlandJoachimMonkelbaanClimateTradeLead,WorldEconomicForum,SwitzerlandfDiStrategiesMatthewHarveyAssociate,fDiStrategies,UnitedKingdomHenryLoewendahlSeniorConsultanttofDiIntelligence,FinancialTimes,UnitedArabEmiratesTheauthorswouldliketothanktheForum’sClimateTradeZeroexpertnetwork,constitutingmorethan100business,academiaandcivil-societyrepresentatives,aswellasitsInvestmentPolicyandPracticeexpertnetwork,forvaluableinputsinshapingthispublication.Particularthanksareduetothefollowingforthoughtfulcommentsandreviews:GuidebookonFacilitatingClimateFDI34UllaHeherStrategyandInnovationManager,FutureHealthLabAlejandroJaramilloSeniorInvestmentSpecialist,ProColombiaUKDavidJohnsonChiefRiskOfficer,AfricaFinanceCorporationJonLezamizCortazarGlobalHeadofGovernmentAffairs,SiemensGamesaRenewableEnergyJanChristophMeyerSeniorManagerProject&ExportFinance,SiemensGamesaBruceMooreHeadofStrategyandDecarbonisation,LNGandOffshore,MOLAliciaNichollsJuniorResearchFellow,theUniversityoftheWestIndiesMartinPartlBusinessDevelopmentDirector,CzechinvestKarlSauvantResidentSeniorFellow,ColumbiaCenteronSustainableInvestment,ColumbiaUniversityDushyantThakorDeputyExecutiveDirector,WorldAssociationofInvestmentPromotionAgencies(WAIPA)JamesWalshSeniorDevelopmentManager,Power-to-X,MainstreamRenewablePowerMartinWermelingerHeadofInvestmentQualitiesandIncentivesUnit,OECDKristinaWulffHansenHeadofSection,InvestinDenmarkJamesZhanSeniorDirector,InvestmentandEnterprise,UNCTADProductionteamBiancaGay-FulconisDesigner,1-PactEditionAlisonMooreEditor,AstraContentGuidebookonFacilitatingClimateFDI35Endnotes1.UNEnvironmentProgramme,“InvestmentandTradetoMeettheParisClimateGoals”,speechdeliveredbyIngerAndersen,13October2022:https://www.unep.org/news-and-stories/speech/investment-and-trade-meet-paris-climate-goals#:~:text=Mobilizing%20the%20USD%203%2D6,to%20align%20with%20these%20efforts.2.Stephenson,Matthew,andSaran,Samir,“CreatingaClimate-FriendlyInvestmentClimate”,T20PolicyBrief,June2023:https://t20ind.org/research/creating-a-climate-friendly-investment-climate/.3.IPCC,“AR6SynthesisReport:ClimateChange2023”:https://www.ipcc.ch/report/sixth-assessment-report-cycle/.4.Ibid.5.Stephenson,Matthew,andZhan,James,“WhatIsClimateFDI?HowCanWeHelpGrowIt?”,T20PolicyBrief,September2022:https://www.t20indonesia.org/wp-content/uploads/2022/09/TF1_What-is-Climate-FDI_-How-can-we-help-grow-it_-3.pdf.6.OECD,“FDIQualitiesPolicyToolkit”,8June2022:https://www.oecd-ilibrary.org/finance-and-investment/fdi-qualities-policy-toolkit_7ba74100-en.7.Ibid.8.InvestIndia,“FacilitatingInvestmentsintoSustainableDevelopmentGoals”:https://www.investindia.gov.in/invest-india-sustainability-framework#:~:text=In%20addition%20to%20the,175%20GW%20by%202022.9.ConsultationwithMainstreamRenewablePower(March2023).10.UNCTAD,“WorldInvestmentReport2022:InternationalTaxReformsandSustainableInvestment”,2022:https://unctad.org/publication/world-investment-report-2022.11.InvestinUzbekistan,“InvestmentOffers”:https://invest.gov.uz/invest-offers-taxonomy/investitsionnye-predlozheniya/.12.UNCTADInvestmentPolicyMonitor,“TrendsinClimateChangeSectors:2010–2022”,SpecialIssue9,September2022:https://unctad.org/system/files/official-document/diaepcbinf2022d8_en.pdf.13.ConsultationwithMainstreamRenewablePower(March2023).14.OECD,“FDIQualitiesPolicyToolkit”,8June2022:https://www.oecd-ilibrary.org/finance-and-investment/fdi-qualities-policy-toolkit_7ba74100-en.15.MultilateralInvestmentGuaranteeAgency,WorldBankGroup,“WorldInvestmentandPoliticalRisk”,2014:https://openknowledge.worldbank.org/server/api/core/bitstreams/07c447d7-2d34-5ac5-af4b-ca1a3c8913f9/content.16.Stephenson,Matthew,andZhan,James,“WhatIsClimateFDI?HowCanWeHelpGrowIt?”,T20PolicyBrief,September2022:https://www.t20indonesia.org/wp-content/uploads/2022/09/TF1_What-is-Climate-FDI_-How-can-we-help-grow-it_-3.pdf.17.fDiIntelligence,“IncentivisingSustainableFDI:TheRecognizedSustainableInvestor”:https://www.fdiintelligence.com/content/news/incentivising-sustainable-fdi-the-recognised-sustainable-investor-80473.18.Stephenson,Matthew,andZhan,James,“WhatIsClimateFDI?HowCanWeHelpGrowIt?”,T20PolicyBrief,September2022:https://www.t20indonesia.org/wp-content/uploads/2022/09/TF1_What-is-Climate-FDI_-How-can-we-help-grow-it_-3.pdf.19.Sauvant,KarlP.,andGabor,Evan,“FacilitatingSustainableFDIforSustainableDevelopmentinaWTOInvestmentFacilitationFramework:FourConcreteProposals”,JournalofWorldTrade,Volume55,2021:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3496967.20.Stephenson,Matthew,andSaran,Samir,“WeNeedtoGrowClimateFDI.HereAreFiveWaystoDoSo”,T20PolicyBrief(forthcoming).21.Stricker,Paul,“MeasuringImpact:KeyPerformanceIndicatorsinFDIAttraction”,FDICentre,2022:https://fdi-center.com/wp-content/uploads/2022/08/FDI-Center-Measuring-Impact-Key-Performance-Indicators-in-FDI-Attraction.pdf.22.OECD,“MappingofInvestmentPromotionAgenciesinOECDCountries”,2018:https://www.oecd.org/investment/Mapping-of-Investment-Promotion-Agencies-in-OECD-Countries.pdf.23.IDAIreland,“AnnualReportandAccounts2021”,2021:https://www.idaireland.com/getattachment/a1e0578f-74a6-429f-af7a-f0f5ded03ad2/IDA-Annual-Report-2021-English-Version.pdf?lang=en-IE&ext=.pdf.24.Stephenson,Matthew,andZhan,James,“WhatIsClimateFDI?HowCanWeHelpGrowIt?”,T20PolicyBrief,September2022:https://www.t20indonesia.org/wp-content/uploads/2022/09/TF1_What-is-Climate-FDI_-How-can-we-help-grow-it_-3.pdf.25.Heher,Ulla,andDouw,Wim,“Draft–SupplierDatabasesandB2BMatchmakingServices”,InvestmentPolicyandPromotion,InvestmentClimateUnit,WorldBankGroup,unpublished.26.Kunmakara,May,“SustainabilityDisclosureDatabaseforLocalFirmsLaunched’’,PhnomPenhPost,12May2021:https://www.phnompenhpost.com/business/sustainability-disclosure-database-local-firms-launched.27.MalaysianInvestmentDevelopmentAuthority,“GlobalSupplyChainCoordination”:https://www.mida.gov.my/invest-in-malaysia/business-facilitation/.GuidebookonFacilitatingClimateFDI3628.Kollinsky,Christian,andLoewendahl,Henry,“HowtoIdentifyInwardInvestorsThatWillHavetheBiggestImpactonSustainableDevelopment?ANewSustainableDevelopmentCompanyIndex”,2018,p.12.29.Heher,Ulla,andDouw,Wim,“Draft–SupplierDatabasesandB2BMatchmakingServices”,InvestmentPolicyandPromotion,InvestmentClimateUnit,WorldBankGroup,unpublished.30.Ibid.31.NetZeroTracker,“NetZeroStocktake2022:AssessingtheStatusandTrendsofNetZeroTargetSetting”,June2022:https://ca1-nzt.edcdn.com/Net-Zero-Tracker/Net-Zero-Stocktake-Report-2022.pdf?v=1655074300.32.UNFCCC,“RacetoNet-ZeroCampaign”:https://unfccc.int/climate-action/race-to-zero-campaign.33.LeiWin,Thin,“MultinationalCompaniesAccountforNearlyaFifthofGlobalCo2Emissions,ResearchersSay”,Reuters,8September2020:https://www.reuters.com/article/us-climatechange-companies-emissions-trf-idUSKBN25Z1W6.34.fDiStrategies,basedonreviewofcompanywebsites.35.Nestlé,“ClimateAction”:https://www.nestle.com/sustainability/climate-change.36.AmericanAirlines,“Environment,SocialandGovernanceatAmerican”:https://news.aa.com/esg/.37.SBTi,“LeadtheWaytoaLow-CarbonFuture”:https://sciencebasedtargets.org/how-it-works.38.CDP:https://www.cdp.net/en.39.Ecovadis:https://ecovadis.com/.40.SASBStandards:https://www.sasb.org/.41.TheClimatePledge,“BethePlanet’sTurningPoint”:https://www.theclimatepledge.com/.42.FirstMoversCoalition:https://www.weforum.org/first-movers-coalition.43.EuropeanCommission,“ProposalforaDirectiveoftheEuropeanParliamentandoftheCouncilonCorporateSustainabilityDueDiligenceandAmendingDirective(EU)2019/1937”,23February2022:https://eur-lex.europa.eu/resource.html?uri=cellar:bc4dcea4-9584-11ec-b4e4-01aa75ed71a1.0001.02/DOC_1&format=PDF.44.Stricker,Paul,“MeasuringImpact:KeyPerformanceIndicatorsinFDIAttraction”,FDICentre,2022:https://fdi-center.com/wp-content/uploads/2022/08/FDI-Center-Measuring-Impact-Key-Performance-Indicators-in-FDI-Attraction.pdf.45.IPCC,“ClimateChange2022:Impacts,AdaptationandVulnerability”,SixthAssessmentReport,WorkingGroupII:https://www.ipcc.ch/report/ar6/wg2/.46.IPCC,“ClimateChange2022:MitigationofClimateChange”,SixthAssessmentReport,WorkingGroupIII:https://www.ipcc.ch/report/ar6/wg3/.47.Ibid.48.OECD,“FDIQualitiesPolicyToolkit”,8June2022:https://www.oecd-ilibrary.org/finance-and-investment/fdi-qualities-policy-toolkit_7ba74100-en.49.Pohl,Joachim,“SocietalBenefitsandCostsofInternationalInvestmentAgreements”,OrganisationforEconomicCo-OperationPublishing,2018:https://www.oecd-ilibrary.org/finance-and-investment/societal-benefits-and-costs-of-international-investment-agreements_e5f85c3d-en.50.UNCTAD,“UNCTAD’sReformPackagefortheInternationalInvestmentRegime”,2018:https://investmentpolicy.unctad.org/uploaded-files/document/UNCTAD_Reform_Package_2018.pdf.51.OECD,“FDIQualitiesPolicyToolkit”,8June2022:https://www.oecd-ilibrary.org/finance-and-investment/fdi-qualities-policy-toolkit_7ba74100-en.52.UNCTAD,“WorldInvestmentReport2023:InvestinginSustainableEnergyforAll”,2023:https://unctad.org/publication/world-investment-report-2023.53.UNCTAD,“UNCTAD’sIIAReformAccelerator-aNewTooltoFacilitateInvestmentTreatyReform”,12November2020:https://investmentpolicy.unctad.org/news/hub/1662/20201112-unctad-s-iia-reform-accelerator---a-new-tool-to-facilitate-investment-treaty-reform.54.UNCTAD,“InternationalInvestmentAgreementsNavigator”:https://investmentpolicy.unctad.org/international-investment-agreements.55.“UNCTAD,WorldInvestmentReport2020:InvestmentbeyondthePandemic”,2020:https://unctad.org/system/files/official-document/wir2020_en.pdf.56.UNCTAD,“IIAIssuesNote3:TheInternationalInvestmentTreatyRegimeandClimateAction”,September2022:https://investmentpolicy.unctad.org/publications/series/2/international-investment-agreements.57.UNCTAD,“WorldInvestmentReport2023:InvestinginSustainableEnergyTransition”,5July2023:https://investmentpolicy.unctad.org/news/hub/1720/20230627-5-july-launch-of-the-world-investment-report-2023.58.OECD,“OECD2023InvestmentTreatyConference”:https://www.oecd-events.org/investment-treaty-conference#bl-7d0b3f5b-c3a6-4b40-8749-390d707a7040.59.UNCTAD,“UNCTAD’sReformPackagefortheInternationalInvestmentRegime”,2018:https://investmentpolicy.unctad.org/uploaded-files/document/UNCTAD_Reform_Package_2018.pdf.GuidebookonFacilitatingClimateFDI37WorldEconomicForum91–93routedelaCapiteCH-1223Cologny/GenevaSwitzerlandTel.:+41(0)228691212Fax:+41(0)227862744contact@weforum.orgwww.weforum.orgTheWorldEconomicForum,committedtoimprovingthestateoftheworld,istheInternationalOrganizationforPublic-PrivateCooperation.TheForumengagestheforemostpolitical,businessandotherleadersofsocietytoshapeglobal,regionalandindustryagendas.

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