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PolicyResearchWorkingPaper10685
JustTransition
IssuesforCentralBanksandFinancialRegulators
PietroCalice
DimitriG.Demekas
WORLDBANKGROUP
Finance,CompetitivenessandInnovationGlobalPractice
January2024
PolicyResearchWorkingPaper10685
Abstract
Recentcallsoncentralbanksandfinancialregulatorstousethetoolsattheirdisposaltohelpmitigatethenegativeeconomicandsocialimpactsofclimatepoliciesarebasedonseveralfalseanalogiesbetweentheenergytransitionandthe“just”energytransition.Thesamefalseanalogiesexplainwhyvoluntaryeffortstoincorporatejusttransitionconsiderationsintoprivatefinancialdecisionsandprod-uctscopyingapproachesfromclimatefinancehavesofarfailedtogaintraction.Noneoftheaboveinvalidatesthejusttransitionasapoliticalaspiration.However,onlythegovernmenthasthelegitimacyandauthoritytoidentifytheregionsorsectorswherethenegativeimpactsoftheenergytransitionaretobemitigated,determinetheextent
andinstrumentsforthismitigation,andadjustthemovertimeinlinewithshiftingsocialpreferences.Thisisanessen-tiallypoliticaltaskthatcannotbedelegatedtotechnocraticagencies.Nevertheless,withintheparametersestablishedbythegovernment,centralbanksandfinancialregulatorscanplayasupportingrolebyensuringaccuratedataonthesocialimpactoftheenergytransition,enforcingdisclosurerequirements,sensitizingfinancialfirmstojusttransition–relatedrisks,andraisingawarenessamongfinancialfirms.However,theymustbecautiousnottooversteptheirman-date,andremainmindfulofthelimitationsoftheirtoolkitandoftherisksandpotentialunintendedconsequencesoftheiractions.
ThispaperisaproductoftheFinance,CompetitivenessandInnovationGlobalPractice.ItispartofalargereffortbytheWorldBanktoprovideopenaccesstoitsresearchandmakeacontributiontodevelopmentpolicydiscussionsaroundtheworld.PolicyResearchWorkingPapersarealsopostedontheWebat
/prwp.Theauthorsmay
becontactedatpcalice@.
ThePolicyResearchWorkingPaperSeriesdisseminatesthefindingsofworkinprogresstoencouragetheexchangeofideasaboutdevelopmentissues.Anobjectiveoftheseriesistogetthefindingsoutquickly,evenifthepresentationsarelessthanfullypolished.Thepaperscarrythenamesoftheauthorsandshouldbecitedaccordingly.Thefindings,interpretations,andconclusionsexpressedinthispaperareentirelythoseoftheauthors.TheydonotnecessarilyrepresenttheviewsoftheInternationalBankforReconstructionandDevelopment/WorldBankanditsaffiliatedorganizations,orthoseoftheExecutiveDirectorsoftheWorldBankorthegovernmentstheyrepresent.
ProducedbytheResearchSupportTeam
JustTransition:IssuesforCentralBanksand
FinancialRegulators
PietroCalice
†
andDimitriG.
Demekas††
JELClassificationNumbers:G28,G29,Q48,Q54
Keywords:justtransition;financialstability,financialregulation,climatechange.
Authors’E-MailAddress:pcalice@;ddemekas@lse.ac.uk.
†SeniorFinancialEconomist,FinanceCompetitivenessandInnovation,EuropeandCentralAsia,WorldBank.
††AdjunctProfessor,SchoolofInternationalandPublicAffairs,ColumbiaUniversity;VisitingSeniorFellow,SchoolofPublicPolicy,LondonSchoolofEconomics;andSpecialAdviser,BankofEngland.
TheauthorswouldliketothankPierreAudinet,IsabelleBui,MikiKhanhDoan,PhillipM.Hannam,RuthHill,andFionaStewartfortheircommentsonanearlierversionofthispaper.TheviewsexpressedinthispaperarethoseoftheauthorsanddonotnecessarilyrepresenttheviewsoftheWorldBankanditsaffiliatedorganizations,orthoseoftheExecutiveDirectorsoftheWorldBankorthegovernmentstheyrepresent,oroftheBankofEngland.
2
Contents
I.Introduction 3
II.Justtransition:keyconcepts 4
III.Justtransitioninitiatives 7
Publicpolicies 7
Privateinitiativesinjusttransitionfinance 11
IV.Isa“socialtaxonomy”necessary? 15
V.Istherearoleforfinancialregulationinthejusttransition? 19
Justtransitionandthecurrentregulatoryframework 20
Goingbeyondrisk:shouldregulatorspromotethejusttransition? 23
Risksandunintendedconsequences 24
VI.Thewayforward:arealisticagendaforfinancialregulation 26
Threefalseanalogies 26
Amodestproposal 28
AppendixI.Nationaljusttransitionpolicyinitiatives 32
AppendixII.Localandsectoraljusttransitionpolicyinitiatives 33
AppendixIII.Sustainability-relatedcapitalmarketinstruments 34
AppendixIV.Justtransition-focusedprivateinvestmentfunds 36
3
I.Introduction
Astheadverseimpactofthetransitiontoalow-carboneconomyoncertainsectorsandlocaleconomiesisstartingtobefelt,governmentsarecomingunderpressuretoensurethatthisprocessis“just”orfair.Despitetheenvironmentalbenefitsandneweconomicopportunitiesitwillcreate,thetransitiontoalow-carboneconomywillalsocauselocalizedjobandincomelossesandbroadereconomicandsocialdisruption.Makingthisa“just”transitionmeanscompensatingfortheselossesandensuringthatthebenefitsoftheenergytransitionaresharedaswidelyaspossible.
Governmentsindifferentcountriesareimplementingvariouspublicpolicyinitiativestotacklethischallenge.Theseinitiativesarefocusedonindividualsectors(likecoalminingorfossilfuel-basedenergygeneration)andconsistoffiscalmeasures,suchastransfers,subsidies,publicinvestments,andpublicly-fundedre-trainingorearlyretirementforworkersintheaffectedindustries.Manyoftheseinitiativesalsoincludeincentivesforprivatefinanceinordertomagnifytheeconomicimpact.
Atthesametime,intheprivatesector,voluntaryinitiativesareattemptingtointroducejusttransitionconsiderationsintofinancialtransactionsbycopyingapproachesandinstrumentsusedinclimatefinance.Theseinitiativesareledmainlybytradeassociations,internationalorganizations,ornongovernmentalorganizations(NGOs)buthavehadlimitedsuccesssofar.
Morerecently,therehavebeencallsoncentralbanksandfinancialregulatorstoplayamoreactiveroleinthejusttransitionusingthepolicyandregulatorytoolsattheirdisposal.
1
Thesecallsappeartobepredicatedonthreearguments:thatregulatoryinterventionisnecessarytoensuredisciplineinafieldcurrentlydominatedbyamultitudeofnon-transparentandoftencontradictoryenvironmental,socialandgovernance(ESG)ratings;thatignoringthenegativeemploymentandsocialimplicationsofclimate-relatedfinancialtransactionsorinvestmentscouldcreate“socialrisks”forthefinancialsystem,andmitigatingtheserisksfallswithinthemandateofregulators;andthat—somewhatincontradictiontothepreviousargument—centralbanksandfinancialregulators,regardlessoftheirmandate,haveadutytopromoteimportantsocietalambitions,suchasthetransitiontoalow-carboneconomyandtheUnitedNations(UN)SustainableDevelopmentGoals,andthejustenergytransitionagendaprovidesalinkbetweenthesetwo.Theseargumentshavetriggeredadebateonthepotentialroleoffinancialregulationinthejusttransition.
Thispapercontributestothisdebatebyexaminingtheemergingpolicyliteraturerigorously,assessingtheassociatedrisksandunintendedconsequencesoftheproposalsputforwardand,onthisbasis,outliningarealisticagendaforcentralbanksandfinancialregulators.The
1See,forexample,Robins,N.(2020),
“FinancingaJustTransition,
”in:Fisher,P.(ed.),MakingtheFinancialSystemSustainable,CambridgeUniversityPress;ILO(2022),
FinanceforaJustTransitionandtheRoleofTransition
Finance,
G20SustainableFinanceWorkingGroupInputPaper,May2022,Geneva:InternationalLaborOrganization;Monnin,P.andN.Robins(2022),
“Supportingthejusttransition:aroadmapforcentralbanksandfinancial
supervisors,
”PolicyBriefingPaper10,CentreforSustainableFinanceandGranthamResearchInstituteonClimateChangeandtheEnvironment,LSE,December2022.
4
paperarguesthatmanyoftheargumentsadvancedtoincorporatejusttransitionconsiderationsincentralbanksandfinancialregulators’mandatearebasedonanumberofmisunderstandingsandfalseanalogiesbetweenthegoaloftheenergytransitionandthatofthejustenergytransition.Thisisalsooneofthereasonsbehindtheverylimitedsuccessoftheattemptstoincorporatejusttransitionconsiderationsintoprivatefinancialbusinessdecisionsbycopyinginstrumentsandapproachesusedinclimatefinance.Dispellingthisconfusionisnecessaryinordertoplacethedebateonthepotentialroleoffinancialpolicyandregulationinthejusttransitiononasoundeconomicbasis.
Thispaperconcludesthat,whilethejusttransitionisnottheresponsibilityofcentralbanksandfinancialregulators,theycanstillplayasupportingrole.Ensuringthattheprocessofclimatetransitioncorrespondstosocialnormsof“fairness”orjusticeisafundamentallypoliticaltaskthatmustbemediatedthroughthepoliticalprocess.Nevertheless,withintheboundariesofajusttransitionstrategysetbythegovernment,andmindfuloftherisksandpotentialunintendedconsequencesoftheiractions,centralbanksandfinancialregulatorscanplayasupportiverolebyensuringaccuratedataonthesocialimpactoftheenergytransition,enforcingdisclosurerequirements,sensitizingfinancialfirmstojusttransition-relatedrisks,andraisingawarenessamongfinancialfirms.
Therestofthepaperisorganizedasfollows.SectionIIdiscusseskeyconceptsofthejusttransition,includingthehistoryofthejusttransitionideaandtheassociatedconceptualandanalyticaldifficultiesintranslatingitintoapublicpolicygoal.SectionIIIprovidesanoverviewofjusttransitionpolicyinitiatives,includingchallengesandlessonslearned,andreviewsprivatesectorjusttransitionfinanceinitiatives.SectionIVdiscussesthetopicof“socialtaxonomies”,arguingthatdespitebeingpresentedastheinstrumentofchoiceforsignalingprioritiesandaligningincentivesforthejusttransition,socialtaxonomiesarenotnecessaryforajusttransitionpolicyframework.SectionVexaminescriticallytheargumentsputforwardforregulatoryactiontosupportajustenergytransition,aswellastheassociatedrisksandunintendedconsequences.Finally,sectionVIdiscussesthethreefalseanalogiesthathavesofarbeenhamperingthedebateonthepotentialroleoffinancialregulationandconcludeswithanoutlineofarealisticagendaforcentralbanksandfinancialregulatorsinthejusttransition.
II.Justtransition:Keyconcepts
Theconceptof“justtransition”referstomitigatingthedistributionalimpactofanytransitiontoanewtechnologicaloreconomicparadigm.Itdoesnotapplyexclusivelytotheprocessofmovingtowardalow-carboneconomy:concernsabouttheimplicationsofdigitalizationandartificialintelligence,forexample,havealsogeneratedcallstoensureajusttransition.
2
2See,forexample,
“TheJustAITransition:WherearetheOpportunitiesandThreats?”
EuractivConference,March2,2021;Buhovskaya,A.(2017),
“TowardsaJustTransitionforInclusiveDigitalization,
”InstituteofDevelopment
5
Ajustenergytransitionwouldrequirethatthetransitionoutofcarbon-intensivesectorsandactivitiesbeaccompaniedbymeasurestominimizetheimpactontheworkersandcommunitiesthatarenegativelyaffected.Despitethebroaderenvironmentalbenefits,thetransitiontoalow-carboneconomywillinevitablycausestrandedassets,lostjobs,andsizeableshiftsinincomeandwealthacrossregionsandeconomicsectors.Whenacoalminecloses,forexample,carbonemissionsarereducedbutmineemployeesandtheirfamilieslosewagesandbenefits,thelocaleconomysuffersfromlowerspending,andlocalgovernmentslosetaxrevenue.Theseeffectscanbeverylong-lasting:fortyyearsaftertheabruptdeclineofthecoalminingindustryintheUnitedKingdom(UK),regionsthatwereonceeconomicpowerhousesstillbearthescarsoftheupheavalthatcomeswithrapidstructuralchange.Unemployment,illhealth,andsocialdisadvantagepersistinareasthatoncesupportedoveramillionminingfamilies.
3
Inthiscontext,ajustenergytransitionwouldinvolvehelpingworkersandcommunitiesdevelopnewsourcesofemploymentandgrowthandpreventormitigatethedislocationsresultingfromthemineclosures.
Ajustenergytransitionwouldinprinciplealsorequireaddressingadverseconsequencesfromthetransitiontoalow-carboneconomythatgobeyondthelocaleconomiesthataredirectlyaffected,althoughthisdimensionisusuallyoverlooked.Forexample,landconversionsforrenewableenergyprojectscanexacerbatecompetitionforland,destroyareasofnaturalbeauty,ordamagebiodiversity.Theremovalofenergysubsidieswouldhavesignificanteconomicanddistributionalrepercussions.Higherenergypricesduetocarbontaxesandthecostsoftransitiongoodsandservices,suchaselectricvehiclesandenergy-efficientbuildingupgrades,maybeunaffordableforlow-incomehouseholdsorsmallandmediumenterprises(SMEs).Thesharpincreaseindemandfortransition-relatedmineralsandrawmaterialscanhaveprofoundenvironmental,social,andhumanrightsconsequences.Thesebroaderadverseconsequencesofclimatetransitionfallwithinthescopeofthejustenergytransitionbutarerarelyacknowledgedinpractice.
Theconceptofajusttransition
4
wasfirstarticulatedbytheInternationalLabourOrganization(ILO)andhasgainedpoliticalmomentumsincethen.
.Inits2015GuidelinesforaJustTransition,
5
theILOdefinedthejusttransitionas“greeningtheeconomyinawaythatisasfairandinclusiveaspossibletoeveryoneconcerned,creatingdecentworkopportunitiesandleavingnoonebehind,[…]maximizingthesocialandeconomicopportunitiesofclimateactionwhileminimizingandcarefully
Studies;and
“’Goingdigital?—Goinclusive!’
TradeUnionAdvisoryCommittee(TUAC)sendsaclearmessagetotheOECDMinisterialConsultationMeeting,”April3,2019.
3Beatty,C.,S.Fothergill,andT.Gore(2019),
TheStateoftheCoalfields2019:EconomicandSocialConditionsin
theFormerCoalfieldsofEngland,ScotlandandWales,
CentreforRegionalEconomicandSocialResearch,SheffieldHallamUniversity.
4Intherestofthispaper,theterm“justtransition”willrefertothejustenergytransition.
5ILO(2015)
,GuidelinesforaJustTransitionTowardsEnvironmentallySustainableEconomiesandSocietiesforAll,
Geneva:InternationalLabourOrganization.
6
managinganychallenges,includingthrougheffectivesocialdialogueamongallgroupsimpacted,andrespectforfundamentallaborprinciplesandpractices.”
.TheconceptofthejusttransitionwasincorporatedintheParisAgreementin2015,whichcalledfor“takingintoaccounttheimperativesofajusttransitionintheworkforceandthecreationofdecentworkandqualityjobsinaccordancewithnationallydefinedpriorities.”
6
.Itwasreinforcedatthe24thConferenceofthePartiesoftheClimateChangeConvention(COP24)throughthe
SolidarityandJustTransitionSilesiaDeclaration;
atCOP25in2019throughtheinitiative
ClimateActionforJobs;
atCOP26in2021throughthe
Declaration
onSupportingtheConditionsforaJustTransitionInternationally,
signedbythegovernmentsof17countriesplustheEU;andatCOP27in2022throughthe
Sharmel-
SheikhImplementationPlan.
Theconceptofajusttransitionisbasedonsocialnormsoffairnessorjustice.Thesenormsincludeproceduraljustice(ensuringatransparentandinclusivedecision-makingprocessforenergytransitionpolicies);distributivejustice(sharingfairlythecostsandopportunitiesofthetransition);andrestorativejustice(ensuringthatpast,present,andfuturenegativeimpactsofthetransitionareproperlyrectified).
7
Needlesstosay,thesenormsarecontext-dependentandvariableacrosscountriesandovertime.
Translatingthesesocialnormsintopracticalpoliciesfacesdauntingconceptualandoperationalchallenges.
.Afundamentalchallengeiscomingtoanagreementonapolicygoal:exactlyhowmuchjusttransitiondowewant?Sincethejusttransitionreflectssocialnorms,definingandagreeingonagoalinvolvesjudgmentsonthebalanceofinterestsofdifferentgroups,onthedesirabledegreeofremediationforprivatedamagesincurredasaresultofenergytransitionpolicies,andontheappropriatetimehorizonforsuchremediation.Therearenoobjective,science-basedyardsticksformakingthesejudgments.
.Arelatedchallengeismeasuringthecontributionofvariouseconomicactivitiestothegoalofajusttransition.TheoriginalILOdefinition,aswellasallotherattemptstodescribethejusttransition,frameitinverybroadandvagueterms(“leavingno-onebehind,”“minimizinganychallengesfromclimatetransition,”“creatingdecentworkandqualityjobs,”etc.).Giventhatalleconomicactivitieshavesociallybeneficialeffects,suchasjobcreation,theproductionofsociallydesirablegoodsandservices,andincomegeneration,almostanythingcouldcontributetothejusttransition.Moreover,themagnitudeofitsimpactwoulddependonwhetheronechoosestofocusonitseffectsonemployment,onincomedistribution,oronotherenvironmental,developmental,andbroadersocial
6UNFCCC(2015),
TheParisAgreement,
UnitedNations.
7McCauley,D.andR.Heffron(2018),
“JustTransition:Integratingclimate,energy,andenvironmentaljustice,
”EnergyPolicy,119:1-7.
7
aspirations(suchashumanrightsorqualityoflife);onthetimehorizonoverwhichoneexpectstheseeffectstomaterialize;andonthescale(local,national,orglobal)atwhichtheseeffectsaretobemeasured.Therearenogenerallyacceptedapproachestoansweringthesequestions.Thisbecomesamajorhindrancewhentherearetrade-offsbetweenconflictingobjectives(orbetweenobjectivesapplyingtodifferenttimeframes)thatrequirebalancingoneagainstanotherandarrivingatanestimateofthenetimpact,whichwouldthenneedtobemeasuredagainstthecostofthepolicy.
.Whenitcomesspecificallytofinance,thefocusontheimpactofclimatetransitionprojectsonlocaleconomiesandcommunitiesisanotherchallenge.Financialtransactionstypicallyinvolvethesupplier(s)ofafinancialservice(suchasfunding,riskcoverage,ormaturitytransformation)andasingleclient(suchasanindividualorcorporateborrower,aclientpurchasinginsurance,oranentityissuingequityordebt).Takingintoaccountjusttransitionconsiderationspotentiallyexpandsthesetofstakeholderswhoseinterestsmightneedtobeconsideredbeyondthepartiesdirectlyinvolvedinthetransaction.
Deliveringajusttransitionisthereforeapoliticalproject.Makingtheseessentiallyarbitraryjudgmentsinawaythatcorrespondstoshiftingsocialnormsoffairnessorjusticeisfundamentallyapoliticalprioritythatshouldbemediatedthroughthepoliticalprocess.Inaddition,thejusttransitionisapoliticalprojectinanothersense:asidefromanyinherentmeritsintermsofprocedural,distributive,orrestorativejustice,thejusttransitionisprimarilyseenbyitsadvocatesasakeyinstrumentformaintainingvotersupportforclimateaction.
8
Thesepointshaveimportantimplicationsforthedebateonthepotentialroleofcentralbanksandfinancialregulatorsinthejusttransition,discussedinsectionV
III.Justtransitioninitiatives
Publicpolicies
AsgovernmentsstartedimplementingclimatetransitionpoliciesbyphasingoutthemostGHG-intensiveformsofenergygenerationandassociatedeconomicactivities—notablycoalmining—therewerepoliticalpressuresforrectifyingthenegativeimpactonthedirectlyaffectedsectorsandregions.Thesepressuresessentiallyreflecteddemandforrestorativejusticeandspurredtheemergenceofavarietyofpublicpolicyinterventionsforthejusttransition—althoughtheydidnotalwaysusethislabel.
Mostofthegovernmentinterventionshavesofarbeenpiecemeal,focusingonspecificregionsorsectors,andusingmainlyfiscalinstrumentstorectifytheimpact.Asillustratedby
8Thereisevidencethatperceivedfairnessisoneofthestrongestpredictorsofbothsupportforclimateactionandbehaviorchange.See,forexampleDrews,S.andJ.vandenBerg(2016),
“WhatExplainsPublicSupportforClimate
Policies?AReviewofEmpiricalandExperimentalStudies,
”ClimatePolicy16(7):855–876.
8
theexamplesinAppendixI,theseinitiativesareessentiallyfiscalpackagesfocusedmainlyoncoalminingorfossilfuel-basedenergygeneration.
.Theyconsistofacombinationofpublictransfers,subsidies,infrastructureinvestments,earlyretirementschemes,workerre-trainingorrelocationassistance,etc.aimedatcompensatingworkersforlossesandprovidingthemwithnewemploymentopportunities.
.Theirimpactislocalizedbydesign.Noneoftheseinitiativesincludemeasuresthataddresssociety-wideeffectsfromtheenergytransition(e.g.,onlow-incomeconsumers).
.Althoughtheyincorporate,tovaryingdegrees,anelementofpublic-privatesectorcollaboration,inallcasestheyareledandfundedbythe(nationalorregional)government.
Therehavealsobeenjusttransitioninitiativesattheleveloflocalcommunitiesoreconomicsectors.Thesearetypicallytheresultofagreementsbetweencompanies,unions,andlocalNGOs.Whiletheyaresupportedbythegovernment,theyofteninvolvelittleornogovernmentfunding—andassuch,theymaynotqualifyas“policy”initiatives.Nevertheless,twosuchexamplesaresummarizedinAppendixII.
Whilenoneoftheseinitiativeshaveafinancialpolicyorregulatorycomponent,afewproposalsspecificallyaddressingjusttransitionfinancehaverecentlyemerged.These,however,arestilllargelyattheconceptstage,withlittleoperationalcontent.
.TheILOpreparedanoutlineofajusttransitionfinanceframeworkfortheG20SustainableFinanceWorkingGroupundertheIndonesianPresidencyin2022.
9
Thepaperfocusesonwaystointegratesocialandemploymentdimensionsinclimatetransitionfinance.Itemphasizesitspreliminaryandexploratorynature:itsaimistoprovide“initialconsiderations,[…]identifybuildingblocksforsupportingalignmentoffinancialflows[withjusttransitiongoals],andhighlightselectedpotentialentrypointsrelevantforthedesignoftransitionfinanceframeworks.”Itsproposalsencompassseveralactors,includingfinancialfirms,multilateraldevelopmentbanks,internationalorganizationsandstandard-setters,andpolicymakers.Asregardsthelatter,itisproposedthatgovernmentsshould“promotetransparencyaroundthesocio-economicimpactsoflow-carbontransition”andcentralbanksandfinancialregulatorsshould“increasetheireffortstomanagetherisksposedbyclimatechange[…]andexploretheirroletowardsenablingthefinancialsystemtosupportthejusttransition.”
.BritishInternationalInvestment(BII),theUK’sdevelopmentfinanceinstitution(formerlytheCommonwealthDevelopmentCorporation—CDC),produceda“Roadmap”forjusttransitionfinanceinIndiaintworeports.
10
TheRoadmapsetsoutjusttransitionpriorities
9ILO(2022),
FinanceforaJustTransitionandtheRoleofTransitionFinance,
G20SustainableFinanceWorkingGroupInputPaper,May2022,Geneva:InternationalLaborOrganization.
10Tandon,S.etal.(2021),
TowardsaJustTransitionRoadmapforIndia:LayingtheFoundationsforPractical
Action,
CDCInsight,June2021,London:CommonwealthDevelopmentCorporation;andModak,P.etal.(2023),
9
forIndiaandprovidesexamplesofavailablemetricsthatcouldbeusedtomeasureimpact.Thepolicycontent,however,isvague.FortheReserveBankofIndia,inparticular,theRoadmapenvisagesthesameroleastheILOpaperdoesforcentralbanksingeneral(climateriskmanagementanddisclosure,greeningthecentralbankbalancesheet,etc.),withtheadditionalelementofsupportingthejusttransitionthroughprioritysectorcreditallocationschemesthatarespecifictoIndia.
.OneofthebackgroundpaperspreparedforSouthAfrica’sPresidentialClimateCommissionfocusesspecificallyonjusttransitionfinance.
11
Oneofthemostsignificantobstaclesfacingjusttransitionfinance,accordingtothepaper,iscapacityconstraintsatalllevels:corporate,financialfirms,localcommunities,andgovernment.Asregardsfinancialpolicymakers,thepaperemphasizestheneedtoarriveata“sharedvisionofjusttransitiongoals”;ensurethesearealignedwiththeirrespectivemandates;andprovideconsistentsignalstothemarket.Thepaperfocusesonfiscalpolicytools(publicinvestment,incentivesforgreenprojects,risksharingschemes,andthecreationofaJustTransitionfund)andoninnovativefinancialinstruments(e.g.,socialbonds),butincludesnospecificproposalsforfinancialpolicyorregulation.
TheEuropeanUnion(EU)hasmademoreprogressthanotherjurisdictionsinintegratingthesepiecemealinterventionsintoanoverarchingpolicyframeworkandhastakensomestepstoreflectindirectlyjusttransitionconsiderationsinfinancialdecision-making(Box1).TheJustTransitionMechanism(JTM)incorporatesasystemfordeterminingjusttransitionprioritiesdelegated,withincertainparameters,tonationalgovernmentsthroughnationalTerritorialJustTransitionPlans;amechanismforfundingprojectsthatcombinespublicresourcesandblendedfinanceinstruments;andseveralinitiativestha
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