Hot money: Illuminating the financing of high-carbon infrastructure in the developing world

Summary: Major infrastructure financiers will have to significantly decarbonize their investments to meet mounting promises to cut carbon emissions to “net-zero” by mid-century. We provide new details about those needed shifts. Using two World Bank databases of infrastructure projects throughout the...

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Autores principales:	Jeffrey Ball, Angela Ortega Pastor, David Liou, Emily Dickey
Formato:	article
Lenguaje:	EN
Publicado:	Elsevier 2021
Materias:	Energy policy Energy sustainability Economics Science Q
Acceso en línea:	https://doaj.org/article/1f48d53bc9bb4bbf86aa30d47abeaea4
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spelling	oai:doaj.org-article:1f48d53bc9bb4bbf86aa30d47abeaea42021-11-20T05:10:37ZHot money: Illuminating the financing of high-carbon infrastructure in the developing world2589-004210.1016/j.isci.2021.103358https://doaj.org/article/1f48d53bc9bb4bbf86aa30d47abeaea42021-11-01T00:00:00Zhttp://www.sciencedirect.com/science/article/pii/S2589004221013274https://doaj.org/toc/2589-0042Summary: Major infrastructure financiers will have to significantly decarbonize their investments to meet mounting promises to cut carbon emissions to “net-zero” by mid-century. We provide new details about those needed shifts. Using two World Bank databases of infrastructure projects throughout the developing world, and applying a methodology for imputing the projects' likely future carbon output, we assess the emissions profile of power-plant projects executed from 2018 through 2020 — the three years immediately preceding the spate of net-zero pledges. We find that approximately half the generation executed in those years is too carbon-intensive to align with keeping Earth's average temperature from exceeding 1.5°C above pre-industrial levels, largely because of the prevalence of new natural-gas–fired power plants. We also find new evidence of host countries' agency in shaping carbon trajectories: Much of the climate-misaligned financing is not foreign but domestic. And we find different institutions are financing infrastructure portfolios with significantly differing carbon intensities.Jeffrey BallAngela Ortega PastorDavid LiouEmily DickeyElsevierarticleEnergy policyEnergy sustainabilityEconomicsScienceQENiScience, Vol 24, Iss 11, Pp 103358- (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Energy policy Energy sustainability Economics Science Q
spellingShingle	Energy policy Energy sustainability Economics Science Q Jeffrey Ball Angela Ortega Pastor David Liou Emily Dickey Hot money: Illuminating the financing of high-carbon infrastructure in the developing world
description	Summary: Major infrastructure financiers will have to significantly decarbonize their investments to meet mounting promises to cut carbon emissions to “net-zero” by mid-century. We provide new details about those needed shifts. Using two World Bank databases of infrastructure projects throughout the developing world, and applying a methodology for imputing the projects' likely future carbon output, we assess the emissions profile of power-plant projects executed from 2018 through 2020 — the three years immediately preceding the spate of net-zero pledges. We find that approximately half the generation executed in those years is too carbon-intensive to align with keeping Earth's average temperature from exceeding 1.5°C above pre-industrial levels, largely because of the prevalence of new natural-gas–fired power plants. We also find new evidence of host countries' agency in shaping carbon trajectories: Much of the climate-misaligned financing is not foreign but domestic. And we find different institutions are financing infrastructure portfolios with significantly differing carbon intensities.
format	article
author	Jeffrey Ball Angela Ortega Pastor David Liou Emily Dickey
author_facet	Jeffrey Ball Angela Ortega Pastor David Liou Emily Dickey
author_sort	Jeffrey Ball
title	Hot money: Illuminating the financing of high-carbon infrastructure in the developing world
title_short	Hot money: Illuminating the financing of high-carbon infrastructure in the developing world
title_full	Hot money: Illuminating the financing of high-carbon infrastructure in the developing world
title_fullStr	Hot money: Illuminating the financing of high-carbon infrastructure in the developing world
title_full_unstemmed	Hot money: Illuminating the financing of high-carbon infrastructure in the developing world
title_sort	hot money: illuminating the financing of high-carbon infrastructure in the developing world
publisher	Elsevier
publishDate	2021
url	https://doaj.org/article/1f48d53bc9bb4bbf86aa30d47abeaea4
work_keys_str_mv	AT jeffreyball hotmoneyilluminatingthefinancingofhighcarboninfrastructureinthedevelopingworld AT angelaortegapastor hotmoneyilluminatingthefinancingofhighcarboninfrastructureinthedevelopingworld AT davidliou hotmoneyilluminatingthefinancingofhighcarboninfrastructureinthedevelopingworld AT emilydickey hotmoneyilluminatingthefinancingofhighcarboninfrastructureinthedevelopingworld
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Hot money: Illuminating the financing of high-carbon infrastructure in the developing world

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