This report describes different global scenarios to reach carbon neutrality by 2050, analyzes their impact on global GDP and on per capita energy consumption, and outlines the existing financing gap. Green finance, underpinned by green taxonomies and to a lesser extent by ESG, has the potential to overcome the financing gap, if it addresses the profitability/risk ratio of green investments. The report describes the whole array of instruments available to APEC cities for improving profitability of green investments. Cities have hitherto mainly used green bonds, green loans and green equity. To limit the risks of green investments, credit risk guarantees are the instrument of choice. Environmental insurance and cat bonds also have a huge potential but require a clear legislative basis. Multilateral financing institutions improve the possibilities of cities to accede to green finance. Various case studies, as well as a set of recommendations, substantiate the report. 

报告阐述了实现2050年碳中和在全球的不同路径，分析了这些路径对全球GDP和人均能源消耗的影响，并揭示了当前存在的融资缺口。绿色金融依托绿色分类体系（部分依赖 ESG），若能解决绿色投资的盈利风险比问题，有望填补这一资金缺口。报告系统梳理了亚太经合组织城市提升绿色投资回报率的各类工具，目前主要采用绿色债券、绿色贷款和绿色股权融资。为降低绿色投资风险，信用风险担保是首选工具，环境保险和碳债券虽潜力巨大，但需建立明确的法律框架。多边金融机构为城市参与绿色金融提供了更多选择。通过案例研究与系列建议，本报告为相关实践提供了实证依据。

Website：https://www.apec.org/docs/default-source/publications/2023/3/apec-green-finance-report-unlocking-the-urban-energy-transition/223_ewg_green-finance-report---unlocking-the-urban-energy-transition.pdf?sfvrsn=24cdad77_4