Risk to Reward 2025

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World Energy Investment 2024. https://www.iea.org/reports/world-energy- investment-2024. 33. Watson, C., Schalatek, L., Evéquoz, A. (2025). Climate Finance Regional Briefing: Middle East and North Africa. Climate Funds Update. https://climatefundsupdate.org/wp-content/uploads/2025/03/CFF9-2025-ENG-MENA-DIGITAL.pdf. 34. Watson, C., Schalatek, L., Evéquoz, A. (2025). Climate Finance Regional Briefing: Latin America. Climate Funds Update. https://climatefundsupdate.org/wp-content/uploads/2025/03/CFF6-2025-ENG-Latin-America-DIGITAL.pdf. 35. Basel III sets global capital rules that favour low-risk sovereign bonds, making smaller EMDE climate projects less attractive unless aggregated or scaled-up. 36. Additionality refers to whether the capital provided supports projects and programmes that would not have happened otherwise, and that go beyond what is considered business-as-usual or already planned. 37. Organisation for Economic Co-operation and Development (OECD). (2022). 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Standard Chartered Bank, UN Office for Disaster Risk Reduction (UNDRR), KPMG. (2024).  Guide for Adaptation and Resilience Finance. https://assets.kpmg.com/content/dam/kpmgsites/ch/pdf/bank-guide-for-adaptation-and-resilience-finance.pdf. From Risk to Reward: Unlocking Private Capital for Climate and Growth 49