1、Accelerating Sustainable Finance for Emerging Markets and Developing EconomiesIndependent High-Level Expert Group Review of the Vertical Climate and Environmental FundsOctober 2024iiVERTICAL CLIMATE AND ENVIRONMENTAL FUNDS(VCEF)REVIEWDISCLAIMERThis report has been prepared by the Independent High-Le

2、vel Expert Group appointed by the Brazilian G20 Presidency and the G20 Sustainable Finance Working Group to undertake the work set in the Terms of Reference for this review of the Vertical Climate and Environmental Funds.Its findings and recommendations reflect a broad agreement within the Independe

3、nt High-Level Expert Group without entailing agreement on every specific point.Members participated in a personal capacity,and their participation does not imply the support or agreement of their respective institutions.The report has been drafted independently and does not seek to represent the vie

4、ws of the G20 membership or the Brazilian G20 Presidency.It also does not represent the positions of the Vertical Climate and Environmental Funds or any other external party consulted during the Funds Review.WITH APPRECIATION FOR THE SUPPORT OF THE BRAZILIAN G20 PRESIDENCYiiiVERTICAL CLIMATE AND ENV

5、IRONMENTAL FUNDS(VCEF)REVIEWCONTENTS1.Context 22.VCEF Review Conceptual Framework 43.Level 1:Climate Finance Landscape 63.1 The climate finance challenge 63.2 VCEFs role in climate finance 103.3 Climate finance landscape recommendations 124.Level 2:VCEF Finance Mobilization 154.1 VCEF mobilization 1

6、54.2 VCEF co-financing trends 174.3 VCEFs financing instruments and structures 214.4 VCEF mobilization recommendations 315.Levels 3 and 4:VCEF Integration and Harmonization 355.1 VCEF comparative advantages 355.2 VCEF complementarity,coherence,and collaboration 375.3 VCEF integration options 405.4 V