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Samuel Pienknagura
This paper assesses the role of climate policies as a catalyst of low carbon technologies deployment through foreign direct investment (FDI). Leveraging detailed cross-border project-level information, it identifies “green” FDI and finds that a higher number of active climate policies is associated with higher levels of green FDI inflows. Importantly, climate policies do not appear to be linked to lower levels of non-green projects, suggesting relatively small overall costs from the green transition. The paper also finds heterogeneity across sectors and policy instruments. The association between climate policies and green projects is particularly strong in energy and manufacturing, and when the composition of the recipient's climate portfolio is tilted towards binding policies (e.g., taxes and regulation) and expenditure measures. Finally, results point to policy spillovers, whereby larger climate policy portfolios in the source country are linked to higher green FDI outflows, but green subsidies can discourage them. This, in turn, implies that subsidies could hamper efforts to deploy low-carbon technologies across countries.
Ms. Zeina Hasna, Ms. Florence Jaumotte, Jaden Kim, Samuel Pienknagura, and Gregor Schwerhoff
Innovation in low-carbon technologies (LCTs), which is essential in the fight against climate change, has slowed in recent years. This Staff Discussion Note shows that a global climate policy strategy can bolster innovation in, and deployment of, LCTs. Countries that expand their climate policy portfolio exhibit higher (1) climate-change-mitigation-patent filings, (2) LCT trade flows, and (3) “green” foreign direct investment flows. Importantly, boosting innovation in, and deployment of, LCTs yields medium-term growth, which mitigates potential costs from climate policies. This note stresses the importance of international policy coordination and cooperation by showcasing evidence of potential climate policy spillovers.
International Monetary Fund. Asia and Pacific Dept

This paper reviews the development and sustainability of Kiribati’s fishery industry, and examines the literature on the marine protected areas (MPAs) and the impact of different fishery management regimes on sustainability. The note also discusses the recent development of the Phoenix Islands Protected Area (PIPA). Over time, sustainability of Kiribati’s fisheries has improved, but more could be done to ensure sustainable fishing.

International Monetary Fund. Finance Dept. and International Monetary Fund. Legal Dept.
This paper presents the first set of contribution agreements that had been finalized with contributors by the time of the operationalization of the Resilience and Sustainability Trust (RST) on October 12, 2022. The six finalized agreements provide for contributions in a total amount of about SDR 15.3 billion across the three RST accounts – the loan account, deposit account, and reserve account. These six finalized agreements deliver critical resources for the operationalization of the RST and represent an important step towards its adequate funding.