Capability statement

Interntional Climate Finance

For further information contact:

Emelia HoldawayEmelia Holdaway


Climate finance

At present, USD 5 trillion is invested annually into energy generation, transport, water infrastructure and telecommunications. This is equivalent to the annual gross domestic product (GDP) of India and the UK combined. To limit global average temperature increases to 2°C above preindustrial levels, there needs to be a wholesale transformation of these investments into green investment and an additional annual investment of about USD 0.7 trillion. To mobilise such a step change will require innovation in public policy, including new forms of public/private cooperation and implementation systems to track climate finance flows. Ricardo Energy & Environment’s team of technical, policy, economics and finance specialists work at the cutting edge of international climate finance.

We support governments to develop country-led climate finance delivery strategies and to access funding streams. We provide expertise to UN agencies, donors, development banks and international organisations in the design of climate finance architecture, tracking and evaluating climate finance flows, investment needs assessment, and identifying where public finance is best placed to leverage private sector funds.

We help companies globally with investment opportunities and mitigating the business risks of climate regulation, so delivering new revenue sources and ensuring long-term business security. In addition, we provide governance and compliance support for companies that are under increasing legislative and client scrutiny to disclose the carbon embedded in their assets, operations and supply chains. Ricardo Energy & Environment is an Observer to the Green Bond Principles.

Our services

Ricardo Energy & Environment provides a wide range of climate finance services including strategic advice, technical analysis and capacity building. Our particular areas of expertise are:

  • Green Climate Fund (GCF) readiness support to National Designated Authorities (NDAs), Accredited Entities and executing entities.
  • Appraising country support needs, and matching these to funding sources and modalities (international, domestic, public, private, Nationally Appropriate Mitigation Actions (NAMAs)).
  • Identifying where public finance is best placed to leverage private sector finance.
  • ‘Mainstreaming’ climate considerations into infrastructure planning, budgetary processes and investment strategies.
  • Designing systems for the measurement, reporting and verification (MRV) of climate finance flows.
  • Evaluating the greenhouse gas (GHG) and sustainable development impacts of investments.
  • Technical, commercial and project due diligence to inform investment decision-making and transform policy into a pipeline of ‘bankable’ projects.


Our experience

Examples of our work in this area include:

Shakti Policy Maker summary

Building India’s climate finance readiness (Shakti Sustainable Energy Foundation)

Ricardo Energy & Environment undertook a study examining India’s ‘readiness’ to access and more effectively use international climate finance to promote green growth and sustainable development. We reviewed India’s history of accessing funding from existing bilateral and multilateral sources, and its efforts to prepare for new delivery modalities such as the Green Climate Fund and the Nationally Appropriate Mitigation Actions (NAMA) Registry. We are developing a stakeholder-tested conceptual framework (applicable to other countries) to assess India’s climate finance readiness, including the political, strategic, financial and delivery functions of the country’s institutional architecture.


Climate finance readiness video presentation...

Climate Finance Readiness Training (German Federal Enterprise for International Cooperation (GIZ))

Ricardo Energy & Environment’s Principal Consultant Emelia Holdaway travelled to Viet Nam to deliver Climate Finance Readiness Training alongside the German Federal Enterprise for International Cooperation (GIZ). The workshop is part of the German government’s commitment to the Green Climate Fund (GCF) to deliver its Climate Finance Readiness Programme to target countries. 



Climate development projects: lessons from 2007-2013, inputs for 2014-2020 (European Commission)

The European Commission has already provided more than EUR 3.7 billion over the last decade to strengthen climate-friendly development in Africa and other developing countries. This brochure, prepared by a team led by Ricardo Energy & Environment, synthesises information on a variety of climate policies and programmes set up as part of the climate cooperation between the EU and Africa.



Shakti Policy Maker summary

European and International Financial Institutions Climate related standards and measures for assessing investments in infrastructure projects

Ricardo Energy & Environment led a review for DG Climate Action of how climate consideration are taken into account by eight financial institutions (FIs) – including the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), KfW Development Bank (KfW) and Agence Française de Développement (AFD), World Bank (WB), Asian Development Bank (ADB), International Finance Corporation (IFC) and Inter-American Development Bank (IDB). 


Assessment of potential NIEs in Bangladesh

From left to right
A.F.M. Asaduzzaman, General Manager, Governor Secretariat, Bangladesh Bank
Mohammad Iftekhar Hossain, Senior Assistant Secretary, ERD, Ministry of Finance
Emelia Holdaway, Principal Consultant Energy and Climate Change, Ricardo Energy & Environment
Mr. Mohammad Mejbahuddin, Senior Secretary, ERD, Ministry of Finance
Mr. Asadul Islam, Additional Secretary, UN Wing, ERD, Ministry of Finance
Sultana Afroz, Joint Secretary, ERD, Ministry of Finance
Dr. Bjoern Surborg, Principal Adviser, Climate Finance Ready Programme, GIZ


Support to self-assessment process of potential NIEs in Bangladesh (German Federal Enterprise for International Cooperation (GIZ))

Enterprise for International Cooperation (GIZ)) - Ricardo Energy & Environment’s Principal Consultant Emelia Holdaway supported 14 institutions in conducting self-assessments as to how far they fulfil the Green Climate Fund (GCF's) criteria for accreditation as National Implementing Entities (NIEs).

A self-assessment tool was developed for the institutions to apply, and bilateral meetings were held with each institution to support and enhance their self-assessment. The bilateral meetings involved firstly introducing the GCF and the accreditation criteria, and then interactively talking through the institution’s conformance with the accreditation criteria including their track record and legal mandate, identifying any potential gaps.

Additionally, each institution’s pipeline of climate resilient and low-carbon projects was considered; while the project pipeline is not part of the accreditation process, it is an important aspect of an NIE’s ability to ‘hit the ground running’ once accredited.

Common challenges across the institutions were identified during the course of the project; with concrete actions being recommended at both the institutional and national level (e.g. where the institution relies on fiduciary processes set at the national level and common across government departments).

Emelia presented at a 2-day strategic workshop opened by the Finance Minister, to identify how to strategically proceed with NIE identification and capacity-building, in order for Bangladesh to directly access the GCF.