KETEP 세계에너지시장정보

Acknowledgements ................................................................................................................. 3 

Executive summary ................................................................................................................. 9 

What is transition finance? 13 
 1.1 Current landscape of transition finance ........................................................... 14 
  1.1.1 Introduction .......................................................................................... 14 
  1.1.2 Transition finance: the missing piece of the puzzle .............................. 17 
  1.1.3 Analysing transition finance guidelines and frameworks ...................... 20 
  1.1.4 State of play of transition finance ......................................................... 28 
 1.2 Transition finance support for energy investment ........................................... 31 
  1.2.1 How much investment can be supported by transition finance? ......... 31 
  1.2.2 Investments which can be supported by transition finance ................. 32 

Sectoral insights 35 
 2.1 Key sectors for transition finance ..................................................................... 36 
 2.2 Heavy industries: Industry decarbonisation ..................................................... 36 
  2.2.1 Sizing transition finance needs in cement and steel ............................. 37 
  2.2.2 Recent developments in finance or other relevant activities ............... 42 
  2.2.3 How transition finance can support future developments with KPIs ... 46 
 2.3 Critical minerals ................................................................................................ 48 
  2.3.1 Finance needs for mining and refining .................................................. 49 
  2.3.2 Recent developments in finance or other relevant activities ............... 50 
  2.3.3 How transition finance can support future developments with KPIs ... 51 
 2.4 Natural gas ....................................................................................................... 54 
  2.4.1 Investment to reduce emissions from the natural gas supply chain ..... 54 
  2.4.2 Investment in infrastructure and power generation ............................ 56 
  2.4.3 Recent developments in finance frameworks and policies ................... 58 
  2.4.4 How transition finance can support future developments with KPIs ... 60 

Financial institutions and transition finance 63 
 3.1 Transition finance and the finance industry ..................................................... 64 
 3.2 Results of the IEA Transition Finance Survey ................................................... 67 
 3.3 Key issues and next steps ................................................................................. 72 
  3.3.1 Expanding financial flows ...................................................................... 73 
  3.3.2 Establishing the distinguishing “transition” characteristic .................... 77 
  3.3.3 Recognising the distinct value of transition finance: From “second tier” to “second pillar” .... 80 
 Policy recommendations ........................................................................................... 82 

Annexes  
 Annex A. Definitions .............................................................................................................. 85 
 Annex B. References ............................................................................................................. 91