୸ਛप਱ऐञস੆पउऐॊ
Textॖথঃॡॺभગઅ

এ४ॸॕঈ‫؞‬ॖথঃॡॺ‫؞‬ॖॽ३॔ॸॕঈपेॊ         ্ଉ਀৥धষ৿भళलऊऐ



仮訳䝁䞁䝃䝹䝔䞊䝅䝵䞁⏝ ᖺ᭶
1ࠕࡇࢀࡲ࡛ࡢࢭࢡࢱ࣮࡟↔Ⅼࢆᙜ࡚ࡓᨻ⟇❧᱌ࡸ┠ᶆࡈ࡜ࡢ࢔ࣉ࣮ࣟࢳ࡛ࡣࠊ
ᣢ⥆ྍ⬟࡞㛤Ⓨࡢࡓࡵࡢ2030࢔ࢪ࢙ࣥࢲࡸSDGsࡣ㐩ᡂࡉࢀ࡞࠸ࠋ
ࡼࡾᙉᅛ࡛⥲ྜⓗ࡞ィ⏬ࠊᡓ␎ⓗᛮ⪃ࠊᨻ⟇⤫ྜࡣࠊ
ᨻᗓࡀᆅᇦ࡛ࣞ࣋ࣝSDGsࢆᐇ᪋ࡍࡿ㝿ࡢ᭱Ⰻࡢ⤌ࡳྜࢃࡏࢆ᫂☜࡟ࡍࡿୖ࡛   ࡁࢃࡵ࡚㔜せ࡛࠶ࡿࠖ
2030࢔ࢪ࢙ࣥࢲࡢᐇ⌧࡟ྥࡅࡓᅜ㐃㛤Ⓨࢩࢫࢸ࣒ࡢ෌ᵓ⠏ࡍ࡭࡚ࡢேࡢࡓࡵࡢࡼࡾⰋ࠸ᮍ᮶ࡢ☜ಖ:
2017ᖺ7᭶஦ົ⥲㛗ࡢሗ࿌ࡼࡾ

2+䛾㈨㔠䜼䝱䝑䝥䛿䚸          ➨୍䛻䝡䝆䝛䝇䝰䝕䝹䛾䜼䝱䝑䝥䛷䛒䜛䚹+䛻ᑐ䛩䜛ᢞ㈨䝙䞊䝈䛸䛭䛾䛯䜑䛾ᢞ㈨䜼䝱䝑䝥䛿㠀ᖖ䛻኱䛝䛔䚹䛭䜜䜙䛿⣼✚ⓗ䛺ᙳ㡪䛾䛯䜑䛻᫬㛫䛾⤒㐣䛸䛸䜒䛻ቑ኱䛩䜛䚹䝙䞊䝈䛿୺䛻㏵ୖᅜ䛾䜲䞁䝣䝷䛷䛒䜛䛜䚸䛣䜜䜙䛾䜲䞁䝣䝷䜈䛻ᑐ䛧䛶㈨㔠䛾ὶ䜜䛜༑ศ䛷䛿䛺䛔䚹බⓗ㈨㔠䛿䜎䛩䜎䛩ஈ䛧䛟䛺䜛୍᪉䛷Ẹ㛫㈨㔠䛿䝸䝇䜽䛸䝸䝍䞊䞁䛾㠃䛷ไ⣙䜢ཷ䛡䜛䚹ၥ㢟䛿༢䛻㈈ົⓗ䛺䜒䛾䛷䛿䛺䛟+䜢ᐇ⌧䛷䛝䜛䝡䝆䝛䝇䝰䝕䝹䛜Ḟ䛡䛶䛔䜛䛸䛔䛖䛣䛸䛷䛒䜛䚹p.5

䛂䜲䞁䝟䜽䝖䛃䜢ᡓ␎䛾୰ᚰ䛻ᤣ䛘䜛䛣䛸䛷䚸+㛵㐃䛾ᨭฟ䜢ῶ䜙䛧䚸Ẹ㛫䝉䜽䝍䞊䛻䛚䛡䜛ゎỴ䜢ಁ䛩䛣䛸䛜䛷䛝䜛䚹䝡䝆䝛䝇䚸㔠⼥䚸බඹ䝃䞊䝡䝇ᥦ౪䛾ฟⓎⅬ䛸䛧䛶⎔ቃ䚸♫఍䚸⤒῭䜈⥲ྜⓗ䛺ᙳ㡪䠄䜲䞁䝟䜽䝖䠅䜢㍈䛻⪃䛘䜛䜲䞁䝟䜽䝖䞉䜉䞊䝇䛾䜰䝥䝻䞊䝏䛿䚸䡏䛾㈨㔠䜼䝱䝑䝥䜢ᇙ䜑䜛䛯䜑䛾኱䛝䛺ኚ໬䜢䜒䛯䜙䛩䛣䛸䛜䛷䛝䜛䚹Ẹ㛫䝉䜽䝍䞊䛚䜘䜃බඹ㒊㛛䛜䝡䝆䝛䝇䝰䝕䝹䜔බඹ䝥䝻䜾䝷䝮䛻䛭䜜䛮䜜䜲䞁䝟䜽䝖䛻䜒䛸䛵䛟䜰䝥䝻䞊䝏䜢㐺⏝䛩䜛䛣䛸䛷䚸௨ୗ䛻♧䛩䜘䛖䛺஦᯶䛜㐩ᡂྍ⬟䛸
䛺䜛䚹

p.7



x
x
x

䝁䝇䝖䞉䜲䞁䝟䜽䝖ẚ䜢᭱ᑠ㝈䛻䛩䜛䚹䛭䜜䛻䜘䜚䚸+䛾⥲㈝⏝䛜๐ῶ䛥䜜䜛䚸䛸ྠ᫬䛻䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯㈨㔠䝣䝻䞊䜢⏕䜏ฟ䛧䚸Ẹ㛫㈨㔠䜢㞟୰ⓗ䛻ᢞධ䛧䚸බඹᨭฟ䜢᭱㐺໬䛩䜛䛣䛸䛜ྍ⬟䛻䛺䜛䚹䛣䛾䛣䛸䛿䚸᭱⤊ⓗ䛻䛿䚸ᐁẸ䛾┦஫స⏝䛾䛒䜚᪉䜢෌䜃᳨ウ䛩䜛䛣䛸䛻䛴䛺䛜䜛㔠⼥䝉䜽䝍䞊䛿䚸䛂䜲䞁䝟䜽䝖䛃䜢ồ䜑䜛㐣⛬䛻䛚䛔䛶㔜せ䛺ᙺ๭䜢ᯝ䛯䛩䚹㔠⼥䝉䜽䝍䞊䛿䚸⤒῭䛾䛒䜙䜖䜛䝉䜽䝍䞊䜢ᶓ᩿䛩䜛၏୍䛾㠀බඹⓗ䛺䝇䝔䞊䜽䝩䝹䝎䞊䛷䛒䜛䚹⊂⮬䛾ᑓ㛛ᛶ䜔᭱኱䛾㈨㔠※䛷䜒䛒䜛㔠⼥䝉䜽䝍䞊䛿䚸ᨻᗓ䜔௻ᴗ䛸୪䜣䛷䚸⤒῭䛻䛚䛔䛶✚ᴟⓗ䛻ዲᙳ㡪䠄䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䠅䜢୚䛘䜛䛣䛸䛜䛷䛝䜛୺せ䛺䝥䝺䞊䝲䞊䛷䛒䜛䚹

p.12



ໟᣓⓗ䛺ほⅬ䛛䜙䜲䞁䝟䜽䝖䜢ᤊ䛘⟶⌮䛩䜛䛣䛸䛷䚸㔠⼥䝉䜽䝍䞊䛿᪂䛯䛺䝡䝆䝛䝇䝏䝱䞁䝇䜢ᚓ䜛䛣䛸䛜䛷䛝䚸䛥䜙䛻䝸䝇䜽䜢䜘䜚Ⰻ䛟⟶⌮䛩䜛䛣䛸䛜
䛷䛝䜛䚹

3

䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䛿䚸䛂䜲䞁䝟䜽䝖䛃䜢ồ䜑䜛㐣⛬䛻䛚䛡䜛䜾䝻䞊䝞䝹䛺ᯟ⤌䜏䛷䛒䜛䚹䜲䞁䝟䜽䝖䛻䛴䛔䛶䛾⌮ゎ䜢ಁ䛧୺ὶ໬䛩䜛䛯䜑䛾ᵝ䚻䛺ᇶ‽䜔ᯟ⤌䜏䛜Ꮡᅾ䛧䛶䛔䜛䚹䛂䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䛃䛿䚸䜲䞁䝟䜽䝖䜢ໟᣓⓗ䛻ᐃ⩏䛩䜛䛣䛸䛷䚸䜲䞁䝟䜽䝖䛻ὀ┠䛧䛯ᵝ䚻䛺䜰䝥䝻䞊䝏䜔ᇶ‽䛜ᩚ⌮䛥䜜䚸䛭䜜䜙䛾཰᮰䛜ᅗ䜙䜜䜛䜘䛖タィ䛥䜜䛯ໟᣓⓗ䛺ᯟ⤌䜏䛷䛒䜛䚹ྠᵝ䛻䚸⤒῭඲య䛻䝥䝷䝇䛾ᙳ㡪䜢䜒䛯䜙䛩䛣䛸䛷䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䜢┠ᣦ䛩㐣⛬䛷ྲྀ䜚⤌䜏䜢ຍ㏿䛧䚸+䛾㐩ᡂ䜢ಁ䛩䛯䜑䛻タᐃ䛥䜜䛯䜒䛾䛷䛒
䜛䚹

p.14

䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䜢ຍ㏿䛥䛥䛫䚸   +䜢㐩ᡂ䛩䜛䛯䜑䛻䛿䚸䜲䞁䝟䜽䝖䞉䜶䝁䝅䝇䝔䝮䛜ᚲせ䛷䛒䜛䚹䛩䜉䛶䛾ே䚻䛿䚸+䛾㐩ᡂ䛻ྥ䛡䛶䝫䝆䝔䜱䝤䛺䜲䞁䝟䜽䝖䜢⏕䜏ฟ䛩䛣䛸䛜ᮇᚅ䛥䜜䛶䛔䜛䚹᭱⤊ⓗ䛻䛿䚸ᐁẸ䞉ᕷẸ♫఍䛾┦஫స⏝䛾෌᳨ウ䛜ᚲせ䛻䛺䜛䛰䜝䛖䚹➨ ḟ⏘ᴗ㠉࿨䛻䛚䛡䜛䝃䞊䝡䝇ᚿྥᛶ䛾㧗䛔䝕䞊䝍䛿䚸䛣䜜䜢㐩ᡂ䛩䜛ᡭẁ䜢ᥦ౪䛩䜛䛰䜝䛖䚹䛣䛾ᶵ఍䜢฼⏝䛧䛶䚸♫఍䚸㛤Ⓨ䚸⎔ቃ䛾㠃䛻䛚䛔䛶ᚲせ䛸䛥䜜䜛౽┈䜢⏕䜏ฟ䛩㈐௵䛿䚸䛩䜉䛶䛾ே䚻䛻ㄢ䛫䜙䜜䛶䛔䜛䚹ᡃ䚻䛿⎔ቃ䞉⤒῭䞉♫఍䛾䜶䝁䝅䝇䝔䝮䛜ඹ䛻Ⰻ䛔ᙳ㡪䜢䜒䛯䜙䛩䜘䛖࿧䜃䛛䛡䜛䚹p.17

௜㘓 – SDG ᢞ㈨㟂せࠊ㈨㔠ࣇ࣮ࣟ࠾ࡼࡧ㈨㔠ࢠࣕࢵࣉ

P.20

ᅗ⾲

P.38

␎ㄒ

P.39

⏝ㄒ㞟

P.40

ཧ⪃ᩥ⊩

P.43

4

1. SDGࡢ
ࡢ㈨㔠ࢠࣕࢵࣉࡣࠊ➨୍࡟ࣅࢪࢿࢫࣔࢹࣝࡢࢠࣕࢵ
ࣉ࡛࠶ࡿࠋ+䛻ᑐ䛩䜛ᢞ㈨䝙䞊䝈䛸䛭䛾䛯䜑䛾ᢞ㈨䜼䝱䝑䝥䛿㠀ᖖ䛻኱䛝䛔䚹䛭䜜䜙䛿⣼✚ⓗ䛺ᙳ㡪䛾䛯䜑䛻᫬㛫䛾⤒㐣䛸䛸䜒䛻ቑ኱䛩䜛䚹䝙䞊䝈䛿୺䛻㏵ୖᅜ䛾䜲䞁䝣䝷䛷䛒䜛䛜䚸䛣䜜䜙䛾䜲䞁䝣䝷䜈䛻ᑐ䛧䛶㈨㔠䛾ὶ䜜䛜༑ศ䛷䛿䛺䛔䚹බⓗ㈨㔠䛿䜎䛩䜎䛩ஈ䛧䛟䛺䜛୍᪉䛷Ẹ㛫㈨㔠䛿䝸䝇䜽䛸䝸䝍䞊䞁䛾㠃䛷ไ⣙䜢ཷ䛡䜛䚹ၥ㢟䛿༢䛻㈈ົⓗ䛺䜒䛾䛷䛿䛺䛟+䜢ᐇ⌧䛷䛝䜛䝡䝆䝛䝇䝰䝕䝹䛜Ḟ䛡䛶䛔䜛䛸䛔䛖䛣䛸䛷䛒䜛䚹ᣢ⥆ྍ⬟䛺㛤Ⓨ┠ᶆ䛾ᢞ㈨䝙䞊䝈䛾኱㒊ศ䛿᪂⯆ᅜ䛸㏵ୖᅜ䛷䛒䜚䚸䛭䛾ከ䛟䛿䜲䞁䝣䝷䛻㛵䛩䜛䜒䛾䛷䛒䜛䛸ᗈ䛟ㄆ㆑䛥䜜䛶䛔䜛䚹ୗグ䛾ᅗ 䛿䚸ᢞ㈨䝙䞊䝈䛛䜙බⓗ䛚䜘䜃Ẹ㛫䛾㈨㔠
䝣䝻䞊䜢ᕪ䛧ᘬ䛔䛯㈨㔠䜼䝱䝑䝥䛾᥎ᐃ್䜢♧䛧䛶䛔䜛䚹䛣䜜䛻䜒䛸䛵䛝䚸ᡃ䚻䛿䚸䛩䜉䛶䛾᪂⯆ᅜཬ䜃㏵ୖᅜ䛻䛴䛔䛶  ඙䝗䝹䛾㈨㔠䜼䝱䝑䝥䚸≉䛻䜰䝣䝸䜹䛻䛚䛔䛶  ඙䝗䝹䛾㈨㔠䜼䝱䝑䝥䜢᥎ᐃ䛩䜛䛣䛸䜢ヨ䜏䛯ࠋ௕ ৱসॠকॵউ੔ਤব‫ؚ‬ৗ௪বउेलಥ঱ব‫ؚ॔‬ইজढ़

Source: Authors+䜈䛾ᢞ㈨䛜㐜䜜䜛䛣䛸䛷䚸኱䛝䛺ᶵ఍㈝⏝䛜Ⓨ⏕䛩䜛䛣䛸䛻ὀព䛩䜛䛣䛸䛜㔜せ䛰䚹ᣢ⥆ྍ⬟䛺㛤Ⓨ䛻㛵䛩䜛  䜰䝆䜵䞁䝎䛷䛿䚸  ᖺ䛛䜙+䛻฿㐩䛩䜛䜎䛷䛾 ᖺ䛸䛔䛖┠ᶆᮇ㛫䛜ᐃ䜑䜙䜜䛶䛚䜚䚸  ᖺ䛻ྥ䛛䛖䛻䛴䜜䛶䚸䜼䝱䝑䝥䛿ᚎ䚻䛻⦰ᑠ䛧䛶䛔䛛䛺䛡䜜䜀䛺䜙䛺䛔䛣䛸䛜ᬯ㯲䛾䛖䛱䛻♧၀䛥䜜䛶䛔䜛䚹䛴䜎䜚䚸ᢞ㈨䛜㐜䜜䜛䛸䚸㈨㔠䜼䝱䝑䝥䛿ᙜึ䛾ண᝿䜘䜚䜒኱䛝䛟䛺䜛䚹⎔ቃ䞉♫఍䞉⤒῭㠃䛷䛾ᅽຊ䛜㧗䜎䛳䛶䛔䜛䛣䛸䛛䜙䚸ᢞ㈨䛛䜙⏕䛨䜛䛸ண᝿䛥䜜䜛䜲䞁䝟䜽䝖䛻䜒ᙳ㡪䛩䜛䚹ᢞ㈨䛾䝍䜲
䝭䞁䜾䛿䚸+䛜ᮇᚅ䛩䜛䜲䞁䝟䜽䝖䛻┤᥋ᙳ㡪䜢ཬ䜌䛩䚹+㐩ᡂ䛜㐜䜜䜜䜀㐜䜜䜛䜋䛹䚸䜻䝱䝑䝏䜰䝑䝥䛻ᚲせ䛺䛂ᮍᐇ⌧䛾ᢞ㈨㢠䛃䛾ព࿡ྜ䛔䛜ቑ䛧䚸㈨㔠䜼䝱䝑䝥䛜኱䛝䛟䛺䜛䚹䛣䜜䛿≉䛻᪂⯆ᅜ䜔㏵ୖᅜ䛷ᙜ䛶䛿䜎䜛䚹䜰䝣䝸䜹䜢  䡚  ᖺ䛾ᮇ㛫䛷ぢ䜛䛸䚸ேཱྀ䛿 ቑຍ䛧䚸ᙜึ䛾䜼䝱䝑䝥䛷䛒䜛  ඙⡿䝗䝹䛿  ඙⡿䝗䝹䛻㐩䛩䜛䛸ண᝿䛥䜜䛶䛚䜚䚸䛭䜜௨እ䛾䜼䝱䝑䝥䛿୍ᐃ䛷䛒䜛䚹䜰䝣䝸䜹䛻䛚䛡䜛⣼✚㈨㔠䜼䝱䝑䝥䛿䚸  ᖺ䛾ୡ⏺䛾ᅜෆ⥲⏕⏘䛾⣙ 䜢༨䜑䛶䛔䜛䚹᥮ゝ䛩䜜䜀䚸䜰䝣䝸䜹䛿  ᖺ䜎䛷ୡ⏺䛾䛾 ศ䛾 ᙉ䜢ືဨ䛩䜛ᚲせ䛜䛒䜛䚹ඛ㐍ᅜ䛷䛿䚸  ᖺ䛛䜙  ᖺ䛻䛛䛡䛶䛾⣼✚䜼䝱䝑䝥䛿䚸䜲䞁䝗䛾  ᖺ䛾䛸䜋䜌ྠ㢠䛾 ඙⡿䝗䝹䛸䚸ẚ㍑ⓗᑠ䛥䛔䚹1

Schmidt-Traub & Sachs (2015) and UNCTAD (2014).

5䛣䛾䜼䝱䝑䝥䛿䚸᪂⯆ᅜ䜔㏵ୖᅜ䛻ᑐ䛧䛶኱つᶍ䛷㛗ᮇⓗ䛺ᢞ㈨䜢⾜䛖䛣䛸䛜㠀ᖖ䛻ᅔ㞴䛺䛯䜑䛻⏕䛨䛶䛔䜛䚹ෆእ䛻䛛䛛䜟䜙䛪㈈ᨻ䛜ཝ䛧䛔୍᪉䛷䚸Ẹ㛫஦ᴗ䜔Ẹ㛫㔠⼥䜒䝸䝇䜽䛾㠃䛷ไ⣙䛜䛒䜛䚹ᐁẸ䝟䞊䝖䝘䞊䝅䝑䝥䛸䝤䝺䞁䝗䞉䝣䜯䜲䝘䞁䝇䛾ᡭἲ䛿䚸䝸䝇䜽ศᢸ䛻䜘䜚䚸㏣ຍᢞ㈨䜢ಁ㐍䛩䜛䛣䛸䛜䛷䛝䜛䚹  ᖺ䚸ᅜ㝿㛤Ⓨ㔠⼥ᶵ㛵䛿䚸㧗ᡤᚓᅜ䛰䛡䛷 ൨⡿䝗䝹඲య䛾 䚸୰ᡤᚓᅜ䛿൨⡿䝗䝹䚸పᡤᚓᅜ䛿 ൨⡿䝗䝹䛾Ẹ㛫༠ㄪ⼥㈨䛸䛧䛶  ൨⡿䝗䝹䜢ືဨ䛧䛯䛸ሗ࿌䛧䛯䚹䜟䛪䛛䛺ᩘᏐ䛿䚸㏵ୖᅜ䛻䛚䛡䜛Ẹ㛫㈨㔠䛾ືဨ䛸䛔䛖ㄢ㢟䜢ᾋ䛝᙮䜚䛻䛧䛶䛔䜛䚹ୗᅗ 䛿䚸+䛻ᐤ୚䛩䜛๭ྜ䛾᥎ィ䜢䜒䛸䛻䚸୺せ䛺㔠⼥ᡭẁ䛛䜙⏕䛨䜛ᐁẸ䛾㈨㔠䝣䝻䞊䛾≧ἣ䜢♧䛧䛯䜒䛾䛷䛒䜛䚹ᡃ䚻䛾ヨ⟬䛻䜘䜜䜀䚸ඛ㐍ᅜ䛻䛚䛔䛶䛿䚸බඹ䝉䜽䝍䞊䛿䝙䞊䝈䛾 ศ䛾 䜢䚸Ẹ㛫䝉䜽䝍䞊䛿ṧ䜚䛾䜋䛸䜣䛹䜢㈨㔠ㄪ㐩䛷䛝䜛䚹඲య䛸䛧䛶䚸ᢞ㈨䝙䞊䝈䛾㏆䛟䛜ඛ㐍ᅜ䛷ᑐᛂྍ⬟䛷䛒䜛䛸⤖ㄽ௜䛡䜛䛣䛸䛜䛷䛝䜛䚹୍᪉䚸᪂⯆ᕷሙ䛸㏵ୖᅜ䛷䛿䚸බⓗ㈨㔠䛸Ẹ㛫㈨㔠䛜㈉⊩䛧䛖䜛₯ᅾⓗ䛺ྍ⬟ᛶ䛿ྠ⛬ᗘ䛷䛒䜛䚹᪂⯆ᅜ䛸㏵ୖᅜ䛻䛚䛡䜛Ẹ㛫㈨㔠䛾๭ྜ䛿䚸ඛ㐍ᅜ䛾๭ྜ䛻㏆䛵䛟䛯䜑䛻ಸቑ䛩䜛ᚲせ䛜䛒䜛䚹᪂⯆ᅜ䛸㏵ୖᅜ䛷䛿඲య䛸䛧䛶䚸䛾ᢞ㈨䝙䞊䝈䛾 䛧䛛ᑐฎ䛥䜜䛶䛔䛺䛔䚸䛒䜛䛔䛿ᑐฎ䛷䛝䜛䛻䛩䛞䛺䛔䚹䜰䝣䝸䜹䛻㝈䜜䜀䚸䛭䛾ᩘᏐ䛿 䛻పୗ䛩䜛䚹⌧ᅾ䛾≧ἣ䛜⥆䛟䛸௬ᐃ䛧䛶䚸බⓗ䛚䜘䜃Ẹ㛫䝉䜽䝍䞊䛾㈨㔠䝣䝻䞊䛜䛾㈨㔠䜼䝱䝑䝥䜢ᇙ䜑䜛䛾䛻༑ศ䛷䛺䛔୺䛺⌮⏤䛾 䛴䛿䚸⤒῭䝉䜽䝍䞊㈨㔠䜢ᚲせ䛸䛩䜛ศ㔝䛸䝙䞊䝈ຠᯝ䛜ᚲせ䛸䛥䜜䜛ศ㔝䛾ᩚྜᛶ䛜୙༑ศ䛷䛒䜛䛣䛸䛷䛒䜛䚹䛴䜎䜚䚸እ㒊ᛶ䛸䛧䛶䛷䛿䛺䛟䚸┤᥋ⓗ䛺ຠᯝ䠄䜲䞁䝟䜽䝖䠅䜢ᚿྥ䛧䛶ᑐฎ䛩䜛䝡䝆䝛䝇䝰䝕䝹䛒䜛䛔䛿䝡䝆䝛䝇䝋䝸䝳䞊䝅䝵䞁䛾䜼䝱䝑䝥䛻┤㠃䛧䛶䛔䜛䛸䛔䛖䛣䛸䛻௚䛺䜙䛺䛔䚹
ḟ⠇䛷䛿䚸䛣䛾䝡䝆䝛䝇䝰䝕䝹䛾䜼䝱䝑䝥䛻䛴䛔䛶䛾⪃ᐹ䜢ヲ䛧䛟㏙䜉䜛䚹ᢞ㈨䝙䞊䝈䚸㈨㔠䝣䝻䞊䚸䛭䛧䛶䛭䜜䛻క䛖㈨㔠䜼䝱䝑䝥䛻㛵䛩䜛ヲ⣽䛺䝺䝡䝳䞊䛿䚸ᮏᩥ䛾௜㘓䜢ཧ↷䛥䜜䛯䛔䚹௕‫਺ ؟ڮ‬ৱॽ‫ش‬६पৌघॊৱসইট‫ش‬ODA

DFIs MDBs
SW
FDI (greenfield)

REMITTANCESMICROFINANCE
PRIVATE EQUITY
CROWDFUNDING

FOUNDATIONSINSTITUTIONALINVESTORS

Source: Authors2

Private financing on commercial terms due to the active and direct involvement of MDBs leading to commitment, World Bank definition(2016)

6

2. 䛂䜲䞁䝟䜽䝖䛃䜢ᡓ␎䛾୰ᚰ䛻ᤣ䛘䜛䛣䛸䛷䚸+㛵㐃䛾ᨭฟ䜢ῶ䜙䛧䚸Ẹ㛫䝉䜽䝍䞊䛻䛚䛡䜛ゎỴ䜢ಁ䛩䛣䛸䛜䛷䛝䜛䚹䝡䝆䝛䝇䚸㔠⼥䚸බඹ䝃䞊䝡䝇ᥦ౪䛾ฟⓎⅬ䛸䛧䛶⎔ቃ䚸♫఍䚸⤒῭䜈⥲ྜⓗ䛺ᙳ㡪䜢㍈䛻⪃䛘䜛䜲䞁䝟䜽䝖䞉䜉䞊䝇䛾䜰䝥䝻䞊䝏䛿䚸䡏䛾㈨㔠䜼䝱䝑䝥䜢ᇙ䜑䜛䛯䜑䛾኱䛝䛺ኚ໬䜢䜒䛯䜙䛩䛣䛸䛜䛷䛝䜛䚹Ẹ㛫䝉䜽䝍䞊䛚䜘䜃බඹ䝉䜽䝍䞊䛜䝡䝆䝛䝇䝰䝕䝹䜔බඹ䝥䝻䜾䝷䝮䛻䛭䜜䛮䜜䜲䞁䝟䜽䝖䛻䜒䛸䛵䛟䜰䝥䝻䞊䝏䜢㐺⏝䛩䜛䛣䛸䛷䚸௨ୗ䛻♧䛩䜘䛖䛺஦᯶䛜㐩ᡂྍ⬟䛸䛺䜛䚹


x
x
x

䝁䝇䝖䞉䜲䞁䝟䜽䝖ẚ䜢᭱ᑠ㝈䛻䛩䜛䚹䛭䜜䛻䜘䜚䚸+䛾⥲㈝⏝䛜๐ῶ䛥䜜䜛䚸䛸ྠ᫬䛻䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯㈨㔠䝣䝻䞊䜢⏕䜏ฟ䛧䚸Ẹ㛫㈨㔠䜢㞟୰ⓗ䛻ᢞධ䛧䚸බඹᨭฟ䜢᭱㐺໬䛩䜛䛣䛸䛜ྍ⬟䛻䛺䜛䚹᭱⤊ⓗ䛻䛿䚸䛣䛾䛣䛸䛿䚸ᐁẸ䛾┦஫స⏝䛾䛒䜚᪉䜢෌䜃᳨ウ䛩䜛䛣䛸䛻䛴䛺䛜䜛䚹䛸䛿䛺䛻䛛䠛༢⣧䛻ゝ䛘䜀䚸ᆅ⌫䛾≀⌮ⓗ䛺ไ⣙୺䛻⎔ቃⓗ䛺ഃ㠃䛻䛚䛔䛶䛾୰䛷ே䚻䛾䝙䞊䝈♫఍ⓗഃ㠃䜢‶䛯䛩䛣䛸䛷䛒䜛䛜䚸䛭䜜䜢㐩ᡂ䛩䜛䛻䛿䝡䝆䝛䝇䛜㘽䛸䛺䜛 ⤒῭ᡂ㛗䜔㛤Ⓨ䛸䛔䛖ഃ㠃 䚹せ䛩䜛䛻䚸+䛻䛚䛔䛶䛿䝬䜲䝘䝇䛾ᙳ㡪䜢ᅇ㑊䛧䛴䛴䛔䛛䛻䛧䛶䝥䝷䝇䛾ᙳ㡪䜢ཬ䜌䛩䛣䛸䛜䛷䛝䜛䛾䛛䚸䜎䛯䚸䛭䜜䜙䛾ຠᯝ䠄䜲䞁䝟䜽䝖䠅䜢䛹䛾䜘䛖䛻ᥦ౪䛧ᚓ䜛䛾䛛䛸䛔䛖䛣䛸䛜ၥ㢟䛸䛺䜛䚹⌧≧䚸⤒῭䛾୰䛷䚸䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯䝡䝆䝛䝇䝰䝕䝹䛿䜋䛸䜣䛹䛺䛟䚸䜐䛧䜝䚸䜲䞁䝟䜽䝖䛸䛿୍⯡䛻䝡䝆䝛䝇䝰䝕䝹䜔ᴗົ䛻䛚䛔䛶䛿ṇ䜎䛯䛿㈇䛾እ㒊ᛶ䛷䛒䜛䚹䛧䛛䛧䚸䛣䜜䛜ኚ໬䛧ጞ䜑䛶䛔䜛䚹ୗᅗ䛻♧䛩䜘䛖䛻䚸 ➨ ḟ⏘ᴗ㠉࿨䛻ぢ䜙䜜䜛᪂䛧䛔ᢏ⾡䛿䚸ಶ䚻䛾䝙䞊䝈䛜䝡䝆䝛䝇䝰䝕䝹䛾୰ᚰ䛻ᤣ䛘䜙䜜䜛䜘䛖䛻䛺䛳䛶䛝䛶䛚䜚䚸䛥䜙䛻䝙䞊䝈䛸䜲䞁䝟䜽䝖䛿㠀ᖖ䛻ᐦ᥋䛻㛵ಀ䛧䛶䛔䜛䛯䜑䚸䛭䛖䛧䛯ᢏ⾡㠉᪂䛜䜲䞁䝟䜽䝖䝧䞊䝇䛾䝡䝆䝛䝇䝰䝕䝹䛾ᇶ♏䛸䛺䜛ྍ⬟ᛶ䛜䛒䜛䛸䛔䛖䛣䛸䛰䚹௕‫ گ‬অ४ॿ५ঔॹঝभ৅ன

Source: Authors䛧䛛䛧䚸䛣䛖䛧䛯₯ᅾⓗ䛺཰ᩡ䛾ྍ⬟ᛶ䛿䜎䛰༑ศ䛻ᘬ䛝ฟ䛥䜜䛶䛿䛔䛺䛔䚹䝙䞊䝈䜔䜲䞁䝟䜽䝖䜢୰ᚰ䛻⨨䛟䛣䛸䛛䜙ᑟ䛝ฟ䛫䜛㔠⼥ୖ䛾ゎỴ⟇䛻㛵䛧䛶䛿≉䛻䛭䛖䛰䚹䜲䞁䝟䜽䝖䜢㏻䛨䛶䝸䝇䜽䜢⟶⌮䛩䜛䛣䛸䛷䚸᪂䛯䛺཰┈䜢⏕䜏ฟ䛧䚸䝁䝇䝖䜢๐ῶ䛷䛝䜛వᆅ䛿㠀ᖖ䛻኱䛝䛔䚹3

3

World Business Council for Sustainable Development (2018) and Schwab (2016)7௨ୗ䛷䛿䚸䛾㈨㔠ㄪ㐩䜢ᨭ᥼䛩䜛䜲䞁䝟䜽䝖䝧䞊䝇䛾䜰䝥䝻䞊䝏䜢ᒎ㛤䛩䜛䛯䜑䛾 䛴䛾୺せ䛺ᡓ␎䜢᥈䜛䚹䛭䜜䛮䜜䛾ᡓ␎䛿䚸䜲䞁䝟䜽䝖䛻ᑐ䛩䜛┦ᑐⓗ䛺䝁䝇䝖๐ῶ䜢ᅗ䜚䚸₯ᅾⓗ䛻䝥䝷䝇䛾䜲䞁䝟䜽䝖䜢䜒䛯䜙䛩䜘䛖䛺཰┈ᶵ఍䜢ぢฟ䛩䛣䛸䛻ὀຊ䛩䜛䚹䛣䜜䜙䛿┦஫䛻᤼௚ⓗ䛺䜒䛾䛷䛿䛺䛟䚸䜎䛯䚸ᆅᇦ䛚䜘䜃ᅜ䝺䝧䝹䛷➇தຊ䛾䛒䜛䝡䝆䝛䝇䝰䝕䝹䜔ຠᯝⓗ䛺䝥䝻䜾䝷䝮䜢᳨ウ䛩䜛㝿䛻䜒ཧ⪃䛸䛺䜛䜒䛾䛷䛒䜛䚹ॖথঃॡॺ‫؞‬ংজগ‫ॳش‬ख़‫ش‬থभ્৒‫়ଁ؞‬䜲䞁䝟䜽䝖䛛䜙㐳䛳䛶⪃䛘䜛䛣䛸䛷䚸䜲䞁䝟䜽䝖䞉䝞䝸䝳䞊䝏䜵䞊䞁䜢≉ᐃ䛩䜛䛣䛸䛜䛷䛝䜛䚹䜲䞁䝟䜽䝖䞉䝞䝸䝳䞊䝏䜵䞊䞁䛸䛿䚸⤒῭୺య䛸䚸ၟရ䜔䝃䞊䝡䝇䜢㏻䛨䛯䜲䞁䝟䜽䝖䛾ᥦ౪䛻䛚䛡䜛䛭䜜䛮䜜䛾⤒῭୺య䛾఩⨨䛵䛡䜢ᑐᛂ䛥䛫䛯䜒䛾䛷䛒䜛䚹䛣䛾ศᯒ䜢㏻䛧䛶䚸䛹䛾୺య䛜䝏䜵䞊䞁䛻䛚䛔䛶⤫ྜⓗ䛺ᙺ๭䜢ᯝ䛯䛩䛣䛸䛜䛷䛝䜛䛛䜢⌮ゎ䛩䜛䛣䛸䛜䛷䛝䜛䚹䛭䛧䛶බඹ㒊㛛䛸᭱⤊ཷ┈⪅䛾཮᪉䛿䚸䜲䞁䝟䜽䝖䛻ᑐ䛩䜛䝁䝇䝖䜢ᢚไ䛧䜘䛖䛸䝏䜵䞊䞁㛫䛾䝁䝇䝖䛜ୗ䛜䜛䜘䛖䛺᭱㐺䛺ゎỴ⟇䜢ぢฟ䛩䛣䛸䜢⮬䜙䛾䝡䝆䝛䝇ୖ䛾฼┈䛸䛩䜛Ẹ㛫䛾䛂䝏䜵䞊䞁䞉䝸䞊䝎䞊䛃䛸༠ㄪ䛩䜛䛣䛸䛜䛷䛝䜛ࠋẸ⏕㒊㛛䛾䜶䝛䝹䜼䞊ຠ⋡䛸᤼ฟ๐ῶ䛜Ⰻ䛔౛䛷䛒䜛䚹ྂ඾ⓗ䛺䛂ᢞ㈨୺ᑟ䛃䛾䜰䝥䝻䞊䝏䛷䛿䚸ᨻᗓ䛻䜘䜛ᨭ᥼⟇䛜฼⏝䛷䛝䜛䜘䛖䛺┬䜶䝛ಁ㐍䛾䛯䜑䛾ᨵಟ᪉ἲ䛾≉ᐃ䛜䜎䛪䛺䛥䜜䜛䛰䜝䛖䚹䛭䛧䛶䛭䛾ḟ䛻䚸┬䜶䝛䛻䛴䛺䛜䜛ᢞ㈨䜢ఫᏯᡤ᭷⪅䛻ㄝᚓ䛩䜛䛣䛸䛷䛒䜛䚹䛣䛾䜘䛖䛺ᢞ㈨䛾䝸䝍䞊䞁䛿༶᫬ⓗ䛷䛿䛺䛔䛯䜑䚸୍㒊䛾ᅜ䛷䛿⣡⛯䚸⌧㔠䜎䛯䛿䜽䝺䝆䝑䝖䛻䜘䜛䜲䞁䝉䞁䝔䜱䝤䜢௜୚䛩䜛䛣䛸䛷ఫᏯᡤ᭷⪅䜢ㄝᚓ䛩䜛䚹䛥䜙䛻䛣䛖䛧䛯䜲䞁䝉䞁䝔䜱䝤䜢ṇᙜ໬䛩䜛䛯䜑䛻䚸ᢞ㈨䜔⼥㈨䝺䝧䝹䛷䛾䝁䞁䝖䝻䞊䝹䛸䛧䛶┦ᙜ䛺⟶⌮䝁䝇䝖䛜䛛䛛䜛䚹䛭䛾⤖ᯝ䚸䛣䛾䜶䝛䝹䜼䞊ຠ⋡䝞䝸䝳䞊䝏䜵䞊䞁䛾」ᩘ䛾⤒῭୺య䛜䚸❆䚸ᒇ᰿䚸䝪䜲䝷䞊䜔䚸䜶䝛䝹䜼䞊ຠ⋡䛾䜘䛔䝋䝸䝳䞊䝅䝵䞁䝇䝬䞊䝖䝯䞊䝍䞊䚸䝰䝜䛾䜲䞁䝍䞊䝛䝑䝖䛺䛹䛾ᥦ᱌䜢⾜䛳䛶䛟䜛䚹䛧䛛䛧ṧᛕ䛺䛜䜙䚸ఫᏯᡤ᭷⪅䛾ከ䛟䛜䜶䝛䝹䜼䞊ຠ⋡䛾ᑓ㛛ᐙ䛷䛿䛺䛔䛯䜑䚸ᙼ䜙䛿᭱ၿ䛾㑅ᢥ䜢䛩䜛䛣䛸䛜䛷䛝䛪䚸䜎䛯౯᱁஺΅ຊ䜒ᣢ䛯䛺䛔䚹᭱ၿ䛸䛿䛔䛘䛺䛔ᢏ⾡ⓗỴᐃ䜔஺΅ຊ䛾Ḟዴ䛿䚸䜲䞁䝟䜽䝖䛻ᑐ䛧䛶┦ᑐⓗ䛻㧗䛔䝁䝇䝖䛸䛺䜛䚹௬䛻ఫᏯᡤ᭷⪅䛜䛭䜜䜙䛾㑅ᢥ⫥䜢᥇⏝䛩䜛వ⿱䛜䛺䛡䜜䜀䚸䜲䞁䝟䜽䝖䛿䛚䜝䛛䚸ᨵಟ⮬య䜒⾜䜟䜜䛺䛔䛣䛸䛻䛺䜛䚹୍᪉䚸䜲䞁䝟䜽䝖䝧䞊䝇䛾䜰䝥䝻䞊䝏䛷䛿䚸䜶䝛䝹䜼䞊ᾘ㈝๐ῶ䛾ᚲせᛶ䛸䛔䛖䛣䛸䜢䜲䞁䝟䜽䝖䞉䝞䝸䝳䞊䝏䜵䞊䞁䛾ᅵྎ䛸䛧䛶䛸䜙䛘䜛䛣䛸䛜䛷䛝䜛䚹ୗグ䛾ᅗ 䛻♧䛩䜘䛖䛻䚸䜶䝛䝹䜼䞊ຠ⋡䜢ྥୖ䛥䛫䜛ᙺ๭䜢ᢸ䛖」ᩘ䛾䝉䜽䝍䞊䜔௻ᴗ䛜Ꮡᅾ䛩䜛䛜䚸䜶䝛䝹䜼䞊౪⤥䜔┬䜶䝛䛾ཷ┈⪅䛻➼䛧䛟㏆䛔䜟䛡䛷䛿䛺䛟䚸䜎䛯䚸䛭䜜䛮䜜ಶู䛻㛵୚䞉㈉⊩䛧䛶䛔䜛䛻䜒䛛䛛䜟䜙䛪䚸䛭䜜䜙䛾㛫䛾⤫ྜ䜔䛴䛺䛜䜚䛿䜋䛸䜣䛹䛺䛔䚹䛣䜜䛻䜘䜚䚸䜶䝛䝹䜼䞊ຠ⋡䛾ྥୖ䛜ῶᑡ䛧䚸஦ᴗᶵ఍䛸䛧䛶䜒ᮍᐇ⌧䛻䛺䛳䛶䛧䜎䛖䚹ၥ㢟䛿䚸䛹䛾୺య䛜ᑓᒓ䛾䝃䞊䝡䝇఍♫䛻䛺䜜䜀䚸䝞䝸䝳䞊䝏䜵䞊䞁䜢⤫ྜ䛷䛝䜛䛾䛛䛸䛔䛖䛣䛸䛷䛒䜛䚹䜶䝛䝹䜼䞊⠇⣙䛾㐩ᡂ䛜䝡䝆䝛䝇䝰䝕䝹䛾ཎືຊ䛸䛺䜛䜘䛖䛺䜶䝛䝹䜼䞊ຠ⋡䛻㛵䛩䜛ᑓ㛛ᛶ䜢᭷䛩䜛୺య䛷䛒䜜䜀䚸㐺ษ䛺ᢞ㈨ุ᩿䜢ୗ䛧䚸ᡤᐃ䛾┠ᶆᩘ䛾ఫᏯᡤ᭷⪅䛻ᑐ䛧䛶䝥䝻䜾䝷䝮䛾౯᱁䜢஺΅䛩䜛䛣䛸䛜䛷䛝䜛䚹䛭䛾ᚋ䚸ᐇ⌧䛥䜜䛯䜶䝛䝹䜼䞊⠇⣙䜢㏻䛧䛶㏉῭䛥䜜䜛䚹௕ ॖথঃॡॺ‫؞‬ংজগ‫ॳش‬ख़‫ش‬থ ग़ॿঝॠ‫ش‬஍૨

Source: Authors8ളਯभॖথঃॡॺ॑ुञैघेअऩ९জগ‫ش‬३ঙথ॑ৄলघ
䜲䞁䝟䜽䝖䛻↔Ⅼ䜢ᙜ䛶䜛䛣䛸䛿䚸」ᩘ䛾䜲䞁䝟䜽䝖䛻ᑐฎ䛷䛝䜛ᢞ㈨䜔䝡䝆䝛䝇䝋䝸䝳䞊䝅䝵䞁䜢㛤Ⓨ䛩䜛ᶵ఍䜢≉ᐃ䛩䜛䛣䛸䜒ព࿡䛩䜛䚹䛣䜜䛿䚸䝁䝇䝖ᑐ䜲䞁䝟䜽䝖ẚ䜢పῶ䛩䜛⡆༢䛺᪉ἲ䛷䛒䜛䚹୍㒊䛾䜲䞁䝟䜽䝖䛜཰┈䜢⏕䜏ฟ䛧䚸䛭䛖䛷䛿䛺䛔䜲䞁䝟䜽䝖䛾ศ䜢⿵䛖䛣䛸䛷䚸䛥䜙䛺䜛䝁䝇䝖๐ῶ䛜ྍ⬟䛻䛺䜛䚹බඹ↷᫂⿦⨨䛿䚸」ᩘ䛾ᶵ⬟䜢䜒䛯䛫䜛䛣䛸䛷䚸䛭䜜䜙䛾䜲䞁䝟䜽䝖䛛䜙཰┈䜢⏕䜏ฟ䛩䛣䛸䛜䛷䛝䜛ᢞ㈨䝋䝸䝳䞊䝅䝵䞁䛾౛䛷䛒䜛䚹ୗグ䛾ᅗ 䛿䚸⾤ⅉ䛜䜶䝛䝹䜼䞊ຠ⋡䚸ಶே䛾Ᏻ඲䚸䝰䝡䝸䝔䜱䚸䜶䝛䝹䜼䞊䜈䛾䜰䜽䝉䝇䚸䛚䜘䜃኱Ẽ䛾㉁䛾䝰䝙䝍䝸䞁䜾䛺䛹䜢ྵ䜐ከ䛟䛾䜲䞁䝟䜽䝖䛾㡿ᇦ䜢♧䛧䛶䛔䜛䚹௕ ඌྩपঢ়घॊളਯभॖথঃॡॺহ୻

Security:
Emergency calls

Security and mobility:
Street lighting

Mobility:
Street signs

Energy:Solar panels

Business & culture:
Advertisement

Security & Mobility:
Loudspeakers

Biodiversity:
Bird nests

Security, health & mobility:
CCTV, traffic monitoring
air quality, etc.

Communication:
Wi FI relay

Energy & Communication:
Charging mobile devices

Energy, Mobility, Air quality &Health: Charging electric vehicles

Culture & well-being:
Esthetics, decorations(e.g.Christmas), etc.

Source: Authorsከᶵ⬟䛺⾤ⅉ䛿䚸」ᩘ䛾䜲䞁䝟䜽䝖䜢䜒䛯䜙䛧䚸䜲䞁䝟䜽䝖䜢ཷ䛡䜛䝁䝇䝖䜢๐ῶ䛧䚸බඹᢞ㈨䝥䝻䜾䝷䝮䛾ຠ⋡໬䜢䜒䛯䜙䛩䚹䛧䛛䛧䚸බⓗᶵ㛵䛿㏻ᖖ䚸␗䛺䜛䝙䞊䝈䛻ᑐฎ䛩䜛䛯䜑䚸ูಶ䛾ධᮐ䜢⾜䛖䚹┬䜶䝛┠ᶆ㐩ᡂ䛾䛯䜑䛾ᢏ⾡䛾ᑟධ䚸஺㏻䞉Ᏻ඲┘ど䜹䝯䝷䛾ᑟධ➼䛣䜜䜙䛿ẚ㍑ⓗ㈝⏝䛜䛛䛛䜚䚸䛭䛾䛯䜑≉䛻ᢞ㈨䛜බඹ㈈※䛛䜙⾜䜟䜜䜛䛯䜑䚸䛭䛾ከ䛟䛾ሙྜ䛷䜲䞁䝣䝷䛾ᑟධ⮬య䛜ῶ䛳䛶䛧䜎䛖䚹ከᶵ⬟䛺⾤ⅉ䛿䚸௜ຍⓗ䛺฼Ⅼ䛸䛧䛶䚸⮬♫䛷ᨭᡶ䛖䛣䛸䛜䛷䛝䜛Ⅼ䛜ᣲ䛢䜙䜜䜛䚹䛺䛬䛺䜙䚸䛭䛾⾤ⅉ䛜ᥦ౪䛩䜛䜲䞁䝟䜽䝖䞉䝃䞊䝡䝇䛿䚸⤒῭ⓗ౯್䜢᭷䛩䜛䛛䜙䛷䛒䜛䚹䛭䜜䜙䛿඘㟁⏝䛾䝋䞊䝷䞊䜶䝛䝹䜼䞊䚸஺㏻䜎䛯䛿኱Ẽ㉁䝰䝙䝍䝸䞁䜾䛛䜙⏕䛨䜛䝕䞊䝍䚸ᗈ࿌䝇䝨䞊䝇䛺䛹䛷䛒䜛䚹䛣䛾䜘䛖䛻䝡䝆䝛䝇䝰䝕䝹䛜〇ရ䛛䜙」ᩘ䛾䝃䞊䝡䝇䛻⛣⾜䛩䜛䛣䛸䛷䚸බඹ㈨※䛾⠇⣙䛻䜒䛴䛺䛜䜛䚹4
4

European Innovation Partnership on Smart Cities and Communities (2017)9१উছॖॳख़‫ش‬থपปढञড়৑੫঵भ૞઺
᭱ᚋ䛻䚸䜲䞁䝟䜽䝖䝧䞊䝇䛾䜰䝥䝻䞊䝏䛷䛿䚸⮬䜙䛾฼┈䛻䜒䛸䛵䛔䛶䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䜢ᐇ⌧䛩䜉䛟䝃䝥䝷䜲䝏䜵䞊䞁䛾ୖὶ䛚䜘䜃ୗὶ䛾஦ᴗ䜢ᕳ䛝㎸䜣䛰኱䛝䛺ᶵ఍䜢᫂䜙䛛䛻䛩䜛䛣䛸䛜䛷䛝䜛䚹㎰ᮧ㒊ࡢ⏕ィࡀࡑࡢ౛࡛࠶ࡿࠋ㎰ᮧࢥ࣑ࣗࢽࢸ࢕ࡣࡋࡤࡋࡤࠊ࢚ࢿࣝࢠ࣮ࡸᩍ⫱࡬ࡢ࢔ࢡࢭࢫ
࡜࠸ࡗࡓᇶᮏⓗࢽ࣮ࢬࢆ‶ࡓࡍࡢ࡟༑ศ࡜ࡣ࠸࠼࡞࠸ࠋࡇࢀࡣࠊ᪂ࡋ࠸ୡ௦ࡀࡼࡾⰋ࠸⏕ィࢆồࡵࡿ࡟ࡘࢀ㒔ᕷ࡬ࡢ⛣ఫ࡟ࡘ࡞ࡀࡾࠊࡑࡢ⤖ᯝࠊ౛࠼ࡤ㣗ᩱᏳ඲ಖ㞀࡟㛵ࡍࡿ᪂ࡓ࡞ၥ㢟ࡀ⏕ࡲࢀࡿࠋ࡞ࡐ࡞ࡽࠊ㎰ᮧ㒊࡛ാࡃேࠎࠊᐙ␆ࢆ㣫⫱ࡍࡿேࠎࠊ࠶ࡿ࠸ࡣᆅඖࡢ㈠᫆࡟ཧຍࡍ
ࡿேࠎࡀᑡ࡞ࡃ࡞ࡿ࠿ࡽ࡛࠶ࡿࠋ୍ぢࡍࡿ࡜ࠊࡇࢀࡣࣅࢪࢿࢫ࡛ࡣ࡞ࡃࠊேࠎࡸᨻᗓ࡟࡜ࡗ࡚
ࡢၥ㢟ࡢࡼ࠺࡟ᛮ࠼ࡿ࠿ࡶࡋࢀ࡞࠸ࡀࠊ㎰ᮧ㒊ࡢ⏕ィࡣࠊ㣗ရຍᕤ఍♫ࡸၟရྲྀᘬᴗ⪅࡞࡝ࠊ㎰ᴗ⏕⏘࡟౫Ꮡࡋࠊ౫Ꮡࡋ࡚࠸ࡿ௻ᴗ࡟࡜ࡗ࡚ࡶ㔜せ࡛࠶ࡿࠋࡇࡢ஦ᴗ࡬ࡢ㛵ᚰࡣ௨ୗࡢࡼ࠺
࡟ά⏝࡛ࡁࡿࠋୗὶࡢࢫࢸ࣮ࢡ࣍ࣝࢲ࣮ࡣࠊ౛࠼ࡤࠊ✀ᏊࡸᶵᲔ࡬ࡢᢞ㈨ࢆᚋᢲࡋࡍࡿࡇ࡜࡟
ࡼࡾࠊ⏕⏘⪅ࢆᨭ᥼ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࠋࡇࢀ࡟ࡼࡾࠊ㎰ᐙࡀᅵᆅ࡟࡜࡝ࡲࡾࠊ㎰ᐙࡢ⏕ά࡟࠾࠸࡚༑ศ࡟ே㛫ࡽࡋ࠸⏕άࢆ☜ಖࡋࠊ㎰⏘≀࡟౫Ꮡࡍࡿேࠎࡢࣅࢪࢿࢫࣔࢹࣝࡢ୍㒊࡜࡞ࡿࡇ࡜ࢆຓࡅࡿࠋ
ࡇࡢᡓ␎ࡣࠊཷ┈⪅ࡀࢧ࣮ࣅࢫ࡟ᑐࡋ࡚ᨭᡶ࠺ᡭẁࢆᣢࡓ࡞࠸௚ࡢከࡃࡢ஦౛ࠊ౛࠼ࡤࠊ᪂⯆ᅜࡸ㏵ୖᅜ࡟࠾ࡅࡿ࢚ࢿࣝࢠ࣮ࡸබඹ஺㏻࡞࡝ࡢබඹࢧ࣮ࣅࢫ࡟㐺⏝ྍ⬟࡞ࡶࡢࡔࠋ࣏࢖ࣥࢺ
ࡣࠊࣅࢪࢿࢫୖࡢ฼┈࡜ேࠎࡢࢽ࣮ࢬࡢ཰᮰ࢆ᫂ࡽ࠿࡟ࡍࡿࡇ࡜࡛࠶ࡿࠋ
ॖথঃॡॺঋ‫ش‬५भ৽ੋप਱ऐथ
௻ᴗ䛻䛸䛳䛶䚸䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯䜰䝥䝻䞊䝏䛿䚸ᣢ⥆ྍ⬟䛺㛤Ⓨ䛜ᡓ␎ⓗ䛺ၟᴗᶵ఍䛻䛺䜛䛣䛸䜢ព࿡䛩䜛䚹䜲䞁䝟䜽䝖䜢ά⏝䛷䛝䜛௻ᴗ䜔㉳ᴗᐙ䛿䚸㏵ୖᅜ䜢ྵ䜐ᩘ඙䝗䝹䛾᪂䛧䛔ᕷሙ䛾ᜠᜨ䜢ாཷ䛩䜛䛰䜝䛖䚹ྛᅜᨻᗓ䛻䛸䛳䛶䚸䜲䞁䝟䜽䝖䝧䞊䝇䛾䜰䝥䝻䞊䝏䜢㐺⏝䛩䜛䛣䛸䛿䚸䜘䜚ప䛔䝁䝇䝖䛷䜘䜚ከ䛟䛾䜲䞁䝟䜽䝖䜢䜒䛯䜙䛩䜲䞁䝟䜽䝖䝧䞊䝇䛾⤒῭䛾ྎ㢌䜢ຍ㏿䛩䜛䛯䜑䛾㘽䛸䛺䜛ᡭẁ䛷䛒䜛䚹Ẹ㛫䝉䜽䝍䞊䜒䝡䝆䝛䝇䝰䝕䝹䛾ཎືຊ䛸䛧䛶䛾䜲䞁䝟䜽䝖䛻ὀ┠䛧䛿䛨䜑䛶䛔䜛䚹౛䛘䜀䚸⮬ື㌴䚸䝍䜲䝲䚸䜎䛯䛿⮬ື㌴ᶵჾ䝯䞊䜹䞊䛜⮬䜙䜢䛂䝰䝡䝸䝔䜱䛃䛾ᥦ౪⪅䛸䛧䛶ㄆ㆑䛧ጞ䜑䛶䛔䜛䚹䛂䜲䞁䝟䜽䝖䞉䝞䝸䝳䞊䝏䜵䞊䞁䛃䛾ୖὶ䛸ୗὶ䛻㐍ฟ䛧ጞ䜑䛶䛔䜛ඛ㥑ⓗ䛺ື䛝䜒䛔䛟䛴䛛䛒䜛䚹䛩䛺䜟䛱䚸⮬ື㌴䝯䞊䜹䞊䛻䜘䜛䝞䝑䝔䝸䞊䜔ேᕤ▱⬟䜈䛾㐍ฟ䚸䜶䝛䝹䜼䞊බ┈஦ᴗ䛻䜘䜛䜶䝛䝹䜼䞊ຠ⋡ᛶ䛾㏣ồ䚸䜸䝣䜾䝸䝑䝗䛾෌⏕ྍ⬟䜶䝛䝹䜼䞊౪⤥ᴗ⪅䛻䜘䜛䝞䝑䝔䝸䞊䜔⮬ື㌴⏘ᴗ䜈䛾㐍ฟ䛸䛭䛾㏫䚸䛭䛧䛶ୡ⏺
䛾୺せ䝔䜽䝜䝻䝆䞊௻ᴗ䛻䜘䜛་⒪䚸ᩍ⫱䚸䜶䝛䝹䜼䞊䚸䝰䝡䝸䝔䜱䜈䛾㛵ᚰ䛾㧗䜎䜚䛺䛹䛜䛭䛾౛䛷䛒䜛䚹➨ ḟ⏘ᴗ㠉࿨䛿䚸䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯⤒῭䛜⌧䜜䜛䛯䜑䛾ᢏ⾡ⓗᇶ┙䜢ᥦ౪䛧䛶䛔䜛䚹䛧䛛䛧䚸䜋䛸䜣䛹䛾௻ᴗ䛿䚸⌧ᅾ䛿䛂䜲䞁䝟䜽䝖䞉䝏䜵䞊䞁䛃䛾୍㒊䛷䛧䛛䛺䛟䚸౫↛䛸䛧䛶അⓎⓗ䛺䜲䞁䝟䜽䝖䞉䝥䝻䝞䜲䝎䞊䛷䛒䜚䚸䛭䛾୺䛺↔Ⅼ䛿ఏ⤫ⓗ䛺ၟရ䜔䝃䞊䝡䝇䜢㈍኎䛩䜛䛣䛸䛷䛒䜛䚹䜲䞁䝟䜽䝖䛜
ᮏ㉁ⓗ䛺㈈ົⓗ౯್䜢䜒䛯䜙䛩䚸䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯᪂䛧䛔䝡䝆䝛䝇䝰䝕䝹䛾ฟ⌧䛿䚸䜎䛰᏶඲䛻䛿ᐇ⌧䛧䛶䛔䛺䛔䚹䛂䝰䝡䝸䝔䜱䛃䜢ᥦ౪䛩䜛௻ᴗ䛸䛔䛖䜒䛾䛿䜎䛰⌧䜜䛶䛔䛺䛔䚹䛂䜶䝛䝹䜼䞊ຠ⋡䛃䚸䛂䝇䝬䞊䝖䝅䝔䜱䛃䚸䛂᪂་⒪䛃䚸䛂᪂ᩍ⫱䛃䚸䛂㣗ᩱᏳ඲ಖ㞀䛃䚸䛂ᚠ⎔ᆺ⤒῭䛃䛻䛴䛔䛶䜒ྠ䛨䛣䛸䛜ゝ䛘䜛䚹බඹ㒊㛛䛻䛸䛳䛶䚸䜲䞁䝟䜽䝖䝧䞊䝇䛾䜰䝥䝻䞊䝏䛿䚸䝁䝇䝖䜢๐ῶ䛧䚸ᨭฟ䜢᭱㐺໬䛩䜛኱䛝䛺ᶵ఍䛷䛒䜛䚹䛣䛾䜘䛖䛺஦ᴗ䛾๰ฟ䜢ಁ䛧䚸ຍ㏿䛥䛫䜛᪉ἲ䛜䛒䜛䚹

10䛚䛭䜙䛟᭱䜒㔜せ䛻䛺䜛䛾䛿䚸බඹィ⏬䜔බඹ䝥䝻䜾䝷䝮䜢᭱⤊ⓗ䛻䛿ධᮐ䝥䝻䝉䝇䜔ᥦ᱌᭩䛾せㄳ
䜢㏻䛨䛶䛹䛖ᐃ⩏䛧䛶䛔䛟䛛䛸䛔䛖䛣䛸䛻䛒䜛䚹ᚋ⪅䛿䚸Ẹ㛫䝉䜽䝍䞊䛻᭱ၿ䛾䜲䞁䝟䜽䝖䞉䝺䝅䜸䛻䜘䜛ゎỴ⟇䜢ᥦ౪䛩䜛䜘䛖䚸䜲䞁䝟䜽䝖䛻ᑐ䛩䜛➇த䜢ಁ䛩䝒䞊䝹䛸䛧䛶฼⏝䛷䛝䜛䚹䛭䜜䛻䜘䜚䚸」ᩘ䛾䜲䞁䝟䜽䝖䜢ే䛫ᣢ䛴ゎỴ๓ฟ䛾⾤ⅉ䛾౛䛺䛹䜢ಁ䛧䚸䜶䝛䝹䜼䞊ຠ⋡ᛶ䜔䝰䝡䝸䝔䜱䛺䛹䛾ၥ㢟䛻⤫ྜⓗ䛺䜰䝥䝻䞊䝏䜢䛸䜛䝃䞊䝡䝇௻ᴗ䛾ฟ⌧䜢ຍ㏿䛥䛫䚸බඹ㒊㛛䛾䝸䝇䜽䜔ᢞ㈨㈇ᢸ䜈䛾ཧຍពḧ䜢䜒䛴Ẹ㛫䛾ᢞ㈨ᐙ䜢ቑ䜔䛩䛣䛸䛜䛷䛝䜛䚹䛭䜜䛿䛩䛺䜟䛱䚸䝁䝭䝳䝙䝔䜱䛾⦾ᰤ䛸⚟♴䛜䚸ᕷሙ䜢ᡂ㛗䛥䛫䚸➇தຊ䜢⥔ᣢ䛩䜛᭱ၿ䛾᪉ἲ䛷䛒䜛䛣䛸䛜ᙉ䛟᫂䜙䛛䛻䛺䜛䛛䜙䛷䛒䜛䚹11

3. 㔠⼥ࢭࢡࢱ࣮ࡣࠊࠕ࢖ࣥࣃࢡࢺࠖࢆồࡵࡿ㐣⛬࡟࠾࠸࡚㔜せ࡞ᙺ๭ࢆᯝࡓࡍࠋ
㔠⼥䝉䜽䝍䞊䛿䚸⤒῭䛾䛒䜙䜖䜛䝉䜽䝍䞊䜢ᶓ᩿䛩䜛၏୍䛾㠀බඹⓗ䛺䝇䝔䞊䜽䝩䝹䝎䞊䛷䛒䜛䚹⊂⮬䛾ᑓ㛛ᛶ䜔᭱኱䛾㈨㔠※䛷䜒䛒䜛㔠⼥䝉䜽䝍䞊䛿䚸ᨻᗓ䜔௻ᴗ䛸୪䜣䛷䚸⤒῭䛻䛚䛔䛶✚ᴟⓗ䛻ዲᙳ㡪䠄䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䠅䜢୚䛘䜛䛣䛸䛜䛷䛝䜛୺せ䛺䝥䝺䞊䝲䞊䛷䛒䜛䚹ໟᣓⓗ䛺ほⅬ䛛䜙䜲䞁䝟䜽䝖䜢ᤊ䛘⟶⌮䛩䜛䛣䛸䛷䚸㔠⼥䝉䜽䝍䞊䛿᪂䛯䛺䝡䝆䝛䝇䝏䝱䞁䝇䜢ᚓ䜛䛣䛸䛜䛷䛝䚸䛥䜙䛻䝸䝇䜽䜢䜘䜚Ⰻ䛟⟶⌮䛩䜛䛣䛸䛜䛷䛝䜛䚹㔠⼥䝉䜽䝍䞊䛿䚸䛂䜲䞁䝟䜽䝖䛃䜈䛾㛵ᚰ䛾ప䛥䛛䜙䜘䜚Ὑ⦎䛥䜜䛯䛂䜲䞁䝟䜽䝖䛃䛾⌮ゎ䜈䛸⛣⾜䛧䚸䝬䜲䝘䝇䛾ᙳ㡪䜢ᅇ㑊䛧䚸䝥䝷䝇䛾ഃ㠃䜢✚ᴟⓗ䛻㏣ồ䛩䜛䛺䛹䚸⤒῭䛾㐍໬䛻㛵୚䛧䛶䛔䜛䚹䝬䜲䝘䝇䛾ᙳ㡪䛻䛴䛔䛶䛿䚸᤼㝖䝸䝇䝖䜔䝉䞊䝣䜺䞊䝗ᨻ⟇౛䝥䝻䝆䜵䜽䝖䞉䝣䜯䜲䝘䞁䝇䛾䛯䜑䛾㉥㐨ཎ๎䛺䛹䛾ᡓ␎䛻ຍ䛘䚸Ẽೃኚື䜢 䉝ᮍ‶䛻ᢚ䛘䜛䛯䜑䛾䝟䝸༠ᐃ䛺䛹䚸ᅜ㝿┠ᶆ䛸䛾ᩚྜᛶ䜢☜ಖ䛧䜘䛖䛸䛩䜛䝅䝘䝸䜸䝧䞊䝇䛾䜰䝥䝻䞊䝏䜒ᐇ᪋䛥䜜䛶䛔䜛䚹5䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䛾㏣ồ䛿䚸 䜰䜽䝅䝵䞁䝥䝷䞁6䜔䜾䝸䞊䞁䞉䝍䜽䝋䝜䝭䞊䛾䜘䛖䛺ᨻ⟇ᒎ㛤䜔䜾䝸䞊䞁䞉䝪䞁䝗ཎ๎7䛾䜘䛖䛺ᕷሙ䛾Ⓨᒎ䛻♧䛥䜜䜛䜘䛖䛻䚸䜋䛸䜣䛹䛜ศ㢮䜔ㄆド䝅䝇䝔䝮䜢㏻䛨䛶⾜䜟䜜䛶䛔䜛䚹䜲䞁䝟䜽䝖ᢞ㈨䛿䚸䜲䞁䝟䜽䝖䛾 ᐃ䛸⟶⌮䚸䛚䜘䜃㏣ຍᛶ䛻㛵䛩䜛㔜せ䛺ၥ㢟䜢ᥦ㉳䛩䜛䚹䜾䝻䞊䝞䝹䞉䝧䞁䝏䝬䞊䜽䞉䜰䝷䜲䜰䞁䝇䛿䚸᭱䜒ᙳ㡪ຊ䛾䛒䜛௻ᴗ䛻ᑐ䛧䛶䚸䛸䛾ᩚྜᛶ䛻㛵䛩䜛䝧䞁䝏䝬䞊䜽䜢බ㛤䛩䜛䛸䛔䛖ពḧ䜢ᣢ䛱䚸ྠ䛨┠ⓗ䛻ྥ䛛䛳䛶䛔䜛䛸䛔䛘䜛8 䚹䛣䜜䜙䛾ศᯒⓗ䜰䝥䝻䞊䝏䛿䚸බⓗ㈨㔠䛸Ẹ㛫㈨㔠䜢⤌䜏ྜ䜟䛫䛯㈨㔠ㄪ㐩ᡓ␎䚸ᡂຌሗ㓘ᆺ䜰䝥䝻䞊䝏䚸䛭䛧䛶䜘䜚୍⯡ⓗ䛻䛿䚸ከ䛟䛾බⓗ䜎䛯䛿Ẹ㛫䛾㈨㔠ㄪ㐩ᶵ㛵䛜䚸᫂☜䛺♫఍ⓗ䚸⤒῭ⓗ䚸䜎䛯䛿䜲䞁䝟䜽䝖䛾┠ᶆ䛣䜜䜙䛾䝖䝢䝑䜽䛻䛴䛔䛶䛾ヲ⣽䛿⏝ㄒ㞟䜢ཧ↷䛥䜜䛯䛔䜢ᥖ䛢䛯ᢞ㈨䛻䜘䛳䛶⿵᏶䛥䜜䜛䚹䛧䛛䛧䚸ㄢ㢟䛜ṧ䛥䜜䛶䛔䜛䚹䜲䞁䝟䜽䝖䛾≉ᐃ䚸 ᐃ䚸⟶⌮䛿౫↛䛸䛧䛶ᅔ㞴䛷䛒䜛䚹䜎䛯䜲䞁䝟䜽䝖䛸つᶍ䛸䛿㏫┦㛵䛻䛒䜛䛸䜒⪃䛘䜙䜜䛶䛔䜛䚹䛥䜙䛻䚸ศ㢮䛻䜘䜛᪉ἲ䛿ᚲ↛ⓗ䛻⤒῭䛾኱㒊ศ䜢㝖እ䛧䚸
㏣ຍᛶ䜢㏣ồ䛩䜛䛾䛜㞴䛧䛔䚹௒᪥䛾⤒῭䛻䝥䝷䝇䛾ᙳ㡪䛜䛺䛔䜟䛡䛷䛿䛺䛔䛣䛸䛿᫂䜙䛛䛰䚹୺䛻෌⏕ྍ⬟䜶䝛䝹䜼䞊䛾䜘䛖䛺䝥䝷䝇䛾ᙳ㡪䜢ཬ䜌䛩஦ᴗ䚸άືཬ䜃ཪ䛿䝉䜽䝍䞊䛜䛒䜛䚹㏫䛻䝬䜲䝘䝇䛾ᙳ㡪䜢䜒䛯䜙䛩䛸䜏䛺䛥䜜䜛䜒䛾䜒ከ䛔䚹䛯䛰䛧䚸኱ከᩘ䛿䚸䛭䛾㛫䛻䛒䜛䚹䜰䜾䝸䝡䝆䝛䝇䚸ᘓタ䚸㐠㍺䚸䝔䜽䝜䝻䝆䞊䛺䛹䛜䛭䛖䛷䛒䜛䚹ᐇ㝿䚸䛩䜉䛶䛾ே㛫άື䛸஦ᴗάື䛿䚸䝥䝷䝇䛸䝬䜲䝘䝇䛾୧᪉䛾䜲䞁䝟䜽䝖䜢䛒䜟䛫䜒䛳䛶䛔䜛䚹䛣䛾䛣䛸䛿ᗈ䛟ㄆ㆑䛥䜜䛶䛚䜚䚸௒᪥䛾つ᱁໬䛾ὶ䜜䛜䛭䜜䜢♧䛧䛶䛔䜛䚹౛䛘䜀䚸 䛾ศ㢮䛿䚸⎔ቃ┠ⓗ䛸ᇶ‽䛾㑂Ᏺ䛸䛾㛫䛾䝬䜲䝘䝇䛾ᙳ㡪䜢ᅇ㑊䛩䜛ᚲせᛶ䜢㏙䜉䛶䛔䜛䚹䛧䛛䛧䚸ฟⓎⅬ䛸䛧䛶䛾ໟᣓⓗ䛺䜲䞁䝟䜽䝖ศᯒ䜢⏝䛔䜛⪅䛿䜋䛸䜣䛹䛔䛺䛔䚹&)!", !'!$#&#', *(%#",9䛿≉➹䛩䜉䛝౛እ䛷䛒䜛䚹ᢞ㈨ᐙ䛜䝥䝷䝇䛸䝬䜲䝘䝇䛾ᙳ㡪䜢ྵ䜑䚸ホ౯䛸ពᛮỴᐃ䜢᥈䛧䚸䛭䜜䛻ᇶ䛵䛔䛶⾜䛖䜲䞁䝟䜽䝖䛾ᗄ䛴䛛䛾ഃ㠃䜢☜❧䛧䛯䚹5

As recommended by Task Force on Climate-related Disclosures TCFD (2018)
European Commission (2018)
7
International Capital Market Association (2018)8
World Benchmarking Alliance (2018)9www.impactmanagementproject.org
612䜲䞁䝟䜽䝖ศᯒ䛾┠ⓗ䛿䚸᤼㝖䛩䜉䛝㡿ᇦ䜢᫂☜䛻䛩䜛䛣䛸䛷䛿䛺䛟䚸⤒῭඲య䜢๓㐍䛥䛫䜛䛣䛸䛻䛒䜛䚹஦ᴗάື䛾䝥䝷䝇䛾ᙳ㡪䛸䝬䜲䝘䝇䛾ᙳ㡪䛾୧᪉䜢⌮ゎ䛩䜛䛣䛸䛻䜘䜚䚸஦ᴗ୺䛿䚸䝬䜲䝘䝇䛾ᙳ㡪䜢ಟ᚟䛧䛴䛴䝥䝷䝇䛾ᙳ㡪䜢ຍ㏿䜎䛯䛿ዡບ䛩䜛䛣䛸䛜䛷䛝䜛䚹ྠ᫬䛻䚸䜲䞁䝟䜽䝖䛻䛴䛔䛶䜘䜚⢭㏻䛧䚸⌮ゎ䛜῝䜎䜜䜀䚸䝡䝆䝛䝇䝰䝕䝹䛾䝗䝷䜲䝞䞊䛸䛧䛶䛾฼⏝౯್䛜䜘䜚᫂☜䛻䛺䜚䚸䝡䝆䝛䝇䝏䝱䞁䝇䛜䜎䛩䜎䛩᫂䜙䛛䛻䛺䜛䛰䜝䛖䚹䛣䜜䜎䛷㏙䜉䛶䛝䛯䜲䞁䝟䜽䝖䝧䞊䝇䛾䝰䝕䝹䛿䚸䜲䞁䝟䜽䝖䜢༢䛺䜛እ㒊ᛶ䛸䛧䛶ᢅ䛖᪤Ꮡ䛾䝡䝆䝛䝇䝰䝕䝹䛛䜙䛾᏶඲䛺ษ䜚㞳䛧䛷䛒䜛䚹䛧䛯䛜䛳䛶ᙜᗙ䛿㝈䜙䜜䛯ᩘ䛾ඛ⾜䛩䜛஦ᴗ୺䛻䜘䛳䛶୺ᑟ䛥䜜䜛䛣䛸䛻䛺䜛䛰䜝䛖䚹䜲䞁䝟䜽䝖䝧䞊䝇䛾⤒῭䛿䚸༢䛻⌧ᅾ䛾⤒῭䛻ྲྀ䛳䛶௦䜟䜛䜟䛡䛷䛿䛺䛔䛜䚸஦ᴗつᶍ䛜ᣑ኱䛩䜛䛣䛸䛷䚸ඛ⾜⪅䛜㛗䛔㛫୍ே䛷䛔䜛䜟䛡䛷䛿䛺䛟䛺䜛䛸䛔䛖䛣䛸䛷䛒䜛䚹ྠᵝ䛾䛣䛸䛿䚸㔠⼥ᶵ㛵䛻䛴䛔䛶䜒ゝ䛘䜛䚹㔠⼥ᶵ㛵䛷䛿䚸ඛ⾜⪅䛜䚸䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯䝡䝆䝛䝇䛾Ⓨᒎ䛻䛚䛔䛶䚸Ẹ㛫䛚䜘䜃බඹ䛾䜽䝷䜲䜰䞁䝖䜔ᢞ㈨ඛ䛾䝟䞊䝖䝘䞊䛸䛺䜛䛰䜝䛖䚹⌧ᅾ䛾䝡䝆䝛䝇䝰䝕䝹䛻䛂䜲䞁䝟䜽䝖䛾ᙉ໬䛃䛜䛺䛥䜜䜛䛣䛸䛷䚸ᇶᮏⓗ䛺㛤Ⓨ䜔♫఍ⓗ䝙䞊䝈䛻ᑐᛂ䛥䜜䛯ඛ㐍ᅜ䛻䛚䛡䜛䛾䜼䝱䝑䝥䜢䜹䝞䞊䛩䜛䛾䛻༑ศ䛷䛒䜝䛖䚹୍᪉䚸᪂⯆ᅜ䜔㏵ୖᅜ䛻䛸䛳䛶䚸䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯䝡䝆䝛䝇䝰䝕䝹䛿䚸ຠᯝⓗ䛻᪂䛧䛔㛤Ⓨᙧែ䛾ฟ⌧䛻⮳䜛ྍ⬟ᛶ䛜䛒䜛Ⅼ䛷㔜
せ䛷䛒䜛䚹᪂⯆ᅜ䛿䚸䛻䛚䛡䜛䝙䞊䝈䛾኱䛝䛥䛻ຍ䛘䚸኱䛝䛺ᕷሙ䚸ᙉຊ䛺⤒῭䚸㔠⼥䝉䜽䝍䞊䛸䛔䛳䛯ከ䛟䛾ᙉ䜏䜢⤌䜏ྜ䜟䛫䛯䚸஧㔜䛾≉ᚩ䜢᭷䛧䛶䛚䜚䚸䛣䜜䜙䛜ᯝ䛯䛩䜉䛝㔜せ䛺ᙺ๭䜢᭷䛧䛶䛚䜚䚸ᚋⓎ㏵ୖᅜ䛻ᑐ䛧䛶┠ᣦ䛩䜉䛝㐨➽䜢♧䛩䛣䛸䛜䛷䛝䜛䚹⌧ᅾ䛾䝡䝆䝛䝇䝰䝕䝹䜢ᨵၿ䛩䜛䛛䚸᪂䛧䛔䝡䝆䝛䝇䝰䝕䝹䜢సᡂ䛩䜛䛛䛻䛛䛛䜟䜙䛪䚸䜲䞁䝟䜽䝖䛿+䛾㐩ᡂ䛻ᙺ❧䛴㔜せ䛺ᴫᛕ䛷䛒䜚䚸⤖ᯝ䜢᭱኱໬䛩䜛䛯䜑䛻䛿඲యⓗ䛺䜰䝥䝻䞊䝏䛜ᚲせ䛷䛒䜛䚹௨ୗ䛾䝉䜽䝅䝵䞁䛷䛿䚸䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䜢ᥦ♧䛩䜛䚹䛣䜜䛿䚸䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥䛯䜑䛾ඹ㏻䛾ᯟ⤌䜏䜢ᥦ౪䛩䜛ࠋᅗ䛿䚸䜲䞁䝟䜽䝖䛻䛴䛔䛶䛹䛾䜘䛖䛻⌮ゎ䛜㐍䜐䛾䛛䚸⥲ྜⓗ䛺⪃ᐹ䛜䛹䛾䜘䛖䛻䜲䞁䝟䜽䝖ᚿྥ䛾ྲྀ䜚⤌䜏䜢ຍ㏿䛷䛝䜛䛛䜢♧䛧䛶䛔䜛䚹௕ ॖথঃॡॺ॑৯੐घষங

Source: Author

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4. 䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䛿䚸䜲䞁䝟䜽䝖䜢ồ䜑䜛㐣⛬䛻䛚䛡䜛䜾䝻䞊䝞䝹䛺ᯟ⤌䜏䛷䛒䜛䚹䜲䞁䝟䜽䝖䛻䛴䛔䛶䛾⌮ゎ䜢ಁ䛧୺ὶ໬䛩䜛䛯䜑䛾ᵝ䚻䛺ᇶ‽䜔ᯟ⤌䜏䛜Ꮡᅾ䛧䛶䛔䜛䚹䛂䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䛃䛿䚸䜲䞁䝟䜽䝖䜢ໟᣓⓗ䛻ᐃ⩏䛩䜛䛣䛸䛷䚸䜲䞁䝟䜽䝖䛻ὀ┠䛧䛯ᵝ䚻䛺䜰䝥䝻䞊䝏䜔ᇶ‽䛜ᩚ⌮䛥䜜䚸䛭䜜䜙䛾཰᮰䛜ᅗ䜙䜜䜛䜘䛖タィ䛥䜜䛯ໟᣓⓗ䛺ᯟ⤌䜏䛷䛒䜛䚹ྠᵝ䛻䚸⤒῭඲య䛻䝥䝷䝇䛾ᙳ㡪䜢䜒䛯䜙䛩䛣䛸䛷䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䜢┠ᣦ䛩㐣⛬䛷ྲྀ䜚⤌䜏䜢ຍ㏿䛧䚸+䛾㐩ᡂ䜢ಁ䛩䛯䜑䛻タᐃ䛥䜜䛯䜒䛾䛷䛒䜛䚹䛂䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䛃䛿䚸ᕷሙ䛻䛚䛡䜛䜲䞁䝟䜽䝖䛾䜒䛴ព࿡ྜ䛔䜢᫂☜䛻䛩䜛䛣䛸䛸䚸⤒῭඲య䛻䝥䝷䝇䛾ᙳ㡪䜢䜒䛯䜙䛩䛣䛸䛻䜘䛳䛶+䛾㈨㔠つᶍ䜢ᣑ኱䛩䜛䛸䛔䛖஧㔜䛾┠ᶆ䜢ᥖ䛢䛶⟇ᐃ䛥䜜䛯䚹

䝥䝷䝇䛾ᙳ㡪䜢୚䛘䜛䛣䛸䜢ಁ䛭䛖䛸䛩䜛ᇶ‽䜔䜲䝙䝅䜰䝏䝤䜔䜰䝥䝻䞊䝏䛿ᩘከ䛟䛒䜛䛜䚸䛣䜜䜙䛿୍⯡䛻䝉䜽䝍䞊䜔䝔䞊䝬䛻↔Ⅼ䜢ᙜ䛶䛯䜒䛾䛛䚸≉ᐃ䛾ᕷሙཧຍ⪅䛾⊃䛔䝙䞊䝈䜢‶䛯䛩䛯䜑䛻☜❧䛥䜜䛯䜒䛾䛷䛒䜛䚹䛭䛾⤖ᯝ䚸䝥䝷䝇䛸䝬䜲䝘䝇䛾ᙳ㡪䛾඲యീ䜢Ḟ䛔䛶䛔䜛䚹䛂䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䛃䛻䜘䜜䜀䚸䛂䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䞉䝡䝆䝛䝇䛸㔠⼥䛿䚸ᣢ⥆ྍ⬟䛺㛤Ⓨ♫఍䚸㛤Ⓨ䚸⎔ቃ䛾 䛴䛾ഃ㠃䛾 䛴䜎䛯䛿」ᩘ䛻䝥䝷䝇䛻ാ䛝䚸䛺䛚䛛䛴䝬䜲䝘䝇䛾ᙳ㡪䛻ᑐ䛧䛶䜒㐺ษ䛻ᑐฎ䛥䜜䛶䛔䜛䛃ୗᅗཧ↷䛣䛸䛜䛭䛾ᐃ⩏䛷䛒䜛䚹䛣䛾ཎ๎䛿䚸䝥䝻䝉䝇䛸⤖ᯝ䛾୧᪉䛻
䛴䛔䛶㏱᫂ᛶ䜢ồ䜑䛶䛔䜛䚹䛣䛾ໟᣓⓗ䛛䛴㏱᫂ᛶ䛾䛒䜛䜰䝥䝻䞊䝏䛿䚸ᣢ⥆ྍ⬟䛺㛤Ⓨ䛾୕䛴䛾ഃ㠃䛻䜟䛯䛳䛶㈇䛾ᙳ㡪䛸ṇ䛾ᙳ㡪䛾୧᪉䜢᳨ウ䛩䜛䛣䛸䜢ồ䜑䜛䜒䛾䛷䛒䜚䚸ᙳ㡪䛻㛵䛩䜛䜘䜚῝䛔Ὕᐹ䛾※Ἠ䛷䛒䜚䚸ᐇ㊶䛻䛚䛡䜛᭕᫕䛥䛾వᆅ䛜ᑡ䛺䛔䚹ཎ๎䛿䚸䛔䛛䛺䜛ᙳ㡪䛾䝔䞊䝬䚸ศ㔝䚸⏘ᴗ䚸㒊㛛䜒㝖እ䛩䜛䜒䛾䛷䛿䛺䛔䚹䛭䛾⤖ᯝ䚸䛣䜜䜙䛿䚸┠ⓗ䜔⠊ᅖ䛜㝈ᐃ䛥䜜䛯άື䛸䛿ᑐ↷ⓗ䛻䚸⤒῭඲య䛻䝥䝷䝇䛾ᙳ㡪䜢䜒䛯䜙䛩ᡭẁ䛸䛺䜚ᚓ䜛䚹௕10এ४ॸॕঈ‫؞‬ॖথঃॡॺস੆ਉಋ

United Nations Environment Programme – Finance Initiative (2018)14ෆฐ৓ऩॖথঃॡॺଵ৶
₯ᅾⓗ䛺䝥䝷䝇䛸䝬䜲䝘䝇䛾ᙳ㡪䛿䛹䛾䜘䛖䛻≉ᐃ䛩䜜䜀䜘䛔䛾䛛䠛ໟᣓⓗ䛺䜰䝥䝻䞊䝏䛸䛧䛶ᣢ⥆ྍ⬟䛺㛤Ⓨ䛾 䛴䛾ᰕ䛻䜟䛯䜛䝬䜲䝘䝇䛾ᙳ㡪䛸䝥䝷䝇䛾ᙳ㡪䜢ᤊ䛘䜛䛯䜑䚸䜲䞁䝟䜽䝖䞉䜹䝔䝂䝸䞊䛻ᣐ䜙䛺䛡䜜䜀䛺䜙䛺䛔䚹ୗ䛾ᅗ䛿䚸䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䞉䜲䝙䝅䜰䝔䜱䝤䛻䜘䛳䛶ᥦ᱌䛥䜜䛯䜲䞁䝟䜽䝖䛾ศ㢮䜢♧䛧䛶䛔䜛䚹 䜲䞁䝟䜽䝖䞉䜹䝔䝂䝸䞊䛾┦ᑐⓗ䛺㔜せᛶ䛿䚸᳨ウ୰䛾஦ᴗ䚸䝥䝻䝆䜵䜽䝖䜎䛯䛿䝫䞊䝖䝣䜷䝸䜸䛻䜘䛳䛶␗䛺䜚䚸ᙳ㡪䛾ศᯒ䛚䜘䜃⟶⌮䛾䛭䛾ᚋ䛾䝇䝔䝑䝥䛿䚸䛭䜜䛻ᛂ䛨䛶ᙧస䜙䜜䜛䚹௕ॖথঃॡॺ‫؞‬ঞ‫شॲش‬੧

Source: Authors㔜せ䛺䜲䞁䝟䜽䝖䞉䜹䝔䝂䝸䞊䛻㛵㐃䛩䜛䛚䜘䜃ண 䝰䝕䝹䛾Ỵᐃ䜢ྵ䜑䚸䜲䞁䝟䜽䝖䛾 ᐃ䛸䝰䝙䝍䝸䞁䜾䜢⥅⥆䛧䛶ศᯒ䛩䜛䚹䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䞉䜲䝙䝅䜰䝔䜱䝤䛜άⓎ䛻⾜䜟䜜䛶䛔䜛ศ㔝䛿௨ୗ䛾䛸䛚䜚䛷䛒䜛䚹䛣䛾䜘䛖䛺䝰䝕䝹䜔᪉ἲㄽ䛿䜋䛸䜣䛹ධᡭ䛷䛝䛪䚸ྠ䛨䝔䞊䝬䛻ྲྀ䜚⤌䜣䛷䛔䜛◊✲ᶵ㛵䜔௚䛾ᕷẸ♫఍ᅋయ䛸༠ຊ䛧䛶䛔䜛䚹

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Draft version currently under consultation. Finalised version will be available at the time of publication.

15ண ྍ⬟䛺䝡䝆䝛䝇䝰䝕䝹䛸 ᐃ᪉ἲㄽ䛻䛿䚸䝧䞊䝇䝷䜲䞁䛾ᴫᛕ䜢ྵ䜑䜛䜉䛝䛷䛒䜛䚹␗䛺䜛ᅜ䜔ᆅᇦ䛻䛚䛡䜛␗䛺䜛஦ᴗ䜔䝥䝻䝆䜵䜽䝖䛿䚸ྠ䛨䜼䝱䝑䝥䛻┤㠃䛧䛶䛔䛺䛔䚹౛䛘䜀䚸 ᐊຠᯝ䜺䝇᤼ฟ┠ᶆ䛜ᅜ䛻䜘䛳䛶␗䛺䜛䜘䛖䛻䚸㞠⏝๰ฟ䛻䛴䛔䛶䜒ᩥ⬦䜢ᩚ䛘䜛ᚲせ䛜䛒䜛䚹䝥䝷䝇䛾ᙳ㡪䜢୺ᙇ䛷䛝䜛᭱ప㝈䛾䝺䝧䝹䛷䛒䜛䝧䞊䝇䝷䜲䞁䛿䚸㔝ᚰ䜢፹௓䛩䜛┠ᶆ䛸ΰྠ䛥䜜䛶䛿䛺䜙䛺䛔䚹䛧䛛䛧䚸ᅜ㝿ⓗ䛺ᇶ‽䛷ᐃ䜑䜙䜜䛯┠ᶆ౛䛘䜀䚸䝟䝸༠ᐃ䛷ᐃ䜑䜙䜜䛯 ᗘ┠ᶆ䛻䝸䞁䜽䛥䛫䜛䛣䛸䜒ྍ⬟䛷䛒䜛䚹㔠⼥ᶵ㛵䛿䚸㏻ᖖ䛂㐠㌿ᖍ䛃䛻⨨䛛䜜䛶䛔䜛䜟䛡䛷䛿䛺䛟䚸௻ᴗ䛒䜛䛔䛿ᨻᗓ䛺䛹➨୕⪅䛻䜘䛳䛶⟶⌮䛥䜜䜛䜲䞁䝟䜽䝖䛻䛭䛾䝺䝞䝺䝑䝆䜢฼⏝䛧䛶䛔䜛䛣䛸䛻␃ព䛩䜛ᚲせ䛜䛒䜛䚹䛣䛾䝺䝞䝺䝑䝆䛿㏻ᖖ䚸䝥䝻䝆䜵䜽䝖䞉䝣䜯䜲䝘䞁䝇䛸䝥䝷䜲䝧䞊䝖䞉䜶䜽䜲䝔䜱䛷䜘䜚ᙉ䛟䚸௻ᴗྥ䛡㈚ฟ䛻䛚䛔䛶䛿ᖜᗈ䛔䝥䝻䝣䜯䜲䝹䜢䜒䛯䜙䛩䚹ᢞ㈨ၟရ䛷䛿䚸䝺䝞䝺䝑䝆䛿ᢞ㈨䜢⥅⥆䛩䜛䛛ྰ䛛䛾Ỵᐃ䛻㝈ᐃ䛥䜜䜛䛣䛸䛜ከ䛔䛯䛰䛧䚸㈨⏘㐠⏝఍♫䜔䜰䝉䝑䝖䞉䜸䞊䝘䞊䛿䚸ᢞ㈨ඛ䛾௻ᴗ䜎䛯䛿Ⓨ⾜య䛸⥅⥆ⓗ䛺ᑐヰ䜢䛩䜛ഴྥ䛜䛒䜛䚹䛔䛪䜜䛻䛫䜘䚸䝥䝺䜲䝲䞊䛜᭱኱㝈䛾ຠᯝ䜢ୖ䛢䜛䛯䜑䛻ᚲせ䛺䝺䝞䝺䝑䝆䜢฼⏝䛩䜛䛣䛸䛜ᮇᚅ䛥䜜䛶䛔䜛12ࠋ᭱ᚋ䛻䚸䝡䝆䝛䝇䛸䝣䜯䜲䝘䞁䝇䛾䜲䞁䝟䜽䝖䛾㉁䜢ホ౯䛧䛯䜚䚸ホ౯䛧䛯䜚䛩䜛᪉ἲ䛻䛴䛔䛶㏙䜉䜘䛖䚹䛣䜜䛿䚸ᙳ㡪䛾✀㢮䛸つᶍ䛰䛡䛷䛺䛟䚸䝡䝆䝛䝇䝰䝕䝹䛸㏣ຍᛶ䚸䛚䜘䜃➨୕⪅䛾᳨ド䛸䝉䜹䞁䝗䜸䝢䝙䜸䞁䛻䜘䛳䛶䜒䛯䜙䛥䜜䜛ಖド䛾䝺䝧䝹䛻䛴䛔䛶䜒ゝ䛘䜛䚹ୗグ䛾ᅗ䛿䚸≉ᐃ䛛䜙ホ౯䜎䛷䛾䜲䞁䝟䜽䝖⟶⌮䛾୰᰾ⓗഃ㠃䜢せ⣙䛧䛯䜒䛾䛷䛒䜛䚹௕ෆฐ৓ऩॖথঃॡॺଵ৶

Source: Authors

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At the time of writing work is underway with banks and investors to develop guidance on how to apply impact analysis to different asset
classes such as corporates, project finance, SMEs, real estate, etc. and on what positive impact compliant products look like.

16

5. 䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䜢ຍ㏿䛥䛫䚸䜢㐩ᡂ䛩䜛䛯䜑䛻䛿䚸䜲䞁䝟䜽䝖䞉䜶䝁䝅䝇䝔䝮䛜ᚲせ䛷䛒䜛䚹䛩䜉䛶䛾ே䚻䛿䚸+䛾㐩ᡂ䛻ྥ䛡䛶䝫䝆䝔䜱䝤䛺䜲䞁䝟䜽䝖䜢⏕䜏ฟ䛩䛣䛸䛜ᮇᚅ䛥䜜䛶䛔䜛䚹᭱⤊ⓗ䛻䛿䚸ᐁẸ䞉ᕷẸ♫఍䛾┦஫స⏝䛾෌᳨ウ䛜ᚲせ䛻䛺䜛䛰䜝䛖䚹➨ ḟ⏘ᴗ㠉࿨䛻䛚䛡䜛䝃䞊䝡䝇ᚿྥᛶ䛾㧗䛔䝕䞊䝍䛿䚸䛣䜜䜢㐩ᡂ䛩䜛ᡭẁ䜢ᥦ౪䛩䜛䛰䜝䛖䚹䛣䛾ᶵ఍䜢฼⏝䛧䛶䚸♫఍䚸㛤Ⓨ䚸⎔ቃ䛾㠃䛻䛚䛔䛶ᚲせ䛸䛥䜜䜛౽┈䜢⏕䜏ฟ䛩㈐௵䛿䚸䛩䜉䛶䛾ே䚻䛻ㄢ䛫䜙䜜䛶䛔䜛䚹ᡃ䚻䛿⎔ቃ䞉⤒῭䞉♫఍䛾䜶䝁䝅䝇䝔䝮䛜ඹ䛻Ⰻ䛔ᙳ㡪䜢䜒䛯䜙䛩䜘䛖࿧䜃䛛䛡䜛䚹
SDGࡢ㈨㔠ࢠࣕࢵࣉࡣࠊࡑࡶࡑࡶࡀࣅࢪࢿࢫࣔࢹࣝࡢࢠࣕࢵࣉ࡛࠶ࡾࠊ㔠⼥ᶵ㛵ࡔࡅ࡛ࡣゎỴ࡛ࡁ࡞࠸ࠋබⓗࢭࢡࢱ࣮࡛࠶ࢀẸ㛫ࢭࢡࢱ࣮࡛࠶ࢀࠊᕷẸ♫఍࡛࠶ࢀࠊࡍ࡭࡚ࡢேࠎࡣࠊ࣏ࢪ
ࢸ࢕ࣈ࣭࢖ࣥࣃࢡࢺࢆ᥎㐍ࡋࠊSDGࢆ㐩ᡂࡍࡿᙺ๭ࢆᯝࡓࡍࠋ࢖ࣥࣃࢡࢺ࡜࠸࠺ᯟ⤌ࡳ࡟ࡶ࡜࡙ࡃࠊᐁẸ㛵ಀࡢ᪂ࡓ࡞ྍ⬟ᛶ࡜ࡋ࡚:
x
x
x
x
x

x
x
x

ᨻᗓ䛸⮬἞య䛿䚸䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯䝥䝻䜾䝷䝮䜢⟇ᐃ䛧䚸䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖ධᮐ䜢⾜䛔䚸䝥䝻䜾䝷䝮䜢ᐇ᪋䛩䜛䛯䜑䛾㐺ษ䛺ᐁẸ䜺䝞䝘䞁䝇ᵓ㐀䜢タ䛡䜛䛣䛸䛜䛷䛝䜛䚹䝡䝆䝛䝇䛿䚸䜲䞁䝟䜽䝖䞉䝞䝸䝳䞊䝏䜵䞊䞁䜢⌮ゎ䛧䚸≉ᐃ䛧䚸䜲䞁䝟䜽䝖䛻䜒䛸䛵䛔䛯䝡䝆䝛䝇䝰䝕䝹
䜢㛤Ⓨ䛩䜛䛣䛸䛜䛷䛝䜛䚹㔠⼥ᶵ㛵䛿䚸䝥䝷䝇䛾䜲䞁䝟䜽䝖䛺㔠⼥ၟရ䜢ᥦ౪䛩䜛䛯䜑䛻䚸䜲䞁䝟䜽䝖ศᯒ䛾⬟ຊ䜢㛤Ⓨ䛧䚸௻ᴗ䜔䝋䝤䝸䞁䛾䜽䝷䜲䜰䞁䝖䜔ᢞ㈨ඛ௻ᴗ䛻䜰䝗䝞䜲䝇䛩䜛䛣䛸䛜䛷䛝䜛䚹ከᅜ㛫ཬ䜃㛤Ⓨ㔠⼥ᶵ㛵ཬ䜃䛿䚸≉䛻᪂⯆ᅜ䛻䛚䛔䛶䚸බⓗ䝉䜽䝍䞊䛸Ẹ㛫䝉䜽䝍䞊䛾㛫䛾௰௓⪅䛸䛧䛶䛾ゐ፹ⓗᙺ๭䜢ᯝ䛯䛩䜘䛖䛻‽ഛ䛥䜜䛶䛔䜛䚹䝃䞊䝡䝇ᥦ౪⪅䛿䚸䝡䝆䝛䝇䛸㈈ົ䛻䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䜢୚䛘䜛㛤Ⓨ䜢ᨭ᥼䛩䜛䛯䜑䛾䝒䞊䝹䛸䝃䞊䝡䝇᪉ἲㄽ䚸 ᐃᣦᶆ䚸䝁䞁䝃䝹䝔䜱䞁䜾䚸ホ౯䚸᳨ド䚸䝉䜹䞁䝗䜸䝢䝙䜸䞁䛺䛹䜢ᥦ౪䛷䛝䜛䚹Ꮫ⾡ᶵ㛵䛸䛿䚸䜲䞁䝟䜽䝖䛾ᐃ⩏䚸ᣦᶆ䚸ண 䝰䝕䝹䛻ྲྀ䜚⤌䜐䛺䛹䚸䜲䞁䝟䜽䝖䛻㛵䛩䜛ඹ㏻
ゝㄒ䛜኱䛝䛟᫂☜䛻䛺䜛䜘䛖ᨭ᥼䛩䜛䛯䜑䛻䚸◊✲䛻㈉⊩䛩䜛ᚲせ䛜䛒䜛䚹ಶே䛿⮬ศ䛾ዲ䜏䜢⾲᫂䛧䚸䜲䞁䝟䜽䝖䛾䝣䜷䞊䝷䝮䜔⾜ື䛻ཧຍ䛩䜛䛣䛸䛜䛷䛝䜛䚹ᅜ㝿ᶵ㛵䛿䚸㔝ᚰ䛸ᇶ‽䛾タᐃ䚸䛚䜘䜃඲䛶䛾⥾⣙ᅜ䛾ᣍ㞟䛻䛚䛔䛶㔜せ䛺ᙺ๭䜢ᯝ䛯䛩䚹䛂䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䛃䛷䛿䚸ඹ㏻䛾䛂䜲䞁䝟䜽䝖䛃ゝㄒ䛾ᇶ♏䛜స䜙䜜䛯䛜 䚸䛣䜜䛿༢䛺䜛ጞ䜎䜚䛻㐣䛞䛺䛔䚹௨ୗ䜢ጞ䜑䚸ᑐᛂ䛩䜉䛝ㄢ㢟䛿ከ䛟䛒䜛ෆฐ৓ऩॖথঃॡॺੰෲॶ‫ش‬ঝ䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䛿ฟⓎⅬ䛷䛒䜛䚹ໟᣓⓗ䛺䜲䞁䝟䜽䝖ศᯒ䜈䛾཰᮰䜢ྍ⬟䛻䛩䜛䛔䛟䛴䛛䛾䝒䞊䝹䛜Ꮡᅾ䚸㛤Ⓨ୰䛷䛒䜛䛜䚸ከ䛟䛾ㄢ㢟䛜ṧ䛥䜜䛶䛔䜛䚹ᴗົ䝣䝺䞊䝮䝽䞊䜽䜢ᵓ⠏䛧䚸ᣦᶆ䜢⌮ゎ䛧ᐃ⩏䛧䚸ព࿡䛾䛒䜛䝧䞊䝇䝷䜲䞁䜢Ỵᐃ䛩䜛䛯䜑䛻䚸䛥䜙䛺䜛సᴗ䛜ᚲせ䛷䛒䜛䚹17ॹ‫ॱش‬ঋ‫ش‬५䜲䞁䝟䜽䝖䛷సᴗ䛩䜛䜋䛹䚸䝕䞊䝍䜔䝕䞊䝍䛾ඹ᭷䛜ᚲせ䛻䛺䜛䚹⌧ᅾ䚸䝕䞊䝍䛿ᩥ᭩䚸䝃䜲䝖䚸䝕䞊䝍䝧䞊䝇䛻ᩓ䜙䜀䛳䛶䛚䜚䚸䛣䜜䜙䜢㞟⣙䛧ᩚ⌮䛩䜛ᚲせ䛜䛒䜛䚹ฟⓎⅬ䛸䛧䛶䛿ḟ䛾䜘䛖䛺䜒䛾䛜䛒䜛䚹x ᣢ⥆ྍ⬟䛺ᢏ⾡䛸ᢏ⾡㠉᪂x ᨻᗓ䛾䝥䝻䜾䝷䝮䚸ᨻ⟇䚸つ๎䚸䜲䞁䝉䞁䝔䜱䝤x ⼥㈨䜔䝇䝖䝷䜽䝏䝱䝸䞁䜾䛻䛚䛡䜛㔠⼥ᡭἲx ๰㐀ⓗ◚ቯᆺ䝡䝆䝛䝇䝰䝕䝹◊✲㛤Ⓨ䚸⏘ᴗ㛤Ⓨከᶵ⬟䛾⾤ⅉ➼ॖথঃॡॺঋ‫ش‬५भતહ

᱁௜䛡䛿㔜せ䛺ᕷሙᡭẁ䛷䛒䜚䚸䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖㔠⼥ཎ๎䛻ᇶ䛵䛟᱁௜䛡䝯䜹䝙䝈䝮䛿䚸ᕷሙ䛻䛚䛡䜛䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䛾᥎㐍䛻ᙺ❧䛴䚹ཎ๎䛜ఏ䛘䜛ໟᣓⓗ䛺⪃䛘᪉䜢ṇᙜ໬䛩䜛䛯䜑䛻䛿䚸䛭䛾䜘䛖䛺䝯䜹䝙䝈䝮䛜䚸䛷䛝䜛㝈䜚䛻䛚䛔䛶⊂❧ⓗ䛷䛒䜚฼┈┦཯䛜䛺䛔䜘䛖䛻䚸ᖹ䛯䛟䛔䛘䜀Ⓨ⾜య䛜᭷฼䛺᱁௜䛡䜢ᚓ䜛䛯䜑䛻ᑐ౯䜢ᨭᡶ䛖䜘䛖䛺䛣䛸䛜䛺䛔䜘䛖䛻䛩䜛䛣䛸䛜ᴟ䜑䛶㔜せ䛷䛒䜛䚹ᥦ౪᪉ἲ䛿ᰂ㌾䛷䚸౛䛘䜀ᢞ㈨ᐙ䛾䜰䝹䝂䝸䝈䝮䛸᭱⤊ⓗ䛻䛿䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䞉䜲䝙䝅䜰䝔䜱䝤䛻䜘䛳䛶ᥦ᱌䛥䜜䛯䜰䝹䝂䝸䝈䝮䛾୧᪉䜢㐺⏝䛩䜛ྍ⬟ᛶ䛸䛔䛳䛯㑅ᢥ⫥䜢ᥦ౪䛩䜉䛝䛷䛒䜛䚹ৗञऩ઻ড়ઐ૴॑യਤघॊञीभॶ‫ش‬ঝध१‫ش‬অ५ᐁẸ䛾᪂䛧䛔ᑐヰ䛿䚸䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䛾㟂せ䛸౪⤥䛾㛫䛾ᶵ⬟ⓗ䛺┦஫స⏝䜢㛤Ⓨ䛩䜛䛣䛸䛷䛒䜛䚹ᨻᗓ䛸ᆅ᪉⮬἞య䛿䚸㈝⏝ᑐຠᯝ䛾㧗䛔ゎỴ⟇䜢ᥦ౪䛩䜛䛯䜑䛻䚸Ẹ㛫䝉䜽䝍䞊䛻ᑐ䛩䜛ᥦ᱌䛾せㄳ䜢䛖䜎䛟ά⏝䛩䜉䛝䛷䛒䜛䚹୍᪉䚸䝡䝆䝛䝇䛸㔠⼥䛿䚸䝡䝆䝛䝇䝰䝕䝹䛻䛚䛡䜛ᙳ㡪䜢ෆ㒊໬䛩䜛䝇䜻䝹䜢㛤Ⓨ䛩䜛㝿䛻䚸䜲䝜䝧䞊䝅䝵䞁䜢᥎㐍䛩䜛䛣䛸䛜䛷䛝䜛䚹䛣䛾఍ヰ䜢ᨭ᥼䛧䚸ຍ㏿䛥䛫䜛䛯䜑䛻䛿䚸᪂䛯䛺෇⁥໬䛸ຓゝ䝃䞊䝡䝇䛜ᚲせ䛷䛒䜛䚹ᅗ10ࡣࠊᡃࠎࡀSDGsࢆ㐩ᡂࡍࡿࡓࡵ࡟ඹ࡟ᵓ⠏ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࣉࣛࢫࡢᙳ㡪ࢆ⏕ࡳฟࡍ࢚ࢥ
ࢩࢫࢸ࣒ࢆࡲ࡜ࡵࡓࡶࡢ࡛࠶ࡿࠋ௕ এ४ॸॕঈ‫؞‬ॖথঃॡॺभग़॥३५ॸ঒

Source: Authors18এ४ॸॕঈ‫؞‬ॖথঃॡॺभ৿਱
䜲䞁䝟䜽䝖䛾෌⪃䛜ᚲせ䛺䛾䛜㔠⼥ᶵ㛵䛰䛡䛷䛿䛺䛔䛣䛸䛿䚸௒䜔᫂䜙䛛䛷䛒䜛䚹௻ᴗྥ䛡䚸ᅜ䜔ᆅ᪉බඹᅋయྥ䛡䚸Ꮫ⏺ྥ䛡䚸ᕷẸ♫఍ྥ䛡䚸䛭䛧䛶᪥ᖖ⏕άྥ䛡䛷䛒䜛䚹ᅜ㐃⎔ቃィ⏬䞉㔠⼥䜲䝙䝅䜰䝔䜱䝤 䛿䚸㔠⼥ᶵ㛵䛾䝟䜲䜸䝙䜰ⓗ䝛䝑䝖䝽䞊䜽䛸䛧䛶䚸䛂䝫䝆䝔䜱䝤䞉䜲䞁䝟䜽䝖䞉䜲䝙䝅䜰䝔䜱䝤䛃䜢❧䛱ୖ䛢䛯䛜䚸௒䚸ᡃ䚻䛜ᚲせ䛸䛧䛶䛔䜛䛾䛿䜰䜽䝅䝵䞁䛷䛒䜛䚹

19Appendix: SDG investment needs, financials flows andthe financing gap

20

Introduction
What do we really know about SDG investment needs? What is the status of public and private
financial flows? What is the nature and scope of the financing needs?
For the purposes of this report, we review existing data to better understand present trends, and whatis needed to bridge the financing gap. Our aim is not to revise or challenge existing figures; rather it is
to make sense of them at an aggregate level. Existing reviews tend to have a narrow focus, and welack an aggregate view of needs, flows and gaps.
This is for good reason: there is only partial data, some macroeconomic and some microeconomic,
some measured in stock and some in flows. The more granular the data we seek, the less accurate it
becomes. But we believe understanding the data landscape is a necessary exercise to better
understand the data gaps and, in their wake, the SDG financing gap.
Because of the gaps, we had to make several hypotheses, assumptions and extrapolations. All ourassumptions are open to discussion and challenge – they are made to trigger debate and further
research on the data we really need to finance the SDGs.
We first focus on SDG investment needs; we then turn to actual or committed public and private SDG
financial flows, to then infer the financing gap.
The SDG financing gap is defined here as the difference between the investments needed to meet theSDGs (SDG investment needs) and the associated level of financing (SDG financial flows). Investment
needs should not be confused with financing gaps: not all SDG-related investments face a financing
dilemma. This simple distinction is important if the task at hand is to mobilise finance towards the gap,
not just towards the SDGs writ large.
We sought to distinguish between Advanced Economies and Emerging Markets and Developing
Economies (EMDE)13, with a specific focus on Africa: this is because data consistently shows that thisis the continent of greatest need.
All data comes from public sources. There are further methodological insights below, including thedifferent assumptions and hypotheses we made.

13 Derived from UN Country Classification21

1. SDG investment needs
Based on a review of available data, this paper estimates worldwide SDG investment needs to be
US$ 6 trillion per year on average. Of this, advanced countries represent US$ 1.5 trillion per year
while emerging markets and developing countries represent US$ 4.5 trillion. Africa alone represents
one third or US$ 1.5 trillion of the emerging markets and developing countries’ investment needs.
Basic concepts, methods and caveats
We draw a distinction between total and incremental annual SDG investment needs. The latter are
the additional effort on top of the current annual level of investments to reach the SDGs. The former
combines the current (existing) annual level of investments with the incremental annual investment
needs.14
Existing efforts to quantify SDG investment needs rely mostly on economic frameworks that describe
in which sectors money needs to be invested but assessing SDG investment needs is a more complex
matter. SDG investment needs are not sector-aligned, because each SDG goal can be addressed by amultitude of impacts across different sectors. Interdependencies, synergies as well as trade-offs 15
across different economic sectors contributing to sustainable development affect the assessment of
SDG investment needs and lead to double counting, difficulties in assessing cross-sector impacts,
potential omissions, etc.
Most studies will refer to economic infrastructure (energy, transport, telecommunications, water andsanitation...) and social infrastructure (health, education) as the key to achieving the SDGs. Equally
relevant is the assessment of many cross-cutting issues such as poverty, safety, humanitarian relief,
gender equality, climate change adaptation and mitigation, and their implication in terms ofinvestments16. Furthermore, it should be noted that some of these cross-cutting issues might be more
relevant to certain countries or regions than others, for instance with poverty. Finally, cross-cutting
issues are not well covered by existing estimates.
We focus here on assessing indicative figures of total SDG investment needs. To analyse the SDG
investment needs by region or country group, we considered global aggregated figures. Several
country classifications exist: the World Bank classifies countries either by region or by income group.
The UN classifies countries either as developed or developing. According to the UN, “the distinction isintended for statistical convenience and does not express a judgement about the stage reached by aparticular country or area in the development process. And it remains relevant to the Sustainable
Development Goals which currently uses for global reporting the definition used in the final report of
the Millennium Development Goals (MDG)”.
For our purposes, we classify countries as either Advanced Countries or Developed Economies 17, orEmerging Markets and Developing Economies (EMDE), as defined by the World Economic Situation
and Prospects (WESP).
Nearly one third of the countries in the EMDE groups are African. Almost all low-income countries are
African, and Africa represents nearly half of the Developing Countries. Most research reports tend to
14

Schmidt-Traub (2015)
UNTT (2013)16 Schmidt-Traub (2015)17 In this paper, we will use interchangeably advanced or developed.
15

22

agree that much effort will be needed for low- and lower middle-income countries to achieve theSDGs. Africa still lags in terms of efforts to reach the SDGs. In 2016, Africa’s average SDG index score
was 44.23 while EMDEs group average score was 53 and advanced countries average score was 75. If
we isolate Africa from the EMDE score, the average increases to around 58.65. Therefore, we focus
specifically on Africa within the EMDE groups. The SDG Index is published by the Bertelsmann Stiftungand the Sustainable Development Solutions Network (SDSN) on where each country stands regarding
the achievement of the SDGs.18
Assessing SDG investment needs
In a first attempt at quantification, the United Nations Conference on Trade and Development(UNCTAD, 2014) estimated total SDG investment needs at US$ 5-7 trillion per year at the global level.
As per table 1, UNCTAD provided a breakdown per sector for developing countries leading to an
estimated US$ 3.3-4.5 trillion per year to achieve the SDGs by 2030, with developing countries
representing at least 64% of total investment needs.
Table 1: Estimate of SDG investment needs in developing countries

UNCTAD total investment required indeveloping countries
Annualized $ billion 2015-2030
Power

630 – 950

Transport

350 – 770

Telecommunications

230 – 400

Water and sanitation
Food security and agriculture

~410
~480

Climate change mitigation

550 – 850

Climate change adaptation

80 – 120

Health~210

Education

~330
Total

3270 – 4520

Source: Authors’ analysis based on UNCTAD (2014)

Other relevant studies from New Climate Economy (NCE, 2014), McKinsey (2013), or the World
Economic Forum (WEF, 2013) focus on assessing infrastructure investment needs, widely believed tobe the largest component of SDG investment needs. WEF (2013) estimates that US$ 5 trillion of annual
investments in infrastructure will be needed on a business-as-usual scenario to achieve the SDGs, andan additional US$ 0.7 trillion under a 2°C scenario. Similarly, McKinsey (2013) reports that the world
will need to invest about US$ 57 trillion per year in economic infrastructure, equivalent to 3.5% of GDP
through 2030. NCE (2014) estimates that on average the world will need around US$ 89 trillion over2015 - 2030 and an additional US$ 4 trillion under a low carbon scenario.

18 http://www.sdgindex.org/overview/

23

Table 2: Global estimated of investment needs

Energy / PowerWorld Economy Forum(2013)
Average $ billion 20102030
Business as 2°C scenario
usual
scenario
619
758

McKinsey (2013)
Average US$billion 2013 2030

NEC (2014)
Average US$ billion
2015 - 2030

718

3097*

Buildings & industry**

613

944

Transport & associatedinfrastructure***Telecom

1650

1837

1400

911

600

600?

559

476

Water

1320

1320?

688

1422****

Agriculture

125

125?

Forestry

64

104

Not
estimated
4991

85 - 121
3365

5906*****

Adaptation (not collatedwith other sector)
Total

5773 - 5809

Source: Authors’ analysis based on WEF (2013), McKinsey (2013) and NEC (2014)* Energy investment needs include power generation, transmission & distribution, fossil fuels, energy use for transport,
buildings and Industry** Primarily energy efficiency*** Transport & associated infrastructures include rail, road, ports and airports. WEF data includes transport vehicles. In the
WEF 2°C scenario, the same figures are used for road, rail, port and airport infrastructures.
**** Water & waste included***** Low carbon scenario result in average US$ 5471 billion per year

Having reviewed the different studies and research reports, we retain the oft-cited UNCTAD figures as
our starting assumption in our attempt to assess the global SDG investment needs, keeping in mind
the different challenges and issues inherent to the figures.
We assume the needs to be US$ 6 trillion, the average range from UNCTAD estimates. We retain theupper range of the estimate i.e. US$ 4.5 trillion as our assumption of EMDE SDG investment needs.
Considering the efforts required to achieve the SDGs, we assume Africa to weigh one third of total
global investment needs, or US$ 1.5 trillion. Assumptions about African investment needs vary fromone study to another. Schmidt-Traub (2015) estimates US$ 614 – 638 billion annual incremental
financing needs related to the SDGs. Chinzana et al. (2015) estimate that Africa will require a GDP
growth rate of 16.6% over 2015 -2030 to realize the SDGs, equivalent to an investment-GDP ratio of
87.5% per year, or US$ 1.7 trillion (UNCTAD, 2016).19 These figures provide an insight on the remaining
potential gap or incremental SDG investment needs, but not on total SDG investment needs in Africa.

19 UNCTAD (2016)24

Table 3: Estimates of SDG investment needs per geography

Defined scope

SDG investment needs

Advanced countries

1.5

Emerging and developing countries

4.5

of which, Africa
Total

1.5
6

Source: Authors’ assumption based on UNCTAD (2014), UNCTAD (2016).

Conclusions
So, what does the review reveal in terms of what we do and do not properly understand about SDG
investment needs, and what are the implications?
Firstly, although data is particularly scarce in EMDEs, what we can be most confident about is the“where” question: the gap is in EMDEs, with most countries in Africa. It should be a priority tounderstand regional data needs and to collect the data.20
Secondly, the “what” question is more difficult to establish. The SDGs are impact-oriented and do notalways translate directly into economic sectors, yet most estimates are typically established at a sector
level, reflecting the current construct of the economy. Indeed, while this data is ill suited to the job, it
remains the best available proxy. Going forward identifying and collecting impact data is therefore
also a priority.
Finally, there is the “how much” question: methodological and data gaps leave us with a fair amountof uncertainty.
On the one hand, the misalignment between investment areas and impact areas implies that themagnitude of the needs may well be misrepresented, as non-sector related investments, such asenergy resource efficiency, gender equality or biodiversity are omitted. Other sectors run the risk ofbeing double counted when they address multiple SDGs.
On the other hand, estimates rely on historical data and hence tend to ignore the type, volume andsequencing of required investments, which is likely to vary depending on sector, country or goal. As
we also know, past investments are a poor predictor of the future, since they won’t reflect structuralchanges in the economy, technological disruptions, and other evolutions.
Figures are therefore indicative. There is a critical need for impact data. It is also important to consider
the potential costs reductions that can be brought about by harnessing digital and AI powered
business models in the context of the fourth industrial revolution that is underway.

20

Some of the studies reviewed for this paper use proxies to reflect global or regional figures. For instance, the 2013 McKinsey report on
infrastructure investment needs considers 84 countries representing nearly 90% of the world’s GDP. There are gaps even among those 84
countries, with fewer than half supplying data on the different asset classes over a ten-year period, data for low-income countries being themost difficult to find. Figures on education, health or even agriculture are often limited to developing countries.

25

2. SDG financial flows
Based on a review of available research and data, this paper estimates worldwide SDG financial
flows at US$ 3.5 trillion per year on average. Of these flows, we estimate that US$ 1.6 trillion comefrom public sources, and US$ 1.9 trillion come from private sources.
Developed countries already receive US$ 1.4 trillion per year, so the remaining gap to address is ofless than 10%. Emerging markets and developing countries receive US$ 2 trillion, with the remaining
gap at US$ 2.5 trillion per year. Africa receives US$ 221 billion, and a gap of US$ 1.3 trillion per year
remains.
Basic concepts, methods and caveats
In assessing financing flows, we identified and made distinctions between the main sources of flows,
their channels, intermediaries or asset pools, as well as the financial instruments employed. Thiseffectively combines top down and bottom up approaches for existing flows. We looked at both public
and private financial flows, with a special focus on combined flows (e.g. blended finance). As figure
11 shows, figures become harder to track the more specific one tries to get.
Figure 11: Sources, channels and instruments of financial flows (in US$ billions)

Source: Authors’ analysis, based on Schmidt-Traub (2015), World Bank Data, OECD Data, United Cities and Local Governments
UCLG (2013), EDFI Report (2015), MDBs’ annual reports, SDGfunders Data, IFAD, Massolution crowdfunding report (2015)

We focused on flows, as opposed to stocks, because it is the flows that are critical to achieving the
SDGs. This is of course challenging because available data tends to reflect “accumulated finance” i.e.
assets under management (AUM) or balance sheet data (outstanding loans), as opposed to flows. In
our attempt to infer the annual flows from AUM data, we assumed the average life of investments tobe 10 years, therefore positing that annual flows would represent one tenth of AUM.
We further estimated that portion of annual flows dedicated to SDG financing as consistent with the26current percentage of investments into infrastructure.
We also attempted to determine the proportion of existing and identifiable flows that can meet SDG
investment needs, mainly by considering the objects of the financing. While those assumptions are far
from being accurate, we considered them to be good enough proxies. That being noted, there is a lackof data on annual public and private flows serving the SDGs: these are not being tracked. We therefore
made many strong assumptions to estimate the flows and how they serve SDG investments. We
focused on country level, as opposed to regional data, also leading data gaps (mainly in emerging anddeveloping countries). The exercise could well under- or overestimate the figures.
Throughout this paper the reference year is 2015 with a focus on yearly financing flows unlessspecified otherwise.21
All data has been converted to US$ for consistency. When available, we used Forex (FX) rates from the
MDBs & DFIs annual reports. Otherwise we referred to public information as of December 31th 2015.
Table 4: Forex exchange rates

Per
US$

EUR
GBP
DKK
NOK
SEK
AED
0.9185 0.6783 6.8727 8.8603 8.4352 3.673

JPY
UA
CHF
EU(SDR)112.68 0.7216 0.9952 0.7217

Source: Authors’ calculation based on MDBs/DFIs annual reports (2015) and public forex historical databases

Public financial flows
Sources
The main sources of public financing flows are government revenues at the national and local levels.
National governments earn revenue from tax collection, and other sources such as income from public
entities and government-owned corporations. At the local level, revenue stems mainly from local
taxes, grants and subsidies, and other sources such as social contributions, tariffs and charges.
There is currently no accurate estimate on the share of public revenue dedicated to SDG financing. In
the past, the United Nations recommended that at least 20% of GDP in developing countries tax
revenue would be required to reach the MDGs.22 The SDSN (2013) recommended that countries
allocate at least 20 % of Gross National Income (GNI) in domestic resources to sustainable
development.23
Assuming that most SDG investment needs are infrastructure-related, we used estimates ofinfrastructure investments to assess the proportion of government revenues allocated to SDG
investment needs. We adjusted weightings to reflect efforts the public sector should make to address
SDG investment needs, in consideration of their current tax collection systems, as well as of thelikelihood of private sector involvement.
Relying on estimates from a joint report by the Organisation for Economic Co-operation andDevelopment (OECD) and United Cities and Local Governments (OECD & UCLG, 2016), we calculated
21

We choose 2015 as the reference year for our study of financial flows mainly because of the availability of data.

22 OECD (2014)
23 Schmidt-Traub & Sachs (2015)27

government revenues at local level as representing 23.8 % of government revenues (in current US$)and subtracted 52.6% from this, representing transfers from government and/or international
entities.
Table 5: Sources of public financial flows (in US$ billions)

Advanced countries
Emerging & developing countries
AfricaNational
government
revenues
379
903
75

Local government
revenues

Total

60
102
6

438
1005
83

Source: Authors’ analysis based on World Bank Data (2015), UCLG (2013)

To estimate public sector contribution to SDG investment needs, we made the following
assumptions:24-

We made the assumption that advanced economies could allocate 5% of national and local
government revenues to SDG financing going forward. Our assumption relies on the fact that
advanced countries invest 3.2% of GDP in economic infrastructure (McKinsey, 2016), with 40%
financed by public resources (NCE, 2016). Our 5% estimate is based on the combination ofthese two figures. The proportion of public resources going to infrastructure investment
remains relatively stable until 2030.

-

Using the same method, we assumed that EMDEs could allocate 20% of their national andlocal government revenues to SDG financing. EMDE countries invest 4.4% of GDP in economic
infrastructure (McKinsey, 2016), with 60% financed by public resources (NEC, 2016), leading
to our 16% estimate. To fill the infrastructure financing gap, EMDE countries should allocate
6.8% of GDP to infrastructure spending, equivalent of 24% of public resources. We used theaverage between the current level and the expected level of investment.

-

We also assumed that Africa could allocate 25% of national and local government revenues
to SDG financing. According to the annual report of the Infrastructure Consortium for Africa(2015), African national budgets financed around US$ 28.4 billion (34.1%) of the US$ 83.4
billion committed to infrastructure in 2015. We chose to make a more conservative
assumption.

With those assumptions, we were able to compute an estimated contribution of the public sector to
SDG financing. The implication is that in advanced countries, the public sector could financeapproximately US$ 0.4 trillion, or 29% of domestic SDG investment needs, – not considering official
development assistance (ODA) financing – whereas emerging and developing countries’ public sector
financial capacity is approximately US$ 1.2 trillion, or 26% of domestic SDG investment needs. The
figure is much lower for the African continent, where capacity is approximately US$ 128 billion(including ODA financing), or 9% of the continent’s SDG investment needs. As a result, we estimate
current overall public financing flows to be approximately US$ 1.6 trillion, or 27% of the SDG
24

Local government revenues represent 23.8% of public revenue. Their revenues comprise grants & subsidies from central government(52.6%), local tax revenue (31.7%) and other revenues such as social contribution, tariff/user charges and fees from local public services…
(15.7%). Source: OECD/UCLG (2016). We derive our estimates of local government revenues from these estimates.

28

investment needs. We now take a closer look at how effectively public financing flows serve the SDGs.
Channels & instruments
In the absence of dedicated data at the government and local authorities’ levels, we turned to figureson public financing flows channelled through ODA, multilateral agencies, DFIs and export credit
agencies for insights.
ODA. The World Bank (2015) estimated flows from net ODA and official aid received as amounting to
US$ 152 billion for 2015, including US$131 billion from the Development Assistance Committee (DAC)
countries.25 There is a wide dispersion of ODA allocation across recipient countries and acrosscountries with similar levels of income. Africa received about a third of net ODA flows. Overall,
infrastructure appears to be the largest beneficiary. 26
Figure 12: ODA by sector in emerging and developing countries, 2015

Health & Education
Other social infrastructure
Economic infrastructure
Production
Multisector
Programme assistance
Debt relief
Humanitarian aid
Other

Source: Authors’ analysis based on World Bank (2015), OECD (2015)

For some sectors, ODA is relatively well documented, for example by the OECD. Grants dominate insectors where private finance is lacking the most, such as health or education.
However, not all ODA flows qualify as direct contributions to SDG investment needs: part of what now
counts as ODA (scholarships to study in the donor’s higher education institutions and administrative
costs of aid agencies in donor countries and of awareness promotion of development cooperation inparticular) is in fact in-donor spending and does not directly contribute to sustainable development
financing and therefore to sustainable development, per the Brookings Institution report. 27

25 ODA from DAC countries is estimated to be US$ 131 billion in 2015 (OECD, 2015)
26 Economic Infrastructure and Services covers assistance for networks, utilities and services that facilitate economic activity. It includes,

but is not limited to: Energy, Transportation and Communications (OECD definition). Social Infrastructure covers efforts to develop thehuman resource potential and ameliorate living conditions in aid recipient countries. It includes, but not limited to: Education, Health,
Water supply, sanitation and sewage (OECD definition).
27
Kharas and Rogerson (2016)

29

MDBs and DFIs. MDBs committed US$ 215 billion28 in 2015, with major investments in infrastructureand energy, as per figure 13. Over the past six years, MDBs29 have committed over US$ 158 billion toclimate finance. In 2015 only, reported climate finance commitments amounted to US$ 25 billion 30,
mainly in emerging and developing countries.
Figure 13: MDBs’ spending by sector, 2015
100%
80%
60%
40%
20%
0%

OthersInfrastructure

Financial sector

Energy/ Power

Productive sector

Other social infrastructure

Source: Authors’ analysis based on MDBs’ annual reports (2015)

In 2015, the 20 largest DFIs committed approximately US$50 billion31 globally. As figure 14 shows,most funds went to the banking and financial sectors, as well as to power and infrastructure. We
estimate that 86% of those flows are in the form of debt and only 7% in the form of equity. SubSaharan Africa accounts for 31% of European DFIs investment portfolio.
Figure 14: DFIs’ investments per sector, 2015

100%
80%
60%
40%
20%
0%

Financial sector

Energy/ Power

Productive sector

Infrastructure

Other social infrastructure

Others

Source: Authors’ analysis based on DFIs’ annual reports (2015)

It should be noted that a substantial part of ODA is channelled through DFIs or MDBs. This raises
double counting issues, because it is difficult to identify the share of ODA that is invested through DFIs
or MDBs. Nevertheless, in its assessment of ODA from DAC countries, OECD (2015) estimated that
28% are allocated to multilateral institutions.

28

Data derived from annual reports and converted in US$.
DFIs: BIO, BMI-SBI, CDC UK, COFIDES, DEG, FINNFUND, FMO, IFU, NORFUND, OeEB, Proparco (AFD), SIFEM, SIMEST, SOFID, SWEDFUND
ADFD, JICA, JBIC*, KfW Dev Bank, OPIC. MDBs: AfDB, ADB, AIIB, CAF, EBRD, EIB, ETDB, IDA, IDB, IFC, IBRD, ISDB/OCR, NADB, NIB, OFID.
29
African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European
Investment Bank (EIB), Inter-American Development Bank and the group.
30
World Bank et al. (2016)31
Data derived from annual reports and converted in US$.

30

Export Credit Agencies (ECAs) 32. ECAs are an important channel of public SDG financing flows. They
play a critical role in promoting the export of capital goods of developing countries. It is particularly
difficult to track ECA flows, because they come in part in the form of guarantees or insurance. Theirrole is therefore often indirect, acting as a catalyst and enabler of investments, especially incountries perceived to be high-risk. In 2015, export credit for medium- and long-term transactions
amounted to US$ 131 billion33, with only three countries, China, Japan and Korea, providing about
half of the export credit support. The OECD provides additional insights into the arrangement ofofficial export credits:34 Of US$ 56.335 billion of “committed” credits, Africa received 9%. In terms ofsectors, Transport & Storage account for nearly 40%, Industry for 22% and Energy Generation and
Supply 13%.36
Sovereign Wealth Funds (SWFs). SWFs weigh US$ 4 trillion in AUM and typically invest about 2% of
their assets in infrastructure, and a relative high proportion in emerging and developing countries. In
our attempt to identify the annual flows from SWFs and absent good data, we assumed the estimatedaverage life of investments to be 10 years and therefore annual flows to represent one tenth of the
AUM. We also assumed that the major contribution of SWFs towards SDG investment needs was
mainly via infrastructure financing, incidentally the biggest component of SDG investment needs.
Using World Bank (2015) data on SWF investment in infrastructure as a proxy 37, we estimate that SWFs
could bring an additional annual US$ 8 billion to SDG financing.
Conclusion & outlook for public financial flows
We estimate public financing flows (domestic and international) that have the capacity to serve SDG
investment needs at approximately US$ 1.4 trillion. This is a rough estimate given data gaps andassumptions, but we believe it is an adequate and useful proxy. Figures show that the supply of publicmoney pales in comparison with the demand side (US$ 6 trillion of SDG investment needs). They also
highlight, once again, how large the challenge looms for Africa. As Figure 15 shows, African
governments allocating 25% of their revenue would enable them to achieve only 8% of their SDG
investment needs. In short, the poorer the country, the more private sector input will be decisive tomeet the SDGs.

32 ECA flows include guarantees and loans. While considering guarantees, we are probably double counting these flows both on the public
and private side.
33 US EXIM Competitiveness Report (2016)
34“The arrangement on Guidelines for Officially Supported Export Credits” provides a framework on terms and conditions of officially
supported export credits. Although all “export credits from official sources” are supported on Arrangement terms and conditions by the
majority of OECD member countries, some countries provide official export credits on other than Arrangement terms and conditions. Since
these transactions generally have not been reported according to the agreed individual transaction reporting system, only statistics on
Arrangement official export credits are presented.
35
The amount represents value of “committed” credits that were provided directly or that were insured or guaranteed (OECD).
36 Over the period 2007 – 2016 (OECD)
37 SWF currently invest 2% on average in infrastructure. Source: World Bank Finance & Markets, PPIAF (2015)31

Figure 13: Public finance serving SDG investment needs - advanced vs emerging markets & developing countries andAfrica (in US$ trillions)

Total public finance serving SDG investment needs
7
6
1.6

5
4
3

6
4.4

2
1
0
Investment needs

Public flows

Advanced countries
2
1.5
1
0.5
0

0.4
1.5

1.1

Remaining investment needs

Emerging markets &developing countries
5
4
3
2
1
0

1.2
4.5

3.3

Africa
2
1.5
1
0.5
0

0.1
1.5

1.4

Source: Authors’ analysis based on World Bank Data, OECD Data, UCLG (2013)

Despite pressure on public budgets in advanced countries, there is arguably still room for manoeuvre
to increase action in favour of SDGs domestically. This is compounded by the somewhat narrower
scope of SDG priorities in advanced countries, often limited to environmental issues. Reality is more
contrasted in emerging and developing countries, where few have the same resources as in advanced
countries, given lower tax collection and hence public resources. According to the OECD (2014), halfof Sub-Saharan African countries still mobilise less than 17% of GDP in tax revenues, the minimum
threshold the UN considered necessary to achieve the MDGs. By way of comparison, the average tax
revenue raised by OECD countries is close to 35% of GDP.
For African countries specifically, public financing resources remain highly dependent on international
aid such as ODA. According to the OECD (2015), ODA represents 30% of all external incoming flows inAfrica, against 17% in emerging and developing countries. To make matters more complex, SDG
priorities in emerging and developing countries are broader, with social and economic issues
dominating. This is even more pronounced in Africa.
Increasing contributions to the SDGs from the public sector in EMDEs would require an increase of
public transfers from advanced countries – and potentially from the BRICS (Brazil, Russia, India, China
and South Africa) - to developing countries. However, budget pressures in advanced countries makethis unlikely.

32

Private Financial Flows
Sources
The sources of private finance are household savings and corporate profits. They can be invested
directly in the SDGs, or via the finance industry, banks or other financial institutions such as pension
funds, insurance companies, hedge funds, and even foundations.
We again find significant data gaps when trying to gauge private financing flows to the SDGs,
consistent with gaps we found researching SDG investment needs and public financing flows. In thiscase, it is because private flows are not typically linked – or tagged – to the SDGs.
For our purposes, we will use gross savings38 as a proxy for the source of private flows. According to
the United Nations Development Programme (UNDP), it is estimated that only about 10% of current
infrastructure investments come from the private sector.39 Considering that infrastructure represents
the largest component of SDG investment needs, and probably where private sector intervention will
make the most sense, we made the working assumption that:- Advanced countries allocate 10% of their gross savings to sustainable development.
- Emerging and developing countries allocate 10% of their gross savings to sustainable
development.
- African countries allocate 30% of their gross savings to sustainable development, rather than
10%, because of high remittances.
Table 6 captures these figures.
Table 6: Sources of private financial flows (in US$ billions)

Gross savings

Advanced countries
Emerging & developing countries
Africa

9253
9827
324

Estimated
contribution to
SDGs
10%
10%
30%

Gross savings
serving SDGs
925
983
97

Source: Authors’ analysis based on World Bank data (2015)

Based on these assumptions, it follows that private finance could potentially address almost 62% of
the total investment needs in advanced countries, more than twice the public sector contribution. In
emerging and developing countries, private financing could match public sector financing, at roughly
22% of investment needs. As far as Africa is concerned, private finance is barely higher than publicfinance and would contribute to 6% of SDG investment needs.
Once more, the figures point to the centrality of Africa in seeking to address the global SDG financing
gap.

38 World bank data (2015)
39 What kind of blender do we need to finance the SDGs?, UNDP

33

Channels & instruments
As we did for public flows, we reviewed specific private finance channels and intermediaries to better
understand how and where private flows currently serve the SDGs. It is predictably difficult to identify
those that dedicate all or part of their activities to financing of the SDGs; for instance, it is difficult toearmark bank deposits to SDGs, except perhaps from foundations, microfinance and, to some degree,
from remittances. We considered institutional investors a good proxy for listed bond and equity
markets. In the end, we reviewed the following channels, which we estimate cover most of theidentifiable private flows: direct investments (Foreign Direct Investment (FDI); traditional financial
institutions (institutional investors, remittances, foundations, microfinance); alternative financial
institutions (private equity, crowdfunding).
i)

Direct investments

Foreign Direct Investments (FDIs). In 2015, UNCTAD estimated overall FDI40 inflows, a key source ofprivate finance, at approximately US$ 1.7 trillion. How exactly FDI maps to the SDGs remains
uncertain. However, noting that nearly half of greenfield FDI is related to service industries such asenergy, water, construction, transport and telecommunications, we chose to focus only on thoseinvestments41 as a proxy for flows that directly contribute to new SDG investments. UNCTAD
estimated greenfield FDI flows at US$ 773 billion annually, which we therefore retain as FDI
contribution to SDG investments.
In 2015, emerging and developing countries accounted for 65% of all greenfield FDI, or US$ 500 billion.
The African continent received 9%, or US$ 67 billion. Countries with the highest investment needs are
not necessarily the main recipients of FDI.
ii)

Traditional financial institutions

In many cases, institutional investors’ size is measured in AUM, whereas SDG investment needs aremeasured in flows. We have estimated annual flows using AUM amount over the average life ofinvestments.
Institutional Investors (primarily pension funds & insurance companies). According to the WorldBank (2015), OECD institutional investors hold US$ 80 trillion42 in AUM, with an average 1% held in
infrastructure and 10% in emerging and developing economies. Emerging markets institutional
investors hold US$ 5 trillion in AUM, they invest an average 0.5% in infrastructure and a higher
proportion in emerging and developing economies than OECD average. Other institutional investors(asset and wealth managers) weigh US$ 20 trillion with an average 1% invested in infrastructure, anda very small proportion in emerging and developing economies.
According to the OECD (2015), pension funds invest mostly in fixed income and public equities. Despite
potential large demand, investment in infrastructure remains limited. In most advanced countries,
pension funds investment in emerging markets infrastructure remains opportunistic. They tend toinvest domestically, or in regions with very low perceived risk. Political instability and financial markets
volatility are the main concerns behind their lack of interest.
40

FDI refers to an investment made to acquire lasting interest in enterprises operating outside of the economy of the investor. (UNCTAD,
Balance of Payments Manual: Fifth Edition (BPM5) (Washington, D.C., International Monetary Fund, 1993).
41 A type of foreign direct investment where a parent company builds its operations in a foreign country from the ground up.
42 World Bank Finance & Markets, PPIAF (2015)34

In our attempt to identify relevant annual flows from institutional investors, and absent clear andspecific data, we again made some assumptions. We estimated the average life of investments to be
10 years and therefore annual flows to represent one tenth of AUM. We also assumed the largest
contribution of institutional investors towards SDG investment needs to stem from infrastructure
financing, incidentally the biggest component of SDG investment needs. Using World Bank data
(2015) as a proxy43 , we reach the conclusion that institutional investors could bring an additional US$
102.5 billion for SDG financing annually. OECD institutional investors could contribute US$ 80 billion,
while emerging market institutional investors could contribute US$ 2.5 billion. Other institutional
investors could contribute US$ 20 billion.
Remittances44. In 2015, the World Bank estimated remittance flows at US$ 552 billion. This is by far
the most important form of private flows. Out of the US$ 429 billion remittance flows received byemerging and developing countries, Africa accounts for 15.7%, or US$ 67 billion. This confirms theimportance of their contribution to SDG financing needs, either directly or via remittance-backed
financial products. Remittances account for more than three times the amount of ODA (US$ 152
billion) in emerging and developing countries. According to a study of 71 developing countries by theInternational Fund for Agricultural Development (IFAD, 2017), only 25% of remittances are saved orinvested, and only 23% from the savings and investments are channelled through financial institutions.
This report shows remittances to have a significant effect on poverty reduction:45 a 10% increase in
per capita remittances contributes to a 3.5% decline in the share of poor people in the overall
population. Half of the income received through remittances is spent on agriculture-related expenses.
75% of family remittances are used for immediate needs such as food, shelter and bill payment,
whereas the remaining 25% is dedicated to building more secure and independent futures throughbetter education, improved health, savings and investing in assets and income generating activities.
We used IFAD estimates on the proportion of remittances saved or invested as a proxy and assumed
that no more than 25% of remittances can potentially serve SDG investment needs.
Foundations. Flows channelled from foundations are well documented, because of donortransparency demands. Flows can frequently be tracked per SDG, although their actual impact is morechallenging to assess. In 2015, foundations dedicated US$ 19 billion to SDG funding, mainly in theform of grants.46 Africa received US$ 1 billion, and all emerging and developing countries (including
Africa) twice that amount. Foundations distributed approximately US$ 112 billion across the different
regions and over the 2010 – 2015 period. Breaking this down per SDG, education (Goal 4) received
US$ 37.6 billion, health (Goal 3) received US$ 36 billion, and peace-building and related impact (Goal16) received US$ 12.9 billion.
Microfinance. The provision of financial services to unemployed or low-income individuals or groups
has been widely encouraged and acclaimed for years, resulting in a continuous rise of aggregatedcapital deployed to US$ 102 billion, reaching 132 million clients. It is strongest in South Asia and theLatin America & Caribbean regions, and mostly targets and succeeds with women and rural areas.
Microfinance mainly aims to increase financial inclusion, reduce poverty by creating jobs andsupporting small and medium-sized enterprises (SMEs) and empowerment of vulnerable
communities. We have estimated yearly flows from microfinance institutions at US$ 7.5 billion47
43

OECD institutional investors currently invest 1% on average in infrastructure, emerging market institutional investors currently invest
0.5% on average, and other institutional investors currently invest 1% on average (World Bank Finance & Markets, PPIAF, 2015).
44
Remittances are defined as cross-border, person-to-person payments of relatively low value. The transfers are typically recurrent
payments by migrant workers to their relatives (IFAD, 2017).
45
IFAD (2017)46
SDGfunders/ Foundation Center (2015)
47 Portfolio value in 2014 was US$ 87.1 billion and annual growth for the year 2015 was estimated in a convergence report, Microfinance
Barometer 2017 to be 8.6% (Convergence, 2017).

35

iii)

Alternative financial institutions

Private equity. In 2015, private equity48 funds raised an aggregate US$ 329 billion49. Advanced
countries received 88% of this, and emerging and developing countries the remaining 12%. Africa’s
share of emerging and developing countries private equity allocation is 11% or US$ 4.5 billion(considerably more than microfinance). Data on the social, economic and environmental impacts ofprivate equity investments is generally not publicly available, so we cannot fully appreciate the impact
of private equity on the SDGs. We therefore arbitrarily assume that private equity could potentiallyallocate 25% to SDG investments. Looking forward, some expect private equity to play an increasingly
important role in Africa, given growing appetite for risk, expertise of local markets and a move towards
more sustainable and impactful investment.50
Crowdfunding emerged after the 2008 financial crisis, aiming to provide new sources of seed or earlyventure capital to underserved businesses or sectors. It is more developed in advanced countries andis still emerging in other markets and Africa. In 2015, the crowdfunding industry raised US$ 34.7 billion
in total51, US$ 24 billion in advanced countries and US$ 10.7 billion in emerging and developing
countries, only US$ 24 million of which in Africa. Lending accounted for 73%, grants and donations for
20% and equity 7%. The World Bank (2013) estimates that up to 344 million households in thedeveloping world have the means to deploy up to US$ 96 billion52 a year by 2025 in crowdfunding
investments. It is unclear how exactly crowdfunding contributes to SDG investments. Nearly 80% offunds raised in 2014 served businesses and entrepreneurs, social causes and real estate. However,
because the essence of crowdfunding is to provide finance to underserved categories, we consider
that the entire flow raised contributes directly to the SDGs.
Conclusion & outlook for private financial flows
Just like public financing flows, private financing flows serving the SDGs are difficult to identify: they
are not consistently monitored and there are important data gaps. With that in mind, our review leads
us to estimate annual private financing flows at US$ 1.9 trillion (figure 16). This is more than public
flows but still considerably below the level of incremental SDG investment needs.
As with public flows, it is apparent that advanced economies receive far more private finance thanemerging and developing countries, the African continent receiving the least of all. We have seen thateven blended finance, a tool promoted by development institutions, is considerably lower indeveloping countries and in Africa than in more prosperous parts of the world. Interestingly, thelargest financial flows are perhaps not where one would expect them. In advanced countries,
institutional investors are playing a key role in unlocking more private finance towards SDG
investments. In emerging and developing countries, remittances and FDIs appear to be the mostimportant private flows. While those external flows have steadily increased over the past years, itremains to be seen whether their scale (in billions) can truly address the SDG financing gap (in trillions).

48

Private equity is capital provided by retail and institutional investors directly invested in private companies.
Prequin (2017)50
PwC (2016)
51
Massolution Crowdfunding Industry Report (2015)
52 “These households have an income of at least US$ 10,000 a year, and at least three months of savings or three months savings in equity
holdings” (World Bank, 2013).
49

36

Figure 14: Private finance serving SDG investment needs - advanced vs emerging markets & developing countries- andAfrica (in US$ trillions)

Private finance serving the SDG investment needs
7
6
1.596

5
4
3

1.908

6

2
1
0
Investment needs

Advanced countries
2
1.5
0.4
1
1.5
0.5

0.9

0
Investment Public flows
needs

Private
flows

5
4
3
2
1
0

Public flows

Private flows

Emerging markets &developing countries

Africa

1.5

1.2
4.5

2

1.0

0.1

0.1

1
1.5
0.5
0

Investment Public flows Private flows
needs

Investment Public flows
needs

Privateflows

Source: Authors’ analysis based on World Bank data37

List of Tables
Table 1: Estimate of SDG investment needs in developing countries .................................................. 23
Table 2: Global estimated of investment needs ................................................................................... 24
Table 3: Estimates of SDG investment needs per geography ............................................................... 25
Table 4: Forex exchange rates .............................................................................................................. 27
Table 5: Sources of public financial flows (in US$ billions) ................................................................... 28
Table 6: Sources of private financial flows (in US$ billions) ................................................................. 33

List of Figures
Figure 1: SDG financing gap - advanced vs emerging & developing countries vs Africa ........................ 5
Figure 2: SDG financial flows relative to SDG investment needs ............................................................ 6
Figure 3: Business model evolution ........................................................................................................ 7
Figure 4: Impact value chains: energy efficiency .................................................................................... 8
Figure 5: The multiple impacts of a lamp-post ....................................................................................... 9
Figure 6: The Impact Journey................................................................................................................ 13
Figure 7: The Principles for Positive Impact Finance ............................................................................ 14
Figure 8: The PI Impact Radar (draft) .................................................................................................... 15
Figure 9: Holistic impact management ................................................................................................. 16
Figure 10: The Positive Impact Ecosystem ............................................................................................ 18
Figure 11: Sources, channels and instruments of financial flows (in US$ billions) ............................... 26
Figure 12: ODA by sector in emerging and developing countries, 2015 .............................................. 29
Figure 13: Public finance serving SDG investment needs - advanced vs emerging markets &developing countries and Africa (in US$ trillions)................................................................................. 32
Figure 14: Private finance serving SDG investment needs - advanced vs emerging markets &developing countries- and Africa (in US$ trillions) ............................................................................... 37

38

List of Abbreviations and Acronyms
AUM
ADB
AfDB
BRICS
COP
DAC
DFIs
EIB
EBRD
EMDE
FAO
FDI
GDP
GHG
GNI
IDA
IEA
KPI
LIC
LMIC
MDBs
MDGs
ODA
OECD
PPPs
RFP
SDGs
SMEs
TCFD
UNCTAD
UNEP FIUNSDSN
WB
WBCSD
WEF

Assets Under Management
Asian Development Bank
African Development Bank
Brazil, Russia, India, China and South Africa
Conference Of Parties
Development Assistance Committee
Development Financial Institutions
European Investment Bank
European Bank for Reconstruction and Development
Emerging and Developing Economies
Food and Agriculture Organization
Foreign Direct Investment
Gross Domestic productGreenhouse Gas
Gross National Income
International Development Association
International Energy Agency
Key Performance Indicator
Low Income Countries
Low and Middle-Income Countries
Multilateral Development Banks
Millennium Development Goals
Overseas Development Assistance
Organisation for Economic Co-operation and Development
Public-Private Partnerships
Request for proposals
Sustainable Development Goals
Small and medium-sized enterprises
Task Force on Climate-related Financial Disclosures
United Nations Conference on Trade and Development
The United Nations Environment Programme FinanceInitiative
United Nations Sustainable Development Solutions Network
World BankWorld Business Council for Sustainable Development
World Economic Forum39

Glossary
Blended financeAccording to the World Economic Forum (2015), blended finance is the “strategic use of development
finance and philanthropic funds to mobilize private capital flows to emerging and frontier markets”.
OECD (2018) defines blended finance as “the strategic use of development finance for the mobilisationof additional commercial finance towards sustainable development in developing countries”.
Crowdfunding
An Internet enabled way for businesses or other organizations to raise money in the form of either
donations or investments from multiple individuals. 53
Divestment
Avoiding and disposing of investments in specific types of assets for financial, ethical or political
purposes. A report states that 430 institutions and 2,040 individuals have committed to divesting a
total of US$2.6 trillion (0.04% of total equity market of $69 trillion) in coal, tar sands and otherpolluting assets (Reneweconomy, 2016). Arabella Advisors (2016) reports an increase to US$5.2
trillion for 688 institutions and 58,399 individuals. What percentage is allocated or reallocated to
SDG investments is not being monitored.
Export Credit
An export credit is an insurance, guarantee or financing arrangement which enables a foreign buyerof exported good and/or services to defer payment over a period of time. Export credits are
generally divided into short-term, medium-term (usually two to five years repayment) and long-term(usually over five years). As defined by OECD.
Financial flows
A measure of dedicated or committed amount of finance related to a set period of time.
Financing gap
The difference between the investments needed to meet the SDGs (SDG investment needs) and theassociated level of financing (SDG financial flows).
Foreign Direct Investment (FDI)
An investment made to acquire lasting interest in enterprises operating outside of the economy of
the investor.54
Foundations
Non-profit organisations that provide or donate funds for charity purposes.

53

World Bank (2013)

54

UNCTAD, Balance of Payments Manual: Fifth Edition (BPM5) (Washington, D.C., International Monetary
Fund, 1993.

40

Impact
Impact is used here as a generic term to refer to the change effected by an activity or entity on
people, the environment and the economy.
Impact-based business models
Business and financing models where impacts themselves are the source of repayment or revenue.
Impact investing
An investment approach with intentional social and environmental objectives and spanning bothmarket rate and concessionary approaches to financial returns. Impact investing has grownconsiderably over the past years. In 2015, the GIIN annual survey reported US$ 15 billion of newcommitted capital to impact investments.55 Impact investment represented US$ 77 billion in AUM in2015, with Sub-Saharan Africa absorbing 19% of the AUM according to a Ferdi study (2016).
According to the same study, microfinance is a key sector for impact investment, representing 32%
of assets managed, contributing to SDG 1 & 9. While impact investment is gaining in popularity (US$
22 billion US$ invested in 2016), flows are mostly to OECD and donor countries, with investors morecautious about riskier developing markets. 56(Incremental) Investment needs
Investments needs are a measure of total investments needed to meet the SDGs. Different fromfinancing gap (see definition above). Incremental investment needs are a measure of investments
needed to meet the SDGs when existing investments have been accounted for.
Official Development Assistance (ODA)
Loans made on concessional terms and grants by Development Assistance Committee (DAC) andnon-DAC countries towards ODA recipients’ countries.
Pay For Success (PFS)This approach mobilizes private capital in social programs to address issues (recidivism, housing,youth unemployment, health and education) that traditionally rely on philanthropic or government
funding, and thereby shift financial risk from service providers to investors. PFS contracts are known
as Social Impact Bonds (SIBs) or Social Development Bonds (SDBs). Private capital is provided upfront
to support social programs and is repaid by an outcomes payer (government, MDB or DFI
respectively) only if contractually predetermined performance outcomes are achieved. These publicprivate partnerships are designed to deliver long-term social impacts and simultaneously provide afair risk return to financial institutions; however, with limited applicability (complex frameworks, nofixed guidelines for impact assessment) and long-term scope, it is reaching only a modest market
with an estimated $392 million raised for 108 projects over seven years. In 2017, two social impact
bond issues targeted Africa for a total of US$ 29 million57.

55 GIIN (2017) (https://thegiin.org/assets/GIIN_AnnualImpactInvestorSurvey_2017_Web_Final.pdf)
56

57

GIIN (2017)
Social Finance (https://sibdatabase.socialfinance.org.uk)

41

Private equity
Capital provided by retail and institutional investors invested directly or via funds in privatecompanies. Prequin (2017) estimated the aggregate capital raised in private equity at US$ 329
billion.
Remittances
Cross-border, person-to-person payments of relatively low value. The transfers are typicallyrecurrent payments by migrant workers to their relatives (IFAD, 2017).
Specialised lending
Distinct from standard lending because loans either restrict use of funds towards a project with a
specific objective, or to pursue an evolution of the borrower’s business model towards a specificobjective, in our context towards greener or sustainable practices or products and services. Greenloans are an increasingly widely recognised example of the first type of specialised lending, linking
loan issuance with financing “green” projects such as energy efficient real estate or renewableenergy. Certain products link interest rates or even ongoing financing to sustainability performance.
Sustainable development
Economic development that meets the needs of the present without compromising the ability of
future generations to meet their own needs.
Sustainable finance
Finance that seeks alignment with sustainable development targets and policies.
Sovereign Wealth Funds (SWFs)
State-owned investment funds or entities that are commonly established from balance of payments
surpluses, official foreign currency operations, the proceeds of privatizations, governmental transfer
payments, fiscal surpluses, and/or receipts resulting from resource exports (SWF Institute). SWFs
report their data in terms of stock of investment (AUM). SWFs weigh US$ 4 trillion in AUM 58.
Green bonds
These ring-fence use of proceeds to green entities and projects, usually related to renewable energy
and energy efficiency.59 2016 saw a record issuance of US $87.2 billion60 of ‘labelled’ green bonds, up
from $42 billion in 2015 and an even higher figure for 2017 global issuance reached US$ 155.5 billion 61.
Including ‘climate-aligned’ bonds (a broader definition of bonds used to finance low carbon andclimate-resilient infrastructure), green bond issuance was estimated at US$694 billion in 2016. Despite
the significant growth, the larger figure represents less than 0.5% of global bond markets (US$150
trillion). Private sector issuance still lags the public sector: in 2016 over 60% of outstanding bonds
were issued by public entities.

58

World Bank (http://blogs.worldbank.org/psd/institutional-investment-infrastructure-view-bridge-development-agency)
Climate Bonds Initiative (2015)
60 Climate Bonds Initiative (2015)
61 Green Bond Highlights 2017, Climate Bonds Initiative
59

42

Themed indices
Indices that “tag” corporate contributions to sustainability themes, such as carbon emissions or the
SDGs.

43

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