2024年世界投資報告（概述）2024 World investment report

UNITEDNATIONSCONFERENCEONTRADEANDDEVELOPMENT

2024

World

investmentreport

Investmentfacilitationanddigitalgovernment

OVERVIEW

UNITEDNATIONSCONFERENCEONTRADEANDDEVELOPMENT

2024

World

investmentreport

Investmentfacilitationanddigitalgovernment

OVERVIEW

Geneva,2024

Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

?2024,UnitedNations

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UnitedNationspublicationissuedbytheUnitedNationsConferenceonTradeandDevelopment

UNCTAD/WIR/2024(Overview)

ii

Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

Preface

Investmentisthefuelforsustainabledevelopment.ClosingtheSDGandclimatefinancinggapwillrequireanestimated$500billionofinternationalpublicfinanceand$500billionofinternationalprivatefinanceperyear,muchofwhichwouldbeintheformofforeigndirectinvestment.

Butmanydevelopingcountriesarerunningonempty.Globalandregionalcrises,tradetensionsandtighterfinancingconditionshavehadachillingeffectonforeigndirectinvestment,whichremainedsubduedin2023forasecondyearinsuccession.Globalflowsofforeigndirectinvestmentstagnatedat$1.3trillion.Notably,foreigndirectinvestmentinnewindustrialandinfrastructureprojectsindevelopingcountriesdeclined,whilenewinvestmentinsectorsrelevanttotheSustainableDevelopmentGoalsfellbymorethan10percent.

StagnantSDGinvestmentandinsufficientfundingisseverelyhinderingimplementationofthe2030AgendaandtheSDGs,particularlyinleastdevelopedcountries.Weneedurgentactiontoremoveobstaclesandprovideatransparent,streamlinedinvestmentclimateforsustainabledevelopment.

ThisWorldInvestmentReportshowsthatthelacklustrefinancialflowstodevelopingcountriesarenotduetoalackofinvestmentpolicyefforts.Investmentfacilitationhasbecomeaprominentfeatureofnationalpoliciesandinternationalagreements.Digitalgovernmentsolutionsareproliferating,aidinginvestorsandstrengtheninggovernanceandinstitutions.

Butdespitetheseefforts,financeisnotflowingatsufficientscale,duetohighinterestratesandgeopoliticalconditions.Thatmeanswemustredoubleourefforts.

Iurgealldecisionmakerstoprioritizethemobilizationofsustainablefinanceatscale.TheSDGStimuluswehaveproposedisapracticalandachievablemeansofdeliveringthis.Ourcallforreformandscalingupofmultilateraldevelopmentbanksisintendedtosignificantlyincreasethecrowdinginofprivateinvestment.

Ialsoencouragepolicymakerstoprioritizestrengtheninginvestmentgovernanceindevelopingcountries,toensurefinancialflowsaredirectedtowardstheSDGs.UNCTAD’srecommendationsfortheuseofbusinessfacilitationanddigitalgovernmenttoeasesustainableinvestmentcanplayanimportantpartinachievingthesegoals.

AntónioGuterres

Secretary-GeneraloftheUnitedNations

iii

Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

Foreword

Inaworldgrapplingwithglobalandregionalcrises,thedelicatebalanceofforeigndirectinvestment(FDI)hangsprecariously.ThisWorldInvestmentReport(WIR)servesasastarkreminderthatinvestment,thelifebloodofsustainabledevelopment,isnotmerelyastatisticbutalifelinefordevelopingnations.ItisthefuelthatpowersprogresstowardstheSustainableDevelopmentGoals(SDGs)andthe2030AgendaforSustainableDevelopment.

Thechallengeswefacearemultifacetedandinterconnected.Geoeconomicfragmentationisreshapingthelandscapeofglobalinvestment.Tradenetworksarefragmenting,regulatoryenvironmentsaredivergingandinternationalsupplychainsarebeingreconfigured.Theseshiftscreatebothobstaclesandisolatedopportunities,withsomecountriesbenefitingfrominvestmentsinglobalvaluechain-intensivemanufacturingwhileothersstruggletoparticipateintheglobaleconomy.

Overall,however,thesetrendsareleadingtoafurtherdeteriorationoftheinternationalinvestmentlandscapeasseenfromthedevelopingworld.Lastyear,FDIfellbymorethan10percentglobally,andby7percentinthedevelopingworld.Internationalprojectfinance,crucialforinfrastructuredevelopment,wasparticularlyhardhit,fallingby26percent.Prospectsfor2024remainchallenging,withweakeninggrowthprospectsandcontinuingtradeandgeopoliticaltensions.

Furthermore,theWIRrevealsacrisisinSDGinvestment,withamorethan10percentdecreasein2023.Twosectors,agrifoodsystemsandwaterandsanitation,registeredfewerinternationallyfinancedprojectsin2023thanin2015,whentheSDGswereadopted.Thisdecline,drivenbytighterfinancingconditionsandaslowdowninsustainablefinancemarkets,underscorestheneedforconcertedactiontosteerinvestmentstowardsprojectsthatgenuinelycontributetoasustainablefuture.

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Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

Meanwhile,themobilizationoffundsforSDGinvestmentthroughsustainablefinanceproductsinglobalcapitalmarketsisstillgrowingbutslowingdown.Sustainablebondsshowedmarginalgrowthin2023,andnewinflowsinsustainableinvestmentfundsdroppedby60percent.Greenwashingconcernsareincreasinglyaffectinginvestordemand.Morebroadly,policyactionisneededtomitigatetheriskofawideningbacklashagainstsustainableinvestmentstrategies.Theworldneedsarobustandcrediblesustainablefinanceindustry,andnoeffortmustbesparedtofortifyitbeforeitistoolate.

Butthewaywedothatmustbecarefullyconsidered.Policymakersshouldbemindfulofthespillovereffectsofinternationalsustainabilityreportingstandards,particularlyonsmallandmedium-sizedenterprises(SMEs)indevelopingcountries.TheseSMEs,theenginesofinclusivegrowthandjobcreation,arepreciselytheonesthatneedsustainablefinanceflowsthemost.Howevertheymaystruggletomeetincreaseddisclosurerequirements,potentiallyaffectingtheirmarketaccessandparticipationinglobalsupplychains.Strikingabalancebetweenpromotingtransparencyandavoidingundueburdensonbusinesseswillbecrucialforasustainableandinclusiveinvestmentlandscape.

Againstthiscomplexbackdrop,theWIRunderscorestheimportanceofinvestmentfacilitationanddigitalgovernmentastoolstoattractandretaininvestment.Bystreamliningprocedures,enhancingtransparencyandleveragingdigitaltoolssuchasonlinesinglewindows,wecanfosteramoreconduciveinvestmentclimate,particularlyindevelopingcountries.Furthermore,thereportemphasizesthatdigitalbusinessandinvestmentfacilitationisnotmerelyatechnicalsolution;itisasteppingstonetowardswiderdigitalgovernmentimplementation,whichcanaddressunderlyingweaknessesingovernanceandinstitutionsthatoftenhinderinvestmentandimpedeprogresstowardssustainabledevelopment.

Investmentfacilitation,whileessential,isnotapanaceaforthechallengesfacingglobalinvestmentflows.However,itisanundeniableprerequisiteforfosteringanenvironmentconducivetosustainableinvestment.Theproliferationofdigitalsolutionsforinvestmentfacilitation,ashighlightedinthisreport,exemplifiestheWIR’scommitmenttoprovidingtangibleandactionablepolicyrecommendationseveninthemostchallengingoftimes.

Aswenavigatethecomplexitiesofthe21stcentury,theWIRremindsusthatinvestmentisnotjustaboutcapitalflows;itisabouthumanpotential,environmentalstewardshipandtheenduringpursuitofamoreequitableandsustainableworld.Letusembracethisvisionwithreneweddetermination,recognizingthatthechoiceswemaketodaywillshapetheworldweleavebehindforgenerationstocome.

RebecaGrynspan

Secretary-General

UNTradeandDevelopment

v

Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

Contents

Preface iii

Foreword iv

Internationalinvestmenttrends 2

Investmentpolicytrends 6

Sustainablefinancetrends 9

Investmentfacilitationanddigitalgovernment 12

Annextable-FDIflows 16

1

WorldinvestmentreportInvestmentfacilitationanddigitalgovernment

?2023KotoAmatsukami/Shutterstock.

International

%

Globa

FDIflows

Manufacturing

investment

brightspot

investmenttrends

Globalforeigndirectinvestment(FDI)in2023decreasedmarginally,by2percent,to$1.3trillion.ThisheadlinefigurewasaffectedbywildswingsinfinancialflowsthroughasmallnumberofEuropeanconduiteconomies;excludingtheeffectoftheseconduits,globalFDIflowsweremorethan10percentlowerthanin2022.

Theglobalenvironmentforinternationalinvestmentremainschallengingin2024.Weakeninggrowthprospects,economicfracturingtrends,tradeandgeopoliticaltensions,industrialpoliciesandsupplychaindiversificationarereshapingFDIpatterns,causingsomemultinationalenterprises(MNEs)toadoptacautiousapproachtooverseasexpansion.However,MNEprofitlevelsremainhigh,financingconditionsareeasingandincreasedgreenfieldprojectannouncementsin2023willpositivelyaffectFDI.Modestgrowthforthefullyearappearspossible.

Internationalprojectfinanceandcross-bordermergersandacquisitions(M&As)wereespeciallyweakin2023.M&As,whichmostlyaffectFDIindevelopedcountries,fellby46percentinvalue.Projectfinance,importantforinfrastructureinvestment,wasdown26percent.Tighterfinancingconditions,investoruncertainty,volatilityinfinancialmarketsand–forM&As–tighterregulatoryscrutinyweretheprincipalcausesofthedecline.

Greenfieldinvestmentprojectannouncementsprovidedabrightspot.Projectnumbersincreasedby2percent,withthegrowthconcentratedinmanufacturing,interruptingadecade-longtrendofgradualdeclineinthesector.Furthermore,growthwasconcentratedindevelopingcountries,wherethenumberofprojectswasupby15percent.Indevelopedcountriesnewprojectannouncementsweredown6percent.

2

Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

Incomegroups

867

FDI

value

464

31

DevelopedDevelopingLDCs

+9%

-7%

+17%

FDI

Growthrates

-6%

+15%

+51%

Green?eldprojects

(mostlyindustry)

Internationalproject

-21%

-26%

-32%

?nance(mostlyinfrastructure)

Regions

621

FDIvalue(Billionsofdollars)

Europe

l16

NorthAmerica

361

Africa

53

DevelopingAsia

LatinAmericaandtheCaribbean

193

Growthrates

Green?eldFDIprojects

Internationalproject?nance

..

-5%

-3%

-8

-1%

-8%

0

+7%

+22%

-4%

-25%

-6%

-26%

-25%

-30%

Green?eldprojects

(Number)

+2%

20222023

Internationalproject?nance

(Number)

-23%

20222023

Cross-borderM&As

(Value)

FDI

(Value)

-46%

-2%

20222023

20222023

Industries

(Projectnumbers)

SDGsectors

(Developingeconomies,projectnumbers)

Infrastructure0%

GVC-intensiveindustries+27%

Semiconductors-1%

Digitaleconomy-46%

Extractives-9%

Infrastructure+8%

Renewableenergy-5%

WASH-17%

Agrifoodsystems+13%

Healthandeducation+6%

3

Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

Indevelopedcountries,the2023trendwasstronglyaffectedbyMNEfinancialtransactions,partlycausedbymovestoimplementaminimumtaxonthelargestMNEs.FDIflowsinEuropejumpedfromnegative$106billionin2022topositive$16billionbecauseofvolatilityinconduiteconomies.InflowstotherestofEuropeweredown14percent.Inflowsinotherdevelopedcountriesalsostagnated,witha5percentdeclineinNorthAmericaandsizeablefallselsewhere.

FDIflowstodevelopingcountriesfellby7percentto$867billion,mainlyduetoan8percentdecreaseindevelopingAsia.Flowsfellby3percentinAfricaandby1percentinLatinAmericaandtheCaribbean.Thenumberofinternationalprojectfinancedealsfellbyaquarter.Greenfieldprojectannouncementsindevelopingcountriesincreasedbymorethan1,000,buttheseprojectswerehighlyconcentrated;South-EastAsiaaccountedforalmosthalf,WestAsiaforaquarterandAfricaregisteredasmallincrease,whileLatinAmericaandtheCaribbeanattractedfewerprojects.

?FDIinflowstoAfricadeclinedby3percentin2023to$53billion.Greenfieldannouncementsincludedseveralmegaprojects,includingthelargestannouncementworldwide–agreenhydrogenprojectinMauritania.Internationalprojectfinancefellbyaquarterinnumberofdealsandbyhalfinvalue,negativelyaffectingprospectsforinfrastructureinvestment.

?FDIindevelopingAsiafellby8percentto$621billion.China,thesecondlargestFDIrecipientintheworld,sawararedeclineininflows.SizeabledeclineswererecordedinIndiaandinWestandCentralAsia.OnlySouth-EastAsiaheldsteady.IndustrialinvestmentinAsiaremainsbuoyant,asshownbygreenfieldannouncements,buttheglobaldownturninprojectfinancealsoaffectedtheregion.

?FlowstoLatinAmericaandtheCaribbeanweredown1percent,at$193billion.Thenumberofinternationalprojectfinanceandgreenfieldinvestmentannouncementsfell,butthevalueofthelatterincreasedbecauseoflargeprojectsincommoditysectorsandcriticalminerals,aswellasinrenewableenergy,greenhydrogenandgreenammonia.

?FDIflowstothestructurallyweakandvulnerableeconomiesincreased.FDIinflowstotheleastdevelopedcountries(LDCs)roseto$31billion,or2.4percentofglobalFDIflows.LandlockeddevelopingcountriesandsmallislanddevelopingStatesalsosawincreasedFDI.Inallthreegroups,FDIremainsconcentratedamongafewcountries.Internationalprojectfinanceisrelativelymoreimportantinthepoorestcountries,whicharethereforedisproportionallyaffectedbytheglobaldownturninthisformofinvestment.

FDlincritical

minerals

X2

Industrytrendsshowedlowerinvestmentintheinfrastructureanddigitaleconomysectors,butstronggrowthintheglobalvaluechain-intensivesectorsofmanufacturingandcriticalminerals.Weakprojectfinancemarketsnegativelyaffectedinfrastructureinvestment,anddigitaleconomysectorscontinuedtheirslowdownaftertheboomendedin2022.Globalvaluechain-intensivesectors,includingtheautomotive,electronicsandmachineryindustries,grewstrongly,showingtheeffectofsupplychainrestructuringpressures.Incriticalmineralsextractionandprocessing,investmentprojectnumbersandvaluesnearlydoubled.

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Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

GlobaleconomicfracturingtrendsareaffectingtheinvestmentstrategiesofmanufacturingMNEs.Theinvestmentbehaviourofthetop100non-financialMNEsshowsthat,since2019,thegeographicaldistributionofmanufacturingprojects,especiallyinstrategicsectors,hasshiftedtowardslocationsclosertomajorMNEhomemarketsinEuropeandtheUnitedStates.WestAsia,NorthAfricaandCentralAmericaareemergingasstrategiclocationsformanufacturingMNEs.

InternationalinvestmentinsectorsrelevantfortheSustainableDevelopmentGoalsindevelopingcountriesdeclinedin2023.Growthingreenfieldprojectannouncements,especiallyinrenewableenergy,powerandtransportation,pushedupthenumbers.Invalueterms,Goalsinvestmentindevelopingcountriesfellbecauseofthedownturnininternationalprojectfinance,usedforlargerprojectsininfrastructuresectors.Projectnumbersinagrifoodsystemsandinwaterandsanitationwerelowerthantheywerein2015whentheGoalswereadopted.Goalsinvestmentisalsounequallydistributed.ThesharesofglobalGoalsinvestmentprojectsattractedbyAfricaandbyLatinAmericaandtheCaribbeanaresmallerthantheirsharesinallprojects.OnlydevelopingAsiaattractsabove-averageGoalsinvestment.

Downturn

inproject

finance-

depresses

SDG

investment

5

2024vicjosh/Shutterstock.

Investmentpolicytrends

30%

ofmeasures:

investmentfacilitation

Thenumberofinvestmentpolicymeasuresadoptedin2023was25percentlowerthanin2022butstillinlinewiththefive-yearaverage.Mostmeasures,72percent,werefavourabletoinvestors.Theoverallbalancebetweenfavourablemeasures(liberalization,promotion,facilitation)andlessfavourableones(restrictionsonentryandoperation)wasunchanged.

Developingcountriesmostlyaimtopromoteandfacilitateinvestment,whereasdevelopedcountriesleantowardsmorerestrictivemeasures.Indevelopingcountries,86percentofmeasureswerefavourabletoinvestors.Indevelopedcountries,57percentofmeasureswerelessfavourabletoinvestors.Mostoftheseconcernedrestrictionstoaddressnationalsecurityconcerns.

Investmentfacilitationandincentiveswerethemaintypesofmeasuresfavourabletoinvestorsinbothdevelopedanddevelopingcountries.Facilitationmeasuresreachedalmost40percentoffavourablemeasuresand30percentofallmeasures–arecord.Forincentives,theservicessectorandrenewableenergyweretheprimaryfocusin2023.

Heightenedcautiontowardsforeigninvestmentsincriticalsectorspersistedin2023.TheintroductionorexpansionofFDIscreeningmechanismsaccountedfornearlyhalfofthemeasureslessfavourabletoinvestors.FouradditionalcountriesimplementedFDIscreeningin2023,withseveralmoreexpectedtofollowin2024.CountriesthatconductFDIscreeningnowaccountforoverhalfofglobalFDIflowsandthreequartersofFDIstock.

FDIrestrictionsalsoincreasinglyaffectoutwardFDI.OutwardFDIpolicieshaveevolvedoverthepastdecade,reflectingthegrowingimportanceofbothsustainabilityandgeopoliticalconsiderationsinshapinginvestmentpolicies.

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Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

DevelopingcountriescontinuetoprioritizeinvestmentattractionShareofmeasuresmorefavourabletoinvestors

86%

137

nationalmeasures

43%

DevelopingcountriesDevelopedcountries

Keytrends:facilitationandentryrestrictionsontherise

Lessfavourablemeasuresbytype

Morefavourablemeasuresbytype

CountrieswithFDIscreening

41

+141%

17

20142023

Entryrestrictions

operation

Treatmentand

68%

32%

Facilitation

Incentives

Promotion

LiberalizationOther

39%

33%

14%

12%

l2%

2023agreementsaddressnewinvestmentgovernanceissues,yetold-generationonespersist,raisingtheriskofinvestor–Statedisputes

29

IIAssigned

Commitmentsin2023IIAs

Cooperation16 Protection15 Facilitation14

Liberalization9

60

newISDScases

Partiesinvolvedin2023cases2023cases:topsectors

RespondentClaimant

Construction

Oil,gas,coal,miningManufacturing

30%

Developed75%

70%

Developing25%

12

10

10

Old-generationagreementscoverhalfofglobalforeigndirectinvestmentstock–withgreaterexposurefordevelopingcountries

Notcovered

New-generationOld-generation

GlobalFDIstock:IIAcoverage

35%

16%

49%

FDIstockcoveredbyold-generationIIAs

71%

65%

LeastdevelopedDeveloping

46%

Developed

7

Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

In2023,countriesandregionsconcluded29newinternationalinvestmentagreements(IIAs).Traditionalbilateralinvestmenttreatiesaccountedforfewerthanhalfofthenewtreaties;mostwerebroadeconomicagreementswithinvestmentprovisions.

EffortstoreformtheIIAregimearecontinuing.Newtreatiestendtoincludefeaturesaimedatsafeguardingtherighttoregulateandtheyincreasinglycoverabroaderrangeofissues,includinginvestmentfacilitation.TherecentfinalizationoftheInvestmentFacilitationforDevelopmentAgreementbyparticipatingmembersoftheWorldTradeOrganizationmayprovidefurtherimpetusforthistrend.

IIAreformprogress:

%ofFDIStock

Reformofthestockofold-generationIIAscontinuestobeslow.AbouthalfoftheglobalstockofFDIisstillcoveredbyIIAsthathavenotbeenreformed,whichexposecountriestohigherriskofinvestor–Statedisputesettlementcases.ThisshareisabouttwothirdsfordevelopingcountriesandclosertothreequartersforLDCs.Only16percentofglobalFDIstockistodaycoveredbyanew-generationIIA;reformeffortshavesofarhadalimitedeffectonmitigatingtheriskofISDS,especiallyinthepoorestcountries.

ThetotalISDScasecountreached1,332,with60newarbitrationsinitiatedin2023.About70percentofnewcaseswerebroughtagainstdevelopingcountries,includingthreeLDCs.Internationalinvestorsintheconstruction,manufacturingandextractivesectorsaccountedforoverhalfoftheclaimsin2023.

UNCTADcontinuestoplayaleadingroleinfacilitatingIIAreform.ItlaunchedtheMulti-StakeholderPlatformforIIAReformduringtheUNCTADWorldInvestmentForumtochartthewayforwardtowardsaninvestmentregimethatputssustainabledevelopmentatitscore.

8

government

?2016SonpichitSalangsing/Shutterstock.

Sustainablefinancetrends

Thesustainablefinancemarketcontinuestogrow,butthereareclearsignsofaslowdown.In2023,thevalueofsustainableinvestmentproducts,encompassingbondsandfunds,increasedby20percenttomorethan$7trillion.However,muchoftheincreasewasdrivenbycumulativeissuanceandrisingvaluations,andsomesegmentsofthemarketstruggled.

Sustainablebondsshowedmarginalgrowth.Issuanceclimbed3percentto$872billion,bringingtheoutstandingvalueofthemarkettomorethan$4trillion.Greenbondswerethemaindriverofgrowth,whileissuanceinothersegments,especiallysocialbonds,fell.

Sustainablefundsexperiencedstrongheadwinds.Despitecontinuedgrowthinthenumberoffundsandassetvalues,netinflowsdroppedfrom$161billionin2022to$63billionin2023.Intheprincipalmarkets,fundsinEuropelostgrowthmomentumandthoseintheUnitedStatessawsignificantnetoutflows,exceedingthoseofthebroaderfundmarket.

58ofthe

top1

PPFsandswFs

reporton

sustainabty

Greenwashingposesthemostsignificantchallengetothesustainablefundmarket.Theaveragenetexposureofgreenfundstoclimate-positiveassets(low-carbonassetsminusfossilfuels)isonlyabout20percent,andfewerthan5percentofthesefundsarefreefromoilandgasassets.Furthersystemiceffortsareneededtotacklegreenwashing,includingwell-definedproductstandards,robustsustainabilitydisclosures,externalauditingandthird-partyratings.

Institutionalinvestorsmadeprogressonsustainabilityreporting,butsignificantgapsremain.In2023,58ofthetop100sovereignwealthandpublicpensionfundsmonitoredbyUNCTADreportedontheirsustainabilityperformance,upfrom55in2022.Onlyaquarterofreportingfundsusedthird-partyverification.

9

Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

Thesustainable?nancemarketgrewbutsignsofaslowdownpersist

Sustainablebondmarket

Globalissuance,2023:$872billion

587

3%

154

GreenSocial

109

Sustainability

I22

Sustainability-linked

Cumulativeissuancesince2018:$4trillion

+7%

Sustainablefundmarket

Marketvalue,2023:$3trillion

Netin?ows

($billions)

-89%

161

63

557

201820192020202120222023

Moreinstitutionalinvestorsreportedonsustainabilityperformancein2023

58publicpensionfundsandsovereignwealthfundsreport…

Top

100

42

58

…butonly17targetfossilfueldivestmentandrenewablesinvestment

Stockexchangeshelpdrivesustainabilitydisclosure

59%providewrittenguidance

31%enforcemandatoryrules

66%providetraining

12%

Regulationsandstandardsareproliferating;greenwashingremainsachallenge

Sustainabilitydisclosure

Sustainable?nanceregulation

50%growthinsustainable?nancemeasures,2023

Developingeconomies:

60%ofnewpolicies

17countriesadoptednewISSBstandards

Greenwashing:only20%

of“greenfund”portfoliosare

exposedtoclimate-positiveassets

63

94

20222023

10

Worldinvestmentreport2024-Investmentfacilitationanddigitalgovernment

Institutionalinvestorsarenotmovingfastenoughtoreorientportfolios.Mostreportingfundshavesetoutstrategiestoaddressclimatechange.However,onlyoneinthreehavesetatargetforfossilfueldivestmentandinvestmentinrenewables.

Governmentsinbothdevelopedanddevelopingeconomiesareacceleratingsustainablefinancepolicymaking.In2023,35economiestrackedbyUNCTAD,coveringtheworld’slargestfinancialmarkets,introduced94newmeasuresandinitiatives,upfrom63in2022.Policymeasuresmostlyconcerneddisclosurerules,newnationalstrategies,frameworksandguidelines,and(financial)sector-andproduct-specificrequirements.

Developingcountriesarebecomingincreasinglyactiveinsustainablefinancepolicymaking.Theyaccountedforabout60percentofnewpolicymeasuresin2023.Thesemeasuresweremostlyconcentratedinthelargestdevelopingeconomiesorfinancialcentres.Developingcountriesasagroupcontinuetofacechallengesinleveragingsustainablefinance,asevidencedbythepersistentlylowsustainableinvestmentflows.

Internationalstandardswillhavesignificantspillovereffects.ThenewdisclosurestandardsissuedbytheInternationalSustainabilityStandardsBoardandtheEuropeanUnionwillaffectfirmsba