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International Monetary Fund. Fiscal Affairs Dept.
Countries have committed, through the Paris Agreement and the Sustainable Development Goals (SDGs), to pursue climate targets and policies that would limit global temperature rise to well below 2 degrees Celsius, compared to pre-industrial levels. A shift toward green public investment will help to mitigate greenhouse gas (GHG) emissions. In addition, substantial public investment will be necessary to build public infrastructure that makes economies more resilient to climate change and related natural disasters. Climate change mitigation and adaptation challenges thus compound preexisting needs for public investment to foster the economic recovery from the pandemic and to meet the SDGs in a broader range of areas, often in a context of limited fiscal space. Against this backdrop, a priority for all countries is to manage their public investment efficiently and effectively. To help countries improve the institutions and processes for infrastructure governance (the planning, allocation, and implementation of public investment), the IMF developed in 2015 the Public Investment Management Assessment (PIMA), which has already been applied in over 70 countries. However, the current PIMA does not provide a sufficiently tailored assessment of how public investment management can support climate change mitigation and adaptation. To fill this gap, this paper introduces a new module to the to the current Public Investment Management Assessment (PIMA) framework, the “Climate-PIMA” (C-PIMA), whose goal is to help governments identify potential improvements in public investment institutions and processes to build low-carbon and climate-resilient infrastructure.
International Monetary Fund. Fiscal Affairs Dept.

-smart infrastructure. These institutions relate to climate-focused national planning, coordination within the public sector, appraisal and selection, budget and portfolio management and risk management. These five institutions, and their components, are key in developing PIM practices that support climate goals on mitigation and adaptation. The Climate PIMA—or C-PIMA module—assesses to what extent countries are ready to manage their public investment with a focus on building green and resilient infrastructure and provides them with a reform roadmap in that direction. 5. The

International Monetary Fund. Fiscal Affairs Dept.

how public investment management can support climate change mitigation and adaptation. To fill this gap, the present paper introduces a new module to the PIMA, the “Climate-PIMA” (C-PIMA), whose goal is to help governments identify potential improvements in public investment institutions and processes to build low-carbon and climate-resilient infrastructure. The C-PIMA is designed around five pillars of public investment management that are key for climate-smart infrastructure: planning, coordination across government, project appraisal and selection; budgeting

International Monetary Fund. Fiscal Affairs Dept.

. Climate Change Framework in the UK B. Climate Change Objectives and Strategies C. Climate Change and Public Infrastructure in the UK II. CLIMATE CHANGE AND PUBLIC INVESTMENT MANAGEMENT ASSESSSMENT A. Climate PIMA Framework B. Detailed Assessment and Recommendations C. Cross-Cutting Issues BOXES 1. Spending Reviews and Timing of Capital Spending Decisions 2. Spending Review 2021 and Climate Change 3. Eligible Expenditures and Reporting for UK Green Gilts 4. Examples of NAO Climate-Change Related Value for Money Audits 5. The Government Property

International Monetary Fund. Fiscal Affairs Dept.

. Non-Fiscal Public Programs for Adaptation 8. Spending Needs for Adaptation, Social Resilience and Mitigation 9. Discounted Net Savings of International Donors 10. Climate PIMA Heat Map 11. PCs Involved in Climate-Relevant Infrastructure 12. Major Climate Related Investment Projects 2021/22 ANNEX I. The DIGNAD Model References Abbreviations and Acronyms AAL Annual Average Losses ADB Asian Development Bank AFOLU Agriculture, Forestry and Other Land Use APDRF Asia-Pacific Disaster Response Fund BEV Battery

International Monetary Fund. Fiscal Affairs Dept.

CDEL Capital Departmental Expenditure Limits CfD Contracts for Difference COFOG Classification of Functions of Government C-PIMA Climate-PIMA BEIS Department for Business, Energy and Industrial Strategy DfT Department for Transport DLUHC Department for Levelling Up, Housing and Communities EIB European Investment Bank EU European Union Eurostat Statistical Agency of the European Union FAD Fiscal Affairs Department FReM Financial Reporting Manual GMPP Government Major

International Monetary Fund. Fiscal Affairs Dept.
The UK has one of the most ambitious climate mitigation targets in the world, achieving net-zero emissions by 2050. Long-term emissions reduction targets are legally-binding, there is a well-developed climate change framework including governance frameworks for mitigation and adaptation. Interim national targets or “five-year carbon budgets” are submitted to parliament for approval and there are National Adaptation Programs. The UK has reduced its greenhouse gas (GHG) emissions by 44 percent between 1990 and 2019, but it will likely be exposed to severe climate change risks such as increased flooding.
International Monetary Fund. African Dept.

infrastructure governance framework has steadily strengthened in recent years, further improvements would be helpful . Following the 2017 Public Investment Management Assessment (PIMA), several PIM measures were introduced to strengthen institutional arrangements, procedures, and practices underpinning public infrastructure projects. In 2021 the authorities agreed to participate in a pilot of the Climate Change Public Investment Management Assessment (Climate PIMA), which yielded useful insights on how to further improve Mauritius’ infrastructure governance to make it more

International Monetary Fund. Fiscal Affairs Dept.

developed than those for adaptation, where action is lagging. Although a framework to respond to climate change challenges exists and capacity is high, the scale, depth and complexity of the challenge go beyond the existing possibilities and requires systemic institutional change and a convergence process. There are shortages in the supply of technical expertise in climate change and its interaction with policies and programmes. Training programs are being deployed but they fall short. A significant and speedy scale up of capacity building is required. The Climate-PIMA

International Monetary Fund. Fiscal Affairs Dept.
The United Kingdom (UK) has ambitious plans to increase infrastructure investment, boost economic growth, reduce regional disparities, and help achieve the climate transition. The National Infrastructure Strategy, Plan for Growth, Net Zero Strategy and Levelling Up White Paper set out the Government’s ambitions—including closing existing gaps in transportation networks, transforming digital connectivity, boosting education, skills, and R&D, accelerating the climate transition and investing in infrastructure at the local level. These goals are supported by allocations of over £600 billion in gross public sector investment over the five-year period to 2026/27. The planned ramp-up in public investment is expected to bring the UK’s annual infrastructure investment to OECD average levels of 3 percent by 2024/25, reversing a process of public capital stock decline that goes back to the 1970s and 1980s.