1、RETURN TO CONTENTS|1CONVERGENCE STATE OF BLENDED FINANCE 2023STATE OFBLENDED FINANCE2023CLIMATE EDITIONCONVERGENCE STATE OF BLENDED FINANCE 2023|2TABLE OF CONTENTS4 ACKNOWLEDGEMENTS5 LETTER FROM CEO6 GLOSSARY OF KEY TERMS9 EXECUTIVE SUMMARY13 INTRODUCTION15 About Blended Finance16 Report Methodology

2、&Overview17 PART I:MARKET OVERVIEW18 Overall Blended Finance Market19 Sources of Financing to Climate Blended Finance20 A Look at Last Years Report21 The Macroeconomic Environment 24 PART II:DEAL TRENDS25 Climate Mitigation v.Climate Adaptation v.Hybrid27 Vehicles31 Regions&Countries34 Income Levels

3、35 Recipients37 SDG Alignment38 Archetypes&Instruments41 PART III:INVESTOR TRENDS42 Overall Landscape44 Private Sector Investors47 VOICES FROM THE FIELD:Interview with Alexander Kennedy,Head,Sustainable Finance Solutions,Standard Chartered 50 Multilateral Development Banks(MDBs)/Development Finance

4、Institutions(DFIs)52 Development Agencies&Multi-Donor Funds52 Philanthropic Organizations54 VOICES FROM THE FIELD:Interview with Stefanie Fairholme,Managing Director,Head of Investments,GEAPP55 Impact Investors56 PART IV:MITIGATION 57 59 61 63 67 68 71&ADAPTATIONMitigation Blended FinanceVOICES FROM

5、 THE FIELD:Interview with Cecilia Tam,Acting Head of Energy Investment Unit at the IEAMitigation Blended Finance Investors Adaptation Blended FinanceVOICES FROM THE FIELD:Interview with Jay Koh,Managing Director and Co-Founder,The LightSmith GroupNature-Based SolutionsAdaptation Blended Finance Inve

6、stors72 PART V:COUNTRY-LEVEL PLATFORMS 73 74 74 75 75 IN CLIMATE BLENDED FINANCEUNPACKING JETPsHow similar is the JETP model to Blended FinanceWhat Challenges has the JETP Model FacedHow can the JETP Model be ImprovedKEY RECOMMENDATIONS FOR JETPs CONVERGENCE STATE OF BLENDED FINANCE 2023|376 PART VI