This handbook is aimed at anyone who is involved in a Climate–Public Investment Management Assessment (C-PIMA) or has a practical interest in public investment management (PIM) and climate change. It is intended to be useful for country authorities, oversight institutions, civil society, IMF staff, staff of other financial institutions and development organizations, and anyone interested in understanding how country systems are designed to incorporate climate considerations into PIM and how they can be improved.
Part 1 opens with an introduction that explains the importance of green and resilient infrastructure investment to sustainable development. Section 2 contains an overview of the C-PIMA and discusses its role as part of a climate-responsive expansion of public financial management (PFM) tools. Section 3 explains how climate change impacts public infrastructure and the role of public investment in mitigating and adapting to climate change.
Part 2 provides a detailed description of the C-PIMA framework. Section 4 provides a detailed description, explanation, and discussion of each of the five pillars/institutions (and the 15 dimensions within them): (1) planning, (2) coordination across government, (3) project appraisal and selection, (4) budgeting and portfolio management, and (5) risk management. Section 5 provides guidance on the three cross-cutting issues in C-PIMA: (1) the legal framework, (2) information systems, and (3) staff capacity.
Appendices provide additional guidance on the C-PIMA framework. Appendix I contains the C-PIMA questionnaire. Appendix II discusses general issues arising in a C-PIMA assessment. Appendix III contains templates of a C-PIMA report. Appendix IV comprises a glossary of commonly used terms.
The C-PIMA involves an assessment of five public investment management institutions that are key for climate-aware infrastructure: C1. Climate-aware planning; C2. Coordination between entities; C3. Project appraisal and selection; C4. Budgeting and portfolio management; and C5. Risk management. Each institution is further analyzed along three dimensions that reflect its key features.
The C-PIMA also assesses three cross-cutting issues that are equally important for managing climate-relevant public investment management institutions: the legal and regulatory framework, information systems, and government staff capacity.
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C.1.a.
National and sectoral planning:
Are national and sectoral public investment strategies and plans consistent with Nationally Determined Contribution or other overarching climate change strategy on mitigation and adaptation?
C.1.b.
Land use and building regulations:
Do central government and/or sub-national government regulations on spatial and urban planning, and construction address climate-related risks and impacts on public investment?
C.1.c.
Centralized guidance on planning:
Is there centralized guidance/support for government agencies on the preparation and costing of climate-aware public investment strategies?
C.2.a.
Coordination across central government:
Is decision making on public investment coordinated across central government from a climate-change perspective?
C.2.b.
Coordination with subnational governments:
Is the planning and implementation of capital spending of sub-national governments coordinated with the central government from a climate-change perspective?
C.2.c.
Oversight framework for public corporations:
Does the regulatory and oversight framework for public corporations ensure that their climate-related investments are consistent with national climate policies and guidelines?
C.3.a.
Climate analysis in project appraisal:
Does the appraisal of major infrastructure projects require climate-related analysis to be conducted according to a standard methodology with central support?
C.3.b.
Public-Private Partnership framework including climate risks:
Does the framework for managing longer-term public investment contracts, such as PPPs, explicitly address climate-related challenges?
C.3.c.
Climate consideration in project selection:
Are climate-related elements included among the criteria used by the government for the selection of infrastructure projects?
C.4.a.
Climate budget tagging:
Are planned climate-related public investment expenditures, sources of financing, outputs and outcomes identified in the budget and related documents, monitored, and reported?
C.4.b.
Ex post review of projects:
Are ex-post reviews or audits conducted of the climate change mitigation and adaptation outcomes of public investments?
C.4.c.
Asset management:
Do the government’s asset management policies and practices, including the maintenance of assets, address climate-related risks?
C.5.a.
Disaster risk management strategy:
Does the government publish a national disaster risk management strategy that incorporates the potential impact of climate change on public infrastructure assets and networks?
C.5.b.
Ex ante financing mechanisms:
Has the government put in place ex ante financing mechanisms to manage the exposure of the stock of public infrastructure to climate-related risks?
C.5.c.
Fiscal risk analysis including climate risks:
Does the government conduct and publish a fiscal risk analysis that incorporates climate-related risks to public infrastructure assets?
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Cross-Cutting Institutions Legal Framework, IT System, Staff Capacity |
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