2024
Jorge Fernández Gómez
https://doi.org/10.18543/ZZXV8393
Basque Institute of Competitiveness - Deusto Foundation
Abstract
This report analyzes the new financing schemes for sustainable projects that are being developed in different parts of the world under public-private partnership formulas. The main objective of the report is to identify the key elements of these schemes based on innovative governance and collaboration structures and financing solutions, in order to draw conclusions and present recommendations applicable to the Basque Country.
The new financing schemes are analyzed, including the actors involved (from public entities and financial institutions to companies, citizens and third-sector associations and entities), the new green financing tools (innovative public procurement, green bonds, crowdfunding schemes, nature-based solutions, etc. ) and the new public-private collaboration schemes (green 3P solutions, with a specific focus on sustainable activities and projects, and 4P schemes, which actively involve the third sector and, particularly, philanthropic entities, in the financing and/or management of sustainable projects). 4P schemes make it possible to attract capital to projects where it is difficult to channel private capital in environmental areas.
The case of the city-region of Greater Manchester is also reviewed in detail, where an innovative financing mechanism structured around the Greater Manchester Environment Fund (GMEF) was put in place, with a novel public-private collaborative governance of the GMEF that is allowing to increase the flow of private financing and to expand the range of projects with positive environmental impact.
