Investment Rating - The report does not explicitly provide an investment rating for the hydrogen mobility sector in developing countries, but it highlights the potential for fuel cell electric vehicles (FCEVs) to emerge as economically viable alternatives in specific markets by 2030 [17][35]. Core Insights - Clean hydrogen is positioned as a key component in the transition to clean energy, particularly in sectors where emissions are hard to abate, such as transport [26][27]. - The report emphasizes the economic viability of FCEVs in densely populated countries, where environmental benefits may offset higher costs compared to internal combustion engine vehicles [35][47]. - The analysis indicates that while battery electric vehicles (BEVs) currently outperform FCEVs economically across all segments, FCEVs have operational advantages that could make them suitable for niche markets [36][51]. Summary by Sections Chapter 1: Hydrogen Mobility in Developing Countries - The transport sector is responsible for 22% of global CO2 emissions, necessitating a reduction of over 3% annually to meet net zero targets by 2050 [73]. - Clean hydrogen is gaining traction as a decarbonization solution for heavy-duty transport, despite the dominance of BEVs in the passenger vehicle market [74][75]. Chapter 2: Hydrogen Production and Cost Estimation - Global hydrogen demand reached 97 million tonnes in 2023, with projections to grow to 49 million tonnes annually by 2030 [26]. - The report discusses the levelized costs of hydrogen production and refueling, highlighting the need for significant investment to scale up the clean hydrogen economy [24][31]. Chapter 3: Economics of Hydrogen Mobility - The economic analysis compares FCEVs, BEVs, and internal combustion engine vehicles across various segments, indicating that FCEVs face high capital and fuel costs [32][38]. - FCEVs could become economically viable in high-density urban areas, particularly in India and Korea, where air quality improvements justify their higher costs [47][48]. Chapter 4: Hydrogen Mobility Policy and Recommendations - The report outlines several recommendations for promoting hydrogen fuel adoption, including integrating clean hydrogen pilot projects into national strategies and targeting FCEV deployment in high-impact niche markets [56][60]. - It emphasizes the importance of developing robust policy frameworks to support the clean hydrogen economy and ensure alignment with renewable energy generation [61][64].

Investment Rating - The report does not explicitly provide an investment rating for the climate policy sector. Core Insights - The feasibility of introducing climate policies is path-dependent, meaning countries are more likely to adopt policies related to their previous experiences in climate policymaking [4][10][46]. - The report introduces 'Climate Policy Feasibility Frontiers' (CPFFs) to identify which new climate policies are most feasible for different countries based on their prior policy experiences [10][35][46]. - The analysis emphasizes the importance of policy sequencing, suggesting that certain policies should be introduced in a specific order to enhance the likelihood of successful implementation [11][47]. Summary by Sections Introduction - The report highlights the critical need to understand the feasibility of climate policy implementation across different countries, given the varying geophysical, technological, economic, socio-cultural, and institutional factors that influence this feasibility [7][8]. Results - The analysis reveals a nested structure in climate policy adoption, indicating that countries with fewer policy types tend to adopt more common policies, while more complex policies are found in countries with diverse policy portfolios [16][17]. - The report constructs a 'Climate Policy Space' network to visualize the relatedness of different climate policies, confirming that policy adoption is predictable based on prior experiences [19][21]. Predicting Future Climate Policy Adoption - A measure of 'Policy Alignment' is developed to predict the likelihood of future policy adoption based on the relatedness of new policies to existing ones in a country's policy mix [25][26]. - The findings indicate that a one standard deviation increase in Policy Alignment increases the likelihood of introducing a new policy by 10.3 percentage points, nearly doubling the average adoption rate [29][30]. Climate Policy Feasibility Frontiers - The CPFF framework is designed to inform strategic climate policymaking by plotting Policy Alignment and Future Policy Enablement, helping countries identify feasible policy pathways [36][39]. - The report illustrates the CPFF for Türkiye and Vietnam, showing that each country's unique context influences the feasibility of introducing specific climate policies [39][44]. Discussion - The report contributes to the literature on policy sequencing and highlights the need for a nuanced understanding of the political and capacity constraints that countries face in climate policymaking [46][47].

Investment Rating - The report does not explicitly provide an investment rating for the ICT sector Core Insights - The ICT sector is responsible for 1.5 to 4 percent of global greenhouse gas emissions, surpassing the aviation industry's emissions [17] - The report emphasizes the need for comprehensive methodologies to measure the environmental footprint of the ICT sector to inform decision-making and digital investments [15][19] - Arcep's approach serves as a model for other regulators, highlighting the importance of collaboration and data-driven regulation to enhance sustainability efforts [41] Summary by Sections 1. Introduction - The ICT sector is at a critical juncture, contributing to climate change while driving digital transformation [17] - There is a significant gap in data collection regarding the environmental impact of the ICT sector, which hampers effective policymaking [18] 2. Mandate and Regulatory Modifications - Arcep, established in 2005, has expanded its responsibilities to include measuring the environmental impact of the ICT sector [23] - In April 2022, Arcep published its first annual survey on digital sustainability, becoming the first regulator to publish environmental data from telecommunications operators [26] 3. Compilation Processes - Arcep's data collection involves sending questionnaires to selected companies based on their market presence and revenue [43] - The data collected includes GHG emissions, energy consumption, and other environmental indicators, following ISO standards and the GHG Protocol [54] 4. Utilization of Data - Arcep's annual survey aims to inform stakeholders about the ICT sector's environmental footprint and encourage efficient measurement of environmental impacts [74] - The findings indicate a rise in operational GHG emissions, electricity consumption, and water use in the data center industry, highlighting the need for action [66][70]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Education is a key driver of personal and social development, with foundational literacy skills being essential for success in all academic subjects and everyday life [17][19] - Many children globally are unable to read with comprehension, exacerbated by the COVID-19 pandemic, highlighting the need for effective classroom assessments to support foundational reading skills [20][24] - Classroom assessment plays a crucial role in the learning process, providing timely feedback to improve instruction and inform stakeholders about student progress [21][22] Summary by Sections 1. Assessment and Reading Proficiency – Concepts and Definitions - Effective education requires a curriculum, trained teachers, and learning assessments to identify learning gaps [30][31] - Learning assessment is the process of collecting information to inform educational decisions, with classroom assessments being the most relevant for foundational learning [32][34] 2. Classroom Assessment of Early Grade Reading Skills - Early Grade Reading (EGR) skills are foundational for literacy and must be assessed to ensure students progress along a learning trajectory [61][62] - Classroom assessments should reflect the reading progression framework to provide accurate information on students' mastery of skills [60][62] 3. Mapping of Assessment Tools with Respect to Early Grade Reading Skills - The report includes an overview of existing assessment tools and their alignment with early grade reading skills [3.1][3.2] 4. Supporting Teachers in Effective Practice of Literacy Classroom Assessment - Teacher training is essential for developing assessment competencies, which directly impact student achievement [4.1][4.2] 5. Key Issues in Development and Use of EGR Classroom Assessment - Language of instruction, curriculum alignment, and the use of technology are critical factors in the effectiveness of classroom assessments [5.1][5.2][5.4] 6. Conclusion - The document emphasizes the importance of integrating classroom assessment practices into teacher training to improve literacy outcomes [6] 7. References - The report includes a comprehensive list of references supporting its findings [7] 8. Additional Publicly Available Resources on Classroom Assessment - Additional resources are provided for further exploration of classroom assessment practices [8]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the interconnected challenges of food insecurity, malnutrition, and climate change, advocating for the transformation of agricultural food systems to address these issues effectively [14][30]. - It highlights the importance of regional cooperation and knowledge sharing among South Asian countries to identify viable solutions for transforming agricultural food systems [30]. Summary by Relevant Sections Knowledge Exchange Series Overview - The knowledge exchange series facilitated comprehensive dialogue among hundreds of participants from South Asia, focusing on best practices and scalable solutions for agricultural food systems [15][28]. - The series included experts from Afghanistan, Bangladesh, Bhutan, India, Nepal, Pakistan, and Sri Lanka, enriching discussions with diverse insights [15]. Themes and Case Studies - The report outlines five key themes: water resource management, mountain-focused agricultural transformation, food loss and waste, policy innovation, and systemic inequality and social inclusion [10][20]. - Case studies were selected from various countries in the region, showcasing a range of solutions and practices aimed at improving agricultural food systems [22]. Implementation and Outcomes - The report details specific actions taken in various case studies, such as enhancing crop support, increasing private sector involvement, and promoting solar irrigation systems [33][39]. - Notable outcomes include increased production of wheat and vegetables for over 1.2 million households and improved employment opportunities for over 200,000 women [37].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Romania has experienced an increase in the frequency and severity of drought events over the past 50 years, exacerbated by climate change, leading to significant socio-economic and environmental impacts [22][44] - In 2022, Romania faced its most severe drought in 500 years, affecting 20 regions with water resource restrictions, a 30% reduction in hydropower production, and a 25-30% decrease in agricultural yields [22][44] - The report emphasizes the urgent need for proactive integrated drought risk management measures to enhance resilience in the population, water-dependent sectors, and the environment [22][24][32] Summary by Sections Introduction - Drought is characterized as a hydro-meteorological phenomenon resulting from insufficient precipitation, affecting larger areas for extended periods [16][18] - Romania has a historical context of severe droughts, with significant socio-economic impacts noted [18][19] Methodology - The report outlines key concepts related to drought, including disaster, exposure, vulnerability, and risk, and describes the EDORA methodology used for assessing current and future drought risks [54][55] Historical Drought Overview - Romania has become increasingly arid since 1980, with river flow decreasing since 2011, and future climate predictions indicate further temperature increases and prolonged heatwaves [28][29] Socio-Economic and Environmental Impacts - In 2022, over 160,000 hectares of land were affected by soil moisture deficits, leading to a 25-30% reduction in agricultural output and increased prices for animal feed [34] - Hydropower production was only 85% of the total annual output in 2022, with a projected increase in average annual losses (AAL) due to drought conditions [36][37] - The report highlights the need for improved data collection and risk assessment to support tailored drought risk management strategies [30][31] Opportunities for Enhanced Drought Risk Management - Recommendations include conducting comprehensive drought risk assessments, developing basin-scale drought management plans, and increasing investment for drought risk management [32][40]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - High-quality early childhood education (ECE) environments are crucial for enhancing children's learning experiences, characterized by dynamic opportunities for interaction, collaboration, and exploration [7][8] - The report outlines key principles for creating quality learning environments in low- and middle-income countries (LMICs), emphasizing the importance of assessing needs and implementing targeted improvements [3][5] Summary by Sections Principles of Quality Learning Environments - Quality learning environments should provide dynamic spaces for children to interact with educators and peers, explore materials, and engage in various activities [2] - Five fundamental principles define high-quality early education environments: overall safety, pedagogical organization, spatial flexibility, empowerment and identity, and child-centered design [10][9] Key Elements of Quality Early Learning - Quality elements in ECE environments include physical space, furniture, teaching materials, classroom design, daily routines, and the use of everyday materials for teaching [4][12] - Structural quality encompasses aspects like adult-to-child ratios, classroom size, and the qualifications of the workforce [13][14] Process Quality in Early Childhood Education - Process quality relates to children's experiences in the classroom, including activities, methods, and interactions with caregivers [14][53] - Daily routines provide opportunities for learning and community building, enhancing children's social and emotional skills [54][62] Recommendations for Enhancing Quality - Policymakers and stakeholders should focus on assessing current conditions, improving existing learning spaces, and investing in flexible, child-friendly infrastructure [94][95] - Long-term strategies should foster collaboration among parents, communities, and educators to optimize learning environments [95][96]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bhutan aims to achieve upper-middle-income status by 2029, facing various short-term and long-term challenges, including economic stagnation and high youth unemployment [14][15] - The government needs to implement immediate policy actions and investments to support private sector growth, enhance macroeconomic stability, and improve public sector efficiency [21][22] - The report emphasizes the importance of investing in human capital to improve individual well-being and productivity, which is crucial for economic growth [32][37] Summary by Sections Socioeconomic Constraints Facing Bhutanese Families - A typical family in Bhutan faces significant socioeconomic constraints, leading to considerations of emigration for better opportunities [5][6] - The lack of access to financing and market opportunities hampers business expansion for local entrepreneurs [7][8] Urgency of Reforms - Bhutan has experienced rapid poverty reduction but structural transformation has been slow, necessitating urgent reforms to address economic vulnerabilities [13][14] - The COVID-19 pandemic exacerbated existing economic challenges, leading to a surge in youth emigration [14][16] Investment in Human Resources - Investing in human capital is essential for enhancing productivity and addressing social inequalities [32][34] - The report highlights the need for comprehensive systems to support human capital accumulation throughout the lifecycle [36][37] Early Investments - Early childhood development investments yield high returns, with well-designed programs significantly improving long-term outcomes for children [42][45] - Access to quality early childhood education remains limited, particularly in vulnerable and remote areas [44][45] Adult Investments - The labor market is at a critical juncture, with a need for more quality jobs in the private sector to absorb the educated workforce [56][57] - High-quality health services are essential for maintaining a productive workforce, especially as Bhutan faces an aging population [59][60] Economic Development - Bhutan's economy has grown significantly over the past two decades, but structural challenges remain that could delay its transition to a developed country [72][73] - The government should promote private sector development to create jobs and enhance economic resilience [72][74]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The study evaluates the impact of political favoritism in public procurement on private sector productivity growth, revealing that companies with strong political ties have an 18% to 32% higher likelihood of winning public contracts [4][15][17] - Non-competitive procurement processes lead to stable growth for companies but result in higher profit margins, indicating rent-seeking behavior [17][31] - The absence of favoritism in public procurement could increase the annual total factor productivity (TFP) growth rate by 8%, from 1.5% to 1.63% [17] Summary by Sections Introduction - The research addresses whether political connections only have distributional consequences or also affect economic growth, highlighting the dual nature of political ties [8][9] Data and Methodology - The study combines three novel microeconomic datasets: administrative data on over 4 million companies, public procurement contract data covering over 150,000 contracts, and a new dataset on political connections [12][14][56] - The comprehensive dataset allows for a detailed analysis of how political connections influence public procurement favoritism and its subsequent impact on private sector growth [14][56] Findings - Companies with political ties are more likely to win contracts through unfair competition, with a significant increase in contract awards in non-competitive bidding scenarios [15][17] - The report indicates that only contracts awarded through competitive bidding lead to higher subsequent productivity growth [15][17] - Political connections result in companies receiving higher payments for their products and services, with a rent extraction of 9% to 11% from overpaid contracts [17][31] Conclusion - The findings suggest that political favoritism in public procurement undermines overall economic growth by reducing the efficiency of resource allocation and overall productivity growth [11][25]

Investment Rating - The report indicates a positive outlook for the decarbonization of ammonia and nitrogen fertilizers using clean hydrogen, highlighting its potential to enhance global food security while reducing greenhouse gas emissions. Core Insights - The production of synthetic fertilizers is responsible for 1.8–2.4 percent of global greenhouse gas emissions, and transitioning to clean hydrogen can significantly reduce this carbon intensity [1][2] - Clean hydrogen, produced from renewable sources or low-carbon methods, is essential for decarbonizing ammonia synthesis, which is crucial for fertilizer production [5][17] - The report emphasizes the need for policy adjustments and subsidies to facilitate the transition to cleaner fertilizers and to support farmers in adopting new fertilizer types [24][36] Summary by Sections Decarbonization Potential - The fertilizer industry is vital for global agriculture, but traditional production methods are energy-intensive and reliant on fossil fuels [2][4] - Clean hydrogen can replace fossil fuels in ammonia synthesis, aligning with climate goals such as those set by the Paris Agreement [2][16] Production Challenges - Current estimates for renewable ammonia production costs range from $794 to $1,543 per ton, significantly higher than grey ammonia costs of $121 to $518 per ton [16] - The transition to renewable ammonia production requires stable renewable energy sources and may involve higher costs due to the need for energy storage and infrastructure [14][15] Market Dynamics - Approximately 200 million metric tons of ammonia are produced globally each year, with 170–180 million metric tons used in agricultural fertilizers [25] - The report notes that the prices of natural gas heavily influence ammonia production costs, leading to volatility in the market [27][28] Role of Subsidies - Subsidies are critical in shaping fertilizer prices and supply chains, with conventional fertilizers benefiting from significant government support [36][55] - The report suggests that renewable ammonia will require substantial subsidies to compete with conventional urea, estimated at $500–$1,200 per metric ton by 2030 [36][41] Technological Innovations - Advancements in solar and electrolysis technologies are expected to lower the cost of renewable ammonia, making it a competitive option in agriculture [41] - The report highlights several ongoing renewable and low-carbon ammonia projects globally, showcasing the potential for clean hydrogen in fertilizer production [42][45] Policy Recommendations - Governments should implement robust carbon pricing mechanisms and streamline regulatory processes to support clean hydrogen investments [53][56] - The report recommends addressing the price gap through offtake agreements and developing niche markets for clean fertilizers [57][62]