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Climate Action Peer Exchange (CAPE) is a forum for peer learning, knowledge sharing, and mutual advisory support. It brings together ministers and senior technical specialists from finance ministries across the world, as well as World Bank staff and other international experts, to discuss the fiscal challenges involved in implementing the Nationally Determined Contributions (NDCs) established under the 2015 Paris Agreement.

Over 80% of worldwide new coal-fired power plants due to begin operating between now and 2020 will be in middle-income countries in Asia: China, India, Indonesia, Vietnam, Philippines and Pakistan. Together with the existing plants in operation in these countries, this will lock-in 260 gigatons of carbon dioxide emissions over their remaining lifetimes, which would exceed the carbon budget available to the power sector to be consistent with limiting global warming within 2 degrees.

Spain is one of the founding members of the South-South Facility and its largest donor to date. Since 2008, Spain has contributed US$3.29 million, which represents 21% of the total funding for the Facility. Over the last ten years, Spain has been actively engaged with the partnership and provided valuable guidance to the strategic directions for the Facility.