This report presents an assessment of climate-smart investment opportunities in a vast region that is both contributor to and victim of climate change: Europe, Central Asia, and the Middle East and North Africa (EMENA). EMENA has of late seen unprecedented increases in energy demand, population growth, and urbanization, as well as an acute need for improved infrastructure for more efficient industry, transport, and utilities. This document contains the results of an investigation of private sector investment opportunities related to climate change mitigation and adaptation. The analysis of climate-smart investment opportunities in EMENA reveals a conservative investment potential estimate of 640 billion USD up to 2020. The most significant sectors for this investment are: 1) renewable energy generation, rehabilitation of power infrastructure, and improved transmission and distribution, 2) energy efficiency in commercial and consumer sectors, via building insulation, appliance upgrades, lighting, and water and space heating, 3) cement, metals, and manufacturing, via improved industrial processes and equipment upgrades, and 4) improved water usage, including for power.