The lifecycle phase in which project proponents decide how to pay for a program or project. In most cases, this phase starts after the planning and designing phase of the project has been concluded, and therefore most of the project information has already been defined. This phase oftentimes involves international financial institutions, public authorities and / or private investors as part of public-private partnerships (PPP). Sustainable finance refers to the systematic integration of Environmental, Social, and Governance (ESG) criteria in investment decisions and due diligence processes to identify potential negative social and environmental externalities of the project, among other things.