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SUSTAINABLE FINANCE IN ASIA: HELPING ASIAN GREEN BOND ISSUERS TO ACCESS INTERNATIONAL CAPITAL MARKETS International Institute of Green Finance, CUFE 中央财经大学绿色金融国际研究院 AUTHORED BY IN PARTNERSHIP WITH 北京市海淀区学院南路 39 号，100081 39 South College Road, Haidian District, Beijing, China, 100081 电话（Tel）：010-62288768 传真（Fax）：010-62288768 iigf.cufe.edu Table of Con Ten Ts EXECUTIVE SUMMARY . 4 BACKGROUND: SUSTAINABLE FINANCE IN ASIA AND THE NEED FOR INTERNATIONAL CAPITAL MARKETS . 7 1. FINANCING ASIAS INFRASTRUCTURE INVESTMENT NEEDS . 7 2. ENSURING THE INTEGRATION OF SOCIAL AND ENVIRONMENTAL SUSTAINABILITY . 7 3. THE ROLE OF SUSTAINABLE FINANCE INSTRUMENTS . 8 3.1 Involving both public and private sources of finance . 8 3.2 Green bonds as the most developed sustainable finance instrument . 9 3.3 A growing toolbox of sustainable finance instruments . 10 4. THE NEED TO ACCESS SUSTAINABILITY CONSCIOUS INVESTORS IN INTERNATIONAL CAPITAL MARKETS . 15 FIGURE 3. GLOBAL DISTRIBUTION OF SUSTAINABLE INVESTMENT ASSETS BETWEEN REGIONS . 16 THREE WAYS TO ASSIST ASIAN GREEN BOND ISSUERS IN ACCESSING INTERNATIONAL CAPITAL MARKETS . 17 1. ESTABLISHING GLOBAL GREENNESS: STANDARDIZE WHERE POSSIBLE, TRANSLATE WHERE NECESSARY . 17 TABLE OF CONTENTSTable of Con Ten Ts The potential of standardizing based on the Green Bond Principles . 18 The limitations of a one-size-fits-all standardization approach . 22 The potential of using a Rosetta Stone mechanism . 23 2. EXPLAINING AND COMPENSATING: POLICY SUPPORT . 25 3. EXHIBITING: DEMONSTRATIVE ISSUANCE . 27 CASE STUDIES OF ASIAN GREEN BOND ISSUERS ON LOCAL AND INTERNATIONAL CAPITAL MARKETS . 31 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ICBC): A CHINESE STATE-OWNED COMMERCIAL BANK REACHING SUSTAINABILITY CONSCIOUS INVESTORS BY ISSUING GREEN BONDS IN LONDON . 31 SINDICATUM: A SINGAPOREAN COMPANY FINANCING RENEWABLE ENERGY INVESTMENTS IN INDIA AND THE PHILIPPINES BY ISSUING A GREEN BOND INTERNATIONALLY AND LISTING IN LONDON . 33 RIZAL COMMERCIAL BANKING CORPORATION (RCBC): A PHILIPPINE COMMERCIAL BANK ISSUING A GREEN BOND DOMESTICALLY . 34 CONCLUSION . 37e xe Cu Tive s ummary International Institute of Green Finance, CUFE 中央财经大学绿色金融国际研究院 AUTHORED BY IN PARTNERSHIP WITH Executive Summary I n an environment of pressing sustainability challenges and increasingly sustainability conscious investors, developing financial instruments to support public interest is critical. The first green bond was issued in 2007, and in recent years a variety of new sustainable finance innovations have followed suit. Todays financial markets already include sustainable debt-financing tools such as green bonds, sustainability bonds, social bonds, green loans, and sustainability linked loans. While use of all of these instruments is growing rapidly, green bonds remain the most developed instrument, with the largest cumulative scale, the longest history, the most-developed regulatory framework and the best verification practices. This trend is the same in Asia, which arguably has the worlds greatest need for sustainable financing, as calculated specifically for infrastructure. 1In analyzing how sustainable finance instruments can be scaled up in Asia, this report focuses specifically on the case of green bonds. Considering that the vast majority of labelled ESG- assets are located in Europe (and to lesser extent in the United States), establishing relations between Asian green bond issuers and global investors is critical to help Asia meet its challenges. This report marries policy recommendations with case studies of individual organizations, who have issued green bonds either internationally or domestically in the past. From this outset the report identifies three key ways in which Asian green bond issuers can be assisted in accessing global capital markets at the policy level: Establishing international green standards or interim translative mechanisms, providing policy support, and increasing demonstrative issuances. 1. Harmonized standards could be further developed on the basis of current efforts, especially those of the EU, China, and under the ICMA Green Bond Principles. By developing common overarching frameworks of objectives and activities, a Rosetta Stone concept, making standards compatible by making them comparable, is flexible enough to allow for the different policy priorities of different countries. To achieve harmonization of global standards, Asian countries and ASEAN could consider arranging their green bond objectives, activities and technical standards according to the Rosetta Stone framework currently being devised by the EU and China in dialogue with ICMA. Based on this, they can establish more detailed guidelines and regulations. This approach allows for near-term transparency and lower transaction costs, while laying the groundwork for complete standardization at a global level in the long-term. e xe Cu Tive s ummary 2. Policy support should be expanded, drawing on existing successful cases. In terms of educating stakeholders, Asian countries could, for instance, follow Indonesias and Chinas examples to establish centers for knowledge and learning of green finance. In terms of financial support, Asian countries could also follow Hong Kongs, Chinas, and Singapores examples of subsidizing verification costs. Further compensation schemes on interest rates, project guarantees, and project development, as seen at the provincial level in China, could be adopted at a larger scale across the Asia region once the outcomes of these projects are more apparent. 3. Demonstrative issuances should be scaled up, learning from examples such as those of the China Development Bank, the Hong Kong Special Administrative Region government, and the Indonesian governments green sukuk, which are paving the way for corporate entities to issue green bonds in the future. Governments of other Asian countries could follow such examples by issuing sovereign or quasi-sovereign bonds on both local and international capital markets. Such sovereign demonstrative issuances provide best practice cases and show the potential of issuing green bonds to Asian organizations aiming to be active in capital markets and sustainable finance. As seen in the current green bond market, demonstrative issuances can be carried out not just by sovereigns, but by corporates as well. The case studies of green bond issuances by ICBC, Sindicatum, and RCBC highlight how the challenges listed above can be overcome in practice, under the unique circumstances of each issuer. While ICBC issued internationally to reach global investors with a large- scale issuance, Sindicatum went abroad to find investors interested in the mix of green and local currencies. On the other hand, RCBC successfully catalyzed local capital markets for their issuance with a smaller scale issuance. These cases confirm the need to access international capital markets and raise questions on the varying reasons to do so. At the same time, they explore whether Asian investors show a sufficient appetite for sustainable finance instruments. As ICBC, Sindicatum and RCBC clearly voiced a preference for a single global green standard for the sake of increasing clarity and reducing transaction costs, global standardization should remain the long-term goal of green bond standard harmonization. However, ICBC and RCBC also support the development of a Rosetta Stone framework-based approach in the near-term and using such a framework to gradually achieve a global standard in the future. All interviewees further indicated that public support in b a Ckground: s us Tainable f inan Ce in a sia and The n eed for i n Terna Tional Capi Tal m arke Ts International Institute of Green Finance, CUFE 中央财经大学绿色金融国际研究院 AUTHORED BY IN PARTNERSHIP WITH the form of knowledge sharing and financial incentives could be an effective way of increasing issuance, although none of them had received public financial support. As front-runners in the green bond markets of their respective countries, ICBC, Sindicatum, and RCBC show that demonstrative effects from sovereign and sovereign-backed issuers are not a prerequisite for other types of organizations to issue green bonds. While Chinese green bond issuance abroad has been expanding in 2017 and 2018, time will tell whether Sindicatums issuance can spark further international issuance out of Singapore, and whether RCBCs case can give rise to Philippine green bond issuance at home and abroad. Considering that the challenges to scale up Asian green bond issuance are a result of green bonds having existed for only twelve years, and different countries and regions wanting to finance different policy goals with green bond proceeds, other newer sustainable finance instruments face a similar set of obstacles. Therefore, it is possible to use this reports conclusions and proposed solutions to make broader inferences. For instance, the development of a common framework for comparing green standards can also be applied to a broader set of sustainability issues. In providing increased public support for green bonds, it is simple to expand the scope to include other sustainable finance instruments. Furthermore, demonstrating the practice of green bonds with sovereign issuances can also be replicated for other instruments, such as national development banks providing green or sustainability linked loans. 1. Oxford Economics (2019). Global Infrastructure Outlook: A G20 Initiative. Oxford, UK: Oxford Economicsb a Ckground: s us Tainable f inan Ce in a sia and The n eed for i n Terna Tional Capi Tal m arke Ts Background: Sustainable Finance in Asia and the Need for International Capital Markets 1. Financing Asias infrastructure investment needs Asia requires an enormous amount of infrastructure investment to continue on its current development path. According to an often-cited number from the Asian Development Bank (ADB), to eradicate poverty and continue growth, Asia will need to invest USD 22.6 trillion in infrastructure between 2016-2030, or USD 1.5 trillion annually. 1Further estimates suggest that whereas Asias share of world energy consumption was one third in 2013, it will likely be more than half in 2035. 2A large part of this energy consumption will be used to continue its growth path and eradicate poverty. 2. Ensuring the integration of social and environmental sustainability For the purpose of this report, sustainability is defined 1 Asian Development Bank (2017), Meeting Asias Infrastructure Needs. Manila, Philippines: ADB 2 Hee Ng, T. & Tao Y . J. (2016), Bond financing for renewable energy in Asia. Energy Policy 2016 3 United Nations (2015). Transforming our world: the 2030 Agenda for Sustainable Development. A/RES/70/1 4 United Nations (2000). United Nations Millennium Declaration. A/RES/55/2 5 United Nations Framework Convention on Climate Change (2015). Adoption of the Paris Agreement. FCCC/CP/2015/L.9/Rev.1 on the basis of the 17 Sustainable Development Goals (SDGs), which were launched by the UN in 2015. 3Replacing the Millennium Development Goals (MDGs) 4which were in place from 2000 to 2015, the SDGs run from 2015 to 2030, and are also referred to as the 2030 Development Agenda. The SDGs are comprehensive in nature, and consist of a wide range of issues ranging from poverty alleviation to gender equality. Thus, they provide an overarching direction that sustainable infrastructure investment should aim towards. One central aspect of sustainable development, encompassed in SDGs 7 and 13, is climate change mitigation and adaptation. Parallel to the SDGs, the Paris Agreement on Climate Change was signed in December 2015, setting the goal of limiting global warming to well below 2 degrees Celsius. 5According to the latest report by the Intergovernmental Panel on Climate Change (IPCC), to reach a 1.5-degree Celsius warming scenario, b a Ckground: s us Tainable f inan Ce in a sia and The n eed for i n Terna Tional Capi Tal m arke Ts International Institute of Green Finance, CUFE 中央财经大学绿色金融国际研究院 AUTHORED BY IN PARTNERSHIP WITH global emissions must reach a net zero by 2050. 6As all signatories to the Paris Agreement on Climate Change are also subject to the negative effects of climate change, all parties involved in financing the regions economies and infrastructure must put climate change concerns front and center. Asias infrastructure financing must meet the emission reduction benchmarks set for each country, which were submitted by each party to the Paris Agreement as Nationally Determined Contributions (NDCs). In line with this obligation, the ADB in the aforementioned report estimates that in order to bring about Asias infrastructure development whilst t
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