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The International Institute of Green Finance (IIGF) The IIGF is an independent and non-profit think tank established in China in September 2016. It conducts research on green finance on a wide array of topics such as credit, bonds, funds, insur- ance, carbon-trading, local pilots, international cooperation, ESG rating, as well as risk assess- ment. The IIGF is specialized in Chinese green finance at national and local level and additionally conducts research on green finance internationally. The IIGF works with numerous stakeholders in green finance both within and outside China. Within China, the IIGF is an executive member of Green Finance Committee (GFC) of China So- ciety for Finance and Banking and works closely with the Peoples Bank of China, the Chinese Ministry of Finance, the National Development and Reform Commission, the Chinese Ministry of Ecology and Environmental Protection, as well as with a number of national, regional and local government institutions, financial institutions, and research organizations. Internationally, the IIGF conducts joint research with organizations such as UNEP, UNPRI, the European Invest- ment Bank, Cambridge University, the International Institute for Sustainable Development, and many more. The IIGF is formally associated with the Central University of Finance and Economics (CUFE) in Beijing and is partially financed by donations from Tianfeng Securities. The institute is headed by Wang Yao, who additionally serves as Deputy Secretary General of the Green Finance Com- mittee of the China Society for Finance and Banking. More information: iigf.cufe.eduiigfrccef Comments and input for the report is welcome and should be sent to: Mathias Lund Larsen, Director of International Cooperation and Research Fellow, IIGF lundlarsenmathiasrccef Copyright International Institute of Green Finance, Central University of Finance and Economics, 2018Disclaimer The designations employed and the presentation of the material in this publication do not im- ply the expression of any opinion whatsoever on the part of the International Institute of Green Finance, concerning the legal status of any country, territory, city or area or of its authorities, or concerning delimitation of its frontiers or boundaries. Moreover, the views expressed do not necessarily represent the decision or the stated policy of the International Institute of Green Fi- nance, nor does citing of trade names or commercial processes constitute endorsement. 1 The Role of Multilateral Development Banks in Green Finance Acknowledgements The authors would like to thank MDB interviewees and reviewers for their time and contri - butions to this report. Fruitful discussions and constructive dialogue helped shape important parts of the analysis and recommendations of this report. In particular and in alphabetical order special thanks goes to the Asian Development Bank, Asian Infrastructure Investment Bank, Eu- ropean Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, New Development Bank, and the International Finance Corporation of the World Bank Group. Credits Written by the following staff members of the International Institute of Green Finance: Mathias Lund Larsen, Director of International Cooperation & Research Fellow Saul Moross, Research Assistant Liu Yangyang, Research Assistant Under the guidance of: Wang Yao, Director General 2 The Role of Multilateral Development Banks in Green Finance Table of Contents Acknowledgements . 1 Credits. 1 Table of Contents .2 Abbreviations . 4 Preface .5 Executive Summary . 6 I. Introduction .10 II. Characteristics of MDBs . 13 1. Long-term & stable . 13 2. Counter-cyclical .14 3. Concessional terms .14 4. Know-how & technical assistance .14 5. Private capital mobilization policy support & specialized mechanisms . 15 III. Challenges within Green Finance . 17 1. Institutional Environment . 17 2. Project Financiers . 17 3. Project Owners .18 4. Financial Markets .18 IV. Current Role MDBs in Green Finance . 19 Cumulative Engagement of MDBs in Green Finance . 19 Individual Engagement of MDBs in Green Finance . 21 Current Green Related Financing Solutions .22 Assessment of Financing Solutions .27 V. Recommendations on the potential role of MDBs in Green Finance. 28 1. Prioritization of Private Capital Mobilization . 29 2. Promotion and Development of Green Standards . 30 3. Extend Individual and Joint MDB Green Finance Reporting . 31 4. Implement Internal Carbon Pricing .32 5. Focus on Targeted Rather Than Broad Concessional Support .33 6. Enhance Environmental Risk Assessment . 34 7. Expand MDB Cooperation for Economies of Scale .35 8. Extend Reapplication of Non-Green Financial Solutions as Green . 36 VI. Conclusion .37 Recommendations for MDBs to improve engagement in green finance . 38 References . 40 Appendix 1. Assessment of MDBs Individual Engagement in Green Finance. 48 African Development Bank Group (AfDB) . 48 Asian Development Bank (ADB) . 493 The Role of Multilateral Development Banks in Green Finance Asian Infrastructure Investment Bank (AIIB) .50 European Bank for Reconstruction and Development (EBRD) .51 European Investment Bank (EIB) . 52 Inter-American Development Bank (IaDB) . 53 Islamic Development Bank (IsDB) .54 New Development Bank (NDB) . 55 World Bank Group (WB) .56 Appendix 2. Complete List of Financing Solutions . 57 1. Adding, pooling, & enabling . 57 2. Debt-based, right-timing .63 3. Risk management .64 4. Results-based financing .704 The Role of Multilateral Development Banks in Green Finance Abbreviations AAAA Addis Ababa Action Agenda ADB Asian Development Bank AfDB African Development Bank AIIB Asian Infrastructure Investment Bank BRICS Brazil, Russia, India, China, South Africa CAB Climate Awareness Bond CIF Climate Investment Funds COP Conference of the Parties CPI Climate Policy Initiative EBRD European Bank for Reconstruction and Development EIB European Investment Bank EU European Union FSB-TCFD Financial Stability Boards Taskforce on Climate-related Financial Disclo- sure GCF Green Climate Fund GCoM Global Covenant for Mayors for Climate and Energy GEF Global Environment Facility GFCF Green Finance Catalyzing Facility I4CE Institute for Climate Economics IaDB Inter-American Development Bank IBRD International Bank for Reconstruction and Development IDFC International Development Finance Club IFC International Finance Corporation (WBG) IIGF International Institute of Green Finance IMF International Monetary Fund IsDB Islamic Development bank KFW Kreditanstalt fr Wiederaufbau MDB Multilateral Development Bank NDB New Development Bank NDC Nationally Determined Contribution OECD Organization for Economic Cooperation and Development PPP Public-private partnership REDD+ Reducing Emissions from De-forestation and Forest-Degradation SDGs Sustainable Development Goals SECCI Sustainable Energy and Climate Change Initiative UN United Nations UNEP United Nations Environment Programme UNFCCC United Nations Framework Convention on Climate Change WBG World Bank Group WEF World Economic Forum WRI World Resources Institute5 The Role of Multilateral Development Banks in Green Finance Preface Green finance can be understood as financing towards environmental purposes, within the broader context of sustainable development. These benefits include both climate change mit- igation and adaptation, as well as pollution control and environmental preservation. It is esti- mated that the green finance industry will require tens of trillions of dollars in investments in the coming decades, to meet global environmental ambitions. As momentum is growing in mainstreaming green finance into the architecture and practice of financial and capital markets, progress is being made in areas of policy, regulations, standards, guidelines, principles, and fiscal incentives. The current challenge is to take the groundwork that has been laid and turn it into real and significant flows of private and public capital to in- vestments that both support sustainable development objectives and bring secure long-term prospects for investors. This paper aims to provide a piece to this puzzle regarding the role of Multinational Development Banks (MDBs). The purpose of this paper is to assist MDBs in de- veloping their role and potential in green finance, by providing an understanding of MDB char- acteristics and how these can be used to address challenges associated with scaling up green finance. This research on MDBs in green finance is a strategic research priority of the International Insti- tute of Green Finance. The paper gathers input from a wide range of sources such as a selection of MDBs themselves, governments, research institutions, and financial institutions. This ensures that the paper is rooted deeply in current practice and discussions on the topic, ultimately im- proving the practical applicability of the recommendations put forward. Based on the overarch- ing understanding of the role of MDBs in green finance laid out in this paper, the IIGF will carry out MDB focused research in narrower topics such as in the Belt & Road Initiative, in green bond development, and local green finance development. The target audience of this paper can be categorized into four different groups. First, the paper aims to provide valuable information to MDBs themselves, which can be turned into concrete actions. Second, the paper aims to assist stakeholders working with MDBs in understanding the role of MDBs in their respective fields. Third, the paper aims to contribute to the academic understanding of MDBs, inspiring further research on the topic. Lastly, in shining light on this specific aspect of green finance, the paper aims to incite further research in numerous other as- pects of green finance by related stakeholders. 6 The Role of Multilateral Development Banks in Green Finance Executive Summary Multilateral development banks (MDBs) are encouraged by the UN to examine their role to in- crease their contribution within sustainable development. Given their mandate, size, and influ- ence MDBs play a critical role in reaching the Sustainable Development Goals (SDGs), including on environmental aspects. This outset highlights the relevance of this research paper, which uses the lens of an objective third party to carry out such an examination of MDBs, as called for by the UN, within the specific field of green finance. As such, the purpose of the paper is to an- alyze how MDBs can use their characteristics to address the challenges associated with scaling up green finance. While much literature exists on the surrounding fields, limited research has been done within this specific area. As basis for the analysis the paper identifies five characteristics of MDBs, as based on Addis Ababa Action Agenda from the third United Nations International Conference on Financing for Development. These are: 1) Long-term & stable, 2) counter-cyclical, 3) concessional, 4) know- how and technical assistance, 5) private capital mobilization. Furthermore, the paper develops four main categories of chal
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