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International Institute of Green Finance, CUFE 中央财经大学绿色金融国际研究院 THE POTENTIAL OF MULTILATERAL DEVELOPMENT BANKS IN GREENING THE BELT AND ROAD INITIATIVE How MDBs can Use their Characteristics to Green the BRI through Financing Solutions, Coordination Activities, and Policy Support 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 The In Terna TIonal Ins TITu Te of Green fI nance (IIG f ), cufe The International Institute of Green Finance (IIGF), CUFE 中央财经大学绿色金融国际研究院 T he 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, insurance, carbon-trading, local pilots, international cooperation, ESG rating, as well as risk assessment. The IIGF is specialized in Chinese green finance at national and local level and additionally conducts research on green finance internationally from a Chinese perspective. 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 of China Society 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 a plurality of organizations such as UNEP, UNPRI, the European Investment Bank, Cambridge University, Climate Policy Initiative, the International Institute for Sustainable Development, and many more. The IIGF is formally associated with the Central University of Finance and Economics 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 Committee 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 Senior Research Fellow, IIGF, CUFE lundlarsenmathiasrccef英文报告手册内页2.indd 2 2019/9/12 11:07:563 The Potential of Multilateral Development Banks in Greening the Belt and Road Initiative How MDBs can Use their Characteristics to Green the BRI through Financing Solutions, Coordination Activities, and Policy Support acknowledGemenTs Credits Written by: Mathias Lund Larsen, Director of International Cooperation & Senior Research Fellow, International Institute of Green Finance, CUFE Copyright International Institute of Green Finance, Central University of Finance and Economics, 2019 Disclaimer The designations employed and the presentation of the material in this publication do not imply 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 Finance, nor does citing of trade names or commercial processes constitute endorsement. Acknowledgements The author would like to thank MDB interviewees and reviewers for their time and contributions to this report. Fruitful discussions and constructive dialogue shaped the analysis and recommendations of this report. In particular and in alphabetical order, a special thanks goes to the Asian Development Bank, Asian Infrastructure Investment Bank, European 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. 英文报告手册内页2.indd 3 2019/9/12 11:07:564 The Potential of Multilateral Development Banks in Greening the Belt and Road Initiative How MDBs can Use their Characteristics to Green the BRI through Financing Solutions, Coordination Activities, and Policy Support International Institute of Green Finance, CUFE 中央财经大学绿色金融国际研究院 CREDITS .3 ACKNOWLEDGEMENTS .3 TABLE OF CONTENTS .4 ABBREVIATIONS .6 PREFACE .7 EXECUTIVE SUMMARY .8 INTRODUCTION .11 CURRENT GREENNESS OF THE BRI .15 1.Total Financing Demand .15 2.Overarching Guidance Framework of the BRI .16 3.Chinese Financing .17 Policy Documents on Sustainability of Chinese BRI financing .17 Estimating Chinese BRI Financing .20 4.Non-Chinese financing .23 5.MDB Financing .24 CHARACTERISTICS OF MDBS .26 1.Long-term & stable .26 2.Counter-cyclical .27 3.Concessional terms.27 TABLE OF CONTENTS 英文报告手册内页2.indd 4 2019/9/12 11:07:565 The Potential of Multilateral Development Banks in Greening the Belt and Road Initiative How MDBs can Use their Characteristics to Green the BRI through Financing Solutions, Coordination Activities, and Policy Support Table of conTenTs 4.Know-how & technical assistance .28 5.Private capital mobilization policy support & specialized mechanisms .28 MDBS CONTRIBUTION TO GREENING THE BRI .31 1.Financing and Capacity Solutions .31 De-risking at Project Level .31 Project Pipeline and Project Development Costs .34 2.Coordination Activities .37 China Side Coordination .37 Broad Stakeholder Coordination .39 Inter-MDB Coordination .41 Green Finance Standards .43 3.Policy Support .44 Green Financial System .44 Green Economic Policy .46 CONCLUSION .48 REFERENCES .50 APPENDIX 1 COMPARISON OF MDBS IN GREEN FINANCE .57 APPENDIX 2 MDBS GREEN FINANCE FINANCING SOLUTIONS .58 英文报告手册内页2.indd 5 2019/9/12 11:07:576 The Potential of Multilateral Development Banks in Greening the Belt and Road Initiative How MDBs can Use their Characteristics to Green the BRI through Financing Solutions, Coordination Activities, and Policy Support International Institute of Green Finance, CUFE 中央财经大学绿色金融国际研究院 Abbreviations ACFIC All-China Federation of Industry and Commerce ADB Asian Development Bank AfDB African Development Bank AIIB Asian Infrastructure Investment Bank BRI Belt and Road Initiative CBRC China Banking Regulatory Commission CDB China Development Bank CIRC China Insurance Regulatory Commission CSRC China Securities Regulatory Commission EBRD European Bank for Reconstruction and Development EIB European Investment Bank EU European Union EXIM Bank China Export-Import Bank FSB-TCFD Financial Stability Boards Taskforce on Climate-related Financial Disclosure IaDB Inter-American Development Bank IDA International Development Association IDFC International Development Finance Club IFC International Finance Corporation (WBG) IsDB Islamic Development bank MDB Multilateral Development Bank MEE Ministry of Ecology and Environment MEP Ministry of Environmental Protection MFA Ministry of Foreign Affairs MOFA Ministry of Finance MOFCOM Ministry of Commerce NDB New Development Bank NDC Nationally Determined Contribution NDRC National Development and Reform Commission OECD Organization for Economic Cooperation and Development PBOC Peoples Bank of China PPF Project Preparation Facility PPP Public-private partnership SAFE State Administration of Foreign Exchange SASAC State-owned Asset Supervision and Administration Commission SBN Sustainable Banking Network SDGs Sustainable Development Goals SPV Special Purpose Vehicle UN United Nations UNEP United Nations Environment Programme UNFCCC United Nations Framework Convention on Climate Change WBG World Bank Group 英文报告手册内页2.indd 6 2019/9/12 11:07:577 The Potential of Multilateral Development Banks in Greening the Belt and Road Initiative How MDBs can Use their Characteristics to Green the BRI through Financing Solutions, Coordination Activities, and Policy Support Preface Preface Green finance can be understood as financing towards environmental purposes, within the broader context of sustainable development. These benefits broadly include climate change mitigation, climate change adaptation, natural resource conservation, biodiversity conservation, and pollution prevention and control. It is estimated that green financing must be scaled to 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 investments 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) in greening the Belt and Road Initiative (BRI). The purpose of this paper is to assist MDBs in developing their role, by providing an understanding of how MDB characteristics can be used to comprehensively green the BRI. This research on MDBs in green finance is a strategic research priority of the International Institute of Green Finance. Based on the IIGFs previous research the current practice of MDBs in green finance and on MDB cooperation in green finance, this paper goes into detail with MDBs in the BRI. Looking forward, the IIGF will continue its research on MDBs such as within green bond development, green finance standards, and local green finance development. The paper aims to make concrete and actionable recommendations to MDBs and their stakeholders. Therefore, 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 improving the practical applicability of the recommendations put forward. The target audience of this paper includes several groups. First, the paper aims to provide valuable information to MDBs, which can be turned into concrete actions. Second, the pape
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