资源描述
FINANCING THE FUTURE OF ASIAInnovations in Sustainable FinanceJOHAN THUARD, HARVEY KOH, ANAND AGARWAL, AND RIYA GARGAPRIL 2019| FSGIThis report has been developed and published by FSG in partnership with AVPN, with support from The Rockefeller Foundation. The findings, conclusions, and recommendations contained within these pages are those of the authors, and do not necessarily reflect the views, positions, or policies of The Rockefeller Foundation or AVPN.About FSGFSG is a mission-driven consulting firm supporting leaders in creating large-scale, lasting social change. Through customized consulting services, innovative thought leadership, and support for learning communities, we help foundations, businesses, nonprofits, and governments around the world accelerate progress by reimagining social change.To learn more about FSG, please visit: fsgAbout AVPNAs the only comprehensive funders network in Asia, AVPN is a leading ecosystem builder for the social investment sector with 500+ members globally. AVPNs mis-sion is to catalyse the movement toward a more strategic, collaborative and outcome focused approach to social investing, ensuring that resources are deployed as effec-tively as possible to address key social challenges facing Asia today and in the future.To learn more about AVPN, please visit: avpn.asiaAbout The Rockefeller FoundationThe Rockefeller Foundation advances new frontiers of science, data, policy and innovation to solve global challenges related to health, food, power and economic mobility. As a science-driven philanthropy focused on building collaborative relationships with partners and grantees, the Foundation seeks to inspire and foster large-scale human impact that promotes the well-being of humanity throughout the world by identifying and accelerating breakthrough solutions, ideas and conversations. To learn more about The Rockefeller Foundation, please visit: rockefellerfoundationFINANCING THE FUTURE OF ASIA | IICONTENTS3 Chapter Title4 Chapter Section5 Chapter Title5 Chapter Section7 Chapter Title8 Chapter SectionChapter 1Chapter 2Chapter 3The Future of Finance l 01 Innovation Opportunities in Key Markets l 14Unleashing the Next Wave of Innovation l 59Example Initiatives Supported by The Rockefeller Foundation l 68Acknowledgments l 64Endnotes l 69China l 15India l 25Japan l 37Indonesia l 45CONTENTSAround the globe, a wave of innovation is sweeping across the financial sector, from public equities to bonds, real estate to insurance, venture investing to small-business lending. In each of these areas, innovative players are using an ever-growing range of instruments to achieve social and environmental benefits, while producing attractive returns.This is the exciting field of sustainable finance, and it is growing fast. One area of sustainable finance that has posted dramatic growth in recent years is investing in pub-licly listed corporations based on environmental, social, and governance (ESG) factors. In the United States, total assets under management (AUM) under ESG strategies have grown almost four-fold in eight years, from around $3 trillion in 2010 to $11.6 trillion in 2018, representing $1 out of every $4 currently invested with professional asset managers.1Across the Pacific in Japan, the Government Pension Investment Fund (GPIF), the worlds largest asset owner with around $1.5 trillion in assets, recently announced its intention to incorporate ESG factors into all investment decisions and has already invested in five equity funds tracking ESG indices.a1According to BlackRock, the worlds largest asset manager, the global market for ESG exchange-traded funds (ETFs) alone is expected to expand from $25 billion to more than $400 billion within a decade.2The growing adoption of the United Nations Principles for Responsible Investment (UN PRI) reflects this global trend toward ESG. UN PRI is a set of six voluntary principles that aims to develop a more sustainable financial system and offers guidance to signatories interested in incorporating ESG in their investment strategies. Over the past decade, the number of signatories to UN PRI has grown more than five times, and total AUM by UN PRI signatories now stands at almost $82 trillion.3a. For more on GPIFs ESG investment approach, see page 41.THE FUTURE OF FINANCE| FSG1Another area seeing rapid growth is the market for green bondsi.e., bonds issued to fund climate and environmental improvementswhere the level of capital mobilized globally has risen from $87 billion to $167 billion in the last two years alone.4Notable new products in the market include the BlackRock iShares Global Green Bond ETF, and the Planet Emerging Green One fund by the International Finance Corporation (IFC) and Amundi, which is expected to deploy some $2 billion in emerging markets.5, 6The range of green bond issuers has also been growing, with corporations, municipalities, and trans-portation agencies increasingly including green bonds in their financing strategy. In 2016, the market saw the first-ever sovereign green bond issue by Poland, and this has since been followed by issues from other countries including France, Belgium, Indonesia, and Nigeria.7Why sustainable finance?All this raises the question: Why are investors increasingly buying into sustainable finance? One simple answer is that sustainable finance offers more opportunities to generate strong returns.An Oxford University meta-study of 190 academic papers on the relationship between sustainability and firm performance found that 88 percent of the papers concluded that companies with robust sustainability practices demonstrated better operational performance. Moreover, 80 percent of these papers also found a positive correlation between sustainability practices and share price performance.8A separate analysis of 656 companies in IFCs portfolio showed that the return on equity (ROE) from companies with more sustainable practices was 210 basis points higher on average than from companies with less sustainable practices.9Meanwhile, a Morgan Stanley study of 10,228 US-based open-end mutual funds showed that sustainable open-end funds had lower volatility than traditional funds while providing equal or higher returns, for 64 percent of the periods examined.10Sustainable finance also offers diversification benefits through investment opportunities in assets that are less exposed to market risks. For example, investments in affordable housing are less likely to be affected by economic downturns and provide greater downside protection to investors when compared to traditional housing, as demand for affordable housing is stable and less responsive to economic cycles.11If we take a longer-term perspective, it becomes increasingly clear that financial returns ultimately cannot outrun the consequences of global social and environmental crises. One area where this is entering the mainstream of discussion in the financial sector is climate change. Credit rating agen-cies such as Moodys have already started to incorporate climate-related risks as negative factors in FINANCING THE FUTURE OF ASIA | 2their credit assessments of fixed-income products such as municipal bonds.12Meanwhile, the Bank of England (BoE) recently warned banks in the United Kingdom of climate change risks and directed them to incorporate strategies for mitigating those risks in their long-term business plans.13More immediate shifts in market forces are also at work, as financial services institutions are increasingly sensing and responding to growing demand from their clients for sustainable finance products, and are generally coming under greater public scrutiny. This change appears to be accelerating as younger generations begin to exert greater pressure in the marketplace, as both customers and employees: A recent global Deloitte survey of millennial workers on what business should seek to achieve found that they were 63 percent more likely to mention the improvement of society than the generation of profits.14Government agencies are also becoming increasingly interested in encouraging the move toward sustainable finance. For example, the European Commission has started working on regulations mandating the inclusion of ESG factors in the risk processes and fiduciary duties of institutional investors, as part of an action plan on sustainable finance that aims to boost sustainable growth of the EU economy.15Innovations at the forefront of sustainable financeInnovation in sustainable finance is not a new phenomenon. One of the first notable examples of successful innovation was the emergence in 1980s Bangladesh of the microfinance institution (MFI) model, which provided microloans to the rural poor with the intention of supporting improved liveli-hoods. Later innovations then enabled the MFI industry to broaden its customer base, diversify its offerings, and find new ways to reach customers by leveraging technologies such as mobile money. Today, the MFI industry has achieved impressive scale, reaching an estimated 139 million low-income clients globally in 2017 with an estimated $114 billion loans outstanding.16| FSG3Microfinance has also been the catalyst for another sustainable finance approachimpact venture investingwhich now supports businesses delivering social and envir onmental benefits across impact areas such as upskilling, gender inclusions, migrant rights, access to safe water, and in sectors that include energy, education, healthcare, and agriculture.Of course, sustainable finance now goes well beyond the worlds of microfinance and impact venture investing, and indeed beyond the more commonly known areas of ESG investing and green bonds. Conservation funds are investing in forests to prevent deforestation while enhancing livelihoods. Parametric insurance products are improving the disaster resilience of countries and communities. Tech-enabled platforms based on past trading patterns are enabling the extension of micro-credit to small retailers, helping them grow. New affordable housing funds are investing in large projects, de-risked through long-term rental contracts with municipalities and real estate agencies. On pages 5 and 6, there is a global overview of recent, exciting innovations across a wide range of categories of sustainable finance. While this range of innovation is hugely inspiring, the full potential of this sector is yet to be exploited. We believe that there are numerous opportunities for innovative financial services providers and advisors to take a position of leadership, to boldly devise and launch new offerings that could ultimately reshape the entire financial services sector. FINANCING THE FUTURE OF ASIA | 4Real AssetsFunds that have developed innovative ways to generate financial returns from high-impact investments in real assets such as plantations, fisheries, low-income housing.Funds for forest conservation and restorationAlthelia Climate Fund has invested in real assets to drive the conservation of forests, while generating a financial return on investment through a combination of capital gains, selling commodities, and monetizing carbon credits (see page 47 for more).Funds to support sustainable fisheriesIn Indonesia and the Philippines, the Meloy Fund for Sustainable Community Fisheries invests in small-scale community fisheries, to reduce overfishing while helping increase the income of fishing communities (see page 47 for more).Funds for affordable housingIn Belgium, the Inclusio Affordable Housing Fund makes affordable housing attractive for private investors by investing in large projects tied to long-term rental contracts with real estate agencies and municipalities.Recent Innovations Across Sustainable FinanceDisaster InsuranceInsurance products that improve the ability of countries, institutions and communities to deal with the consequences of natural disasters.Pooled sovereign catastrophe bonds Bonds that enable governments to reduce dependence on own fiscal resources for disaster responsewhen pooled between multiple countries, risk diversification allows costs to be reduced (see page 50 for more).Pooled parametric sovereign disaster insuranceIn Southeast Asia, SEADRIF offers rapid pay-outs to insured countries following disasters without the need for on-the-ground damage assessmentswhen pooled between multiple countries, risk diversification allows costs to be reduced (see page 50 for more).Parametric disaster insurance for lending institutionsIn Indonesia, a parametric earthquake index insurance product provides protection to lenders following disasters, addressing higher impairments and supporting continued lending in times of need (see page 50 for more).Hybrid parametric insurance and debt productsIn Haiti, MiCRO offers a hybrid product combining parametric insurance, existing loan waiver, and new loans to help micro-entrepreneurs recover their livelihoods after natural disasters (see page 50 for more).Impact Venture InvestingInvestment in impact ventures that have social or environment impact objectives at the core of their business model.Alternatives to VC model: open-end funds and holding companies Funds such as Bridges Evergreen Fund, which have an indefinite lifespan, enabling them to better address impact ventures needs for more patient capital, as compared with the commonly used closed-end fund model (see page 27 for more).Wholesalers to foster the supply of capital in impact venture investing marketsLarge funds, such as Big Society Capital in the UK, that grow the impact venture investing market by financing early-stage inter-mediaries who typically lack a track record and face challenges in raising capital from traditional LPs (see page 43 for more).Crowdfunding to enable retail investments in impact ventureFinTech platforms, such as Securite and Campfire in Japan, that allow impact enterprises to access funding from retail investors, a segment that would otherwise remain inaccessible to these enterprises (see page 44 for more).Blended capital funds to invest in higher-risk opportunitiesFunds having a tiered capital structure where concessional funders take on a greater share of risk, to incentivize private investments into higher-risk opportunities (such as those in unproven models or markets).Consumer and MSME FinanceProducts addressing financial needs of segments typically underserved by mainstream financial institutions, such as low-income consumers with informal incomes, or micro, small and medium-sized enterprises (MSMEs).Mobile-enabled payments and financial servicesFinTech platforms, such as Alipay and WeChat are leveraging mobile phones to expand the reach of formal financial services to the rural poor and to enable lending to MSMEs (see page 19 for more).De-risking SME lending for commercial banksThe Variable Payment Obligation program in Nicaragua de-risks bank lending to SMEs through loan syndication, red
展开阅读全文