在金融业特别是发达经济中，抵押贷款不断成为最大最重要的部分之一。然而自2008年金融危机以来，抵押贷款市场的发展一直缓慢甚至没有存在感。2018年，非银行提供者占美国抵押贷款总量的60% 。金融技术创.
2020-12-01
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尽管在过去的十年里取得了显著的进步，但是全世界仍然有超过7.89亿和28.1亿人无法获得电力和清洁的烹饪服务。新型冠状病毒肺炎疫情突显出，缺乏可靠的能源供应可能对医疗系统、供水和卫生服务、清洁烹饪以及通信和信息技术服务会产生严重影响。这为加快行动以实现可持续发展目标到2030年为所有人提供负担得起、可靠、可持续和现代的能源敲响了警钟，以确保发展中国家增强应对未来挑战的复原力。本报告由可持续能源组织与气候政策倡议组织合作编写，全面分析对获取能源的两个关键领域电气化和清洁烹饪的现状。该报告的第四版追踪了2018年向20个撒哈拉以南非洲和亚洲国家(被称为高影响国家)提供电力和清洁烹饪资金的情况。
2020-12-01
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由于COVID-19大流行和随后的石油危机，银行的经营状况在2020年突然恶化。尽管我们预计全球经济增长将在2020年下半年大幅反弹，但下行风险仍然较高，其中包括第二波感染。不过，由于银行资产负债表的.
2020-12-01
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COVID-19造成的经济后果对EMs产生了很大影响，EMs将经历截然不同的复苏路径。通过优先考虑对绿色部门的大规模公共投资，并通过扶持政策鼓励私营部门投资，恢复措施可为绿色和可持续性相关项目创造重大.
2020-12-01
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亚洲开发银行(ADB)编制的税收管理比较系列的第四版分析了亚太地区34个经济体税收机构的管理框架、运营和绩效。联合国可持续发展目标为本报告所涵盖的大多数经济体设定了雄心勃勃的目标。实现其中许多目标的核.
2020-12-01
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报告期的半年度报告,消费者金融保护局(CFPB或局)发布的报告,讨论各种挑战消费者在购买或获取消费者金融产品或服务,包括两个报告早期COVID-19大流行对消费信贷的影响和一个报告,其中包含从美国消费.
2020-12-01
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2017年4月，中央银行和监管机构绿色金融体系网络(NGFS)发布了第一份综合报告 2019年，特别发行了6个 旨在激励各国央行和监管机构参与其国内议程的非约束性建议。在 2020年，我们将工作重点放在落实这些建议上，以帮助NGFS成员采取行动，从而确保我们的社区不断围绕这些全球问题形成共识。过去的一年在许多方面对我们所有人来说都是非同寻常的。这个 世界性的流行病危机无疑影响了我们的个人和职业生活。然而，我感到非常自豪的是，即使在这些具有挑战性的情况下，NGFS成员国并没有忽视气候变化和环境问题的紧迫性和严重性。我们不仅没有偏离正轨，甚至加倍努力。在 2020年，NGFS发布了几份报告，包括一些操作指南和所谓的NGFS场景。这些出版物涵盖了中央银行和监管机构的核心任务，从监管到金融稳定监测和货币政策。它们还反映了我们在改进气候和环境相关风险的分析和管理方面集体取得的重大进展。我们还审查了我们的治理，并批准了一项新的工作方案，包括启动两个新的工作流程，侧重于数据差距和研究主题。尽管这一流行病极具挑战性，但它也为绿色复苏提供了一个非同寻常的独特机会。在更实际的层面上，它促使我们改变我们合作的方式：例如，我们在曼谷举行的由泰国中央银行主办的全体会议不得不取消，但我们设法通过转向虚拟会议和活动来保持非政府组织的精神。它甚至被证明是一种非常容易获得的当然，也是气候友好的分享知识和经验的方式。
2020-12-01
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全球ESG投资是一个具有大胆目标的高信念全球股票策略，目标是通过投资于成功实现其核心目标的公司来创造长期业绩：通过创造积极和可持续的变革来创造价值，以满足社会和环境服务不足的需求。通过这种方式，它将重点放在明天的领先公司。人们很容易忘记，就在6个月前，投资者对2020年的前景普遍乐观。当时，美中贸易谈判正在取得进展，而许多人对2019年第四季度财报季的利好仍记忆犹新。但世界即将改变。这种冠状病毒于2019年底首次在中国城市武汉出现，并在全球范围内迅速传播。让人想起全球金融危机的动荡，接踵而至的是金融市场：波动剧烈，避险情绪高涨，市场暴跌。随后，在前所未有的政府干预和大规模放松货币政策的推动下，市场出现反弹，但对这些品质的偏好依然存在，只是有几次短暂而剧烈的价值轮换。此外，提供有助于减轻病毒影响的商品或服务的公司也表现良好，因此倾向于正收益增长。
2020-12-01
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全球经济和市场的新周期正在开始。但是，许多客户没有为这次新的复苏持有合适的股票，而且几乎所有的客户都有太多的现金。赚得更安全并不意味着在等待“合适的时机”进行投资时远离市场或持有现金。为了帮助您了解您.
2020-12-01
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影响力投资的需求一直在上升：根据全球影响力投资网（GIIN）的数据，一项针对1700名影响力投资者的研究发现，管理的总资产从2019年的5020亿美元增加到今年的7150亿美元。在全世界与冠状病毒大流行这一前所未有的挑战作斗争之际，我们看到这种需求进一步加快，因为冠状病毒已将影响投资的需要置于聚光灯下。今年上半年，世界各地的社会和经济以及金融市场都受到了Covid-19的影响。虽然全球流行病的全面影响仍在显现，但这些事件进一步巩固了我对有影响力的公司的愿景，即它们是未来增长的驱动力，通过投资这些新的增长领域，我们今天正在收购明天的领军企业。在这场流行病的背景下，我相信一种范式正在发生转变：更广泛的市场开始认识到，为社会和环境的未满足需求提供解决方案的公司面临着持久的需求，反过来，它们也有着更好的增长前景。事实上，这种信念是我们投资理念的核心它帮助我们向投资者展示他们如何为社会和地球的改善以及可持续发展目标（SDG）做出贡献。影响力投资：重塑未来的关键随着各国、各行业和供应链继续与流感大流行作斗争，许多行业的前景仍不明朗。也就是说，上半年市场经历的波动为我们提供了紧急机会：我们在策略中增加了一些新的持股（有关我们上半年活动的更多详情，请参见第四节），我相信下半年可能会有类似的机会。
2020-12-01
12页
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这本2020年投资者概况突出了我们长期以来的强劲财务记录，并强调了我们通过提供公司、政府和个人坚定决策所必需的情报来加速世界进步的持续承诺。它还确定了我们未来的战略和愿景如何继续推动增长、客户价值和生.
2020-12-01
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Payments, Processors, ecosystem scaling FleetCor Technologies (FLT): King of the Cross-Sell Western Union (WU): The traditional money remittance power WEX (WEX): Operating in attractive FinTech swim lanes Verra Mobility (VRRM): Market leader in tolling payments processing and traffic safety solutions Repay (RPAY): Integrated payments platform serving niche (but expanding) verticals International Money Express (IMXI): Focused competitor gaining share in important remittance corridors 24 January 2020Source: Credit Suisse estimates Payments, Processors, Emphasis on attracting new payments flows onto both card and non-card rails (Visa Direct Earthport, efforts in both cross-border and B2B, recently announced pending acquistion of Plaid) MAMastercard, Inc.$330 OP $324$350 Higher exposure to faster growth international markets; Acquisitions (Vocalink, Transfast, Nets, Transactis) support multi-rail approach, B2B (Mastercard Track), and bill-pay (Mastercard Bill Pay Exchange); Maestro card conversions PYPLPayPal Holdings, Inc.$140 OP $116$135 Share gainer 45% of merchant acquiring in global eComm Two deals worth of revenue synergies in 2020; Longer-term in-store expansion in new countries FISVFiserv, Inc.$84 NEUTRAL $121$133 FDC undervalued thesis now validated by market (valuation); Exposure to attractive swim lanes (ISV, eCommerce International) albeit at lower levels of total revenue vs. Outperform-rated acquirers; GBS tougher compares ahead (following impressive acceleration in 2019) GPNGlobal Payments, Inc.$60 OP $199$230 Highest relative exposure to the fastest growing channels (owned Leading credit issuer processor via TSYS; Potential for more bank/JV partnerships SQSquare, Inc.$33 OP $69$84 Intersection of software payments, 3x recycling; Sentiment and number reset ahead of analyst day in March; Two recent price increases help alleviate a degree of the investment pressures (e.g., 50bps on Instant Transfer) FLT FleetCor Technologies, Inc. $28 NEUTRAL $310$335 Fuel, Corporate Payments, Lodging, Best at cross-sell Valuation recovered in 2019 (vs. 2017 and 2018 levels) with a return to LDD organic growth in fuel segment WUThe Western Union Co.$12 UP $28$26 Valuation at a meaningful premium to historical averages, dividend (3%) at low end of range; Market digested recent good news ($150mm cost savings, 3-year targets/guidance); Competition from traditional Platform/asset value Awaiting further detail on timing/execution of ramp in Europe (recent acquistion of Pagetelia potential to improve timeline) RPAYRepay Holdings Corp.$0.9 OP $16$19 Integrated payments in niche verticals; Increasing debit penetration in core verticals, adding verticals, new merchants Mexico Await further clarity on 2020 outlook given recent data points Payments, Processors, 2) 17% global eCommerce 3) 20% International growing 10% ; and 4) an emphasis on SMB and multi-nationals. Leading credit issuer processor with dominant share in the US, UK, Ireland, Canada, and China ( 5-7% growth vs. industry 3%); improved ability to win bank partnerships and joint ventures. Potential vertical software M (2) Includes $13T of non-PCE card purchases in China 87% Un-carded opportunity US Payments addressable market Large TAM driven by PCE growth cash-to-card conversion 10 Our industry model (card volumes/penetration vs. adjusted PCE cash-to-card penetration) suggests continued HSD volume growth should persist through at least 2023. We model V we note that V 20% of micro merchants fail per year1vs. LSD for larger merchants Opportunity to expand beyond payments (e.g., capital/cash advances, website design, CRM/marketing tools, payroll, etc.) Merchant Acquiring: SMB is where the money is at SMB segment 17% of volumes, but 55% of revenue in US market 12 $7.5tr in US card volumes (2019E), of which $1.3tr is from SMB and micro merchants, which despite making up just 17% of volumes, account for 55% of the acquiring/processing revenue opportunity Source: 1Small Business Administration, Company reports, Square, US Census, Credit Suisse estimates, US General Purpose Card Volume from The Nilson Report for 2018 base, and 2019E represents Credit Suisse estimates24 January 2020 $3.2tr card volumes $3tr card volumes $850b card volumes $1mm - $100mm $250k - $1mm Less than $250k annual revenue 3mm SMB 20mm Micro merchants 20k mega merchants 1mm mid-market larger merchants 80-120bps net yield = $4.5b revenue 40-100bps net yield = $6b revenue 10-40bps net yield = $7.5b revenue 1-10bps net yield = $1b revenue $450b “First of all, we stick to our knitting and we focus really on SMBs in a given country. So as good a company as Amazon is, were not interested in Amazon, right? So for us to be a commoditized providerno contracts, 30-day outs, no minimums, no service, low fee. Why is that interesting?” Jeffrey Sloan, CEO, GPN (May 15, 2019) $100mm 17% 11% 19% 10% 10% 3% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Software-ledeCommerce (total) AmazoneTail ex- Amazon Other eCommTraditional Merchant Acquiring: Software Software-led defined as integrated payments sold through owned or partnered software platforms typically to small or medium-sized businesses. 13 Technology-enabled payments (software-led and eCommerce-related channels) is not a new trend, but it remains a powerful one, with software-led channels growing 2x the overall market (4-5x traditional channels) and eCommerce ex-Amazon growing 2-3x traditional. Share gainers will be payment providers with the best exposure to these channels (own the technology to serve, with business mix skewed toward these faster-growth swim lanes, along with the scale and resources required to keep up with increasing complexity and competition). Amazon makes up 35% of US retail eCommerce (and 55% of growth), a portion of payments that is less addressable for the majority of payments companies and with the lowest unit economics for acquirers for this reason, we separate the remaining portion of eCommerce, which we define as eTail ex-Amazon (i.e., retail eCommerce for SMB and non-Amazon merchants) and other online commerce (e.g., eFood delivery, ride-sharing, online travel, etc.). Further, a large portion of the remaining eCommerce volume runs through marketplaces (50% of eCommerce globally) and multi-national companies (e.g., Uber, Netflix), placing additional emphasis on global gaining 6%, going from 15% to 21% share) and the remainder going to eCommerce payments channels (gaining 3%, going from 24% to 27%). 24 January 2020Source: Company reports, The Nilson Report, BCG, AZ Payments, eMarketer, Credit Suisse estimates 12% 14% 15% 17% 18% 20% 21% 2% 2% 2% 3% 3% 3% 4% 4% 5% 5% 5% 5% 5% 5% 5% 6% 15% 15% 16% 16% 17% 17% 17% 17% 67% 65% 63% 61% 59% 56% 54% 52% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2016E2017E2018E2019E2020E2021E2022E2023E Traditional Other eComm eTail ex-Amazon Amazon Software-led 17% 19% 20% 24% 27% 30% 0% 5% 10% 15% 20% 25% 30% 35% 2018E2019E2020E2021E2022E2023E Results in a highly recurring revenue streams with reduced attrition, and the potential for higher margins (i.e., distribution leverage “acquire the merchant once, sell the merchant many times”, including additional ancillary products and services such as working capital loans, payroll processing, invoicing, etc.). Payments and software companies often strive to work with the same underlying merchants (SMB and mid-market, higher net revenue yields vs. larger merchants). Makes sense for payments and software to work together given payments data is valuable for decision making and planning (customer preferences, inventory planning, cash flow management), making the offering less commoditized. Merchant Acquiring: Software-led in two flavors owned and partnered Both support SMB access, cross-selling opportunities, and reduced attrition 15 Platforms that combine payments software (both owned and ISV partnered approaches) benefit from meaningfully reduced attrition, particularly impressive given SMB skew of these channels “as we drive deeper into software within cross-border, 2/3rdsare done via Marketplaces (and a meaningful portion of the remainder is via larger multi-national merchants) Global eCommerce is a fast-growth swim lane (17% CAGR 2019-2023E), with the cross-border component growing 25% (with an even faster- growth sub-component, cross-border on Marketplaces, is growing 27%) “Its not unusual for a large global retailer to be managing 30 to 60 and sometimes 100-plus contracts and partnersIt is not unusual for a large international company to be eliminating potentially dozens of different partners and integrate one implementation across all of those regions with one set of contracts and one solution” Brian Dammeir Head of Product, Adyen (April 2019) Global eCommerce (ex-CB) 80% Cross- border 20% Marketplace 67% Non-Marketplace 33% $1.5tr $1.9tr $2.4tr $2.8tr $3.3tr $3.9tr $4.4tr $4.9tr $0.4tr $0.5tr $0.6tr $0.8tr $1.0tr $1.3tr $1.9tr $2.4tr $2.9tr $3.5tr $4.2tr $5.0tr $5.8tr $6.7tr $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 2016201720182019E2020E2021E2022E2023E Global eCommerce ex-CB CB Marketplaces CB ex Marketplaces 24 January 2020Source: Company reports, Worldpay, eMarketer, Forrester Research, Zion Market Research, Credit Suisse estimates Faster-growth international markets, often in earlier stages of the secular cash- to-card conversion (e.g. APAC, Latin America, and Central / Eastern Europe). Processing in-store payments for domestic merchants requires local acquiring capabilities (owned or sponsored licensing), local support staff, local knowledge, relationships with regulators, local payments methods, local language, etc. The ability to handle both in-store and eCommerce (omnichannel) is a differentiator, better positioning acquirers to win multi-national merchant contracts (e.g., Global Payments won Citi for global eCommerce Mastercard achieved 75% of its growth from international, only 65% of its total, and grew1.6x domestic volumes in 2018 24 January 2020Source: Company reports, Credit Suisse estimates 30-35 6 33 50-55 5858 0 10 20 30 40 50 60 70 First Data (Fiserv)Worldpay (FIS)Global Payments 2% 4% 3% 3% 3% 4% 6% 5% 5% 4% 1% 1% 1% 1% 1% 2% 4% 4% 3% 3% 10% 15% 13% 13% 12% 201720182019E2020E2021E USLatin AmericaEuropeCanadaAPMEA Merchant Acquiring: Channel and business mix matter Estimated revenue exposure within merchant acquiring business segments Source: Company reports, Credit Suisse estimates; Percentages are estimates (not precise, disclosed figures) of revenue mix within acquiring businesses for GPN, FISV, Revenue recognition based on home country of merchant, understating International. Fiserv (First Data) 12P$% Software-led includesboth CloveriPOS offering and ISV/integrated payments business (CardConnect SMB relationships are via Clover, Partner Solutions (ISV, agent, ISO), referral partners (bank and non-bank), and JV alliances. PayPal1-2-99e-70G% Pure-playeCommerce, althoughiZettle representsoffline expansion, software-led payments (owned software-led iPOS); As of 2015, large merchant mix was 46% of volume (we assume an increase, and factor in P2P volume, pricing, and OVAS revenue). Repay100%0%*60%1% Pure-play integrated payments, with volumes integrated with ISV partners and directly into merchant systems; Top 10 clients account for 30% of revenue; Majority of payments made online or via phone, although we categorize as software-led vs. eCommerce. Square95%1-3%5% Horizontal software, with select vertical-specific solutions; Assumes 1/2 of Mid-Market sellers are SMB (by volume), remainder are larger (e.g., Shake Shack, Washington Nationals, Blue Bottle, etc.). 24 January 2020 Merchant Acquiring: If these platforms gain share, who will lose it? Hundreds of sub-scale, country/regional, and local bank-owned acquirers Source: The Nilson Report, First Data estimates include JV proportionate share of transactions (BAMS, Wells Fargo, Citi, Santander, BBVA, PNC, Cardnet), Credit Suisse research estimates 19 RankAcquirerCountryTransactions (mil.)AcquirerCountryTransactions (mil.)AcquirerCountryTransactions (mil.) 1WorldpayGroup35,235 51BS PayoneGermany1,175 101BB from 2015 to 2018, the top five acquirers gained 500bps in acquiring share (by transactions). We expect the three recently merged, scaled platforms (Fiserv-First Data, FIS-Worldpay, Global Payments-TSYS), all with annual free cash flow in the $3-5b range, to resume acquisitions with an emphasis on merchant acquiring, the fastest growing part of their businesses. First Data 14% Vantiv 8% JPMC 8% Worldpay 5% Cielo 3% Global Payments 3% Elavon 3% Sberbank 3% Barclays 2% Heartland 2% Nets 2% 11-30 24% 31-150 23% 24 January 2020 First Data 13% Worldpay / Vantiv 13% JPMC 8% Global Payments / TSYS 5% Cielo 3% Elavon 3%Sberbank 3% Barclays 2% Nets 2% Rede 2% 11-30 24% 31-150 22% Networks: New sources of volume supportive of 10% until at least 2023E Street underestimates growth persistence and power of compounding 21 We quantify the potential impact (illustrative in sensitizing volume CAGR from small portions of penetration) of five nascent drivers of US card payments (push-to-card and B2B - beyond PCE - along with contactless, bill-pay, and underbanked additions to the card ecosystem) to determine their contribution to incremental growth. Industry incentives are designed to drive adoption providing economic benefits for issuers (interchange, incentives), networks (network fees), and consumers and business (rewards, speed, convenience, data) vs. cash, check, implies less onus on PCE growth and traditional cash-to-card conversion baked into estimates. 24 January 2020Source: Company reports, Visa, Aite, A.T. Kearney, FDIC, Mastercard, Credit Suisse estimates New source of volumeTAM Illustrative incremental card penetration (2023E) Implied volume addition Implied addition to 2019-2023E CAGR Push-to-card$7.7tr5%$386b130bps B2B$22tr1%$220b70bps Contactless$3.0tr3%$90b30bps Bill-pay$2.5tr2%$50b20bps Un-banked although we expect Visa and Mastercard will pay away the majority of this premium opportunity in the near term (2-3 years) to incent the issuance and usage of contactless cards (i.e., rebates to both issuers and acquirers). Markets similar to the US (e.g., Australia, UK) with high card penetration have seen meaningful adoption 3-4 years (percentage increase in face-to-face transactions per card, years 1-5 post rollout) Illustratively, net yield opportunity in a steady state for contactless transactions has the potential to be 2x that of a traditional, larger ticket size transaction (although still 3-5 years away) 45% 9% 35% 0% 10% 20% 30% 40% 50% Year 1Year 2Year 3Year 4Year 5 New Zealand Ireland Switzerland United Kingdom Canada Australia 0.11% 0.11% 0.15% 0.50% 0.2
2020-10-23
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2020年10月由亚洲开发银行发布报告东南亚后COVID-19时代经济复苏的绿色金融策略。为了防止病毒在亚洲的传播，亚洲各国政府部署了大量的应对措施。疫情危机的下一阶段将要求各国政府准备长期复苏和刺激方案，以支持经济增长和就业保障。这些计划将需要仔细考虑到发展中国家的现有脆弱性，因COVID-19的影响，这些脆弱性现在进一步恶化。亚洲发展中国家在疫情大流行之前已经面临气候变化、生物多样性丧失和海洋健康下降的三重威胁。在许多亚洲主要城市，空气污染和水资源短缺已经非常明显。沿海人口，特别是东南亚漫长的海岸线，越来越容易受到海平面上升和日益频繁的台风的影响。健康影响、自然灾害、COVID-19等流行病与气候、海洋和森林变化之间的联系越来越明显。明显的例子是人类更多地侵入动物栖息地，造成动物病毒感染人类的风险更高。在这种背景下，复苏战略不能逆转过去在保护一个国家自然环境方面取得的成果，并在无意中导致支持化石燃料或碳密集型投资的增长，从而偏离巴黎协定的目标轨道。相反，我们有一个关键的机会来调整我们的经济方向，并更好地重建。例如，东南亚国家联盟(ASEAN)的成员国已经设定了一个目标，即到2025年，可再生能源占其一次能源的比重将达到23%，而2014年这一比例为9.4%(目前估计将满足约15%的需求)。现在更为关键的是，无论是在可再生能源、基于自然的解决方案还是其他基础设施部门，都需要大量的资金流动来实现这些目标，因为这些可以成为可持续增长的引擎，提供社会经济效益。促进来自公共和私营部门的绿色融资，以实现创造可持续就业的有韧性项目的战略，应成为新冠肺炎疫情后经济复苏一揽子计划的核心内容。亚洲开发银行（ADB）一直在与亚太地区各国政府密切合作，部署了200亿美元的一揽子援助计划，帮助各国应对COVID-19流行病的严重影响，并满足病人、贫困人口和弱势群体的迫切需要。亚洲开发银行向东南亚相关国家提供了40亿美元的直接援助。亚行在印尼的地热回收项目也将有助于推动类似的项目。本报告有助于进一步确定政策和绿色金融机制的例子，这些政策和机制既能从世界各地聚集急需的资本，又能将重点放在可持续利用我们的自然资源上。期待这些机制可以为该地区制定绿色和可持续的恢复计划提供实际支持。
2020-10-21
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Green Finance Strategy Transforming Finance for a Greener Future July 2019 Crown copyright 2019 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/ version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psinationalarchives.gsi.gov.uk. Where we have identified any third-party copyright information you will need to obtain permission from the copyright holders concerned. Any enquiries regarding this publication should be sent to us at: enquiriesbeis.gov.uk Contents Ministerial Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Chapter 1: Greening Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Chapter 2: Financing Green . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Chapter 3: Capturing the Opportunity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Next Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Annex A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Annex B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 1 Ministerial Foreword Rt Hon Greg Clark MP Secretary of State for Business, Energy and Industrial Strategy Rt Hon Philip Hammond MP Chancellor of the Exchequer The UK has a proud record in tackling climate change and protecting the environment. Transforming our financial system for a greener future is important for us to continue to lead the way. We were the first country in the world to set long- term, legally binding emissions reduction targets, through the Climate Change Act 2008. We have led the G20 in decarbonising our economy. And, through our 25 Year Environment Plan, we are delivering our commitment to leave the environment in betterconditionthan we found it. But tackling climate change and environmental degradation is only just beginning. By legislating for net zero emissions by 2050, we are responding to the latest science by raising our ambition. Meeting our objectives will require unprecedented levels of investment in green and low carbon technologies, services and infrastructure. Green finance will be central to providing the flows of capital we need. The challenges in creating a sustainable and resilient economy are great but the opportunities are greater still. With a leading financial services sector, the UK is ideally placed to seize the commercial potential arising from this transition, which is why green finance is at the heart of the Governments approach, and a pillar of both our Clean Growth Strategy and Industrial Strategy. It will also help ensure our financial system is robust and agile enough to respond to the profound challenges that climate change and the transition to a clean and resilient economy bring with them. Building on the important work of the Green Finance Taskforce, this first Green Finance Strategy sets out how we will achieve this ambition and accelerate the growth of green finance, from greening the global financial system and catalysing the investment we need, to driving innovation in financial products and building skills across the financial sector. This Strategy is also a call for collective action, setting out how we will work with industry, regulators, academia and the newly launched Green Finance Institute to deliver the urgent and far reaching change that is needed for a greener, more sustainable and prosperous future. There is no doubt about the scale of the environmental challenge that we face. To tackle that challenge effectively and sustainably requires us to harness the delivery capacity of the market economy and in particular to mobilise the enormous resources of our capital markets through Green Finance. This Strategy represents our commitment to taking the steps that will ensure that the UKs Green Finance sector is turbo-charged to play a crucial role in protecting the future of our planet for generations to come. Rt Hon Greg Clark MP Rt Hon Philip Hammond MP Green Finance Strategy 23 GREENING FINANCE Mainstreaming climate and environmental factors as a financial and strategic imperative Establishing a shared understanding Clarifying roles and responsibilities Fostering transparency and embedding a long-term approach Building robust and consistent green financial market frameworks The UKs Green Finance Strategy Aligning private sector financial flows with clean, environmentally sustainable and resilient growth. Strengthening the competitiveness of the UK financial services sector. FINANCING GREEN Mobilising private finance for clean and resilient growth Establishing robust, long-term policy frameworks Improving access to finance for green investment Addressing market barriers and building capability Developing innovative approaches and new ways of working CAPTURING THE OPPORTUNITY Cementing UK leadership in green finance Consolidating the UKs position as a global hub for green finance Positioning the UK at the forefront of green financial innovation and data and analytics Building skills and capabilities on green finance Green Finance Strategy 45 Executive summary Climate change and the degradation of the worlds natural capital assets are defining issues of our time. The world is getting warmer, sea levels are rising, pollution is costing lives and biodiversity is collapsing. The recent Intergovernmental Science and Policy Platform on Biodiversity and Ecosystems Services (IPBES) Global Assessment and the Intergovernmental Panel on Climate Change (IPCC) Special Report on 1.5C are both timely reminders of the urgency of action. The UKs new target to reach net zero greenhouse gas emissions by 2050 means we are the first major economy in the world to set such a target into law. We are also introducing a landmark Environment Bill, which will place environmental ambition and accountability at the very heart of government and put our flagship 25 Year Environment Plan into law. We need to shift to a world where we are at net zero emissions, and deliver our commitment that this will be the first generation in our history to leave the environment in a better condition than we found it. This means systemic changes across all parts of our economy; and in particular delivering a global financial system that supports and enables these outcomes. This strategy is our first step towards delivering that vision. The global shift towards cleaner, resilient growth As the international community begins to take the action that this challenge demands, a significant transformation is beginning in the global economy towards cleaner, more resilient economic growth. We expect that countries will increase their commitments and accelerate this transition at COP26 in 2020, which the UK has bid to host in partnership with Italy1. The re-allocation of tens of trillions of dollars of capital towards green investment offers the potential to reshape cities, energy systems and land use around the world. The nature of this investment over the coming decades will determine the future of our climate, the natural world and the resilience of our communities. It also presents a substantial commercial opportunity for the UK financial sector. As recently noted by the International Energy Agency, the UK has led the way in the transition to a low carbon economy2. Since 1990, we have grown our economy by two-thirds while reducing our carbon emissions by over 40%, the strongest performance of any G7 country. There are already almost 400,000 jobs in low carbon businesses and UK vs G7 GDP and Emissions 20 40 60 80 100 120 140 160 180 199019952000200520102015 Index (1990=100) Source: World Bank, UNFCCC, ONS, BEIS Greenhouse Gas Inventory. UK GDP 72% G7 GDP 65% G7 emissions - 5% (1990 - 2016) UK emissions - 42% Green Finance Strategy 67 their supply chains across the country3 and clean growth sits at the heart of the UKs Industrial Strategy as one of four Grand Challenges. The Government has a proud pedigree of climate and environmental leadership, such as the UK Climate Change Act, Clean Growth Strategy, 25 Year Environment Plan and the National Adaptation Programme and now this Green Finance Strategy. As we move towards a net zero economy, finance will play a crucial role in enabling changes to our homes, how we travel and our agriculture. The UK has the opportunity to lead the way in clean, climate resilient growth that protects our natural environment. Transforming the Financial System As the financial risks and opportunities from the low carbon transition become apparent, a second, equally important, transformation is also underway: that of the financial system. This transformation moves beyond just funding green projects to ensuring climate and environmental factors are fully integrated into mainstream financial decision making across all sectors and asset classes. And here too, the UK has led the way. The Green Finance Taskforce report, published in March 2018, was a landmark in the development of UK green finance. The Bank of England has played a pivotal role, both domestically and internationally, to ensure climate change is considered a mainstream and far-reaching financial risk, as well as one that requires action today. UK firms have also played a leading role at home and abroad, with banks, insurers, asset managers and pension funds in the vanguard of green financial innovation, supported by a rich ecosystem of civil society, business, academia and technical experts. Cementing UK leadership With our track record on clean growth and a world-leading financial sector, the UK is well- placed to seize the economic benefits of green finance. As the Industrial Strategy demonstrates, this is a win-win for our climate and environmental ambitions, as well as further enhancing the competitiveness of the UKs real economy and financial services sector. Leadership on green finance will enable the UK to maximise the economic opportunities of the global and domestic shifts to clean and resilient growth. Progress is undoubtedly being made. 70% of banks in the UK now consider climate change as a financial risk4, and green financial products are increasingly becoming more widespread in the market. But much more needs to be done. Only 10% of banks in the UK are taking a long-term strategic approach to managing the financial risks from climate change5, and the total global and domestic value of outstanding green bonds is only a fraction of the financing required. And more needs to be done to ensure the physical and transition risks from climate change are fully taken into account so as not to undermine the future resilience of individual investments and the wider economy. Delivering an ambitious and credible Green Finance Strategy Our Green Finance Strategy supports the UKs economic policy for strong, sustainable and balanced growth, the delivery of our modern Industrial Strategy and our domestic and international commitments on climate change, the environment and sustainable development. It is informed by the private sector and wider stakeholders, and is, in part, a response to the recommendations of the Green Finance Taskforce, chaired by Sir Roger Gifford. The Taskforce is a leading example of the cross-sector collaboration that the strategy seeks to advance. To this end the Government has already taken action to implement its recommendations ahead of the publication of this strategy, such as announcing the establishment of the Green Finance Institute (GFI). As the UKs principal forum for collaboration between the public and private sector with respect to green finance, the GFI will play an integral role in supporting delivery of our Green Finance Strategy and driving the mainstreaming of green finance in the UK and abroad. This Strategy is an ambitious package, bringing together work from across the Government, regulators and the private sector. We will be co- ordinating closely with our international partners to achieve our objectives. Greening Finance The transition to a green financial system means fundamental changes to the way decisions are made across the economy. To achieve the goals of the Paris Agreement and our wider environmental ambitions, all finance will need to incorporate the financial risks and opportunities presented by climate change and other environmental challenges. There is increasing international recognition of the need to integrate climate and environmental factors into mainstream financial decision-making. One of the most influential initiatives to emerge is the Financial Stability Boards private sector Task Force on Climate-related Financial Disclosures (TCFD), supported by Mark Carney and chaired by Michael Bloomberg. This has been endorsed by institutions representing $118 trillion of assets globally6. An increasingly large proportion of the private sector is now beginning to implement the TCFD recommendations and in September 2017, the UK became one of the first countries to formally endorse them. Strategy and Objectives Our Strategy has two objectives, and three strategic pillars to achieve them: To align private sector financial flows with clean, environmentally sustainable and resilient growth, supported by Government action. To strengthen the competitiveness of the UK financial sector. OBJECTIVES STRATEGY Chapter 1 Greening Finance Ensuring current and future financial risks and opportunities from climate and environmental factors are integrated into mainstream financial decision making, and that markets for green financial products are robust in nature. Chapter 2 Financing Green Accelerating finance to support the delivery of the UKs carbon targets and clean growth, resilience and environmental ambitions, as well as international objectives. Chapter 3 Capturing the Opportunity Ensuring UK financial services capture the domestic and international commercial opportunities arising from the greening of finance, such as climate related data and analytics, and from financing green, such as new green financial products and services. . Green Finance Strategy 89 Alongside the private sector, central banks and supervisors are also taking action to address the far-reac
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CLIMATE FINANCIAL RISK FORUM GUIDE 2020 SUMMARY June 2020 2 Climate Financial Risk Forum guide 2020 Summary Contents Foreword from co-chairs 3 1 Introduction 5 2 Why is climate change important for financial services? 6 3 About the CFRF 9 4 About the guide 11 5 Next steps for the CFRF 20 Annex 1: Glossary of frequently used terms across the CFRF guide 21 Annex 2: Contributors to the CFRF guide 24 The Climate Financial Risk Forum (CFRF) guide has been written by industry, for industry. The recommendations in this guide do not constitute financial or other professional advice and should not be relied upon as such. The PRA and FCA have convened and facilitated CFRF discussions but do not accept liability for the views expressed in this guide which do not necessarily represent the view of the regulators and in any case do not constitute regulatory guidance. Copyright 2020 The Climate Financial Risk Forum 3 Climate Financial Risk Forum guide 2020 Summary Foreword from co-chairs We jointly established the Climate Financial Risk Forum (CFRF) because climate change is of paramount importance to the missions of both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Firms increasingly face both physical risks as the climate changes around us and transition risks from the move to a net-zero carbon economy. If poorly managed, these risks could be the source of consumer harm and potentially a future financial crisis stemming from financial losses and sudden adjustments in asset values. Covid-19 has demonstrated more than ever the need for firms to be prepared for the rapid crystallisation of global risks. It has also demonstrated the value of working together to address fast-evolving risks that do not respect national boundaries. The PRA and FCA have committed to the delivery of a programme of climate change and green finance initiatives. This includes: the PRAs Climate Biennial Exploratory Scenario, the worlds first bottom-up system-wide climate stress test; and the FCAs proposed enhanced disclosure requirements for premium-listed issuers, which will be aligned with the recommendations of the Taskforce for Climate-related Financial Disclosures. The guide produced by the CFRF complements our regulatory initiatives. It emphasises the importance of greater transparency and consistency around firms disclosure of climate-related financial risks, the benefits of effective risk management and scenario analysis, and the opportunities for innovation in the interest of consumers. The guide is designed to be as practical and widely- accessible as possible in considering each of these topics, as climate change will impact a broad spectrum of financial institutions, potentially in different ways. This is the beginning of a long journey and best practice will continue to evolve rapidly, but with this guide the CFRF has made significant strides in establishing current capabilities and sharing good practice with the financial services industry. The willingness of members to collaborate on this topic has been gratifying and we look forward to this ethos continuing while we work together to develop further the best ways to manage the financial risks stemming from the climate emergency. 4 Climate Financial Risk Forum guide 2020 Summary We would like to thank everyone involved in the production of this guide, especially the Working Groups, their chairs and the secretariats and we look forward to continuing to work with industry. This is of great value to our objectives of ensuring the safety and soundness of firms, financial stability, the proper functioning of markets and the protection of consumers. We hope that firms find this a useful tool in better understanding these risks and in enhancing their responses. Sarah Breeden Executive Director of UK Deposit Takers Supervision, Prudential Regulation Authority and Executive Sponsor of climate work for the Bank of England Sheldon Mills Interim Executive Director of Strategy and Competition, Financial Conduct Authority 5 Climate Financial Risk Forum guide 2020 Summary 1 Introduction Climate change is giving rise to risks that impact us all as individuals, the businesses we work for and the markets we operate within. Whether those risks arise from more frequent and severe weather events or the necessary transition to a net-zero carbon economy, we should expect to see substantial impacts on asset values, the cost and availability of insurance and the creditworthiness of borrowers. The understanding of these risks is relatively immature and poses unique challenges, but the need to address them is pressing. Increasing awareness and understanding of the impacts of climate change is also affecting consumers preferences, leading to growing demand for genuinely green financial products and services. This is therefore an area where combining the efforts of the many impacted parties is essential to facilitate an accelerated and shared approach to understanding and mitigating these risks, and appropriately responding to consumers changing preferences. Against this background, the FCA and PRA established the Climate Financial Risk Forum (CFRF). Its key purpose is to facilitate and accelerate a shared approach to the understanding and mitigation of the financial risks, and capture the opportunities, posed by climate change. The CFRF has brought together expertise from across industry and has been sharing good practice and analysis to advance thinking on how firms can better manage the risks posed by climate change and support the transition to a net-zero carbon economy. This CFRF guide aims to help financial firms understand the risks and opportunities that arise from climate change, and provide support for how to integrate them into their risk, strategy and decision-making processes. As part of this, the guide considers how firms can plan for the impact of climate policies over different time horizons and assess their exposure to climate-related financial risks so that they can adapt their businesses in response. This overarching summary document sets out: Why it is important for financial services firms to consider climate change Background on the CFRF Information about the CFRF guide, how it can be used and summaries of the four chapters Next steps for the CFRF This CFRF guide has been written by industry, for industry. The recommendations in this guide do not constitute financial or other professional advice and should not be relied upon as such. The PRA and FCA have convened and facilitated CFRF discussions but do not accept liability for the views expressed in this guide which do not necessarily represent the view of the regulators and in any case do not constitute regulatory guidance. 6 Climate Financial Risk Forum guide 2020 Summary 2 Why is climate change important for financial services? Climate change will have a significant impact on the financial services sector and will increasingly influence consumer decision-making. For example, it could substantially affect the values of all types of financial assets and how investment managers deliver long-term sustainable value to their clients. It could increase the cost of insurance for some consumers and reduce the availability of insurance for others, which may alter the distribution of risk across the system over time. Borrowers and counterparties exposure to climate-related financial risks and opportunities, and how they manage them, could also make them more or less creditworthy. It is against this fast-evolving backdrop that firms need to quickly build up their understanding of climate risks. The financial risks from climate change are typically classified as physical or transition risks, as defined in the PRAs Supervisory Statement 3/19 (SS3/19) and FCAs Feedback Statement on Climate Change and Green Finance (FS19/6). Physical risks from climate change arise from a number of factors, and relate to specific weather events (such as heatwaves, floods, wildfires and storms) and longer-term shifts in the climate (such as changes in precipitation, extreme weather variability, sea level rise, and rising mean temperatures). Some examples of physical risks crystallising include: increasing frequency, severity or volatility of extreme weather events leading to increased business disruption and losses, as well as potentially impacting the availability and cost of property and casualty insurance. This may lead to the value of investors portfolios fluctuating substantially and insurance customers paying higher premiums or choosing not to take out coverage, leaving them or their lenders more exposed to potential future losses; and increasing frequency and severity of flooding leading to physical damage to assets held as collateral by asset owners and banks, such as residential and commercial property. This may lead to increased credit risks, particularly for banks, or to underwriting risks for liability insurers if there are greater than anticipated insurance or legal claims to recover financial losses. Transition risks may arise from the process of adjustment towards a net-zero carbon economy. The UK Government has set a target of achieving net zero greenhouse gas emissions by 2050 to respond to the challenge climate change poses. 7 Climate Financial Risk Forum guide 2020 Summary A range of factors influence this adjustment, including: climate-related developments in policy and regulation, the emergence of disruptive technology or business models, shifting sentiment and societal preferences, or evolving evidence, frameworks and legal interpretations. Some examples include: tightening minimum energy efficiency standards for domestic and commercial buildings impacting the risk in banks mortgage, buy-to-let and commercial real estate lending portfolios; changes in relative pricing of alternatives arising from rapid technological change, such as the development of electric vehicles or renewable energy technology, affecting the value of financial assets in the automotive or energy sector; decreases in the value of certain investments that result from policy changes leading to the creation of stranded assets (i.e. assets that become worthless or uninsurable due to their exposure to physical climate change risks, such as high-carbon intensity resources that are complex to extract); and companies in the wider economy that fail to mitigate, adapt, or disclose the financial risks from climate change being exposed to climate-related litigation. This could impact their market value, affecting asset owners and managers and the consumers they represent or lead to higher claims for insurers that provide liability cover to those companies. The PRA and FCA have been taking steps to address barriers to the effective management of climate-related financial risk and have highlighted the significance of climate change for regulated firms. The PRA has published several reports on climate-related financial risks, stressing the importance of embedding climate risk within firms. In April 2019, the PRA became the first regulator to publish supervisory expectations (SS3/19) on how banks and insurers should develop and embed their approach to managing the financial risks from climate change. These expectations have been structured around four key areas where change is considered to be most important: governance; risk management; scenario analysis; and disclosures. The PRA will issue follow-on observations on these expectations in the summer of 2020. Furthermore, the output of the CFRF has been structured to support firms in enhancing their climate risk capabilities to meet these expectations. In December 2019, the Bank of England (the Bank) published a discussion paper, which set out its proposed framework for the 2021 biennial exploratory scenario (BES) exercise - the worlds first bottom-up system-wide climate stress test, including both banks and insurers. The objective of the BES is to test the resilience of the largest banks and insurers to the physical and transition risks associated with different possible climate scenarios, and the financial systems exposure more broadly to climate-related risk. The framework and scenarios utilised for this exercise will have similarities to the internal exercises that firms will be undertaking, and where the CFRF documents provide some guidance. The Bank has also been keen to promote greater knowledge sharing between central banks and supervisors internationally. This includes working with other central banks within the Network for Greening the Financial System, through which guides on key issues such as supervision and scenario analysis have been published. The Bank will also assist the Government with its preparations for COP26, the United Nations Climate Change Conference which will take place 8 Climate Financial Risk Forum guide 2020 Summary in Glasgow in November 2021, and continue its focus on embedding climate disclosure across the financial system, including through the Banks own disclosures. The FCA is also taking action in this area, to ensure that market participants are able to effectively identify, manage and disclose climate-related financial risks, and can take opportunities to benefit consumers. The FCA also seeks to ensure that consumers can make well-informed decisions and have the appropriate information to do so, including on how firms are dealing with climate-related risk. To help move towards these outcomes, in its Feedback Statement on Climate Change and Green Finance (FS19/6) the FCA set out three initial priorities in this area: enhancing issuers climate-related financial disclosures, including by consulting on new TCFD-aligned disclosure rules for premium listed issuers (CP20/3). The International Organization of Securities Commissions (IOSCO) also recently established a Board-level Taskforce on Sustainable Finance, with the aim of coordinating global efforts to advance the market for sustainable finance. One particular area of focus is issuers sustainability- related disclosures and the FCA is co-chairing a workstream in this area; ensuring that regulated firms integrate consideration of material climate- related risks and opportunities into their business, risk and investment decisions, including through continuing work to build a regulatory framework for effective investor stewardship (FS19/7); and ensuring that consumers have access to genuinely green financial products and services, including by undertaking exploratory policy work into the design and disclosure of sustainable retail investment products. We will be using these insights from this research to inform ongoing work with HM Treasury in line with the UK Governments commitment in the Green Finance Strategy to match the ambition of the objectives of the EU Sustainable Finance Action Plan (SFAP). 9 Climate Financial Risk Forum guide 2020 Summary 3 About the CFRF Established by t
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GREEN FINANCE FRAMEWORK May 2020 Enexis Holding N.V. GREEN FINANCE FRAMEWORK 2 CONTENTS 1. Introduction . 3 1.1. About Enexis . 3 1.2. Role of Enexis in the dutch energy system . 4 1.3. Accelerating the energy transition . 4 1.4. ENEXIS CSR Policy . 5 1.5. Commitment to the Sustainable Development Goals . 5 1.6. Background of the Enexis Green Finance Framework . 7 2. Enexis Green Finance Framework . 9 2.1. Use of proceeds . 9 2.2. Process for Project Evaluation and Selection . 10 2.3. Management of Proceeds . 10 2.4. Reporting. 11 2.4.1. Allocation of proceeds reporting . 11 2.4.2. Impact reporting . 11 2.5. External review . 12 2.5.1. Second Party Opinion . 12 2.5.2. Independent verification . 12 3. Disclaimer . 13 Enexis Holding N.V. GREEN FINANCE FRAMEWORK 3 1. INTRODUCTION 1.1. ABOUT ENEXIS Enexis Holding N.V. (Enexis or the Group) is a regional grid operator in the Netherlands, responsible for the construction, maintenance, management and development of the energy distribution networks in northern, eastern and southern part of the Netherlands, within the provinces Groningen, Drenthe, Overijssel, Noord-Brabant and Limburg. It provides for the safe delivery of gas and electricity to approximately 5.2 million gas and electricity connections, making Enexis the second largest Dutch distribution system operator (DSO). Millions of customers are connected to our dynamic energy grid in order to receive electricity and/or gas and, increasingly, to feed renewable energy back into it. We are striving to promote the sustainability of the energy system in the Netherlands and to support consumers, businesses and municipalities with their sustainable energy choices. Our shareholders are provinces and municipalities within our service area. Enexis Holding N.V. has various subsidiaries, each with its own specific focus area. Together, we operate quickly and flexibly and are able to tackle the social demands and challenges of the energy world, today and in the future. Our activities as a whole are organised in Enexis Groep, which consists of: Enexis Netbeheer B.V. carries out regulated activities, such as the construction, maintenance, development and management of the electricity and gas grid. The Netherlands Authority for Consumers smart grids; leveraging existing infrastructure for sustainable energy by facilitating green gas; installation of approximately 1.8 million smart meters; or experimenting with district heating and energy storage solutions via our subsidiary Enpuls. At the same time, we are accelerating the energy transition and the development of innovative, scalable solutions. As co-signatory of the Dutch Climate Agreement, we are committed to the objective of achieving a 49% reduction in CO2 emissions relative to 1990 by 2030. Enexis is working hard to facilitate Enexis Holding N.V. GREEN FINANCE FRAMEWORK 5 the increase in renewable generation in the Netherlands and to promote national energy savings year after year. We are convinced that we have the knowledge and expertise at our disposal to realise the Dutch climate objectives together with local partners. Moreover, our efforts for the Climate and Energy Agreement tie in perfectly with our core task: to ensure a reliable and affordable energy supply. We are actively looking to cooperate with other companies, government agencies, consumers, cooperatives and knowledge centres. Because to arrive at solutions that work for all parties, we need to join forces and share knowledge to the maximum. Next to our societal role in the energy transition, we took responsibility for our own actions by the strategic decision to become a leading example in sustainability as a company. Amongst other things, we are carbon neutral (since the year 2012) by a constant effort to minimize our carbon footprint and offsetting all remaining CO2 emissions directly and indirectly attributable to our operations. Our determination has been recognized by a leading ESG rating agency Sustainalytics which in 2019 rated us with an ESG Risk Rating of 21.5 (Medium Risk) ranking us 8th out of 188 Electric Utility peers1. 1.4. ENEXIS CSR POLICY Enexis conducts its business in a responsible manner as set out in its CSR policy. The company operates in a strict institutional environment with clearly defined laws and regulations in both the environmental and social space. The company strives to continuously reduce negative environmental impacts of its work, such as CO2 emissions and the use of resources and raw materials. In its CSR policy, Enexis acknowledges and subscribes to the United Nations Universal Declaration of Human Rights. Aspects relating to human rights such as equal treatment and employee participation are described in detail in the Collective Labour Agreement, company regulations and the Enexis Code of Conduct. In addition, Enexis subscribed to the guidelines for employment terms and conditions that apply as fundamental principles and rights at work, as formulated by the International Labour Organisation. Enexis also has a Supplier Code of Conduct that guides the way in using fair businesses practices while purchasing products and services. This requires responsible and honest behaviour from itself and suppliers in the chain. Since Enexis is convinced that parties can achieve more together the company also involves its suppliers in its ambitions for sustainability, thereby safeguarding the sustainability objectives in the overall supply chain. 1.5. COMMITMENT TO THE SUSTAINABLE DEVELOPMENT GOALS Enexis has been inspired by the UN Sustainable Development Goals for its sustainability ambitions. In 2015 the United Nations launched the 2030 agenda for sustainable development. This agenda contains seventeen sustainable development goals. In 2019 Enexis linked its corporate strategy to the Sustainable Development Goals. The core activities of Enexis contribute directly to the realization of the main focus SDG goals and thus have the highest societal impact. Also, Enexis aims to contribute directly to the realization of four additional SDGs. These SDGs are at the core of Enexis CSR strategy and are the heart of our sustainability ambitions. 1 Updates of the ESG rating are made available on the Enexis corporate website: Enexis Holding N.V. GREEN FINANCE FRAMEWORK 6 Main focus Core activities Description Actions by Enexis Sustainable contribution 2019 Renewable energy technologies are essential contributors to clean and affordable energy, as they contribute to world energy security, reduce dependency on fossil fuels, and provide opportunities for mitigating greenhouse gases. Accelerating the energy transition and thus facilitating the growing amount of renewable energy sources is core of our strategy. We work on reliable, affordable, sustainable grid development. Growing number of renewable energy feed-in connections: - 107,817 (78.346 in 2018) Increasing renewable energy capacity (cumulative): - 2.476 megawatt (1.893 megawatt in 2018) The aim is to build resilient infrastructures, promote inclusive and sustainable industrialization and foster innovation. Energy infrastructure is critical and innovations are needed to build a futureproof grid. Enexis Groep deals with critical infrastructure. It is our mission to realize a sustainable energy supply by offering state-of-the-art services and grids and by taking the lead in innovative solutions. Innovation (ii) market and interest rate fluctuations; (iii) the strength of global economy in general and the strength of the economies of the countries in which Enexis or the Enexis Group conducts operations; (iv) the potential impact of sovereign risk, particularly in certain European Union countries which have recently come under market pressure; (v) adverse rating actions by credit rating agencies; (vi) the ability of counterparties to meet their obligations to the Enexis Group; (vii) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (viii) the possibility of the imposition of foreign exchange controls by government and monetary authorities; (ix) operational factors, such as systems failure, human error, or the failure to implement procedures properly; (x) actions taken by regulators with respect to Enexis business and practices in one or more of the countries in which Enexis conducts operations; (xi) the adverse resolution of litigation and other contingencies; and (xii) Enexis success at managing the risks involved in the foregoing. No representation is made as to the suitability of any Green Finance instruments to fulfil environmental and sustainability criteria required by prospective investors. Each potential purchaser of Green Finance instruments should determine for itself the relevance of the information contained or referred to in this Framework or the relevant Green Finance instruments documentation for such Green Finance instruments regarding the use of proceeds and its purchase of Green Finance instruments should be based upon such investigation as it deems necessary. Enexis has set out its intended policy and actions in this Framework in respect of use of proceeds, project evaluation and selection, management of proceeds and reporting, in connection with the Enexis Green Bonds. However, it will not be an event of default or breach of contractual obligations under the terms and conditions of any such Green Finance instruments if Enexis fails to adhere to this Framework, whether by failing to fund or complete Eligible Green Projects or by failing to ensure that proceeds do not contribute directly or indirectly to the financing of the excluded activities as specified in this Framework, or by failing (due to a lack of reliable information and/or data or otherwise) to provide investors with reports on uses of proceeds and environmental impacts as anticipated by this Framework, or otherwise. In addition, it should be noted that all of the expected benefits of the Eligible Green Projects as described in this Framework may not be achieved. Factors including (but not limited to) market, political and economic conditions, changes in government policy (whether with a continuity of the government or on a change in the composition of the government), changes in laws, rules or regulations, the lack of available Eligible Green Projects being initiated, failure to complete or implement projects and other challenges, could limit the ability to achieve some or all of the expected benefits of these initiatives, including the funding and completion of Eligible Green Projects. Each environmentally focused potential investor should be aware that Eligible Green Projects may not deliver the environmental or sustainability benefits anticipated and may result in adverse impacts. This Framework does not constitute a recommendation regarding any securities of Enexis or any member of the Enexis Group. This Framework is not, does not contain and may not be intended as an offer to sell or a solicitation of any offer to buy any securities issued by Enexis or any member of the Enexis Group. In particular, neither this document nor any other related material may be distributed or published in any jurisdiction in which it is unlawful to do so, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession such documents may come must inform themselves about, and observe, any applicable restrictions on distribution. Any decision to purchase or otherwise to invest in any Green Finance instruments should be made solely on the basis of the information to be contained in any offering document provided in connection with the offering of such Green Finance instruments. Prospective investors are required to make their own independent investment decisions.
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SUSTAINABLE FINANCE AN OVERVIEW Sustainable Finance: An Overview Sustainable Finance: An Overview Ju.
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FOSSIL FUEL FINANCE REPORT 2020 CLIMATE CHANGE Banking on The organizations authoring the latest edition of this annual report want to acknowledge the extraordinary circumstances of this moment, given the terrible impacts of COVID-19 on lives, health, and livelihoods for people around the world. As we write, the urgent need to respond to the pandemic and resultant economic impact is rightly taking priority, and may do so for some time. However, climate change remains an existential threat that, like the coronavirus, will require unprecedented global action in solidarity with those most vulnerable. We believe that the data and analysis in this report will prove useful in addressing that threat with the seriousness that it deserves. March 18, 2020 Executive Summary Introduction Banking on Fossil Fuels League Table Key Findings MAP: Case Studies Tar Sands: Line 3 Pipeline Tar Sands: Tecks Frontier Mine Arctic: Arctic National Wildlife Refuge Offshore: Guyana Fracking: Wink to Webster Pipeline Fracking: Vaca Muerta LNG: Rio Grande LNG, Texas LNG, and Annova LNG Coal Mining: Turw Mine Coal Power: Payra Port Expansion: Amazon Oil Climate Impact: Miami Policy Scores Summary Overall Oil yet funding for top coal power producers is not dropping rapidly enough. Financing is led by ICBC and Bank of China, with Citi as the top non-Chinese banker of coal power. This report maps out case studies where bank financing for fossil fuels has real impact on communities from a planned coal mine expansion in Poland, to fracking in Argentina, to LNG terminals proposed for South Texas. Short essays throughout highlight additional key topics, such as the need for banks to measure and phase out their climate impact (not just risk) and what Paris alignment means for banks. Traditional Indigenous knowledge is presented as an alternative paradigm for a world increasingly beset with climate chaos. Novembers U.N. climate conference in Glasgow, on the fifth anniversary of the adoption of the landmark Paris climate agreement, will be a crucial deadline for banks to align their policies and practices with a 1.5 Celsius world in which human rights are fully respected. The urgency of that task is underlined by this reports findings that major global banks fossil financing has increased each year since Paris, and that even the best future-facing policies leave huge gaps. Additional resources are available at: RAN.org/bankingonclimatechange2020. Over the past year, fossil fuel finance campaigning has caught fire. The role of banks, money managers, and insurance companies as drivers of climate change via their fossil financing, investing, and insuring is garnering unprecedented attention. Awareness is soaring that private-sector banks too are “carbon majors,” alongside the fossil fuel producers themselves. The climate movement is spotlighting an urgent and growing problem: since the adoption of the Paris agreement in late 2015, the 35 banks in the scope of this report have provided $2.7 trillion in lending and underwriting to the fossil fuel industry, with annual fossil financing increasing each year. JPMorgan Chase became the first bank to blow past the quarter-trillion dollar mark in post-Paris fossil financing, with $269 billion in 2016-2019.1 To bend the financing curve towards phaseout, banks must adopt policies restricting their fossil finance, and here there is positive and accelerating good news. Twenty-six of the 35 global banks in the scope of this report now have policies restricting coal finance, and a growing minority now 16 also restrict finance to some oil and gas sectors.2 The global financial system runs on endless amounts of data on risk and return. And no risk to the profits of individual companies and the financial system as a whole is greater than that posed by the climate crisis. While banks are beginning to account for the physical and transition risks associated with climate change, another important climate-related risk is reputational risk. Financial institutions increasingly understand that with regard to their ability to attract new customers and to hire and retain employees, its not smart to be seen as directly financing the destruction of life on earth. And right now there are large numbers of people taking to the streets to make sure that potential customers and employees are well aware of which financiers are the worst climate villains. While banks and other financial institutions are rapidly waking up to the severity of these climate risks to their own bottom lines, the climate movement is driving home the fact that by increasing financing of fossil fuels, banks are responsible for an extremely high risk of massive harm to the planet and its people that is, banks and the financial industry at large have enormous climate impact. Financiers need to cut their climate impact with the same urgency as they may act to reduce the risks of their exposure to areas impacted by repeated floods and fires. Keeping the Money Flowing This report measures that climate impact, and the numbers are damning. Overall fossil fuel financing from the 35 banks covered in this report to 2,100 fossil fuel companies has grown each year since the adoption of the Paris Agreement in late 2015.3 Finance to 100 of the biggest expanders of coal, oil, and gas fell by 20% between 2016 and 2018, but last year bounced back at a shocking 40%.4 JPMorgan Chase was the worlds worst banker of climate chaos by a huge margin in each year between 2016 and 2019. While JPMorgan Chases total fossil finance fell slightly from 2017-2018 and 2018-2019, the gap between JPMorgan Chase and the next worst bank actually grew massively between 2018 and 2019. Citi and Bank of America were second- and third-worst in 2019; Wells Fargo was fourth, after being the second-worst fossil bank in 2018. Total fossil fuel finance from both Citi and, in particular, Bank of America rose substantially between 2018 and 2019. Taking total finance over the past four years, Wells Fargo was in second worst position, 36% behind JPMorgan Chase.5 Though the U.S. banks dominate the global league table, they are not alone in their banking of climate destruction. The worlds fifth biggest fossil funder is Canadas RBC. Japans biggest fossil funder since Paris is MUFG, and Chinas is Bank of China. In Europe, Barclays is the biggest funder of fossil fuels over 2016-2019 though last year, French bank BNP Paribas took the place of biggest fossil banker in Europe, which is ironic given the banks talk of climate action.6 This report shows the only somewhat bright spots in terms of declining finance are in coal mining and power the areas where bank policies restricting financing have been in place the longest. Finance to the top 30 coal mining companies declined by 6% between 2016 and 2019; finance to the top 30 coal power companies shrank by 13%. In both cases, the biggest absolute drops in coal finance came from the Chinese banks though the four Chinese banks still account for more than half of total finance to the top coal mining and power companies. Credit Suisse is the biggest non-Chinese funder 4 B A N K I N G O N C L I M A T E C H A N G E 2020 INTRODUCTION - Banks Climate Half Measures are Not Enough 5 of coal mining over the last four years, though its funding has been on the decrease since 2017.7 Though UBS saw massive increases in its financing for coal mining last year, it was one of only a handful of banks with reductions in financing for the top 30 coal power companies in each year since 2016 the others being China Construction Bank, Deutsche Bank, and BPCE/Natixis.8 Our data show that Citi has been the worst coal power funder outside China over the past four years, although its amounts have declined in each of the past two years. Bank of America is the eighth biggest funder of coal power from 2016-2019, but an almost doubling of its financing between 2018 and 2019 means that it was the largest non-Chinese coal power funder in 2019 (showing the toothlessness of its April 2019 policy barring funding for developed-world coal power projects).9 BNP Paribas also doubled its coal power finance over the past year, underscoring the point that even the strongest policies among those analyzed in this report still have a long way to go. JPMorgan Chase and SMBC Group were the only banks with increases in coal power finance in each year since 2016.10 Bank finance for tar sands shows major variation from year to year. 2017 was a big year for tar sands financing as the sector consolidated, and though finance from all 35 banks analyzed here has fallen since then, 2019 levels remain higher than 2016. Over the past four years the big five Canadian banks provided two-thirds of finance from the banks analyzed in this report to the top 35 tar sands extraction and pipeline companies. The only non-Canadian bank in the worst six tar sands banks from 2016-2019 is JPMorgan Chase, in third place behind TD and RBC.11 JPMorgan Chase is also the biggest funder of Arctic oil and gas from 2016-2019. However taking just 2019 numbers, Barclays was the worst bank for fossil fuels in the Arctic, narrowly beating Citi in second worst place. Overall Arctic oil and gas funding from the 35 banks in this report grew by 34% in the past year.12 Financing for offshore oil and gas grew more rapidly than any other spotlight fossil fuel sector over the past year, with a leap of 134% between 2018 and 2019. JPMorgan Chase is the worst offshore oil and gas bank since Paris. Taking just 2019 financing, BNP Paribas is worst, with Citi second worst and JPMorgan Chase third.13 JPMorgan Chase is also the worst banker of fracking from 2016-2019. In 2019, however, it was second worst, just behind Bank of America. Wells Fargo and Citi were close behind in third and fourth places. Total fracking finance from all 35 banks grew by 3% in 2019, an improvement compared to 19% and 21% growth in the previous two years.14 Morgan Stanley was the worst banker of the 30 biggest LNG companies from 2016-2019, although in 2019 it was narrowly beaten to the top of the league table by Mizuho. JPMorgan Chase was the second worst over the past four years. ICBC, Bank of China, and Deutsche Bank were the only banks whose LNG finance fell in each of the past three years.15 This report shows that the private banking sector as a whole continues to take a position of extreme irresponsibility in the face of the climate crisis. While coal finance is slowly shrinking, this trend is being more than compensated for by growth in finance for the oil and gas industry. P HOTO : WI K I P E D I A C O M M O NS Policy Acceleration Phasing out fossil financing will require banks to adopt restriction policies, and they are increasingly doing so in response to pressure to stop fueling the climate crisis from the public, from inside the financial system, and from regulators and legislators. Most of the policies address coal, but a growing number are now starting to restrict some oil and gas funding, especially for tar sands and Arctic oil and gas. Under the scoring system used in this report, the banks with the best scores for their overall policies across the coal, oil and gas sectors are all European, led by Crdit Agricole, RBS, and UniCredit. The leading non-European bank is Goldman Sachs, in 12th place. And yet, even the banks with the strongest policy scores among their peers have a long way to go in order to align their businesses with the goals of the Paris Climate Agreement.16 The five Canadian banks included in our analysis are all in the bottom ten for their overall fossil policies, as are the four Chinese banks.17 Crdit Agricoles strong policy score comes from its June 2019 commitment to stop working with companies developing or planning to develop any new coal infrastructure, whether that be in mining, services or power. It also pledged to phase out all coal from its portfolios by 2030 in the EU and OECD, and by 2040 in the rest of the world.18 Crdit Agricoles prohibition of coal developers is highly significant as more than half of the 258 companies that German NGO urgewald has identified as having plans to build new coal power plants are not traditional coal-based utilities.19 Most banks coal policies, which restrict only direct finance to coal mines and power plants, or to companies with a high share of their revenue from coal, would fail to limit funding to these diversified companies. Two recent improvements in coal policies from the big U.S. banks came from Goldman Sachs in December 2019, and JPMorgan Chase two months later. While these policies are both a step forward, they are still weaker than required, in particular because they address only finance for coal projects and for some coal mining companies.20 There is a wide gulf between most bank coal policies and what is needed: Crdit Mutuel, Crdit Agricole, and Socit Gnrale are the only banks that earn more than half the possible policy points in the coal sector.21 The situation is even worse for oil and gas. BNP Paribas is the leading bank on oil and gas, but earns only a quarter of the possible points.22 While many European and two Australian banks have policies restricting some tar sands financing, none of the big Canadian banks that dominate tar sands finance have adopted any restrictions nor have Barclays and JPMorgan Chase, the biggest non-Canadian tar sands funders.23 Twenty bank policies analyzed also restrict Arctic oil and gas finance, but all but six focus on finance for projects and do not limit corporate funding for the oil and gas companies that have the most Arctic reserves under production.24 Bank policies on other oil and gas subsectors are few and far between. Two of note are from BNP Paribas and UniCredit, which both restrict finance for fracking and LNG projects and companies.25 Altogether, policy improvement is accelerating: of the banks with the five strongest policy scores, all introduced improved policies since May 2019.26 There is a clear trend of banks strengthening their policies over time, often starting with tepid policies that only address coal projects, and building on them by, for example, adding restrictions on corporate finance in coal and adding prohibitions on oil and gas, often starting with finance in the Arctic and/or tar sands. We need to see this trend rapidly accelerate. The remaining loopholes in the coal sector must be closed, more and tougher restrictions on the Arctic and tar sands must be adopted, and restrictions must be ramped up across the rest of the oil and gas industry. While drawing increasingly restrictive red lines around the most egregious parts of the fossil fuel industry is impor
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Supported by Landscape of Green Finance in India Report August 2020 AUTHORS Jolly Sinha Analyst, Climate Policy Initiative Shreyans Jain Analyst, Climate Policy Initiative Rajashree Padmanabhi Analyst, Climate Policy Initiative This report was led under the guidance of Mahua Acharya Asia Director, Climate Policy Initiative ADVISORY GROUP Copyright 2020 Climate Policy Initiative www.climatepolicyinitiative.org All rights reserved. CPI welcomes the use of its material for noncommercial purposes, such as policy discussions or educational activities, under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License. For commercial use, please contact adminsfcpiglobal.org. Kanika Chawla, Director, CEEW Centre for Energy Finance Rajasree Ray, Economic Adviser, Department of Economic Affairs, Ministry of Finance Balawant Joshi, Managing Director, Idam Infrastructure Advisory Private Limited Sharmila Chavaly, Principal Financial Adviser, Northern Railway, Government of India 1 Landscape of Green Finance in India ACKNOWLEDGMENTS The authors wish to thank the following people for their contributions as members of the review group, in alphabetical order by affiliated organization: Mr. Balawant Joshi (Managing Director, Idam Infra), Mr. Dipak Dasgupta (Distinguished Fellow, The Energy and Resources Institute), Ms. Kanika Chawla (Senior Program Lead, Council on Energy, Environment and Water), Ms. Sharmila Chavaly (Principal Financial Advisor, Ministry of Railways) and Mr. Vinay Rustagi (Managing Director, Bridge to India). The authors are grateful to the Climate Change Finance Unit, Department of Economic Affairs, Ministry of Finance, Energy Efficiency Services Limited, Green Rating for Integrated Habitat Assessment (GRIHA) Council, Ministry of Environment, Forests and Climate Change, Ministry of New and Renewable Energy, and the National Institution for Transforming India (NITI) Aayog for sharing valuable data contained in the report. Finally, the authors would like to thank and acknowledge contributions from Angela Falconer, Chavi Meattle, Federico Mazza, Dhruba Purkayastha, Labanya Prakash Jena and Tiza Mafira for their advice, internal review and data analysis; Angel Jacob and Elysha Davila for editing, and Josh Wheeling for graphic design. ABOUT CPI CPI is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, Kenya, the United Kingdom, and the United States. ABOUT SHAKTI SUSTAINABLE ENERGY FOUNDATION Shakti Sustainable Energy Foundation seeks to facilitate Indias transition to a sustainable energy future by aiding the design and implementation of policies in the following areas: clean power, energy efficiency, sustainable urban transport, climate change mitigation and clean energy finance. For more details, please visit www.shaktifoundation.in. The views/analysis expressed in this report do not necessarily reflect the views of Shakti Sustainable Energy Foundation. The foundation also does not guarantee the accuracy of any data included in this publication nor does it accept any responsibility for the consequences of its use. For private circulation only. 2 Landscape of Green Finance in India SECTOR Green Finance REGION India, South Asia KEYWORDS Landscape, Green Investments, Private Finance, Public Finance RELATED CPI WORKS Global Landscape of Climate Finance 2019 Uncovering the Private Climate Finance Landscape in Indonesia 2020 IDFC Green Finance Mapping Report 2019 Accelerating Green Finance in India: Definitions and Beyond CONTACT Mahua Acharya mahua.acharyacpiglobal.org Jolly Sinha jolly.sinhacpiglobal.org Media: Angel Jacob angel.jacobcpiglobal.org 3 Landscape of Green Finance in India FOREWORD In India, economic growth, environmental protection, and social goals are inextricably linked. While policy makers rightly focus now on safely restarting segments of our economy amidst the COVID-19 crisis, several other threats lie in wait. Last year our capital city was already closing schools, flights, and handing out masks for a different public health issue: air pollution, which had reached unprecedented and extremely harmful levels. Even more worrying is climate change, which extends long-term and only gets worse with time. Increasing storms, heat waves, and floods will impact India harder than almost any other nation, with up to 4.5% of our GDP annually at risk according to a report by McKinsey Global Institute. These issues are daunting ones in a country that is struggling already to lift millions out of poverty. The good news, however, is that there are solutions available today. Clean power, low-carbon transport, energy efficient buildings, and climate-smart agriculture are areas that can create clean, healthy, and safe jobs for millions, leading the way to a greener future. This report is groundbreaking as it is the first time we have a benchmark of the level of green finance in the Indian economy and a tracking system to keep that updated. While there is increasing data on air pollution, emissions, and green job creation in India, there is little to no comprehensive information available on whether or not the financial sector is keeping pace with Indias green economic development goals, or which sectors are being financed adequately or under-served. This information would be invaluable for policy and investment leaders working to scale up investments for sustainable and transformational impact. We thank the team at Climate Policy Initiative for taking on this project in such a robust and structured way. The findings are clear: While India has made terrific progress in growing its green sector, particularly in renewable energy, much more needs to be done to create transformational change. We very much hope that this study allows for that next step. Anshu Bharadwaj Chief Executive Officer, Shakti Sustainable Energy Foundation Mahua Acharya Asia Director, Climate Policy Initiative 4 Landscape of Green Finance in India CONTENTS 1. Executive Summary 5 2. Introduction 12 2.1 Rationale and Objective 12 2.2 Scope and Methodology 13 2.2.1 Definition 13 2.2.2 Sectoral Coverage and Instruments 14 2.3 Data Gaps and Limitations 16 3. Overall Findings 18 3.1 Sources 19 3.2 Instruments 22 3.3 Sectors 24 3.3.1 Power Generation 24 3.3.2 Sustainable Transportation 27 3.3.3 Energy Efficiency and Power Transmission 29 4. Concluding Observations 32 4.1 Next Steps for Research 34 References 35 Annexure I 38 Green Bonds Market in India 2016-2018 38 Annexure II 40 Case Study: Bureau of Energy Efficiency (BEE) 40 Case Study: Energy Efficiency Services Limited (EESL) 41 Case Study: National Thermal Power Corporation (NTPC) 42 Annexure III 44 Green Building Investments in India 44 Annexure IV 45 Government Schemes and Initiatives 45 5 Landscape of Green Finance in India 1. EXECUTIVE SUMMARY In September 2019, India announced its target to reach 450 GW of renewable energy generation capacity by 2030, making it one of the most ambitious targets in the world. Indias Nationally Determined Contribution (NDC) estimates that the country will require INR 187 thousand crores (USD 2.5 trillion) from 2015 to 2030, or roughly INR 12 thousand crores (USD 170 billion) per year for climate action. While Indias energy sector is one of the fastest growing in the world and has been attracting substantial investments, meeting the countrys climate goals will require proportionate, transformative investment increases at sectoral level. Strong financial support and timely policy interventions from the Government of India have played a crucial role in accelerating the growth of the countrys renewable energy sector. But given current rates of penetration and the overall health of the sector combined with slowdown created by the COVID-19 pandemic, the government will have to find new and alternative ways to finance the transition and incentivize private sector participation to scale up investments for a sustainable and transformational impact. International finance is also likely to come with “green strings” attached. Therefore, identifying and analyzing key sources of finance, the instruments used for mobilizing and disbursing funds, and their ultimate beneficiaries become critical for diagnosis, planning and monitoring green investments in the country. The Landscape of Green Finance in India is a one-of-a-kind study undertaken by Climate Policy Initiative that presents the most comprehensive information on green investment flows in the country in FY 2017-FY 2018. The study tracks both public and private sources of capital and builds a framework to track the flow of finance from source to end beneficiaries. This report helps understand the nature and volume of green financial flows in the country and identifies the methodological challenges and data gaps in conducting a robust tracking exercise. KEY FINDINGS Green finance flows in India total INR 111 thousand crores1 (USD 17 billion) for FY 20172 and INR 137 thousand crores (USD 21 billion) for FY 2018. The average stands at INR 124 thousand crores (USD 19 billion)3 per annum, while the total tracked green finance for the years 2016-2018 amounts to INR 248 thousand crores (USD 38 billion). 1All figures are represented in INR Crores. One Crore equals 10,000,000. 2All tracked years are financial years (April 01-March 31). 3Throughout this report, unless otherwise stated, the average end-of-year exchange rate of INR 65/USD. has been used to convert United States dollars (USD) to Indian Rupees (INR) and vice-versa. 6 Landscape of Green Finance in India Figure ES1: Breakdown of investment by source Figure ES2: Breakdown of source of finance by origin and channel of delivery International 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 10% 5% 29% 56% InternationalDomestic Domestic Private Public Private Public International 7 Landscape of Green Finance in India DOMESTIC SOURCES OF FINANCE During the years 2016-2017 and 2017-2018, domestic private investors contributed the largest share (63% and 51%) of about INR 139 thousand crores through debt and equity respectively. Commercial financial institutions accounted for 40% of these funds4. Nearly all the funds were directed towards renewable energy development in the country. Public finance was disbursed either by the central governments line ministries and state departments (37%) or by dedicated public sector undertakings (PSUs) (63%). The bulk of public finance was directed towards the power generation sector (70%) followed by energy efficiency and power transmission (20%), and sustainable transportation (10%). Expenditure on climate mitigation activities undertaken by dedicated PSUs more than doubled in FY 2018 from FY 2017, while the budgetary allocations increased by 36%. This can largely be attributed to the several initiatives and schemes introduced by the government of India. PSUs are important channels for the disbursement of funds for the central and state governments, bond markets, and international development agencies. They also operate as a critical source of green finance themselves. Therefore, to avoid double counting, this study only tracks the actual annual expenditures reported by these PSUs in their annual financial statements5. INTERNATIONAL SOURCES OF FINANCE The share of international public finance in tracked green finance remained nearly the same during both FY 2017 and FY 2018 at 10% (INR 12 thousand crores). Official development assistance (ODA)6 and other official flows (OOF)7 were disproportionately split between bilateral and multilateral agencies (75% and 25% respectively). The majority of bilateral funds (56%) went into the sustainable transportation sector, as loans for infrastructure development of metro rail projects. Delhi and Mumbai metro rail projects received the lions share of these funds (45% and 25% respectively). On the other hand, multilateral funds were targeted at the development of solar parks and rooftop projects (40%) in the country. The study tracks two sources of international private finance, namely, foreign direct investment (FDI) and philanthropy during FY 2017 and FY 2018. The funds allocated through these sources were disbursed via equity and grant instruments respectively. Foreign Direct Investment in the renewable energy sector crossed the USD 1 billion mark in 2018. The FDI (INR 12 thousand crores) for both years was allocated almost exclusively to the clean energy sector and was almost equally split between solar and wind energy projects due to the presence of advanced markets. While FDI inflows into the clean energy sector have 4While we recognize that certain percentage of the commercial debt may have originated internationally via External Commercial Borrowings and Non-sovereign debt, lack of any data on the subject has necessitated the classification under domestic finance. Refer to the methodology for details. 5See methodology documents for more details. 6OECD defines Official development assistance (ODA) as government aid designed to promote the economic development and welfare of developing countries. Source: https:/data.oecd.org/drf/other-official-flows-oof.htm#:text=Other official flows (OOF) are,development assistance (ODA) criteria. 7OECD defines Other official flows (OOF) as official sector transactions that do not meet official development assistance (ODA) criteria. 8 Landscape of Green Finance in India been steadily increasing (Mercom, 2020), they still account for only 1% of the total FDI flows into the economy. INSTRUMENTS The study reveals that while the public and private actors provided finance via a range of instruments, simple straight debt was the predominant instrument. Of all the finance tracked, the primary instrument used to channel money from state budgets was in the form of grants- in-aid and budgetary allocations (90%) for direct mitigation activities like procurement, installation, construction, renovation and maintenance of facilities, indirect activities like research and development, and administrative expenditure. The government also invested sizeable amounts through several dedicated PSUs. These PSUs, in turn, not only utilized the grants for supporting essential indirect activities such as research and development, and capacity building (53%), but also leveraged these funds in the market directly to finance projects through debt (40%) Figure ES3: Breakdown by sources SECTORS AND SUB-SECTORS In line with global trends, the power generation sector remains the primary recipient of the tracked green finance in 2017 and 2018, representing nearly 80% of the annual flows. The industrys maturity enables deeper investment potential in the sub sectors, specifically into solar PV and onshore wind power, w
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Task Force on Climate-related Financial Disclosures Overview 4 2 The Need for Climate-Related Financial Disclosure 3 Potential Financial Implications of Climate Change 5 The Task Force on Climate-related Financial Disclosures 7 Demand for Climate-Related Financial Disclosure 11 Climate-Related Risks and Opportunities 13 The TCFD Recommendations 17 TCFD Recommended Disclosures 19 Guidance on Implementing the TCFD Recommendations 23 Sector-Specific Supplemental Guidance 25 Implementing the TCFD Recommendations 27 Benefits of Implementation 29 Select Resources on the TCFD Recommendations 31 TCFD Supporters 33 Overview of the TCFD 2019 Status Report 35 Examples of Public Sector Developments 37 Contents 3 The large-scale and complex nature of climate change makes it uniquely challenging, especially in the context of economic decision making. Further, many companies have incorrectly viewed the implications of climate change to be relevant only in the long term and, therefore, not necessarily relevant to decisions made today. Those views, however, are changing as more information becomes available on the potential widespread financial impacts of climate change. In December 2019, Bank of England Governor Mark Carney noted that “changes in climate policies, new technologies and growing physical risks will prompt reassessments of the values of virtually every financial asset.” Companies and providers of capital, therefore, should consider their longer-term strategies and most efficient allocation of capital in light of these changes. Organizations that invest in activities that may not be viable in the longer term will likely be less resilient to the transition to a lower-carbon economy and their investors will likely experience lower returns. Compounding the effect on longer-term returns is the risk that present valuations do not adequately factor in climate-related risks because of insufficient information. Investors, lenders, and insurance underwriters need adequate information on how companies are preparing for a lower-carbon economy. More effective, clear, and consistent climate-related disclosure is needed from companies around the world. The Need for Climate-Related Financial Disclosure The Need for Climate-Related Financial Disclosure 2Source: The Economist Intelligence Unit, “The Cost of Inaction: Recognising the Value at Risk from Climate Change,” 2015. 1 Source: Munich Re, “The natural disasters of 2018 in figures,” 8 Jan 2019, and “Hurricanes cause record losses in 2017The year in figures,” 4 Jan 2018. corporate-news/media-information/2020/causing-billions-in-losses-dominate-nat-cat-picture-2019.html Natural catastrophe losses intensified by climate change (2017-2019)1$640b up to $43t Value at risk as a result of climate change to manageable assets by 21002 4 Mark Carney, UN Special Envoy on Climate Action and Finance and Michael R. Bloomberg, TCFD Chair “ Now is the time to ensure that every financial decision takes climate change into account.” Mark Carney, UN Special Envoy on Climate Action and Finance, Governor of the Bank of England, December 2019 5 Potential Financial Implications of Climate Change Potential Financial Implications of Climate Change Rise in Natural Catastrophes and Chronic Environmental Shifts f Macroeconomic shocks or financial losses caused by storms, droughts, wildfires, and other extreme events, or by changing weather patterns over time f Unanticipated financial losses resulting from climate change (e.g., the effect of rising sea level on credit secured by coastal real estate) could impact the global financial system Transition to a Low-Carbon Economy f Risks associated with an abrupt adjustment to a low-carbon economy, such as rapid losses in the value of assets due to changing policy or consumer preferences f Climate-related financial risks could affect the economy through elevated credit spreads, greater precautionary saving, and rapid pricing readjustments 6 5 Climate Change is a Financial Risk Climate-related risk is non-diversifiable and will have a financial impact on many companies: “ Climate-related risks are a source of financial risk and it therefore falls squarely within the mandates of central banks and supervisors to ensure the financial system is resilient to these risks.” Network for Greening the Financial System, First Comprehensive Report, April 2019 Capital and Financing Assets and Liabilities ExpendituresRevenues 7 G20 Finance Ministers and Central Bank Governors asked the Financial Stability Board (FSB) to review how the financial sector can take account of climate-related issues. The FSB established the Task Force on Climate-related Financial Disclosures (TCFD) to develop recommendations for more effective climate-related disclosures that: f could “promote more informed investment, credit, and insurance underwriting decisions” f in turn, “would enable stake- holders to understand better the concentrations of carbon-related assets in the financial sector and the financial systems exposures to climate-related risks.” The Task Force on Climate-related Financial Disclosures The Task Force on Climate-related Financial Disclosures 8 Chapter name 5 9 Industry Led and Geographically Diverse Task Force The Task Force on Climate-related Financial Disclosures 17 7 8 Experts from the Financial Sector Experts from Non-Financial Sectors Other Experts The Task Forces 32 international members, led by Michael Bloomberg, include providers of capital, insurers, large non-financial companies, accounting and consulting firms, and credit rating agencies. 10 11 Demand for climate-related disclosure has increased significantly since the release of the TCFD recommendations in 2017. Many private sector financial institutions, investors, and others continue to make progress on incorporating climate-related disclosure into their financial decision-making. For example, over 370 investors with more than $35 trillion in assets under management committed to engage with the worlds largest corporate greenhouse gas emitters to strengthen their climate-related disclosures by implementing the TCFD recommendations as part of Climate Action 100 . Demand for climate-related disclosure from investors and others is critically important. In particular, large asset owners and asset managers sit at the top of the investment chain and, therefore, have an important role to play in influencing the organizations in which they invest to provide better climate-related financial disclosures. Demand for Climate-Related Financial Disclosure Demand for Climate-Related Financial Disclosure “ It is necessary for all parties in our investment chain, from portfolio companies to asset managers, to support TCFD so that asset owners like us can properly access our portfolio. I am convinced that TCFD will continue to evolve as a major framework for such disclosure and strongly recommend all corporates to join.” Hiro Mizuno, Executive Managing Director and CIO Japan Government Pension and Investment Fund, February 2020 12 In addition, public sector leaders have also noted the importance of transparency on climate-related issues within financial markets. Climate-related risk is increasingly the subject of new reporting requirements, such as the European Non-financial Reporting Directive 2014/95/EU, stress testing, and regulatory guidance based on the TCFD recommendations. Several national governments and public sector organizations formally support the TCFD. “ The NGFS emphasises the importance of a robust and internationally consistent climate and environmental disclosure framework. NGFS members collectively pledge their support for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The NGFS encourages all companies issuing public debt or equity as well as financial sector institutions to disclose in line with the TCFD recommendations.” Network for Greening the Financial System First Comprehensive Report April 2019 1314 Climate-Related Risks and Opportunities Climate-Related Risks and Opportunities The Task Force identified several categories of climate-related risks and opportunities. These include potential financial impact to assist investors, and companies consider longer-term strategies and most efficient allocation of capital in light of the potential economic impacts of climate change. Risks Transition Policy and Legal f Carbon pricing and reporting obligations f Mandates on and regulation of existing products and services f Exposure to litigation Technology f Substitution of existing products and services with lower emissions options f Unsuccessful investment in new technologies Market f Changing customer behavior f Uncertainty in market signals f Increase cost of raw materials Reputation f Shift in consumer preferences f Increased stakeholder concern/negative feedback f Stigmatization of sector Physicial f Acute: Extreme weather events f Chronic: Changing weather patterns and rising mean temperature and sea levels Strategic Planning Risk Management Financial Impact Cash Flow Statement Balance Sheet Income Statement RevenuesExpenditures Assets & Liabilities Capital & Financing 15 Opportunities Resource Efficiency f Use of more efficient modes of transport and production and distribution processes f Use of recycling f Move to more efficient buildings f Reduced water usage and consumption Energy Source f Use of lower-emission sources of energy f Use of supportive policy incentives f Use of new technologies f Participation in carbon market Products & Services f Development and/or expansion of low emission goods and services f Development of climate adaption and insurance risk solutions f Development of new products or services through R&D and innovation Markets f Access to new markets f Use of public-sector incentives f Access to new assets and locations needing insurance coverage Resilience f Participation in renewable energy programs and adoption of energy-efficiency measures f Resource substitutes/diversification “ Climate change presents global markets with risks and opportunities that cannot be ignored, which is why a framework around climate-related disclosures is so important. The Task Force brings that framework to the table, helping investors evaluate the potential risks and rewards of a transition to a lower carbon economy. ” TCFD Chair, Michael R. Bloomberg, June 2017 16 17 The TCFD Recommendations The TCFD Recommendations The TCFDs recommendations were published in its 2017 report, in addition to supporting materials to assist with implementing climate-related financial disclosure. The TCFD 2017 report, supporting materials, and recent status reports are available at fsb-tcfd.org/publications/. DRAFT FOR DISCUSSION PURPOSES ONLY Recommendations of the Task Force on Climate-related Financial Disclosures i Recommendations of the Task Force on Climate-related Financial Disclosures June 2017 Final Report Recommendations of the Task Force on Climate-related Financial Disclosure i June 2017 Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures June 2017 Recommendations of the Task Force on Climate-related Financial Disclosure i The Use of Scenario Analysis in Disclosure of Climate-Related Risks and Opportunities June 2017 Technical Supplement This report provides context, background, and the general framework for climate-related financial disclosuresit is intended for broad audiences. The annex provides the next level of detail to help companies implement the recommendations. The technical supplement is a further level of detail of detail that can be helpful for companies in considering scenario analysis. 18 In its work, the Task Force drew on member expertise, significant stakeholder engagement, and existing climate-related disclosure regimes to develop a singular, accessible framework for climate-related financial disclosure. The recommendations are structured around four thematic areas that represent core elements of how organizations operate: Governance Strategy Risk Management Metrics and Targets “ The work of the TCFD shows the power of voluntary engagement from the private sector and how it can complement public sector regulations. A remarkable endeavor, the TCFD has developed global standards that are now being used by a significant number of corporations around the world” Christian Thimann, TCFD Vice Chair and CEO and Chairman of the Management Board, Athora Germany, February 2020 19 TCFD Recommended Disclosures The TCFD Recommendations Key Features of Recommendations The four recommendations are supported by specific disclosures organizations should include in financial filings or other reports to provide decision-useful information to investors and others. Disclosure under the strategy and metrics and targets recommendations in financial filings is subject to a materiality assessment, although all organizations are encouraged to disclose publicly if practicable Adoptable by all organizations Designed to solicit decision-useful, forward-looking information onfinancial impacts Strong focus on risks and opportunities related to transition to lower-carbon economy 20 Risk ManagementMetrics and Targets Disclose how the organization identifies, assesses, and manages climate-related risks. Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material. Recommended DisclosuresRecommended Disclosures a) Describe the organizations processes for identifying and assessing climate-related risks. a) Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process. b) Describe the organizations processes for managing climate-related risks. b) Disclose Scope 1, Scope 2, and if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks. c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organizations overall risk management. c) Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets. GovernanceStrategy Disclose the organizations governance around climate-related risks and opportunities. Disclose the actual and potential impacts of climate-related risks and opportunities on the organizations businesses, strategy and financial planning where such information is material. Recommended DisclosuresRecommended Disclosures a) Describe the boards oversight of climate-related risks and opportunities. a) Describe the climate-related risks and opportunities the organizat
2020-10-14
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