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Climate Investment Opportunities in South Asia an IFC Analysis About IFC Climate Investment Opportunities in South Asia An IFC Analysis About IFC IFC, a member of the World Bank Group, is the © International Finance Corporation [2017]. All rights reserved. largest global development institution focused on 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 the private sector in emerging markets. Working Internet: www.ifc.org with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to The material in this work is copyrighted. Copying and/or transmitting portions or all create markets and opportunities in the toughest of this work without permission may be a violation of applicable law. IFC encourages areas of the world. In FY17, we delivered a dissemination of its work and will normally grant permission to reproduce portions of record $19.3 billion in long-term financing for the work promptly, and when the reproduction is for educational and non-commercial purposes, without a fee, subject to such attributions and notices as we may reasonably developing countries, leveraging the power of require. the private sector to help end poverty and boost shared prosperity. For more information, visit IFC does not guarantee the accuracy, reliability or completeness of the content included www.ifc.org. in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of the World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the governments they represent. The contents of this work are intended for general informational purposes only and are not intended to constitute legal, securities, or investment advice, an opinion regarding the appropriateness of any investment, or a solicitation of any type. IFC or its affiliates may have an investment in, provide other advice or services to, or otherwise have a financial interest in, certain of the companies and parties named herein. All other queries on rights and licenses, including subsidiary rights, should be addressed to IFC Communications, 2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433. International Finance Corporation is an international organization established by Articles of Agreement among its member countries, and a member of the World Bank Group. All names, logos, and trademarks are the property of IFC and you may not use any of such materials for any purpose without the express written consent of IFC. Additionally, “International Finance Corporation” and “IFC” are registered trademarks of IFC and are protected under international law. Climate Investment Opportunities in South Asia An IFC Analysis ii Climate Investment Opportunities: South Asia Acknowledgements This report was prepared by the Climate Business Chirag Gajjar—World Resources Institute (internal John Roome, Jagjeet Singh Sareen, Kruskaia Sierra- Department (Alzbeta Klein, Director), Climate carbon pricing); Vladimir Stenek (resilience survey); Escalante, Chandra Shekhar Sinha, Ahmed Slaibi, Harsh Finance and Policy Group (Vikram Widge, Head). The and Peter Cook, Peter Mockel, and Tyler Chapman Vivek, and Sean Whittaker. lead author was Aditi Maheshwari, with significant (technology innovations). The authors are grateful We are grateful to the government of Japan for their support from Tom Kerr and consultant Ayesha Malik, for the insightful review and expert input from the support to the What a Waste team, whose data has who led the research and quantitative analysis. Sona following people: Nishat Shahid Chowdhury, Noor underpinned our municipal solid waste investment Panajyan managed communications around the report Ahmed Naveed, and Wendy Werner (Bangladesh); Om potential estimates. with support from consultant Philip Killeen. Report Bhandari and Joyita Mukherjee (Bhutan); Reenu Aneja, design and production assistance was provided by Arnab Bandyopadhyay, Rakhi Basu, Karla Gonzalez Finally, this report benefited tremendously from the Maria Teresita Aniana. Creative design, layout, and Carvajal, Tanu Chhabra Bahl, Ritika Goel, Suvranil support and feedback of a number of external experts, printing services were provided by the World Bank’s Majumdar, Nihar Shah, Vikramjit Singh, and Jun including Ajay Mathur (The Energy and Resources in-house printing and multimedia team, led by Gregory Zhang (India); Shadiya Adam, Gaurav Joshi, Sandeep Institute); Damandeep Singh (CDP), David Barton, Wlosinski. Copy-editing services were provided by Kohli, James Orehmie Monday, Ralph Van Doorn, Jiang Yi, and Tristan Knowles (Asian Development Clarity Editorial, led by Lara Godwin. Yulia Guzairova Christina Wieser, and Hafiz Zainudeen (Maldives); Bank); Gireesh Shrimali (Climate Policy Initiative); managed the budget. Rafael Dominguez, Santosh Pandey, and Deepak Man Joe Phelan (World Business Council for Sustainable Singh Shrestha (Nepal); and Kishan Abeygunawardana, Development); Kunal Sharma and Pustav Joshi (Shakti Many World Bank Group colleagues and experts Victor Antonypillai, Amena Arif, German Galindo Rozo, Foundation); Prapti Bhandary (International Food provided critical input and ideas to shape this report. Tatiana Nenova, Dinesha Nilakshi Samaranayake, and Policy Resource Institute); Saleemul Huq (International Core support on the investment estimates was provided Mohandas Seneviratne (Sri Lanka). The IFC South Asia Centre for Climate Change and Development ); and by Alexander Dempsey (renewable energy); Rusmir Regional Climate Anchors Rajesh Miglani and Shalabh Vivek Adhia (World Resources Institute). Their collective Music and Corinne Figueredo (green buildings); Jim Tandon also provided substantial support for the report. wisdom and contributions have improved the report’s Michelsen and Silpa Kaza (waste); and William Davies comprehensiveness and potential for impact. and Rochi Khemka (water). Contributions for sections In addition, several other colleagues provided helpful of the report were provided by Ruth Quint Hupart cross-cutting input and comments, including Guido The study reflects the views of IFC and does not (business models); Ebru Gebologlu (country indicators); Agostinelli, Paul Anthony Barbour, Genevieve Connors, necessarily reflect the views of the governments of the Ye Ra Park and Jigar Shah (energy-efficiency); Maggie Shari Friedman, Chandrasekar Govindarajalu, Stephen countries covered by the study. The findings of the study Young—Climate Policy Initiative, and Berit Lindholdt- Hammer, Prashant Kapoor, Muthukumara Mani, would, thus, not be in any way binding on the countries Lauridsen (financial innovations); Vivek Adhia and Amarilis Beltran Netwall, Hyunjee Oh, Mandar Parasnis, covered by the study. iii Contents iv Acknowledgements v Foreword vi Acronyms vii Executive Summary Turning Climate-Smart 1 Investment Opportunities into Reality in South Asia 27 43 57 Surveying Business Resilience to Climate 23 Impacts BANGLADESH BHUTAN INDIA 116 Annexes 132 Endnotes iv Climate Investment Opportunities: South Asia Contents CROSS-CUTTING THEMES From Water ATMs to “Prosumers”: Innovative 40 Climate Business Models in South Asia Innovative Finance to Scale 54 Up Investments Innovative Corporate Practices: Internal 70 Carbon Pricing Energy-Efficiency 84 Innovations in South Asia Innovative Technology 73 87 103 100 Solutions to Effect Change MALDIVES NEPAL SRI LANKA v Foreword commitments submitted under the Paris Agreement from their targets by 2030. By taking a similar approach, this plans to implementation. report has identified $3.4 trillion in climate-smart investment opportunities in South Asia, and seeks to help these six A low-carbon growth path for countries in the region countries mobilize their private sector and unlock private goes beyond environmental benefits and opens enormous investment for achieving their climate-related targets. IFC is opportunities for climate investments, positioning companies committed and well positioned to work together with private for the markets of tomorrow. Just for infrastructure, the world sector clients and governments across South Asia, leveraging will require about $90 trillion over the next 15 years—most of the strengths of the entire World Bank Group to create it in developing and middle-income countries. Across South markets for climate business. Asia alone, from now to 2030, over $410 billion will need to be invested in renewable energy; another $670 billion in greening IFC is actively pursuing investments in the region such as the vehicle fleet; and more than $1.5 trillion to ensure the solar, wind, energy storage, green buildings, energy-efficiency, future building stock is green and resilient. waste, and climate-smart agriculture. By supporting the creation of the Sustainable Housing Leadership Consortium, we Unlocking the potential trillions in climate investing requires have helped bring industry and financiers together to embed Philippe le Houérou appropriate reforms. Governments must put into place Chief Executive Officer, IFC sustainability into India’s buildings market. In Bangladesh, policies that will shift market incentives, open doors for IFC is helping
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