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Catalyzing Climate Finance with the Shandong Green Development Fund

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Catalyzing Climate Finance with the Shandong Green Development Fund NO. 144 JULY 2020 ADB BRIEFS KEY POINTS Catalyzing Climate Finance with the • The Government of the People’s Republic of China Shandong Green Development Fund developed proactive climate policies to decarbonize its economy as pledged at the Paris Agreement. To scale Hubert Jenny Frédéric Asseline up climate investments, Former Principal Infrastructure Principal Climate Change Specialist public sector resources are (Climate Finance) insufficient; private sector Finance Specialist participation is required East Asia Department (EARD) Sustainable Development and Climate to bridge the funding gap Asian Development Bank (ADB) Change Department and bring in advanced Asian Development Bank Yihong Wang technologies. Senior Investment Officer Anouj Mehta • There is a vast need for EARD Principal Infrastructure Specialist climate-related investments Asian Development Bank Southeast Asia Department going beyond business-as Asian Development Bank usual. A new paradigm shift Bharat Dahiya going beyond traditional Consultant Michael Lindfield financing and banking Asian Development Bank Consultant modalities is needed to Asian Development Bank unlock significant climate finance and crowd in private institutional and commercial funding in a sustainable manner. INTRODUCTION • Key areas for policy action In 2019, the Asian Development Bank (ADB) approved a $100 million loan contributing include (i) creating an to climate finance for the $1.5 billion Shandong Green Development Fund Project. The enabling environment to fund introduces an innovative leveraging mechanism to catalyze private, institutional, cater to climate financing and commercial capital for the development of climate-friendly infrastructure and requirements for longer business in Shandong Province, the People’s Republic of China (PRC). The project term; and (ii) building up focuses on the twin strategic agendas of environmentally sustainable growth and climate finance capacity and inclusive economic growth. The fund will finance a portfolio of mitigation and adaptation knowledge. These policies projects assessed against both financial and climate eligibility criteria using the Green will help overcome barriers Climate Fund investment framework. The project will contribute to the transition to in climate finance, such as low-carbon and climate-resilient development paths in Shandong Province. The fund affordability constraints, and will act as the financial arm of the Shandong Provincial Government to implement first-mover and behavioral its progressive climate policies and to decarbonize its economy. The fund holds seed risks. capital of $400 million from international financial institutions, $360 million from public sources, and $740 million from private investors to cofinance about $7.5 billion of climate-positive investment, achieving a leveraging ratio of over 1:5. By 2027, the fund aims to contribute to (i) climate change mitigation, measured through carbon emission reductions of 3.75 million tons annually, and (ii) climate change adaptation, measured through improvement in climate resilience of over 3 million beneficiaries. It is the first climate fund in the PRC to be categorized as effective gender mainstreaming. ISBN 978-92-9262-270-1 (print) ISBN 978-92-9262-271-8 (electronic) ISSN 2071-7202 (print) ISSN 2218-2675 (electronic) Publication Stock No. BRF200192-2 DOI: http://dx.doi.org/10.22617/BRF200192-2 ADB BRIEFS NO. 144 NATIONAL CLIMATE POLICY CONTEXT transformational climate investments maximizing climate benefits to better contribute to the SDGs in general, and the INDC in IN THE PEOPLE’S REPUBLIC OF CHINA particular; and, (iii) operational constraints with limited capacity In recent decades, global development policies focused almost at the level of the local governments to define, prepare, finance, exclusively on the growth of gross domestic product (GDP), to and implement climate investment programs supporting the the detriment of holistic sustainable development. This has been progressive climate policy framework in place in the PRC and in paralleled by the worsening impacts of climate change. In order Shandong Province. to tackle these increasingly important challenges, especially in the Asia and Pacific region, the PRC plays a pivotal role. Going PILOTING THE SHANDONG GREEN beyond the well-trodden path of GDP-oriented development, the Government of the PRC in 2010 committed itself to promote DEVELOPMENT FUND ecological civilization.1 In the same vein, the PRC announced Shandong is an eastern province of the PRC and part of the climate targets in the form of Intended Nationally Determined economically dynamic Beijing–Tianjin–Hebei area. Located on Contributions (INDC) as its commitment to climate change the Yellow Sea, it has a coastline of around 3,000 kilometers. In actions by 2030, 2 especially to “achieve the peaking of emissions 2017, its population was just under 100 million and contributed around 2030 and making best efforts to peak early” included into about 8.9% of the national GDP. In terms of GDP per capita, 2015 Paris Agreement on climate change. 3 Shandong is ranked eighth among all provinces in the PRC. Jinan, the provincial capital, ranks 21st in terms of GDP per capita out of The Government of the PRC initiated a range of measures on green all 34 provincial capitals; it was also ranked the most congested finance. In 2013, as part of the PRC’s 12th Five Year Plan, plans for city in the PRC. a green bond market were announced. The PRC also promulgated the country’s Green Bond Guidelines and Eligible Project The State Council of the PRC designated Shandong Province to Catalogue. As a result, the PRC emerged as the largest sovereign pilot a shift away from a GDP growth orientation toward a low- issuer of green bonds; the country represents one-third of the carbon and climate-resilience growth paradigm. If such a shift is world’s green bond issuance. Other relevant initiatives by the PRC successful in this pilot province, it will provide hands-on experience include (i) the State Council’s approval in 2016 of the Guideline for its replication across the nation. However, the twin challenges for Establishing the Green Financial System to incentivize and of economic transformation and achieving climate-related targets promote green loans, green bonds, green funds, green insurance, will require better access to climate finance. and mandatory environmental information disclosure, among others; and (ii) the launch of the national carbon trading scheme, Shandong Province was selected as a pilot for the ADB-financed which could become the world’s largest domestic carbon market; project due to two key factors.5 First, Shandong is a highly this will initially encompass more than one-third of the country’s industrialized province, which is reflected in the fact that it has annual total carbon dioxide (CO2) emissions. the highest consumption of coal per capita and energy in the PRC. The workforce and extensive old industrial investment in This paper shows how the Shandong Green Development the province faced multiple climate vulnerabilities. Tight resource Fund (SGDF) addresses the identified policy constraints to constraints and environmental constraints as well as accelerated climate change finance, and supports (i) ADB Strategy 2030 urbanization processes pose unprecedented threats to the key operational area on climate change; 4 (ii) the Sustainable economic development and climate agendas in the province. Development Goals (SDGs), SDG 9: Industry, Innovation, and Second, Shandong Province has a track record of making Infrastructure, by building climate-resilient infrastructure; (iii) concerted efforts on climate change issues: (i) establishing promotion of green businesses and fostering of a new climate the New Industry Development Guidance Fund in 2019; (ii) finance model; and (iv) SDG 13: Climate Action, by taking incorporating carbon intensity reduction goal into the economic urgent actions to promote climate-related investments to and social development plans in line with the countrywide combat climate change impact. The project is designed as a requirement;6 and (iii) making focused efforts to shift from high- systemic response to constraints in financing climate-friendly pace economic growth to high-quality development, especially investments and as such addresses the following key policy areas: due to the pressure to reduce carbon intensity. Shandong is now (i) supply side, by improving access to capital market and much in a critical period of transforming its development patterns needed private, institutional, and commercial (PIC) finance to and growth momentum to optimize its economic structure by supplement limited public funding; (ii) demand side, by promoting decarbonizing its economy. 1 The purpose behind the notion of ecological civilization is to work toward achieving harmony between human beings and nature and, in turn, developing a low-carbon economy. 2 United Nations. 2016. Paris Agreement. Paris. 3 Government of the People’s Republic of China. 2015. Intended Nationally Determined Contributions. Beijing. 4 ADB. 2018. Strategy 2030: Achieving a Prosperous, Inclusive, Resilient, and Sustainable Asia and the Pacific. Manila. 5 ADB. 2019. Report and Recommendation of the President to the Board of Directors: Proposed Loan to the People’s Republic of China for Shandong Green Development Fund Project. Manila. 6 By 2020, Shandong is required to reduce its CO2 emission intensity by 20.5% from the 2015 level. This is the toughest provincial-level
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