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Traffic Light BRI International Green Development Coalition 2020 Policy Study Series Green Development Guidance for BRI Projects Baseline Study Report December 2020 In April 2019, Chinese and international partners officially launched the BRI International Green Development Coalition (BRIGC) at the Second Belt and Road Forums for International Cooperation. BRIGC aims to establish a policy dialogue and communication platform, an environmental knowledge and information platform, and a green technology exchange and transfer platform, so as to advance global consensus, understanding, cooperation, and action of a green Belt and Road Initiative (BRI). BRIGC officially launched the Joint Research on Green Development Guidance for BRI Projects (Guidance Project) in December 2019, with the purposes to explore the formulation of guidelines on the assessment and classifi- cation of BRI projects from the perspective of preventing ecological and environmental risks, establish risk preven- tion and management system, provide green solutions for BRI project, and support decision making for stakeholders. This report is the Baseline Study (Phase I of the Guidance Project). Through in-depth analysis of environmental policies, safeguard measures and practices of govern- ments, financial institutions and NGOs around the world, this report summarizes best practices for recognize and address ecological, environmental & climate risks in overseas investment, formulates a classification framework and positive & negative lists for BRI investments, and put forward specific suggestions to promote green develop- ment for BRI projects. Secretariat of BRIGC Ms. Qiao Yujie Tel: +86-10-82268647 Fax: +86-10-82200535 Address: No. 5, Houyingfang Hutong, Xicheng District, Beijing 100035, China Website: www.brigc.net Email: [email protected]; [email protected] Green Development Guidance for BRI Projects Baseline Study Research Team* I. Advisors International Advisors Ms. Kate HAMPTON, Convener of the BRIGC Advisory Committee, Chief Executive Officer (CEO) of Children’s Investment Fund Foundation (CIFF) Ms. James THORNTON, Advisor of the BRIGC Advisory Committee, CEO of ClientEarth Mr. ZHANG Jianyu, International Liaison of the BRIGC Advisory Committee, Vice President of Environmental Defense Fund Mr. Manish BAPNA, Executive Vice President and Managing Director of World Resources Institute (WRI) Mr. Qasim Wasim DAR, Head of Social and Environmental Policy, Investment Banking, Habib Bank Limited (HBL) Mr. Henri de BRANCHE, Senior Environmental Specialist, Asian Infrastructure Investment Bank (AIIB) Chinese Advisors Mr. YE Yanfei, Counsel (DG Level), Policy Research Bureau, China Banking and Insurance Regulatory Commission (CBIRC) Mr. MA Jun, Advisor of the BRIGC Advisory Committee; Director, Research Center for Green Finance Development, Tsinghua University Mr. ZHU Xufeng, Associate Dean, School of Public Policy and Management, Tsinghua University Ms. YIN Hong, Deputy Director, Modern Finance Research Center, Industrial and Commercial Bank of China (ICBC) Mr. ZHAO Kun, Director, Policy Research Division, BRI Construction Promotion Center, NDRC II. Project Leaders Mr. Erik SOLHEIM, Special Advisor World Resources Institute (WRI) Ms. ZHOU Guomei, Executive Director-General (DG level), Foreign Environmental Cooperation Center (FECO), Ministry of Ecology and Environment (MEE) III. Research Team Members International Members Mr. Christoph NEDOPIL, Director Green BRI Center, International Institute of Green Finance, Central University of Finance and Economics (CUFE) Ms. WANG Ye, Research Analyst, Finance Center, World Resources Institute (WRI) Mr. XIE Wenhong, China Program Director, Climate Bonds Initiative (CBI) Mr. Dimitri De BOER, Chief Representative, China Office, ClientEarth (International Coordinator) Ms. LIU Shuang, Senior Associate and China Finance Lead, World Resources Institute (WRI) Ms. CHEN Xiaoting, Director, Global Coordination, Greening BRI Initiative, World Wildlife Fund (WWF) Chinese Members Mr. LI Yonghong, Deputy Director General of Foreign Environmental Cooperation Center (FECO), Ministry of Ecology and Environment (MEE) i BRI International Green Development Coalition Mr. ZHU Yuan, Associate Researcher, Appraisal Center for Environment and Engineering (ACEE), Ministry of Ecology and Environment (MEE) Ms. LAN Yan, Deputy Director, BRI International Green Development Coalition (BRIGC) Secretariat, Ministry of Ecology and Environment (MEE) (Chinese Coordinator) Ms. LI Panwen, BRI International Green Development Coalition (BRIGC) Secretariat, Ministry of Ecology and Environment (MEE) Ms. ZHAO Haishan, BRI International Green Development Coalition (BRIGC) Secretariat, Ministry of Ecology and Environment (MEE) IV. Support Organizations Foreign Environmental Cooperation Center (FECO), Ministry of Ecology and Environment (MEE) Appraisal Center for Environment and Engineering (ACEE), Ministry of Ecology and Environment (MEE) World Resources Institute (WRI) ClientEarth Children's Investment Fund Foundation (CIFF) * The authors and advisors of this policy study serve in their personal capacities. The views and opinions expressed in this report are those of the individual experts participating in the research and do not represent those of their organizations and the BRI International Green Development Coalition. ii Green Development Guidance for BRI Projects Baseline Study TABLE OF CONTENTS EXECUTIVE SUMMARY ................................................................................................................................... I LIST OF ABBREVIATIONS .............................................................................................................................. VI CHAPTER 1. JOINT RESEARCH ON GREEN DEVELOPMENT GUIDANCE FOR BELT AND ROAD INITIATIVE PROJECTS ..................................................................................................................................................................... 1 RESEARCH BACKGROUND ...................................................................................................................... 1 SIGNIFICANCE ......................................................................................................................................... 2 PURPOSE OF THE STUDY ........................................................................................................................ 3 METHODOLOGY AND STRUCTURE ......................................................................................................... 4 CHAPTER 2. BEST PRACTICES TO ACCELERATE GREEN AND REDUCE BROWN INVESTMENT ............................. 6 GOVERNMENT AND REGULATORY PRACTICES ....................................................................................... 6 2.1.1 Best government and regulatory practices along project finance ...................................................... 7 2.1.2 Best practices across environmental aspects ........................................................................................... 15 FINANCIAL INSTITUTIONS’ POLICIES AND PRACTICES .......................................................................... 16 2.2.1 Best financial institution practices along project finance ..................................................................... 18 2.2.2 Best practices across environmental aspects ........................................................................................... 26 NGO AND FINANCIAL ASSOCIATION PRACTICES .................................................................................. 28 2.3.1 Best practices along project finance ........................................................................................................... 28 2.3.2 Best NGO practices across environmental aspects ................................................................................ 36 CHAPTER 3. ESTABLISH THE BRI PROJECT CLASSIFICATION SYSTEM .............................................................. 38 CATEGORIES OF PROJECTS ................................................................................................................... 38 PROJECT CLASSIFICATION PROCESS ..................................................................................................... 40 SPECIFIC PROJECT CLASSIFICATION CRITERIA ...................................................................................... 42 CHAPTER 4. PROVIDE POSITIVE AND NEGATIVE BRI PROJECT LISTS .............................................................. 46 CHAPTER 5. ENHANCE THE LIFECYCLE ENVIRONMENTAL MANAGEMENT OF BRI PROJECTS ........................... 55 RECOMMENDATION 1: GREEN DEVELOPMENT GUIDANCE APPLICABLE ACROSS THE WHOLE PROJECT LIFECYCLE .......................................................................................................................................................... 55 RECOMMENDATIONS 2 TO 5: PROJECT PLANNING AND EVALUATION PHASE .................................... 56 RECOMMENDATIONS 6 TO 7: PROJECT IMPLEMENTATION PHASE ..................................................... 59 RECOMMENDATIONS 8 TO 9: PROJECT DISCLOSURE AND REPORTING PHASE ................................... 60 CHAPTER 6. PRIORITIZED AREA OF ACTION TO FORMULATE THE GREEN DEVELOPMENT GUIDANCE ............. 63 KEY AUTHORITIES FOR APPROVING AND REGULATING BRI PROJECTS ................................................ 63 PRIORITIZED AREA OF ACTION TO FORMULATE THE GREEN DEVELOPMENT GUIDANCE ................... 65 6.2.1 Establish a BRI classification system ..........................................................................................................
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