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The Sustainable Performance of Chinese Banking and International Financial Institutions Comparative Study

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The Sustainable Performance of Chinese Banking and International Financial Institutions Comparative Study The Sustainable Performance of Chinese Banking and International Financial Institutions Comparative Study 1 China Banking Regulatory Commission China Banking Regulatory Commission (CBRC) regulates and supervises banking institutions and their business operations in China. WWF WWF is one of the world's largest and most experienced independent conservation organizations, with over 5 million supporters and a global Network active in more than 100 countries. WWF’s mission is to stop the degradation of the planet’s natural environment and to build a future in which humans live in harmony with nature, by conserving the worlds’ biological diversity, ensuring that the use of renewable natural resources is sustainable, and promoting the reduction of pollution and wasteful consumption. PwC PwC helps organisations and individuals create the value theyí»re looking for. Weí»re a network of firms in 157 countries with more than 184,000 people who are committed to delivering quality in assurance, tax and advisory services. Our network of over 700 sustainability and climate change specialists share their thinking and experience to develop fresh perspectives and offer practical advice to governments and the private sector around the world. Advisors Ye Yanfei Jon Williams Peter Beaudoin Li Lin Authors Chinese part: Wang Qingrong (CBRC) International part: Lilian Wang (PwC UK - Sustainability and Climate Change) Summary Analysis: Sun Yiting, Guo Lina (WWF China) Special Thanks To Mr. Shawn D.Miller and Ms. Leonie Schneue (The Equator Principles (EP) Association Steering Committee) Mr. Zhang Jianjun and Mr. John Barnes (PwC) Mr. Mark Eckstein and Mr. Joshua Levin (WWF US) China Development Bank, Export-Import Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Huaxia Bank, China Merchants Bank, Shanghai Pudong Development Bank, Industrial Bank, Bank of Beijing Citigroup Inc, Credit Agricole Corporate and Investment Banking HSBC Group, ING Groep N.V., Itaú BBA S.A., JPMorgan Chase & Co, Mizuho Bank Ltd, Standard Bank Group, Standard Chartered plc Disclaimer Notice This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 3 FOREWORD Banking institutions, serving as a major financing vehicle for businesses and individuals, are driving force to realize China’s technology progress and economic restructure as well as global sustainable development. The business behavior of banks is influencing the environment and society and shapes our future. Recent years have witnessed a growing awareness of environmental, social and governance (ESG) risks in the banking sector, which has been integrated into lending decision and business strategy. The “Equator Principles” has become a global standard to address ESG issues in project financing, which has been widely adopted by international financial institutions. In China, Green Credit Guidelines was promulgated by the China Banking Regulatory Commission (CBRC) in February 2012, a milestone directive encouraging Chinese banks to support green, low-carbon and recycling economies; to well manage environmental and social risks in lending service; and to improve sustainable performance in their operations. The implementation of the Guidelines will make Chinese banks gain a strategic position to restructure lending portfolio, improve service quality, and catalyze development transformation. To monitor and evaluate the policy enforcement, CBRC is developing related statistical system and key performance indicators to set a benchmark of sustainability for the banks. Facilitating international communication, enhancing inter-banks cooperation and promoting best practices are effective ways to fulfill the Green Credit Guidelines. CBRC has initiated active cooperation with various international organizations and financial institutions, such as WWF, International Finance Corporation, United Nations Environment Programme Finance Initiative as well as banks adopting “Equator Principles”. The collaboration, in the form of scientific research, policy workshops, international conferences and capacity building, has made significant contributions to the enforcement and implementation of the Guidelines. In essence, Chinese and international banks are following similar sustainable principles; in practice, they have diversified procedures and products. The best practices, if can be identified, summarized and promoted, should set examples to the banking institutions to adopt green credit policies. To this end, CBRC’s Statistics Department, WWF China and PricewaterhouseCoopers jointly developed and delivered this report. The study compares and analyzes banks’ sustainable performance in terms of strategy and policy framework, governance, procedures and tools, monitoring, reporting and assurance, capacity building and sustainable financial products, through two-year desk research, questionnaire collection and interviews. We shared the ambition that this study will explore opportunities, challenges and strategy for Chinese banks to grow in a sustainable way and to contribute to biodiversity conservation, environmental protection, energy saving and emission reduction. YE Yanfei Peter Beaudoin Jon Williams Deputy Director General Chief Executive Partner – PricewaterhouseCoopers Statistics Department WWF China LLP, United Kingdom China Banking Regulatory Technical adviser to the report in Commission support of PwC China 4 Contents Methodology 02 Strategy and Policy Framework 04 Governance 09 Procedures and Tools 12 Monitoring, Reporting and Assurance 21 Capacity Building 24 Sustainable Financial Products 26 Appendix 1:Questionnaire for the Sustainable Lending Policies and Practices of Banks 31 Appendix 2:Summary of the International Equator Principle Financial institutions (EPFIs) 35 Environmental and Social Risk Management Measures Appendix 3: International EPFIs Environmental and Social Risk Management Case Study 38 Appendix 4: Chinese Banking Financial Institutions Case Study on Implementing Green 40 Credit Policies 5 Methodology Methodology Background Over the past decade, financial institutions have increasingly recognised the importance of managing environmental and social (E&S) risk in their lending activities. For example, the Equator Principles1 (EPs), a credit risk management framework for assessing and managing E&S risk in project finance, has become an industry standard for E&S risk management. There are now over 78 financial institutions in 35 countries2 that have officially adopted the EPs (the “EPFIs”). China Banking Regulatory Commission (CBRC) promulgated “Green Credit Guidelines” in February 2012, calling for Chinese banking institutions to promote green credit from a strategic height, increase the support to green, low-carbon and recycling economy, fend off environmental and social risk, and improve their own environmental and social performance. In order to help Chinese banks better implement the Guidelines, the Statistics Department of CBRC, WWF Beijing Office (WWF) and PwC have commissioned this survey in order to understand how the policies and practices for managing E&S risk of Chinese banks compare to those of EPFIs. PwC China, supported by PwC UK as technical adviser, undertook interviews with the Equator Principles Financial Institutions (EPFI's) only and drafted the summary analysis on the EPFI's contained on this report. CBRC undertook the interviews with the Chinese financial institutions and, with WWF's support, drafted the summary analysis on the Chinese financial institutions contained in this report. Objectives The research group’s overall objectives of this survey are to: Understand the approach and impact of EPFIs’policies and practices for managing E&S risk in theirlending activities; Assess how this compares to the policies and practices of Chinese banks, and identify gaps which may exist; and Highlight good practice using case studies. Survey participants The following banking institutions participated in the survey: Financial Institution Nature Financial Institution Location of head office United States China Development Bank (CDB) Citigroup Inc (Citi) Export-Import Bank of China Policy Bank Credit Agricole Corporate and (Eximbank) Investment Banking (Credit France Industrial and Commercial Bank Agricole) Large Commercial Banks of China (ICBC) HSBC Group (HSBC) United Kingdom Agricultural Bank of China (ABC) Large Commercial Banks ING Groep N.V. (ING) Netherlands Bank of China (BOC) Large Commercial Banks Itaú BBA S.A. (Itau BBA) Brazil China Construction Bank (CCB) Large Commercial Banks JPMorgan Chase & Co United States Bank of Communications (JPMorgan) Large Commercial Banks (BoCom) Mizuho Bank Ltd (Mizuho) Japan Huaxia Bank Joint-Stock Commercial Bank Standard Bank Group South Africa China Merchants Bank (CMB) Joint-Stock Commercial Bank (Standard Bank) Shanghai Pudong Development Standard Chartered plc Joint-Stock Commercial Bank United Kingdom Bank (SPD Bank) (Standard Chartered) Industrial Bank Joint-Stock Commercial Bank Bank of Beijing City Commercial Bank 1. The Equator Principles (EPs) is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in projects. 2. http://www.equator-principles.com/(accessed 15 June 2012) 02 Methodology Approach In order to understand EPFIs’policies and practices of E&S risk management in lending activities, a bespoke questionnaire
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