Banking on Asia: Alignment with the Paris Agreement at Six

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Banking on Asia: Alignment with the Paris Agreement at Six REPORT OCTOBER 201 9 BANKING ON ASIA ALIGNMENT WITH THE PARIS AGREEMENT AT SIX DEVELOPMENT FINANCE INSTITUTIONS IN ASIA SONIA DUNLOP, JAMES HAWKINS, KATE LEVICK, DILEIMY OROZCO, ISKANDER ERZINI VERNOIT AND HELENA WRIGHT About E3G Copyright E3G is an independent climate change think This work is licensed under the Creative tank accelerating the transition to a climate Commons Attribution-NonCommercial- safe world. E3G builds cross-sectoral coalitions ShareAlike 2.0 License. to achieve carefully defined outcomes, chosen for their capacity to leverage change. You are free to: E3G works closely with like-minded partners > Copy, distribute, display, and perform in government, politics, business, civil the work. society, science, the media, public interest foundations and elsewhere. In 2018 E3G > Make derivative works. was ranked the fifth most globally influential environmental think tank for the third Under the following conditions: year running. > You must attribute the work in the www.e3g.org manner specified by the author or licensor. Berlin Neue Promenade 6 > You may not use this work Berlin, 10178 for commercial purposes. Germany +49 (0)30 2887 3405 > If you alter, transform, or build upon this work, you may distribute the Brussels resulting work only under a license Rue du Commerce 124 identical to this one. Brussels, 1000 > For any reuse or distribution, Belgium you must make clear to others the license +32 (0)2 5800 737 terms of this work. London > Any of these conditions can be waived 47 Great Guildford Street if you get permission from the London SE1 0ES copyright holder. United Kingdom +44 (0)20 7593 2020 Your fair use and other rights are in no way affected by the above. Washington 2101 L St NW Suite 400 Washington DC, 20037 United States +1 202 466 0573 Cover image www.istockphoto.com © E3G 2019 Design www.whatcommunications.com 2 BANKING ON ASIA OCT 2019 REPORT OCTOBER 2019 BANKING ON ASIA ALIGNMENT WITH THE PARIS AGREEMENT AT SIX DEVELOPMENT FINANCE INSTITUTIONS IN ASIA SONIA DUNLOP, JAMES HAWKINS, KATE LEVICK, DILEIMY OROZCO, ISKANDER ERZINI VERNOIT AND HELENA WRIGHT 3 BANKING ON ASIA OCT 2019 Our partners Shift South East Asia (Shift SEA) This briefing is part of the Shift Southeast Asia (Shift SEA) project which encourages the shift of financial flows away from fossil fuels into low carbon energy in Vietnam, the Philippines and Indonesia by engaging with the relevant stakeholders to support the adjustment of national policymaking, investment frameworks and international financial institutions’ strategies in favour of sustainable energy solutions. More information is available on the E3G website. Acknowledgements E3G would like to acknowledge the following people who kindly took the time to review all or part of this paper: Ian Cochran, i4CE; Jon Sward, Bretton Woods Project; Sebastian Wienges, GIZ; Ichiro Sato, WRI; Henry Thorp; Florence Mazzone, SEforAll; Doddy Sukadri, YMH; Devendra Rana, CAN International; Ma Xinyue, Boston University; Alex Doukas, OCI, Yuki Tanabe, JACSES and staff at E3G including Taylor Dimsdale, Lisa Fischer, Shane Tomlinson and Claire Healy. E3G would like to particularly thank staff at ADB, AIIB, JICA and the World Bank Group for their extensive comments and the considerable amount of time they devoted to reviewing the content of this paper. CDB and KDB were contacted on a number of occasions in multiple languages but did not provide feedback on the report. This project is part of the International Climate Initiative (IKI) programme. The German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) supports this initiative on the basis of a decision adopted by the German Bundestag. More information at www.bmu.de/en. 4 BANKING ON ASIA OCT 2019 Thanks also to the KR Foundation for their support for this research. 5 BANKING ON ASIA OCT 2019 CONTENTS FOREWORD ....................................................................................................................................... 7 EXECUTIVE SUMMARY .................................................................................................................... 11 INTRODUCTION ............................................................................................................................... 15 RECOMMENDATIONS FOR ALL ASIAN DEVELOPMENT BANKS ...................................................... 16 HOW TO USE THIS REPORT ............................................................................................................. 18 TOOLS FOR PARIS ALIGNMENT ....................................................................................................... 19 PARIS ALIGNMENT AT DEVELOPMENT BANKS: WHAT DOES SUCCESS LOOK LIKE? ....................... 21 METHODOLOGY .............................................................................................................................. 24 ASIAN DEVELOPMENT BANK .......................................................................................................... 28 ASIAN INFRASTRUCTURE INVESTMENT BANK ................................................................................ 31 CHINA DEVELOPMENT BANK .......................................................................................................... 35 JAPAN INTERNATIONAL COOPERATION AGENCY ........................................................................... 38 KOREA DEVELOPMENT BANK ......................................................................................................... 41 WORLD BANK GROUP ..................................................................................................................... 44 CHAPTER 1 GREENHOUSE GAS ACCOUNTING AND REDUCTION .................................................... 48 CHAPTER 2 FOSSIL FUEL EXCLUSION POLICIES................................................................................ 60 CHAPTER 3 CLIMATE RISK, RESILIENCE AND ADAPTATION ............................................................. 76 CHAPTER 4 GREEN-BROWN ENERGY FINANCE RATIOS AND CLIMATE INVESTMENT ..................... 88 CHAPTER 5 ENERGY EFFICIENCY STRATEGY, STANDARDS AND INVESTMENT .............................. 107 CHAPTER 6 PROMOTION OF GREEN FINANCE .............................................................................. 125 CHAPTER 7 TECHNICAL ASSISTANCE FOR IMPLEMENTING PARIS GOALS..................................... 137 CHAPTER 8 TRANSPARENCY OF CLIMATE FINANCE DATA ............................................................ 150 CHAPTER 9 OVERARCHING CLIMATE STRATEGY ........................................................................... 161 CHAPTER 10 INTEGRATION OF CLIMATE IN SECTORAL STRATEGIES ............................................ 170 CONCLUSIONS ............................................................................................................................... 182 ANNEX 1: DEFINITIONS OF LEVELS OF PARIS ALIGNMENT ........................................................... 185 ANNEX 2: SOURCES OF PROJECT-LEVEL DATA USED IN THE ANALYSIS ........................................ 188 ANNEX 3: PORTFOLIO-LEVEL DATA ............................................................................................... 189 ANNEX 4: LOW CARBON TRANSPORT FINANCING ........................................................................ 191 ANNEX 5: GLOSSARY OF ACRONYMS ............................................................................................ 192 6 BANKING ON ASIA OCT 2019 FOREWORD By Christiana Figueres, former Executive Secretary of the UN Framework Convention on Climate Change (2010 to 2016), and Convenor, Mission 2020. The world is banking on Asia. The Asia-Pacific region is at the centre of megatrends that are reshaping the global economy. Heightened perceptions of geopolitical risk, intensifying competition for scarce natural resources, rapid advances in technology and increasing environmental stresses are all drivers of unprecedented change. In these uncertain times, the countries of the Asia Pacific are facing critical choices about how to plan for their next phase of development. Urgent and massively scaled-up investments are required to meet the demands of young and rapidly urbanizing populations, and to address the growing scourge of air pollution and climate change impacts through a commitment to pursue a new development paradigm that leapfrogs the carbon intensity of the Industrial Revolution, and pivots towards clean, affordable, reliable and sustainable infrastructure and energy for the 21st Century. Multilateral and bilateral development banks have an important role to play in helping Asian economies and societies prepare to be “fit for the future”. They are key change agents in the transition to a climate-safe global economy for the region and worldwide. In some cases, these development banks can act as market makers in the global financial system, using their position as knowledge holders to establish norms, set precedents and support lighthouse projects that help to reshape perceptions of what sound and sustainable development should look like. They can both catalyse investment in green economic activity and use de-risking measures to promote an orderly transition to a safe climate future. They can work with governments to build “future proof” infrastructure, and help to redirect large- scale investment to climate-friendly projects and initiatives. And most importantly, they are well-placed to help governments and investors to think and plan for the long-term,
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