亚开行-为难以削减的部门提供过渡金融的方法综述（英）-2023.12_市场营销策划_重点报告2023.docx

iADBInstitute.ADBIWorkingPaperSeriesANOVERVIEWOFAPPROACHESTOTRANSITIONFINANCEFORHARD-TO-ABATESECTORSSayuriShiraiNo.1423December2023AsianDevelopmentBankInstituteTheWorkingPaperseriesisacontinuationoftheformerlynamedDiscussionPaperseries;thenumberingofthepaperscontinuedwithoutinterruptionorchange.ADBsworkingpapersreflectinitialideasonatopicandarepostedonlinefordiscussion.Someworkingpapersmaydevelopintootherformsofpublication.Suggestedcitation:Shirai,S.2023.AnOverviewofApproachestoTransitionFinanceforHard-to-AbateSectors.ADBIWorkingPaper1423.Tokyo:AsianDevelopmentBankInstitute.Available:Pleasecontacttheauthorsforinformationaboutthispaper.Email:sshiraiadbi.orgAsianDevelopmentBankInstituteKasumigasekiBuilding,8thFloor3-2-5Kasumigaseki,Chiyoda-kuTokyo100-6008,JapanTel:+81-3-3593-5500Fax:+81-3-3593-5571URL:www.adbi.orgE-mail:infoadbi.org©2023AsianDevelopmentBankInstituteAbstractClimatefinancehaswitnessedsignificantgrowthasaburgeoningfieldoflong-termfinancegloballyinrecentyears.However,ithasyettoreachthenecessaryscaleformobilizingsufficientfundstosupportthedecarbonizationeffortsofbusinesses.Thisshortfallispartlyattributedtoongoinginvestors'concernsaboutgreenwashingrisk.Manyglobalcompanieshavemadecommitmentstoachievethenet-zerotargetby20501butwithoutconsistentshort-andmedium-termtargets,comprehensivedataandprogressreport,anddetailedactionplans.WhiletheTaskForceonClimate-RelatedFinancialDisclosure(TCFD)recommendationshavecontributedtoadvancingdisclosureframeworks,thestandardizationofcorporatedisclosureshasnotmadesubstantialprogress.Furthermore,aseriesofinitiativessuchastheenvironmental,social,andgovernance(ESG)ratingsofferedbydataproviders,thecertificationofgreenorsustainability-linkedbondlabelsthroughsecond-partyopinions,aswellasvarioustaxonomiesforgreenactivitieshaveenhancedtransparencytosomeextentbuttheirdivergentapproacheshavehamperedclimatefinancefromexpandingfurther.Therecentefforttostandardizeclimate-relateddisclosuresbytheInternationalSustainabilityStandardsBoard(ISSB),whichwasestablishedbytheTrusteesoftheInternationalFinancialReportingStandards(IFRS)Foundation,isapositivedevelopment,butbroaderinitiativesarerequiredtopromoteclimatefinance.Inparticular,transitionfinanceinhard-to-abatesectors(suchassteel,chemicals,cement)remainsunderdeveloped,despitetheurgentneedtofinanciallysupporttheiremissions-reducingefforts.Thispaperprovidesanoverviewofvariousapproachestowardtransitionfinanceintendedtoenhancecredibilitywhileaddressingtheirchallenges.Keywords:transitionfinance,carbonbudget,hard-to-abatesectors,ISSBClimate-RelatedDisclosures,taxonomy,traffic-lightclassificationsystemJELClassification:G15,G32,Q01,Q54Contents1. INTRODUCTION11.1 WhatHamperstheFurtherProgressofClimateFinance?11.2 ISSBStandardsPromotingStandardizationofCorporateDisclosure31.3 RecentGrowingAttentionstoTransitionFinance31.4 RecentInitiativestoEnhanceTransitionFinance52. TRANSITIONFINANCEANDLABELINGAPPROACHESINCAPITALMARKETS.62.1 InternationalCapitalMarketsAssociation(ICMA),sTransitionFinanceFramework62.2 ClimateBondInitiative(CBI),sTransitionLabelandCertification92.3 GreenEquityCriteriaandClassificationInitiatedbytheWorldFederationofExchanges152.4 ChallengesRelatedtoLabelingFinancialInstrumentsandConclusionsofSection2173. PRACTICESTOPROMOTECREDIBLETRANSITIONPLANSforEmissions-Intensivecompanies193.1 Science-BasedTargetInitiative(SBTi)Certification193.2 DevelopingSectoralDecarbonizationApproach(SDA)213.3 UsingEnvironmentalCommonPerformanceThresholdsProposedbytheIEA263.4 IndustryTechnologyRoadMapsforTransitionFinanceDevelopedbyJapan273.5 PreventingCarbon-IntensiveLock-InandStrandedAssets303.6 ChallengesRelatedtoSector-BasedApproachesandConclusionsofSection3314. TAXONOMIESFORTRANSITIONACTIVITIESINHARD-TO-ABATESECTORS.324.1 EU,sTaxonomyandTransitionFinance324.2 Singapore'sTaxonomyProposalandTraffic-LightClassificationSystem384.3 ASEANTaxonomyandaTraffic-LightSystem474.4 ChallengesRelatedtoTransitionActivitiesUndertheTaxonomiesandConclusionsofSection4525. TRANSITIONFINANCEFROMTHEPERSPECTIVEOFFINANCIALINSTITUTIONS545.1 DefiningTransitionFinanceandSegmentationofPortfolios545.2 AttributesofFourTransitionFinancingStrategies565.3 PromotingDecarbonizationContributionCalculation605.4 ChallengesRelatedtoDecarbonizingFinancedEmissions626. SUMMARIESANDCHALLENGES63REFERENCES691. INTRODUCTIONTheglobalcommunityneedstoexpeditethetransitionoftheeconomytoalignwiththeParisAgreementgoals,whichaimtolimittheincreaseintheglobalaveragetemperaturetowellbelow2orstrivetoachievealimitof1.5relativetopre-industriallevels.Achievingthesegoalsnecessitatesgovernmentandcompaniestosignificantlyintensifytheireffortsinreducinggreenhousegas(GHG)emissions.Meanwhile,itisimportantforinvestorsandfinancialinstitutionstosupporttheseeffortsbyprovidingthenecessaryfinancingtosupporttheseendeavors.Climatefinanceisanemergingsectoroflon