Greening China s Financial System 绿 November 2014
Dr Simon Zadek 谢孟哲博士 United Nations Environment Program Financial Inquiry Co- Director simon.zadek@unep.org 联 环 规 续 设计 项 联 Green Finance Working Group Co- convenor on behalf of UNEP Inquiry 绿 专 组 联 环 规 续 设计
3 UNEP Inquiry 联 环 规 续 设计 Objective: Designing a financial system that delivers sustainable development 标 : 设计 进 续发 Country engagement Research Proposals 建议 US, Europe, Brazil, China, India, South Africa, Bangladesh, Indonesia, SIDS, LDCs 岛屿发 发达 Banking, Investment, Insurance, Monetary policy 银 资 险 货币 Policies, regulations, private standards, governance, international cooperation 规 标 际 18 months 18
4 Greening China s Financial System 绿 Greening investment institutions 绿 资 构 Development bank 发银 Municipal banks 银 Commercial banks 业银 FDI institutions 资 构 Improved outcomes: Environment Economy Capital allocation Market efficiency Policy & public finance 财 Interest subsidy 补贴 Green bond 绿 债 Green IPO 绿 à Improved best practice for others Financial infrastructure 础设 Emission trading Green rating, index 绿 评级 Green database 绿 库 Green investor network 绿 资 络 Green insurance 绿 险 : 环 经济 资 场 à 实 Legal infrastructure 构 Disclosure Investor liability 资 责
5 Financing for sustainable development 为 续发 资 China (US$ mn) ( ) 800,000 700,000 600,000 500,000 400,000 300,000 200,000 Public Domestic Public International Private Domestic Private International Annual global infrastructure investment needed: US$6 trillion in (WEF) 础设 设 资 : 6 亿 经济论坛 Additional annual investment for low carbon 4% (New Climate Economy) 为实现 发 4% 额 资 经济 员 100,000 Annual long- term investment gap in the major - economies US$7 trillion (G30) 经济 长 2002 2003 2004 2005 2006 2007 2008 2009 2010 资 7 亿 (G30) All developing countries (US$ mn) 发 ( ) Annual investment gap in developing countries to 2,500,000 meet post- 2015 development goals USS$2.5 trillion (UNCTAD) 发 实现 2015 发 2,000,000 标 资 为 2.5 亿 ( 联 贸 发 1,500,000 议 ) 1,000,000 500,000-2002 2003 2004 2005 2006 2007 2008 2009 2010 SME investment gap in developing countries US$2 trillion (McKinsey/IFC) 发 业 资 为 2 亿 ( 锡 / 际 ) [Source: OECD and World Bank data] 经 组织 银
6 Country engagement EU with 2 Degrees Initiative 2 议 China with IISD, DRC,PBOC IISD 务 发 银 Colombia with IFC with Semana 伦 亚 IFC Semana Bangladesh with Central Bank and Center for Economic Policies 经济 Brazil with Febreban, FGV 银 联 FGV South Africa with 3GI, WWFand SABA 3GI SABA
Examples in practice 实 Ensuring that market failures do not lead to systemic risks to the financial system. 场 导 统 风险 Bank of England Insurance & climate 兰银 险 Overcoming systematic pricing bias, short- termism and accountability failures. 统 见 义 责 Catalyzing and stabilizing productive financial innovation. 稳 创 Pursuing policy objectives such as employment, financial inclusion, growth or environmental security. 贯彻诸 业 长 环 标 Brazil regulating environmental and social risk 监 环 风险 France reporting requirements 报 US Green Muni- bonds 绿 债 Bangladesh 10 Taka accounts 10 银 账户 South Africa financial charter India priority sectors 优 业
8 Emerging themes 渐 题 Accounting and reporting 计 报 Pricing green risk 为绿 风险 Environmental stewardship Sustainable economic development Financial market efficiency and stability Encouraging long term sustainable investment 长 续 资 Rebalancing investment 资 环 续 经济发 Role of central banks Shaping FDI 资 场 稳
9 Inquiry Next Steps 联 环 规 续 设计 Country learning and leadership 间 习 领导 Technical proposals 术 议 International organisations and governance 际组织
Sean Kidney Director, Climate Bonds Initiative 债 组织 执 Director, Network for Sustainable Financial Markets 续 场 务 Romulo Sampaio Professor, Law and Environment, FGV Law School FGV 环 Mark Halle Executive Director of IISD- Europe and Vice President, International, IISD 际 续发 IISD 总 办 执 Greening debt markets 绿 债 场 Experience from Brazil - Investor liability 经验 资 责 International leadership 际领导
www.unep.org/greeneconomy/ financialinquiry/ inquiry@unep.org @fininquiry