2022年G20可持续金融报告（英文版）---二十国集团.pdf

1 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T Sustainable Finance Working Group G 2 0 S U S T A I N A B L E F I N A N C E W O R K I N G G R O U P 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T 2 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T Sustainable Finance Working Group TABLE OF CONTENT Executive Summary ---------------------------------------------------------------------- 4 Developing a Framework for Transition Finance. 4 Improving the Credibility of Private Sector Financial Institution Commitments 9 Scaling up Sustainable Finance Instruments with a Focus on Improving Accessibility and Affordability . 15 Reporting on progress on the G20 Sustainable Finance Roadmap • describes the outcome of SFWG activities across three workstreams – Developing a Framework for Transition Finance, Improving the Credibility of Private Sector Financial Institution Commitments; Scaling up Sustainable Finance Instruments – which includes high- level principles and voluntary recommendations; • reports key takeaways from the forum on international policy levers for sustainable investment held in June 20221 Developing a Framework for Transition Finance Despite the rapid growth the green and sustainable finance markets in the past years, efforts to support climate-aligned financing have mostly focused on “pure green” and near “pure green” activities, while support to the broader range of investments needed for the whole-of-economy climate transition, including transition activities and investments undertaken by GHG-intensive sectors and firms, has been limited, with some sectors finding it increasingly difficult to access bank loans and capital markets. An effective framework for transition finance can support this whole-of-economy transition, and can improve the ability of sectors or firms to gain access to financing to support their transition to net-zero emissions. This, in turn could help them mitigate the potential negative effects of a disorderly transition, such as climate-related transition risks, restricted access to affordable and 1 https://g20sfwg.org/wp-content/uploads/2022/07/Presidency-Summary-%E2%80%93-Forum-on- International-Policy-Levers-for-Sustainable-Investment-%E2%80%93-13-June-2022.pdf 5 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T Sustainable Finance Working Group reliable energy, unemployment, and potential broader social impacts. An effective framework can also reduce the risks from “green and SDG washing”. Transition finance, as discussed in this report, refers to financial services supporting the whole-of-economy transition, in the context of the Sustainable Development Goals (SDGs), towards lower and net-zero emissions and climate resilience, in a way aligned with the goals of the Paris Agreement. Against this background, the SFWG has developed a set of high-level principles on transition finance. This includes specific principles on the transition finance framework around the five pillars below, which are interrelated. 1. Identification of transitional activities and investments Principle 1 Put in place either a taxonomy or a set of principles, or other approach to guide FIs and real economy firms to identify and understand what a transition activity or investment opportunity is and reduce the identification barriers, costs and transition-washing risk, especially with respect to the potential of long-term GHG intensive lock-in. Principle 2 Help ensure that identification of transition activities or investment opportunities are based on transparent, credible, comparable, accountable, and timebound climate objectives, as appropriate, such as those for climate resilience and/or GHG reduction (e.g., carbon intensity, energy efficiency), and in line with the goals of the Paris Agreement. Principle 3 Be applicable to potential use cases at the project, entity, industry and aggregate (e.g., portfolio, funds and indices) levels. Principle 4 Include clear recommendations around verifiability of transition activities or investments (e.g., by providing guidance for transparency, benchmarking, or independent 6 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T Sustainable Finance Working Group verification), including their alignment with GHG pathways consistent with the goals of the Paris Agreement. Principle 5 Be dynamic reflecting and supporting evolving scientific, market and technological developments, policy environment, abatement cost curves, as well as developmental needs and priorities. Principle 6 Consider and include measures to facilitate an orderly, just and affordable transition, while avoiding or mitigating possible negative impacts on employment and affected households, communities, and other SDGs (including environment protection and biodiversity), or risks to energy security and price stability. Principle 7 Facilitate cross-border uses, as applicable, by ensuring comparability and interoperability of alignment approaches across jurisdictions considering the G20 high-level principles for developing alignment approaches of the G20 Sustainable Finance Roadmap (action 1). 2. Reporting of information on transition activities and investments Principle 8 Disclose up-to-date transition plans, with credible and ideally verifiable, comparable, science-based interim and long-term goals, and timelines for achievement (for example, technical pathways, fund raising and investment plans etc.). Principle 9 Report on progress at regular and appropriately spaced time intervals, including overall mitigation and adaptation objectives, such as net-zero and interim targets that are supported by up-to-date and scientific methodologies, consistent with the goals of the Paris Agreement. Principle 10 Disclose climate data including Scope 1 and Scope 2 GHG emissions data, and material Scope 3 data as it becomes possible. The disclosure of Scope 3 emissions data can 7 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T Sustainable Finance Working Group progress using a phased approach, as it becomes possible, reflecting progress on data availability and capacity. Firms should report on relevant approaches and policies for disclosure, such as the internal carbon price used, and the characteristics of carbon credits or carbon offsets used to meet the transition targets. Principle 11 Disclose corporate governance arrangements that ensure such transition activities or plans will be implemented properly, including with respect to risk management systems and due diligence processes. Principle 12 Disclose methodologies used to measure transition progress and achievements, including, but not limited to, the metrics and methods used to assess progress on climate objectives, such as emissions reductions, removals, recycling and reuse, and/or any benchmarks used therein (e.g., carbon intensity) and the extent to which such methodologies align with internationally recognized scenarios. Principle 13 Disclose the use of proceeds raised from transition finance instruments (for use of proceeds instruments) or the performance of KPIs/SPTs that are material to the fundraisers’ businesses (for general corporate purpose instruments such as sustainability-linked loans or bonds). 3. Transition-related finance instruments Principle 14 the fundraiser should present a detailed and transparent, science-based transition plan that is aligned with the goals of the Paris Agreement and consistent with a credible alignment approach (a taxonomy-based approach, a principles-based approach, other alignment approach or a combination of them) to inform market participants on the ambition and focus of their transition efforts. 8 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T Sustainable Finance Working Group Principle 15 the fundraiser should adhere to the transition-related disclosure guidance or requirements, as outlined in the previous section and to all other applicable requirements in their jurisdiction(s), to help ensure the transparency of the transition activities, targets, metrics and KPIs, as well as implementation of any safeguard and correction measures, as appropriate. Principle 16 transition finance instruments could incorporate built-in incentives/penalties, of sufficient magnitude, to encourage strong performance against GHG emission reduction targets and other climate- or sustainability-related performance targets (SPTs). 4. Designing policy measures Principle 17 Policy makers could design appropriate policies, incentives and regulatory environments and work to ensure they are effective in improving the bankability of transition activities and crowding in more private sector investment, taking into account national circumstances and in the context of sustainable development and efforts to eradicate poverty. Authorities should also consider providing forward guidance on the implementation of such policies to provide regulatory certainty to investors. Principle 18 IOs and MDBs could play a key role in providing technical assistance and long-term financing to countries, especially developing countries, in designing and implementing suitable policy measures to support transition projects. Principle 19 International cooperation should be promoted to ensure transparency and understanding across approaches, as well as to exchange good practices and expertise. 9 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T Sustainable Finance Working Group 5. Assessing and mitigating negative social and economic impacts Principle 20 Encourage fundraisers to assess and mitigate potential impacts of their transition plans or other strategies. In setting eligibility criteria and reporting framework for transition activities, authorities or FIs, where consistent with domestic mandates and local laws and regulations, should encourage the fundraiser (the company) to assess the potential socioeconomical implications of its transition plan, to be transparent about these implications and measures taken to mitigate negative impacts or highlight potential net positive impacts. Principle 21 Develop demonstration cases of just transition. Appropriate IOs, including the ILO, OECD, UNDP and MDBs, should work with the private sector in developing more concrete transition finance cases that explicitly incorporate “just” elements of transition, including risk and impact measurement and reporting, and KPI design, and update the SFWG in future meetings. Principle 22 Strengthen the dialogue and cooperation between governmental agencies, employers and workers’ representatives, markets regulators, academia, civil society and private sector stakeholders to define a comprehensive strategy to mitigate negative economic and social implications. Improving the Credibility of Private Sector Financial Institution Commitments Financial institutions have an important complementary role to play in accelerating the whole-of-economy climate transition through their function of capital allocation, client advisory services and market infrastructure services. There has been a growing number of voluntary net-zero or 10 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T Sustainable Finance Working Group sustainability commitments by financial institutions, although many financial institutions in developing countries still need to build capacity before taking further commitments. The SFWG has begun work to strengthen the transparency and credibility of these voluntary commitments by financial institutions, by identifying recommended elements of a credible net-zero commitment, and voluntary actions that financial institutions, international organizations, and jurisdictions can take to support these commitments, as consistent with existing legal frameworks. The SFWG’s work is an important step forward to enhance comparability across institutions’ commitments, to provide clarity on recommended elements of a credible net-zero commitments, and to advance efforts that will support credible voluntary net-zero commitments. The SFWG recognizes that voluntary commitments have been made mostly by FIs in developed countries, and that that emerging markets and developing economies (EMDEs) may require additional technical assistance to further develop the capabilities to identify, set and track net-zero and other sustainability commitments from financial institutions. The SFWG makes the following voluntary recommendations to gradually enhance accountability of these commitments. Recommendations to Enhance Commitment Credibility Recommendations for private sector financial institutions Recommendation 1 Apply commitments, where possible, to all operations, financing, products, services, and business lines, and be in-line with holding the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels, and pursuing efforts to limit the temperature increase to 1.5 degrees Celsius above pre-industrial levels. Where possible, FIs should consider integrating voluntary net-zero commitments into their business strategy, engagement, policies, corporate governance, risk management, skills, and culture. Institutions should establish, disclose and 11 2 0 2 2 G 2 0 S U S T A I N A B L E F I N A N C E R E P O R T Sustainable Finance Working Group apply relevant strategies, policies and conditions, including policies to disclose, transition and phase out financing of unabated GHG-intensive activities/assets, or policies on the use of carbon credits. Institutions can work with appropriate actors to facilitate an orderly, just, and affordable transition FIs that have made voluntary net-zero commitments should also identify actual or potential adverse impacts of transition and set policies to prevent and mitigate such impacts. FIs shall also cover scope 1 and 2 emissions, and, where data permits, material scope 3. Recommendation 2 Engage with clients to align practices with appropriate sectoral pathways and engage with client and portfolio companies to encourage and, if feasible, enable them to make voluntary net-zero commitments and implement them. Recommendation 3 Accompany end-date targets to achieve net-zero with science-based, time-bound interim targets, benchmarked against credible tools, pathways and frameworks, that demonstrate a feasible path towards net-zero. Institutions should consider including, (1) a thorough baseline analysis of current portfolio emissions, ideally performed at the time the commitment is made (within two years of making a net-zero commitment) and (2) adopt an emissions target to be achieved within a certain timeframe – e.g., a mid-term five-year target. Commitments and targets should also be science- based and ideally verified by a third party. Recommendation 4 Use independent third-party verification/assurance (e.g., by auditors, consultancies, NGOs or assurance companies), keeping in mind the domestic circumst