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1、iADBInstitute.ADBIWorkingPaperSeriesANOVERVIEWOFAPPROACHESTOTRANSITIONFINANCEFORHARD-TO-ABATESECTORSSayuriShiraiNo.1423December2023AsianDevelopmentBankInstituteTheWorkingPaperseriesisacontinuationoftheformerlynamedDiscussionPaperseries;thenumberingofthepaperscontinuedwithoutinterruptionorchange.ADBs
2、workingpapersreflectinitialideasonatopicandarepostedonlinefordiscussion.Someworkingpapersmaydevelopintootherformsofpublication.Suggestedcitation:Shirai,S.2023.AnOverviewofApproachestoTransitionFinanceforHard-to-AbateSectors.ADBIWorkingPaper1423.Tokyo:AsianDevelopmentBankInstitute.Available:Pleasecon
3、tacttheauthorsforinformationaboutthispaper.Email:sshiraiadbi.orgAsianDevelopmentBankInstituteKasumigasekiBuilding,8thFloor3-2-5Kasumigaseki,Chiyoda-kuTokyo100-6008,JapanTel:+81-3-3593-5500Fax:+81-3-3593-5571URL:www.adbi.orgE-mail:infoadbi.org2023AsianDevelopmentBankInstituteAbstractClimatefinancehas
4、witnessedsignificantgrowthasaburgeoningfieldoflong-termfinancegloballyinrecentyears.However,ithasyettoreachthenecessaryscaleformobilizingsufficientfundstosupportthedecarbonizationeffortsofbusinesses.Thisshortfallispartlyattributedtoongoinginvestorsconcernsaboutgreenwashingrisk.Manyglobalcompanieshav
5、emadecommitmentstoachievethenet-zerotargetby20501butwithoutconsistentshort-andmedium-termtargets,comprehensivedataandprogressreport,anddetailedactionplans.WhiletheTaskForceonClimate-RelatedFinancialDisclosure(TCFD)recommendationshavecontributedtoadvancingdisclosureframeworks,thestandardizationofcorp
6、oratedisclosureshasnotmadesubstantialprogress.Furthermore,aseriesofinitiativessuchastheenvironmental,social,andgovernance(ESG)ratingsofferedbydataproviders,thecertificationofgreenorsustainability-linkedbondlabelsthroughsecond-partyopinions,aswellasvarioustaxonomiesforgreenactivitieshaveenhancedtrans
7、parencytosomeextentbuttheirdivergentapproacheshavehamperedclimatefinancefromexpandingfurther.Therecentefforttostandardizeclimate-relateddisclosuresbytheInternationalSustainabilityStandardsBoard(ISSB),whichwasestablishedbytheTrusteesoftheInternationalFinancialReportingStandards(IFRS)Foundation,isapos
8、itivedevelopment,butbroaderinitiativesarerequiredtopromoteclimatefinance.Inparticular,transitionfinanceinhard-to-abatesectors(suchassteel,chemicals,cement)remainsunderdeveloped,despitetheurgentneedtofinanciallysupporttheiremissions-reducingefforts.Thispaperprovidesanoverviewofvariousapproachestoward
9、transitionfinanceintendedtoenhancecredibilitywhileaddressingtheirchallenges.Keywords:transitionfinance,carbonbudget,hard-to-abatesectors,ISSBClimate-RelatedDisclosures,taxonomy,traffic-lightclassificationsystemJELClassification:G15,G32,Q01,Q54Contents1. INTRODUCTION11.1 WhatHamperstheFurtherProgress
10、ofClimateFinance?11.2 ISSBStandardsPromotingStandardizationofCorporateDisclosure31.3 RecentGrowingAttentionstoTransitionFinance31.4 RecentInitiativestoEnhanceTransitionFinance52. TRANSITIONFINANCEANDLABELINGAPPROACHESINCAPITALMARKETS.62.1 InternationalCapitalMarketsAssociation(ICMA),sTransitionFinan
11、ceFramework62.2 ClimateBondInitiative(CBI),sTransitionLabelandCertification92.3 GreenEquityCriteriaandClassificationInitiatedbytheWorldFederationofExchanges152.4 ChallengesRelatedtoLabelingFinancialInstrumentsandConclusionsofSection2173. PRACTICESTOPROMOTECREDIBLETRANSITIONPLANSforEmissions-Intensiv
12、ecompanies193.1 Science-BasedTargetInitiative(SBTi)Certification193.2 DevelopingSectoralDecarbonizationApproach(SDA)213.3 UsingEnvironmentalCommonPerformanceThresholdsProposedbytheIEA263.4 IndustryTechnologyRoadMapsforTransitionFinanceDevelopedbyJapan273.5 PreventingCarbon-IntensiveLock-InandStrande
13、dAssets303.6 ChallengesRelatedtoSector-BasedApproachesandConclusionsofSection3314. TAXONOMIESFORTRANSITIONACTIVITIESINHARD-TO-ABATESECTORS.324.1 EU,sTaxonomyandTransitionFinance324.2 SingaporesTaxonomyProposalandTraffic-LightClassificationSystem384.3 ASEANTaxonomyandaTraffic-LightSystem474.4 Challen
14、gesRelatedtoTransitionActivitiesUndertheTaxonomiesandConclusionsofSection4525. TRANSITIONFINANCEFROMTHEPERSPECTIVEOFFINANCIALINSTITUTIONS545.1 DefiningTransitionFinanceandSegmentationofPortfolios545.2 AttributesofFourTransitionFinancingStrategies565.3 PromotingDecarbonizationContributionCalculation6
15、05.4 ChallengesRelatedtoDecarbonizingFinancedEmissions626. SUMMARIESANDCHALLENGES63REFERENCES691. INTRODUCTIONTheglobalcommunityneedstoexpeditethetransitionoftheeconomytoalignwiththeParisAgreementgoals,whichaimtolimittheincreaseintheglobalaveragetemperaturetowellbelow2orstrivetoachievealimitof1.5rel
16、ativetopre-industriallevels.Achievingthesegoalsnecessitatesgovernmentandcompaniestosignificantlyintensifytheireffortsinreducinggreenhousegas(GHG)emissions.Meanwhile,itisimportantforinvestorsandfinancialinstitutionstosupporttheseeffortsbyprovidingthenecessaryfinancingtosupporttheseendeavors.Climatefinanceisanemergingsectoroflon
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