亚开行-东盟绿色债券和可持续金融调查：对机构投资者和承销商观点的见解（英）-2022.11-78正式版.pdf

ASIAN DEVELOPMENT BANKSURVEY ON GREEN BONDS AND SUSTAINABLE FINANCE IN ASEANINSIGHTS ON THE PERSPECTIVES OF INSTITUTIONAL INVESTORS AND UNDERWRITERSNOVEMBER 2022ASIAN DEVELOPMENT BANKCo-publication of the Asian Development Bank and the Global Green Growth Institute(GGGI)SURVEY ON GREEN BONDS AND SUSTAINABLE FINANCE IN ASEANINSIGHTS ON THE PERSPECTIVES OF INSTITUTIONAL INVESTORS AND UNDERWRITERSNOVEMBER 2022 Creative Commons Creative Commons Attribution-NonCommercial 3.0 IGO license(CC BY-NC 3.0 IGO)2022 Asian Development Bank;Global Green Growth Institute6 ADB Avenue,Mandaluyong City,1550 Metro Manila,PhilippinesTel+63 2 8632 4444;Fax+63 2 8636 2444www.adb.orgGlobal Green Growth Institute19F Jeongdong Bldg,21-15 Jeongdong-gil,Jung-gu,Seoul,04518,Republic of Koreawww.gggi.orgViet Nam Office65 Van Mieu,Dong Da District,Ha Noi,Viet NamVietnam_Officegggi.org Some rights reserved.Published in 2022.ISBN 978-92-9269-888-1(print);978-92-9269-889-8(electronic);978-92-9269-890-4(ebook)Publication Stock No.TCS220535-2DOI:http:/dx.doi.org/10.22617/TCS220535-2The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank(ADB)or its Board of Governors or the governments they represent,nor the views and policies of the Global Green Growth Institute(GGGI)or its Secretariat.ADB and GGGI do not guarantee the accuracy of the data included in this publication and accept no responsibility for any consequence of their use.The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB or GGGI in preference to others of a similar nature that are not mentioned.By making any designation of or reference to a particular territory or geographic area,or by using the term“country”in this document,neither ADB nor GGGI intend to make any judgments as to the legal or other status of any territory or area.The designations employed and the presentation of material in this publication do not imply the expression of any opinions whatsoever on the part of ADB or GGGI concerning the legal status of any country,territory,city or area,or of its authorities or concerning the delimitation of its frontiers or boundaries.This work is available under the Creative Commons Attribution-NonCommercial 3.0 IGO license(CC BY-NC 3.0 IGO)https:/creativecommons.org/licenses/by-nc/3.0/igo/.By using the content of this publication,you agree to be bound by the terms of this license.For attribution,translations,adaptations,and permissions,please read the provisions and terms of use at https:/www.adb.org/terms-use#openaccess.This CC license does not apply to non-ADB/GGGI copyright materials in this publication.If the material is attributed to another source,please contact the copyright owner or publisher of that source for permission to reproduce it.Neither ADB nor GGGI can be held liable for any claims that arise as a result of your use of the material.Please contact pubsmarketingadb.org if you have questions or comments with respect to content,or if you wish to obtain copyright permission for your intended use that does not fall within these terms,or for permission to use the ADB logo.Corrigenda to ADB publications may be found at http:/www.adb.org/publications/corrigenda.Note:ADB recognizes“Hong Kong”as Hong Kong,China and“Vietnam”as Viet Nam.Cover design by Mike Cortes.Printed on recycled paperCONTENTSTable,Figures,and Boxes vForeword viiAcknowledgments ixAbbreviations xSummary and Key Findings xiiINTRODUCTION 1Background and Objective 1Methodologies 1OVERVIEW OF THE ASEAN SUSTAINABLE BOND MARKET 2RECENT INITIATIVES IN SUSTAINABLE FINANCE 6Regional Initiatives 6National Initiatives 9Indonesia 9Malaysia 11Philippines 14Singapore 17Thailand 17Viet Nam 21Lao Peoples Democratic Republic 23Cambodia 24Brunei Darussalam 25SURVEY RESULTS 26Institutional Investors 26Underwriters and Advisors 36ivCONTENTSRECOMMENDATIONS 43The role of institutional investors in vitalizing sustainable finance market 43Strengthen the supply of green bonds via market-based mechanisms 45Establish policy guidance,definitions,and guidelines for sustainability disclosure 45Streamline the issuance process via capacity building and other technical assistance 46APPENDIX:COUNTRY SCORECARDS 49vTABLE,FIGURES,AND BOXESTABLERespondents to the ASEAN Green Bond Survey by Country 26FIGURES1 Sustainable Bonds Outstanding in ASEAN Markets by Issuer Type 22 Issuance of Green,Social,and Sustainability Bonds in ASEAN Markets 33 Share of Green,Social,and Sustainability Bonds Outstanding by Country 44 Issuance Currency of Sustainable Bonds Outstanding 45 Currency Denomination of GSS Bonds Outstanding 56 Sustainable Bonds Outstanding and Share of the Total Bond Market 57 Sustainable Information Platform Webpage 198 Interest in Investing in Green Bonds 279 Optimal Investment Size 2710 Most Promising Sectors for Green Bond Investments 2811 Main Obstacles Preventing Investment in Green Bonds 2812 Policy Mechanisms That Would Increase Green Bond Investments 2913 Key Motivations for Investing in Green Bonds 3014 Key Considerations for Investing in Green Bonds 3315 Interest in Issuing Green Bonds 3616 Optimal Issuance Size 3717 Sectors That Are Most Promising Sectors for Green Bonds Issuance 3718 Key Obstacles for Issuing Green Bonds 3819 Key Drivers for Green Bond Issuances 3820 Key Motivations for Issuing Green Bonds 39viTABLE,FIGURES,AND BOXESBOXES1 UNDP Assistance in the Indonesian Green Sukuk and SDG Bond Market 102 RAM SustainabilitySupporting Climate Integrity in the Green Bond Market 13 through Climate Bonds Standard Verification 3 The Asian Development Banks Journey into Green Bonds and Blue Loans in Thailand 444 GGGI Support for Viet Nams Inaugural Onshore Internationally Verified Green Bond 47viiThe financial markets of the 10 member countries of the Association of Southeast Asian Nations(ASEAN)are a critical engine to support their transition to a green economy for the benefit of their more than 650 million inhabitants.While the region is directly exposed to the impact of climate change,it is also in huge need of additional capital inflows to support the building of resilient infrastructure projects to accompany the transition to high-income levels of development.Until now,domestic banking systems have provided the necessary capital for the financing of public and private projects,while the development of active debt capital markets generally remains in an early stage of development despite some real progress in some ASEAN members.The attractiveness of the region to investors is built on strong foundations including good credit quality and moderate country risk,the presence of powerful banking institutions,as well as an emerging,yet active,sustainable finance market.The opportunity to attract new capital flows has increased in the last decade with the emergence of thematic finance.The rapid growth of green,social,and sustainability(GSS)bond markets globally has seen the volume of outstanding GSS bonds rise to USD3.3 trillion at the end of June 2022,according to the Climate Bonds Initiative.The GSS bond market is built on solid principles such as the Sustainable Bond Guidelines of the International Capital Market Association and the ASEAN Green,Social,and Sustainability Bond Standards.Regulators across ASEAN have actively promoted strong rules and guidelines to ensure that thematic instruments are recognized by global investors as adhering to the strongest rules and avoiding“greenwashing.”These initiatives have created the foundations for strong growth in market-based financing that will complement public capital invested by ASEAN members central and local governments,as well as development institutions such as the Asian Development Bank(ADB)and the Global Green Growth Institute(GGGI).Yet,despite these early achievements,many markets in the region still lack the depth and liquidity that can be seen in more mature markets elsewhere.In reviewing the results of a survey conducted among key stakeholders across ASEAN markets,this report seeks to highlight the sentiments that exist among institutional investors,underwriters,and issuers on the topic of thematic instruments.Through direct access to the main local players in these markets,ADB and the GGGI are helping to better understand the reality of this emerging bond market segment.ADB is also collaborating closely with ASEAN members,the Peoples Republic of China,Japan,and the Republic of Koreacollectively known as ASEAN+3to promote the development of local currency bond markets and regional bond market integration through the Asian Bond Markets Initiative(ABMI).The ABMI is the only platform established by ASEAN+3 governments to bolster the resilience of the regions financial system by developing local currency bond markets as an alternative to foreign-currency-denominated,short-term bank loans for long-term investment financing.FOREWORDviiiFOREWORDGGGI is a treaty-based international,intergovernmental organization dedicated to supporting and promoting strong,inclusive,and sustainable economic growth in developing countries and emerging economies.In Viet Nam,GGGI has been working with the central government to support the transition to green growth and to address climate change by promoting sustainable infrastructure,accelerating green digital solutions,and increasing access to innovative financial instruments such as green bonds.The VietNam Green Bond Readiness Program is among the flagship programs of GGGI in VietNam.This study was conducted by the ABMIwith generous financial support from the Government of the Peoples Republic of China through its Poverty Reduction and Regional Cooperation Fundin close partnership with the Viet Nam Green Bond Readiness Program,a program funded by the Government of Luxembourg and facilitated by Viet Nams Ministry of Finance.Albert Francis ParkChief Economist and Director GeneralEconomic Research and Regional Cooperation DepartmentAsian Development BankAchala AbeysingheDirector AsiaGreen Growth Planning&Implementation DivisionGlobal Green Growth InstituteixThis report was jointly prepared by the Asian Development Bank(ADB)and the Global Green Growth Institute(GGGI).The teamled by Kosintr Puongsophol,financial sector specialist,Economic Research and Regional Cooperation Department(ERCD),ADB and Srinath Komarina,program manager,GGGIcomprised Cedric Rimaud,Oth Marulou Gagni,Alita Lestor,Shu Tian,Roselyn Regalado,and Russ Jason Ng Lo,all from ERCD,ADB;as well as Hien Tran,Thinh Tran,Minh Tran,and Ha Nguyen,all from GGGI VietNam office.The team would like to thank Satoru Yamadera,advisor,ERCD,ADB and Jason Lee,Mekong Subregional representative and Viet Nam country representative,ADB for their overall guidance,support,and contributions.We would also like to thank Donghyun Park,economic advisor(strategic knowledge initiatives),ERCD for reviewing the report.Editing by Kevin Donahue.Design and layout by Edith Creus.Finally,we would like to express our heartfelt gratitude to all the regulatory authorities,industry associations,local stakeholders,contributors,as well as to all respondents from the Association of Southeast Asian Nations,for their assistance with and participation in the survey.ACKNOWLEDGMENTSxABMI ASEAN+3 Asian Bond Markets InitiativeABMIF ASEAN+3 Multicurrency Bond Issuance FrameworkACGF ASEAN Catalytic Green Finance FacilityACMF ASEAN Capital Markets ForumADB Asian Development BankASEAN Association of Southeast Asian NationsASEAN+3 ASEAN plus the Peoples Republic of China,Japan,and the Republic of KoreaABC Association of Banks in Cambodia BIS Bank for International SettlementsBNM Bank Negara Malaysia BOT Bank of ThailandBSP Bangko Sentral ng PilipinasCSFP Cambodia Sustainable Finance PrinciplesEPF Employees Provident FundESG environmental,social,and governanceGGGI Global Green Growth InstituteIDR Indonesian rupiahJC3 Joint Committee on Climate Change ABBREVIATIONSABBREVIATIONSxiLao PDR Lao Peoples Democratic RepublicLCY local currencyLSCO Lao Securities Commission OfficeMAS Monetary Authority of SingaporeMYR Malaysian ringgitNBC National Bank of CambodiaNGFS Network of Central Banks and Supervisors for Greening the Financial SystemOIC Office of the Insurance CommissionOJK Otoritas Jasa Keuangan(Indonesia Financial Services Authority)PLC publicly listed companiesSC Securities CommissionSCM Securities Commission MalaysiaSEC Securities and Exchange CommissionSET Stock Exchange of ThailandSDG Sustainable Development GoalSLB sustainability-linked bondSRI Sustainable and Responsible InvestmentTA technical assistanceTFCD Task Force on Climate-Related Financial DisclosuresTHB Thai bahtUSD United States dollarVND Vietnamese dong xiiSUMMARY AND KEY FINDINGS Surveys were conducted from November 2021 to June 2022 across several Association of Southeast Asian Nations(ASEAN)members via an online platform,receiving a total of 314 responses from institutional investors pension funds,asset management companies,commercial banks,and insurance companiesand 96 responses from underwriters,advisors,and securities issuers.Given the different levels of capital market development in ASEAN,respondents(investors and underwriters)from countries with more developed capital markets are more prepared to invest and underwrite green bonds than those from countries with less developed capital markets.Development partners such as the Asian Development Bank and the Global Green Growth Institute can play a crucial role in assisting interested entities with technical assistance and capacity building,particularly those from less developed countries.The majority of ASEAN investors still prefer small ticket sizes,while underwriters are keener to work on bigger transactions.Across most ASEAN countries,renewable energy,energy efficiency,and clean transportation are viewed as the most promising growth sectors in the regions green bond market.The majority of respondents believed that green bond issuance and investments offer no distinct advantages over conventional bonds.This sentiment is the primary obstacle to market expansion.Respondents were also optimistic that tax incentives could be an effective means of increasing the supply of and demand for green bonds.When investing in green bonds,the majority of investors seek portfolio diversification opportunities,while the majority of issuers seek to attract new investors.Green bonds also provide opportunities to integrate the Sustainable Development Goals(SDGs)into investment strategies and business operations,which can contribute to an organizations greener image.SURVEY HIGHLIGHTSSUMMARY AND KEY FINDINGSxiiiThe green bond market in ASEAN has already shown promising signs of growing strongly with the potential to expand further.The majority of institutional investors and underwriters are interested in green bonds and in taking the necessary actions to either increase their green port