亚开行-寻找平衡2023：太平洋国有企业的绩效基准和建立气候韧性（英）-2023.3.pdf

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1、PALAUFEDERATED STATESOF MICRONESIASOLOMONISLANDSNAURUMARSHALLISLANDSPAPUANEWGUINEAVANUATUFIJITUVALUKIRIBATISAMOATONGANIUECOOKISLANDSASIAN DEVELOPMENT BANKFINDING BALANCE 2023MARCH 2023BENCHMARKING PERFORMANCE AND BUILDING CLIMATE RESILIENCE IN PACIFIC STATE-OWNED ENTERPRISESASIAN DEVELOPMENT BANKFIN

2、DING BALANCE 2023MARCH 2023BENCHMARKING PERFORMANCE AND BUILDING CLIMATE RESILIENCE IN PACIFIC STATE-OWNED ENTERPRISESCreative Commons Attribution 3.0 IGO license(CC BY 3.0 IGO)2023 Asian Development Bank6 ADB Avenue,Mandaluyong City,1550 Metro Manila,PhilippinesTel+63 2 8632 4444;Fax+63 2 8636 2444

3、www.adb.orgSome rights reserved.Published in March 2023.ISBN 978-92-9270-058-4(print),978-92-9270-059-1(electronic),978-92-9270-060-7(ebook)Publication Stock No.TCS230063-2 DOI:http:/dx.doi.org/10.22617/TCS230063-2 The views expressed in this publication are those of the authors and do not necessari

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7、s of this license.For attribution,translations,adaptations,and permissions,please read the provisions andterms of use at https:/www.adb.org/terms-use#openaccess.This CC license does not apply to non-ADB copyright materials in this publication.If the material is attributed toanother source,please con

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9、ght permission for your intended use that does not fall within these terms,or for permission to use theADB logo.Corrigenda to ADB publications may be found at http:/www.adb.org/publications/corrigenda.Notes:In this publication,“$”refers to United States dollars.Cover design by Oblivious Design&Print

10、.iiiContentsTables,Figures,and Boxes ivForeword viiAbbreviations viiiCurrencies xExecutive Summary xiI.Introduction 1II.Economic Impact of the State-Owned Enterprise Portfolios 3A.Portfolio Composition 3B.Contribution to Gross Domestic Product 3C.Impact on the Private Sector 4D.Fiscal Impact 5E.Stat

11、e-Owned Enterprise Financial Performance,20152020 7F.Impact of COVID-19 9III.State-Owned Enterprise Reform Highlights,20152022 11A.Policy and Legal Reforms 11B.State-Owned Enterprise Director Selection and Board Composition 12C.Partnerships with the Private Sector 13IV.Climate Change and State-Owned

12、 Electric Utilities 14A.Electricity Systems,Greenhouse Gas Emissions,and Renewable Energy Targets 14B.Climate Risks Facing Electric Utilities in the Pacific 17C.State-Owned Electric Utilities and Climate Change Responses 20D.Interaction of Government Policy and Corporate Governance 21E.Policy Recomm

13、endations 24V.Country Profiles 28A.Fiji 28B.Kiribati 33C.Marshall Islands 37D.Palau 42E.Papua New Guinea 46F.Samoa 51G.Solomon Islands 56H.Tonga 60I.Vanuatu 64Appendix State-Owned Enterprise Performance Indicators 69ivTables 1.State-Owned Enterprise Portfolio Performance Indicators xii 2.Survey Coun

14、try Economic Indicators 1 3.State-Owned Enterprise Portfolio Profitability Indicators 8 4.State-Owned Enterprise Policy and Legal Reforms,20152022 11 5.State-Owned Enterprise Board Composition,2021 12 6.Selected Privatizations and Public-Private Parnerships,20152022 13 7.Material Physical Risks to t

15、he Supply and Demand for Electric Utility Services in the Pacific 18 8.Material Transition Risks to the Supply and Demand for Electric Utility Services 19 9.Renewable Energy Targets and Policy Incentives in Pacific Island Countries 23 10.Summary of Task Force on Climate-Related Financial Disclosure

16、Framework 25 11.Movement in Asset Value and Revenue for Six Largest State-Owned Enterprises,20102021(Fiji)29 12.Financial Impact of COVID-19(Fiji)29 13.Government Financial Support for State-Owned Enterprises,FY2020(Marshall Islands)39 A1.Fiji State-Owned Enterprise Performance Indicators,FY2020 69

17、A2.Kiribati State-Owned Enterprise Performance Indicators,FY2020 70 A3.Marshall Islands State-Owned Enterprise Performance Indicators,FY2020 71 A4.Palau State-Owned Enterprise Performance Indicators,FY2020 72 A5.PNG State-Owned Enterprise Performance Indicators,FY2020 73 A6.Samoa State-Owned Enterpr

18、ise Performance Indicators,FY2020 74 A7.Solomon Islands State-Owned Enterprise Performance Indicators,FY2020 75 A8.Tonga State-Owned Enterprise Performance Indicators,FY2020 76 A9.Vanuatu State-Owned Enterprise Performance Indicators,FY2020 77Figures 1.Composition of State-Owned Enterprise Portfolio

19、s,FY2020 3 2.State-Owned Enterprise Contribution to Gross Domestic Product versus Total Fixed Capital 4 Controlled by State-Owned Enterprises,FY2020 3.Average Cost of State-Owned Enterprise Debt versus Commercial Debt Rate,FY2015FY2020 4 4.Total Government Transfers to State-Owned Enterprises versus

20、 Total State-Owned Enterprise 6 Net Profits,FY2015FY2020 5.Average Government Transfers to State-Owned Enterprises as a Percentage of Average Gross 6 Domestic Product,FY2015FY2020 6.Average Inflation Rate and Nominal Returns on Equity and Assets of State-Owned Enterprise 7 Portfolios,FY2015FY2020 7.

21、Average Nominal Return on Assets of State-Owned Enterprise Portfolios,FY2015FY2020 8 8.Average State-Owned Enterprise Return on Assets by Sector in Surveyed Countries,FY2015FY2020 9 9.Carbon Dioxide Emissions per Capita in Pacific Island Countries Compared to World Average and 15 Other Major Economi

22、es,19602018Tables,Figures,and Boxesv 10.Average Price of Electricity in Pacific Countries Compared to World,20142019 15 11.Global Weighted-Average Utility-Scale Levelized Cost of Electricity by Technology,20102020 16 12.Pacific Country Renewable Energy Generation versus Targets 17 13.Fiji:State-Owne

23、d Enterprise Portfolio Assets 2021 28 14.Fiji:State-Owned Enterprise Portfolio Profitability 20102021 28 15.Fiji:Net Profit 20152021 29 16.Fiji:Energy Fiji Limited Fuel Sources 2015 and 2021 31 17.Fiji:Energy Fiji Limited Profitability 20102021 32 18.Kiribati:State-Owned Enterprise Portfolio Assets

24、2020 33 19.Kiribati:State-Owned Enterprise Portfolio Profitability 20102020 33 20.Kiribati:Net Profit 20152020 34 21.Kiribati:Public Utilities Board Profitability 20102020 36 22.Marshall Islands:State-Owned Enterprise Portfolio Assets 2020 37 23.Marshall Islands:State-Owned Enterprise Portfolio Prof

25、itability 20102020 38 24.Marshall Islands:Net Profit 20152020 39 25.Marshall Islands:Marshalls Energy Company Return on Assets 20102020 42 26.Palau:State-Owned Enterprise Portfolio Assets 2020 42 27.Palau:State-Owned Enterprise Portfolio Profitability 20152020 43 28.Palau:Total Profit 20152020 43 29

26、.Palau:Palau Public Utilities Corporation Profitability 20152020 46 30.Papua New Guinea:State-Owned Enterprise Portfolio Assets 2020 46 31.Papua New Guinea:State-Owned Enterprise Contribution to GDP 20102020 47 32.Papua New Guinea:State-Owned Enterprise Portfolio Profitability 20102020 47 33.Papua N

27、ew Guinea:Fuel Mix for PNG Power Limited Energy Produced 50 34.Papua New Guinea:PNG Power Limited Profitability 20102020 51 35.Samoa:State-Owned Enterprise Portfolio Assets 2020 52 36.Samoa:State-Owned Enterprise Portfolio Profitability 20102020 52 37.Samoa:Electric Power Corporation Profitability 2

28、0102021 56 38.Solomon Islands:State-Owned Enterprise Portfolio Assets 2020 56 39.Solomon Islands:State-Owned Enterprise Contribution to GDP 20102020 57 40.Solomon Islands:SolPower Profitability 20102021 60 41.Tonga:State-Owned Enterprise Portfolio Assets 2020 60 42.Tonga:State-Owned Enterprise Portf

29、olio Profitability 20102020 61 43.Tonga:Net Profit 20152020 61 44.Tonga:Tonga Power Limited Fuel Sources 2015 and 2020 63 45.Tonga:Tonga Power Limited Profitability 20102021 63 46.Vanuatu:State-Owned Enterprise Portfolio Assets 2020 64 47.Vanuatu:State-Owned Enterprise Portfolio Profitability 201020

30、20 65TABLES,FIGURES,AND BOXESvi 48.Vanuatu:Net Profit 20152020 65 49.Vanuatu:Passenger Movements Port Vila,August 2019 to August 2021 66 50.Vanuatu:Share of Renewable Energy in Electricity Production 20102019 68Boxes 1.Implementing Community Service Obligation Frameworks in the Pacific 5 2.Supportin

31、g Fiji Airways through COVID-19 9 3.Enforced Self-Regulation 22 4.Self-Regulation and Management-Based Regulatory Approaches on Climate Change Within Pacific 26 Climate Change Legislation 5.Impact of Moving State-Owned Enterprise Ownership Monitoring in New Zealand 30 6.Betio Shipyard Limited 36 7.P

32、alau National Policy for State-Owned Enterprise GovernanceKey Principles 45 8.Kumul Consolidated Holdings Authorisation(Amendment)Act 48 9.Airlines are a Risky Business 53 10.COVID-19 Response Measures Delivered through State-Owned Enterprises 54 11.Rationalizing Ministerial Oversight 55 12.Tonga Re

33、form Highlights 20152022 63viiForewordPacific island countries recognize the importance of trade,investment,and private sector development to achieve inclusive economic growth.Central to the regions development efforts is the commercialization of state-owned enterprises(SOEs),which remain a dominant

34、 feature of Pacific economies and provide core infrastructure services,such as airports and ports,power,water supply,and sanitation.Reforms to date have improved SOE performance in the Pacific by strengthening the legal,regulatory,and governance frameworks under which they operate.Reforms have also

35、encouraged SOE partnerships with the Pacific private sector,stoking investment and innovation.However,as governments in the Pacific work to improve the financial sustainability of their SOEs,they also must incorporate strategies that address emerging risks,such as climate change.Climate scientists e

36、xpect that the Pacific will confront more intense and frequent natural hazards,such as cyclones,floods,and coastal inundation,as global temperatures increase.SOEs will thus be obligated to mitigate the financial risks associated with climate change,and to protect their assetsmany of which are critic

37、al for the functioning of societyfrom climate-induced physical damage.This is the seventh benchmarking study in the Finding Balance series,first published in 2009,which aims to track the progress and impact of SOE commercialization in participating Pacific countries.Commercialization is measured by

38、the financial performance of the SOEs and their supporting legal,regulatory,and governance environment;the study does not benchmark technical performance.In addition to its survey of SOE financial performance,this edition has a special focus on the risks posed by climate change,and how governments a

39、nd their state-owned utilities are acting to mitigate its effects and build resilience.Finding Balance 2023 posits that Pacific state-owned utilities that are more commercialized may be more inclined to respond to incentives to decarbonize and invest in protecting their assets.However,to optimize th

40、ese choices,SOEs must operate in a policy environment conducive to commercialization.The study also shows that government ownership and management of SOEs are not essential for public service delivery.As the experience of Fiji,the Marshall Islands,Papua New Guinea,Samoa,and Vanuatu demonstrate,partn

41、erships with the private sector can expand the capacity of governments to deliver public services efficiently.A key theme of this study is finding the balance between the roles of the public and private sectors.The surveyed countriesFiji,Kiribati,the Marshall Islands,Palau,Papua New Guinea,Samoa,Sol

42、omon Islands,Tonga,and Vanuatuwere chosen for their willingness to identify and address the core issues within their SOE sectors,including in relation to climate change impacts.I thank the governments of all participating countries for their input and support.I also wish to thank the authors of the

43、report,Laure Darcy,Arjuna Dibley,Brent Fisse,and Christopher Russell,analysts David Ling,Alma Pekmezovic,and Minh Vu,and editor Angelo Risso for their efforts,as well as the governments of Australia and New Zealand,which provide cofinancing under the Pacific Private Sector Development Initiative(PSD

44、I).I am confident Finding Balance 2023 will provide thought-provoking insights and stimulate useful discussions on the role that SOEs can play in building resilience to climate change in the Pacific.Leah GutierrezDirector General,Pacific DepartmentAsian Development BankADB Asian Development BankAKA

45、Airports Kiribati AuthorityAMI Air Marshall IslandsAV Airports VanuatuAVOL Air Vanuatu(Operations)LimitedBSCC Belau Submarine Cable CorporationCEMA Commodities Export Marketing AuthorityCOVID-19 coronavirus diseaseCSA commercial statutory authorityCSO community service obligationDBK Development Bank

46、 of KiribatiDBS Development Bank of SamoaEFL Energy Fiji LimitedEPC Electric Power CorporationFCCC Fiji Competition and Consumer CommissionFM Act Financial Management Act 2004(Fiji)FNPF Fiji National Provident FundFPCL Fiji Ports Corporation LimitedFY fiscal yearGBMEU Government Business Monitoring

47、and Evaluation UnitGBT General Business TrustGCC government commercial companyGDP gross domestic productGHG greenhouse gasGWh gigawatt-hourICSI Investment Corporation Solomon IslandsIPP independent power producerKAJUR Kwajalein Atoll Joint Utilities ResourcesKCH Kumul Consolidated HoldingsKHC Kiriba

48、ti Housing CorporationKNSL Kiribati National Shipping LimitedKOC Kiribati Oil CompanyKPA Kiribati Ports AuthorityMEC Marshalls Energy CompanyMPE Ministry of Public EnterprisesMRI Majuro Resort Inc.MVIL Motor Vehicles Insurance LimitedMW megawattMWh megawatt-hourNBV National Bank of VanuatuAbbreviati

49、onsviiiixNCO noncommercial obligationNDBP National Development Bank of PalauNDC Nationally Determined ContributionsNEC National Executive CouncilNHC National Housing CorporationNPAT net profit after taxPacDMC Pacific Developing Member CountryPAL Polynesian AirlinesPE Act Public Enterprise ActPNCC Pa

50、lau National Communications CorporationPNG Papua New GuineaPPL Papua New Guinea Power LtdPPP publicprivate partnershipPPP Act PublicPrivate Partnership Act 2014(Papua New Guinea)PPUC Palau Public Utilities CorporationPSDI Pacific Private Sector Development InitiativePUB Public Utilities BoardRMIPA R