How Green Bonds are Mobilizing Climate Finance at Scale: the experience of the Asian Development Bank.

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Presentation transcript:

How Green Bonds are Mobilizing Climate Finance at Scale: the experience of the Asian Development Bank

Asian Development Bank Delivered $3.6 billion in climate finance from own sources in 2018 (2020 target: $6 billion) Committed to aligning with Paris Agreement and supporting NDCs 2030 climate finance targets: $80 billion from own sources between 2019 to 2030 to combat climate change At least 75% of ADB’s committed operations will support climate change mitigation and adaptation Actively supporting the development of the green bond market in Asia and the Pacific

Promotion of green bonds Regional green bond market development Project-level green bonds Corporate green bonds

Green bond market development ADB promoting the development of green local currency-denominated bonds in ASEAN+3 (People’s Republic of China, Japan, and the Republic of Korea) countries under the Asian Bond Market Initiative (ABMI) ABMI’s Mid-Term Road Map 2019-2022, endorsed by ASEAN+3 Finance Ministers and Central Bank Governors, will promote green bonds and ASEAN+3 multi-currency bonds; standardization and harmonization of bond-market-related regulations; and improve bond market infrastructure to facilitate cross-border transactions.

Project green bonds (I) Philippines: Tiwi-MakBan geothermal power project (2016) ADB assistance: (i) partial credit guarantee of 75% of principal and interest on a $225 million equivalent local currency bond, (ii) a direct ADB local currency loan of $37.7 million equivalent, (iii) Climate Bond certification First single-project certified climate bond in the Philippines, second in Asia and the Pacific 2016 Bond Deal of the Year for Project Finance International (Thomson Reuters)

Project green bonds (II) Thailand: B. Grimm Power (2018) ADB invested 5 billion Thai baht ($155 million) in B.Grimm Power Public Company Ltd’s maiden 5- year and 7-year climate bonds Bond proceeds are earmarked for 9 operational solar power plants with a total capacity of 67.7 megawatts (MW) and 7 solar plants under construction in Thailand (total capacity 30.8 MW) First certified climate bond in Thailand

Project green bonds (III) Philippines, Viet Nam, Indonesia: AC Energy (2019) ADB invested $20 million in the maiden climate bond issuance of AC Energy. ADB is an anchor investor in the 10-year tranche, contributing to a total issue volume of $410 million. Proceeds of the bonds will finance renewable energy projects. AC Energy is ADB’s first publicly listed climate bond and the first Climate Bond Initiative certified US dollar climate bond in Southeast Asia listed on the Singapore Stock Exchange.

Corporate green bonds Since 2015, ADB has raised over $5 billion in various denominations through green bonds to support its infrastructure investments. Eligible green bond projects are selected using the joint methodology developed by the multilateral development banks.

For more information https://www.adb.org/themes/climate-change- disaster-risk-management/main https://www.adb.org/site/investors/adb-green-bonds https://www.adb.org/climate-change-financing Michael Rattinger, Senior Climate Change Specialist Sustainable Development and Climate Change Department Asian Development Bank mrattinger@adb.org