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MINISTRY OF FINANCE REPUBLIC OF INDONESIA Asia-Pacific Outreach Meeting on Sustainable Development Financing 10-11 June 2014 Djuanda Hall, Ministry of Finance Complex, Jakarta Session 4: Climate finance Presentation Scaling Climate-Smart Finance in China by Changhua Wu Greater China Director, Climate Group June 2014 The views expressed in the presentation/paper are those of the author(s) and should not necessarily be considered as reflecting the views or carrying the endorsement of the United Nations. This presentation/paper has been issued without formal editing. SCALING CLIMATE-SMART FINANCE IN CHINA WU Changhua Greater China Director, The Climate Group June. 10th,2014 Jakarta, Indonesia REALITY CHECK LANSCAPE OF CLIMATE FINANCE IN CHINA Sources Media Instruments Use Public Finance from Developed Countries Multilateral Financial Institutions and Funds Donations Adaptation Domestic Finance Bilateral Financial Institutions and Funds China CDM Fund International and Domestic Carbon Market Charitable organizations Policy Banks Social Security Fund Sovereign wealth Fund Concessional Loans Incentive Policies Lease Carbon Credit and Derivatives Bonds Financial Market Direct Investment Mitigation >95% Carbon Finance Services and Intermediaries Loans Insurance Companies Commercial Banks Investment Banks Investment Fund Stock Equity CLIMATE RESILIENCE AND LOW CARBON PROSPERITY — Sizing the Challenge: the economics of climate adaptation — Seizing the Opportunity: Climate resilience compatible to economic growth; infrastructure and innovation fundamental source of economic growth; transition towards low carbon economy as investment; capital available — Creating the Demand: Policy incentives and disincentives, forces of push and pull, ROI — Capturing the Market: Capability in policy and project design and implementation — Measuring the Impact: Tracking progress to learn, improve, scale up, and speed up AN INTEGRATED CLIMATE FINANCE POLICY ECOSYSTEM CLIMATE FINANCE GOVERNANCE AND INSTITUTIONS AT NATIONAL LEVEL The Climate Change LAW National Leading Group for Climate Change, Energy Conservation and Emissions Reduction NRDC Special Fund for South-South cooperation on Climate Change MoF Special Fund for Climate Change Implementers: MIIT, MoST, MoT, MoA, MoST, MoHURD, National Energy Bureau, National Forest Bureau, MWR, MoH, State Ocean Admin, Meteorological Admin Supervision departments: CBRC, CSRC, CIRC Climate finance market Mitigation, Adaptation, Technology R&D, Capacity Building and International Cooperation Note: the institutional arrangements in red are in progress of national action plan. EXAMPLE: PUBLIC PRIVATE PARTNERSHIP - LEVERAGING China Clean Development Mechanism Fund Source: regular capital injections from levies collected by the government on CDM projects in China. China Clean Development Mechanism Fund Grants More than USD 81 million support over 200 projects on policy studies, research, capacity building and public awareness related to climate change Strategy Development Impact leveraging private sector up to USD 5 billion by providing loans of USD 850 million. Loans Energy efficiency, and new energy projects that generate total emission reduction of over 7 million tonnes of CO2 equivalent . social and environment impacts ensured by environment and social safeguards Replicable in other regions of China and introduces, innovates many climate finance tools Note: Data collected as of end of 2013. EXAMPLE:PPP - CHISHUI RIVERSHED PROTECTION FUND 存续期: 10+2年 Sources of $ PUBLIC Government fund Multilateral Donations Public pool 伙伴关系 利益共享 PPP模式 2 billion RMB 资金使用 COMMERCIAL Bilateral Trust Institutional Technology cos 风险共担 Commercial pool 3 billion RMB 硬件基础设施项目 6个主要领域 对软件基础设施项目的赠款 开展小额贷款等金融服务 对赤水河流域内的投资不低 于基金总规模的60% 提供风险池功能 股权投资 为回报率低的商业项目贴息 投资限制 8 EXAMPLE: CARBON MARKET Carbon Market Piloting Emission Trading Scheme Oct, 2011 State Council --- Cap-and-Trade pilots in 7 cities and provinces announced, being the second largest in the world, following only the European Union Essential blocks sectors subject to ETS; emissions sizes accounting boundaries; choosing allocation of emissions allowances size of cap and reduction trajectories; MRV Coverage apply to power and other heavy manufacturing sectors: steel, cement, and petrochemicals policies third party verification of emissions data. cover roughly 40 to 60 percent of a city or province’s total emissions allows to purchase offsets for 5-10% of their emissions reserves allowances for carbon price stabilization Newly national Update National system to register GHG emissions from key enterprise NDRCGHG accounting and reporting guidelines for 10 industries Next Plan cross-region emission trading National-wide emission trading EXAMPLE: MAHARASHTRA, INDIA Thank you for you attention. Changhua Wu Greater China Director, The Climate Group [email protected]`