亚开行-亚洲及太平洋气候金融格局（英）-2023.8-115页_1mb

Climate Finance Landscape of Asia and the Pacific (August 2023)

Core Content

The Climate Finance Landscape of Asia and the Pacific report provides a comprehensive overview of climate finance flows, sources, and uses across the region and its five subregions: Central and West Asia, East Asia, South Asia, Southeast Asia, and the Pacific. It highlights the importance of climate finance in supporting low-carbon and climate-resilient development, particularly in the context of the Paris Agreement.

Key Findings

• Total Climate Finance (2018–2019):
  Asia and the Pacific spent $519.9 billion on climate finance, with $225.6 billion in 2018 and $294.3 billion in 2019 (a 30% increase).

  • Public sector: Dominated with $351.8 billion (68%), primarily from development finance institutions (DFIs) such as the Asian Development Bank (ADB).
  • Private sector: Contributed $168.1 billion (32%), mainly from corporations, households, and commercial financial institutions.

• Sectoral Focus:

  • Mitigation finance: Accounted for 91% of total climate finance, with a strong focus on the energy sector (solar PV, wind, hydropower), low-carbon transport, and building and infrastructure.
  • Adaptation finance: Made up 8% of total flows ($40.8 billion), with a growing trend.
  • Dual-benefit finance: Covered 1% of total flows ($6.7 billion), supporting projects that have both mitigation and adaptation outcomes.

• Geographic Distribution:

  • East Asia was the largest recipient and provider of climate finance, accounting for 80% of the total.
  • South Asia received 9% of the total, with a significant portion allocated to India.
  • Southeast Asia accounted for 5%, with a focus on land use change and forestry, natural resource management, and water and wastewater management.
  • Central and West Asia received 2%, primarily for energy transformation, security, and resilience.
  • The Pacific received only 0.3%, with funding directed toward land and marine conservation, disaster risk management (DRM), and coastal protection infrastructure.

• Financial Instruments:

  • Debt instruments were the most common, totaling $366.6 billion (70%), with market-rate debt being the dominant form.
  • Equity placement accounted for 25%, mainly from corporations, public entities, and households.
  • Grants made up 4%, used for project planning and implementation and policy support.
  • Capacity-building finance represented 1% of total flows.

• Challenges and Opportunities:

  • A significant gap exists between the estimated costs of adaptation and the documented allocation.
  • Private investment tracking remains limited due to methodological and institutional challenges.
  • Domestic finance accounts for 87% of total flows, with national DFIs playing a key role.
  • Concessional debt is still scarce, even from development institutions.
  • Standardization of climate finance definitions and taxonomies is needed to improve transparency and tracking.
  • Regional cooperation and knowledge sharing can help close the finance and capacity gaps.

Main Views and Key Information

Public vs. Private Finance

• The public sector remains the primary source of climate finance in the region, with DFIs (such as ADB, IFC, and GCF) being the largest contributors.
• Private finance is growing but still lags behind, with a 32% share.
• Domestic finance is more accessible and less regulated than international sources, which require compliance with complex safeguard requirements.

Mitigation and Adaptation

• Mitigation finance is the dominant component, especially in the energy and transport sectors, driven by the PRC and India.
• Adaptation finance is underfunded, with only 8% of total flows allocated.
• Dual-benefit finance supports projects with both mitigation and adaptation outcomes, though it remains a small portion of the total.

Subregional Insights

• East Asia:

  • Received 80% of total climate finance.
  • Most investments were in energy and transport sectors, aligned with the PRC’s goal to achieve carbon neutrality by 2060.
  • Adaptation finance accounted for 6%, mainly for water and wastewater management and cross-sectoral projects.

• South Asia:

  • Received 9% of total climate finance.
  • India was the largest recipient.
  • Adaptation finance was underdeveloped, and tracking was limited due to methodological constraints and institutional capacity gaps.

• Southeast Asia:

  • Received 5% of total climate finance.
  • Adaptation finance accounted for 12%, but the subregion faces fragmentation and data limitations.

• Central and West Asia:

  • Received 2% of total climate finance.
  • Focus on energy transformation and climate resilience.
  • Limited tracking of climate finance, despite increasing flows.

• The Pacific:

  • Received 0.3% of total climate finance.
  • Coastal protection and DRM are priorities.
  • Most climate finance comes from bilateral donors and multilateral funds, with national budgets contributing less than 1%.

ADB’s Role and Ambitions

• ADB aims to increase its cumulative climate financing to $100 billion between 2019 and 2030, with $34 billion for adaptation and $66 billion for mitigation.
• By 2022, ADB had committed $6.7 billion in climate financing, with $2.7 billion for adaptation and $4.0 billion for mitigation.
• ADB seeks to crowd in an additional $18–$30 billion for private sector operations by 2030.

Data and Methodology

• The report uses 2018–2019 data from the Climate Policy Initiative (CPI) and national tracking initiatives such as India’s Landscape of Green Finance and Indonesia’s Landscape of Private Climate Finance.
• It includes case studies and best practices, such as Fiji’s ECAL and Mongolia’s Green Taxonomy, to improve climate finance transparency and tracking.

Conclusion

• Climate finance in Asia and the Pacific is critical for achieving low-carbon and climate-resilient development.
• There is a need for increased international finance to meet the 2030 climate targets, especially for adaptation.
• Standardization, capacity building, and regional cooperation are essential for improving the tracking and mobilization of climate finance.
• ADB plays a key role in coordinating and directing climate finance to support the region’s climate goals.