FINANCING THE FUTURE OF ASIAInnovations in Sustainable FinanceJOHAN THUARD, HARVEY KOH, ANAND AGARWAL, AND RIYA GARGAPRIL 2019每日免费阅读行业报告1、每日星球内分享10+精品报告；2、不定时分享国际投行报告，脱水研报等；3、行业报告均为公开内容，版权归原作者所有，星球仅分享内部学习。扫描右侧二维码即刻加入【行业报告（免费） 】星球（此页只为更多需要行业报告的朋友提供便利，希望不会影响您的阅读，谢谢理解！）| FSGIThis report has been developed and published by FSG in partnership with AVPN, with support from The Rockefeller Foundation. The findings, conclusions, and recommendations contained within these pages are those of the authors, and do not necessarily reflect the views, positions, or policies of The Rockefeller Foundation or AVPN.About FSGFSG is a mission-driven consulting firm supporting leaders in creating large-scale, lasting social change. Through customized consulting services, innovative thought leadership, and support for learning communities, we help foundations, businesses, nonprofits, and governments around the world accelerate progress by reimagining social change.To learn more about FSG, please visit: www.fsg.orgAbout AVPNAs the only comprehensive funders' network in Asia, AVPN is a leading ecosystem builder for the social investment sector with 500+ members globally. AVPN’s mis-sion is to catalyse the movement toward a more strategic, collaborative and outcome focused approach to social investing, ensuring that resources are deployed as effec-tively as possible to address key social challenges facing Asia today and in the future.To learn more about AVPN, please visit: www.avpn.asiaAbout The Rockefeller FoundationThe Rockefeller Foundation advances new frontiers of science, data, policy and innovation to solve global challenges related to health, food, power and economic mobility. As a science-driven philanthropy focused on building collaborative relationships with partners and grantees, the Foundation seeks to inspire and foster large-scale human impact that promotes the well-being of humanity throughout the world by identifying and accelerating breakthrough solutions, ideas and conversations. To learn more about The Rockefeller Foundation, please visit: www.rockefellerfoundation.orgFINANCING THE FUTURE OF ASIA | IICONTENTS3 Chapter Title4 Chapter Section5 Chapter Title5 Chapter Section7 Chapter Title8 Chapter SectionChapter 1Chapter 2Chapter 3The Future of Finance l 01 Innovation Opportunities in Key Markets l 14Unleashing the Next Wave of Innovation l 59Example Initiatives Supported by The Rockefeller Foundation l 68Acknowledgments l 64Endnotes l 69China l 15India l 25Japan l 37Indonesia l 45CONTENTSAround the globe, a wave of innovation is sweeping across the financial sector, from public equities to bonds, real estate to insurance, venture investing to small-business lending. In each of these areas, innovative players are using an ever-growing range of instruments to achieve social and environmental benefits, while producing attractive returns.This is the exciting field of sustainable finance, and it is growing fast. One area of sustainable finance that has posted dramatic growth in recent years is investing in pub-licly listed corporations based on environmental, social, and governance (ESG) factors. In the United States, total assets under management (AUM) under ESG strategies have grown almost four-fold in eight years, from around $3 trillion in 2010 to $11.6 trillion in 2018, representing $1 out of every $4 currently invested with professional asset managers.1 Across the Pacific in Japan, the Government Pension Investment Fund (GPIF), the world’s largest asset owner with around $1.5 trillion in assets, recently announced its intention to incorporate ESG factors into all investment decisions and has already invested in five equity funds tracking ESG indices.a1According to BlackRock, the world’s largest asset manager, the global market for ESG exchange-traded funds (ETFs) alone is expected to expand from $25 billion to more than $400 billion within a decade.2The growing adoption of the United Nations Principles for Responsible Investment (UN PRI) reflects this global trend toward ESG. UN PRI is a set of six voluntary principles that aims to develop a more sustainable financial system and offers guidance to signatories interested in incorporating ESG in their investment strategies. Over the past decade, the number of signatories to UN PRI has grown more than five times, and total AUM by UN PRI signatories now stands at almost $82 trillion.3a. For more on GPIF’s ESG investment approach, see page 41.THE FUTURE OF FINANCE| FSG1Another area seeing rapid growth is the market for green bonds—i.e., bonds issued to fund climate and environmental improvements—where the level of capital mobilized globally has risen from $87 billion to $167 billion in the last two years alone.4 Notable new products in the market include the BlackRock iShares Global Green Bond ETF, and the Planet Emerging Green One fund by the International Finance Corporation (IFC) and Amundi, which is expected to deploy some $2 billion in emerging markets.5, 6The rang...
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