Hi. Good afternoon. Welcome everyone to this webinar on sustainable finance for clean energy in ASEAN. My name is Cecilia Tam. I'm acting head of the Energy Investment Unit at the International Energy Agency. And on behalf of the IEA and our partners for this event, the ASEAN Center for Energy and Energy Foundation China, I'm pleased to welcome all of you to this virtual workshop. I'd like to thank our esteemed group of experts for joining our webinar and for sharing your insights and expertise and experience with us today. A special thanks to the ASEAN Center for Energy for helping to convene and organize today's event and for sharing your perspectives on the challenges and some of the experiences in ASEAN on financing the region's clean energy transition. A big thanks also to Energy Foundation China for your support and collaboration on this important topic and for facilitating the sharing of experiences from China on financing clean energy transitions. The IEA recently released an update on its net zero by 2050 emissions roadmap that provides an updated view on how the world can achieve net zero emissions in the energy sector by 2050. It outlines key milestones according to the IEA's net zero scenario, which is one possible pathway for the energy sector to achieve net zero CO2 emissions by 2050 and play its part as the largest source of greenhouse gas emissions in achieving the 1.5 degree goal. Achieving the NZE goal requires mobilizing significant investments in clean energy, especially in emerging and developing economies outside of China, where investments have remained stubbornly flat over the last five years, despite sharp increases in advanced economies and in China. Global spending on clean energy is estimated to reach nearly 1.8 trillion by the end of this year, compared to just over a trillion in fossil fuel investments. While this growth in clean energy investments is encouraging, the level of investments in fossil fuels today is more than two and a half times what it needs to be in the net zero scenario by 2030. Globally, investments in renewables will need to triple by 2030, and the annual rate of energy efficiency improvements will need to double. Dales of electric vehicles and heat pumps rise sharply as electrification of end uses facilitates decarbonization of the end-use sectors. Annual investments in clean energy need to more than double current levels, reaching four and a half trillion by the early 2030s. In other emerging and developing economies outside of China, clean energy investments will need to rise fivefold by 2030 and sevenfold by 2035. This will require unlocking larger amounts of private capital in emerging and developing economies to finance this transition. It will also require scaling up domestic and international sources of finance and enhance collaboration to share country experiences and lessons learned in mobilizing all sources of capital. Our webinar today provides a platform for countries to share their experience in scaling up finance for investments in clean energy, and we will have presentations from ACE and IEA to help set the scene for the current situation in ASEAN and on the use of sustainable finance instruments globally and in Asia. This will be followed by a session focused on government's perspectives on some of the major challenges they have faced and recent developments. The second session will look at country experiences with green social sustainable and sustainable linked bonds for financing the clean energy transition. The event today is aimed at helping to build capacity in the region on the use of sustainable den instruments to fund clean energy projects. We will be recording today's webinar and plan to make this available on our website for those who are not able to join us today. With the permission of speakers, we will also make available any presentations that are shared. It is my pleasure now to introduce our first presenter, Ms. Rika Safrina, senior analyst at ACE, who will provide us an overview of financing the clean energy transition in ASEAN. Rika, the floor is yours. Thank you very much, Safrina. Good afternoon from Jakarta. My name is Rika Safrina from the ASEAN Center for Energy. It is a great honor for me to provide you with the general sustainability of financing ASEAN clean energy transition. ASEAN is one of the most dynamic regions in the world with the regional energy demand is expected to triple that of 2020 levels by 2050. Meeting this demand growth requires power capacity expansion and investment as seen in this graph. Based on the power development plan of 10 ASEAN member states, around 60% of newly installed capacity between 2021 and 2025 only would come from renewables. In addition, under the ETS scenario or national policy scenario of the seven ASEAN energy outlook, in 2050 about 787 gigawatts of power plant capacity is needed to supply electricity demand. That was based on the stated national policies of 10 ASEAN member states. On average, the renewable energy investment accounts for about 59% in the national policy scenario and 77% in regional target scenario of the total investment required for the power sector. This shows a lot of potential in clean energy investment in Southeast Asia. However, it is found that the current financial sources of clean energy investment in ASEAN is dominated primarily by limited public finance. The high risk and low return of investment has made ASEAN capital banks a little bit reluctant to finance clean energy projects. The investment in electricity transmission networks should be prioritized due to their multiplier effect and meeting long-term energy security and sustainability in ASEAN. In addition, innovations are required to scale up the availability of financial sources as well as budget allocation and strong collaboration with the private sector and international donors. With this background, it is deemed necessary to address the importance of attracting energy investments and sustainable financing for ASEAN. It is also important to identify what kind of key priority areas in building up regional capabilities on energy investments and financing and write them in some kind of roadmap. This roadmap is expected to provide insightful guidelines for ASEAN regulators and policymakers to design and make better decisions with guiding investment policy in the energy sector. As mandated in the APEI phase two, ASEAN Plan of Action for Energy Cooperation, the regional blueprint, ASEAN should reach 23% at each share in total primary energy supply and 35% at each share in small power capacity. And then under the APG program area, or ASEAN Power Grid, there is one action plan about the financial investment in the power grid and also there is a guideline in regional energy policy and planning program area, or REPP, to develop a roadmap until 2025 to enhance capabilities in enabling regulatory environments to attract investment in energy infrastructure and technologies. So we are trying to develop this roadmap and by summarizing each IMS targets in terms of clean energy and then their development or status so far, including the RT share and electrification rate as well as their financing program available in their own country. This becomes the basis of the roadmap development. So as you can see here, these are several of clean energy financing programs in each country, but there are more of these. This is the selected one. So yeah, as each ASEAN member step is progressing at a different rate with respect to their clean energy initiatives and investment. So this roadmap will take into consideration the differences and how they can be optimized towards achieving the targets for ASEAN. Therefore, capacity building programs for each country will focus on topics that are most concerned to the countries according to this classification. So after analyzing the current state and initiatives of each ASEAN member state, the following areas of capacity building have been determined. The first one is engagement with financial providers on financing terms because we believe that in some ASEAN member states, issues are faced concerning the financing terms and conditions that do not clearly include coverage of unexpected consequences from the clean energy projects funding or loans. So this is a very basic training to understand all financial terms and this is very crucial. The second one is the capacity building, how to attract more international investment or funding with limited local financial resources and the fast investment or funding required to achieve the clean energy targets. So ASEAN member states must actively seek funding from external sources. Almost all ASEAN member states have stated the conditional and unconditional terms in their nationally determined contribution or NGC's document where they can reach higher targets if there are external supports. Some ASEAN members are already successful in this regard, such as Indonesia and Vietnam, which recently signed a GETP to phase out pull and then also there are opportunities from other international organizations such as the World Bank for specific developing countries. The next one is how to finance major emerging and major technologists in the power sector. Energy systems and technologies demand rapid urgent and ongoing reform. Expansion and advancement of clean energy technologies are needed to meet the targets of net zero or renewable energy targets of the ASEAN member states. So ASEAN member states should attract more investment funding emerging technologies such as CCUS, digitalization in energy sector, hydrogen, ammonia, and also the major one or the existing one such as solar wind or other variable renewable energy. The next one is how to finance mechanisms for nuclear power. Although it is not renewable, nuclear is a cleaner form of energy but with higher risk. That's why I think that that's the reason behind some ASEAN member states not considering it in their expected energy mix. Compared to the other ASEAN member states, Indonesia, the Philippines, and Vietnam are considered ready to explore the feasibility of nuclear power program. So the viability and reliability of nuclear power plan operations should be considered and analyzed very carefully. So various capacity building initiatives could include practical and sustainable management system for a nuclear power plan, personal training, and public private participation. The next one, the next topic is carbon pricing and trading. Although it is still being debated to some extent, but many countries particularly the developed ones have already venture into carbon pricing as one of the solutions for financing energy transition. ASEAN member states are also inclined to join with some already showing interest such as in Singapore, Indonesia, and Brunei, and Thailand. The next one is how to finance electric vehicle and biofuel deployment in transport sector. So sustainable transportation. Considering transport is one of the most energy consuming sector in the region following industry, so transformation in the transport sector is also crucial. The next one is clean cooking financing. As of 2020, an estimated 30% of people did not use clean cooking methods in ASEAN. So it means more effort needed by the region to accomplish 100% energy access targets by 2030 as directed by SDG7. Last but not least, microgrid for rural electrification. Most ASEAN member states have reached almost 100% electrification rate or at least well-surprising 90%. So apart from Myanmar and Cambodia, which are still lagging behind but catching up, only a very small portion of other ASEAN member state residents are yet to have access to electricity. We think that using microgrid for renewable energy, for rural electrification such as using renewable energy or small-scale liquefied natural gas could be one of the solutions to improve the electrification rate. So moving forward, ASEAN will work with dialogue partners, international organizations, and other stakeholders to implement activities including workshops, training programs, and seminars until 2025. And I think this webinar can be considered as one of these capacity building activities to enhance the regional capability in attracting more energy investment and financing in clean energy. So some policy recommendations, actually this already can be downloaded from our reports, which was also supported by Energy Foundation China. It can be accessed freely from our website. So the first recommendation is to enhance capability and capacity to attract clean energy investment by strengthening regional communication and cooperation amongst the ASEAN member states. And then to create some kind of regional body such as ASEAN Energy Transition Academy or ASEAN Clean Energy Capacity Building Network to develop syllabus more or create a training curriculum or materials. And then to encourage more advanced ASEAN member states to disseminate and share the lessons with the other ASEAN member states and then provide more coordination for enabling regulatory environment. And the second one is to create integrated approach to green fiscal consolidation. Efforts undertaken to reduce greenhouse gas emissions can be achieved by a well-designed integrated approach to green fiscal consolidation such as carbon tax or non-tax consumers such as the nation trading system and so on. And then implement green for any fiscal consolidation at the regional level can be challenging for ASEAN. For example, share do not, for example, the one that do not share common currency because ASEAN countries do not share common currency therefore a more appropriate implementation would be at the national level with the general guidance or framework in the regional level. And last but not least the proposed strategic initiatives to include establishing a proper entity to establish close collaboration between ASEAN member states such as ASEAN green fiscal policy networks. So all of this recommendation are included in this report. You can download them for free through our website or scan these QR codes. Yeah, with that I end my presentation. Thank you very much. Thank you very much Rika for this very insightful presentation. We noticed that some of you were raising your hand so if you would like to ask a question we invite you to start submitting any questions you may have for the speakers through the Q&A function in Zoom which is located at the bottom of your screen. I'd now like to invite my colleague Emma Gordon energy investment analyst at the IEA to share with us some of insights on the role of sustainable and transition finance instruments in financing the transition. Thank you Cecilia and thank you Rika for that very insightful presentation on that at the ASEAN region. It's a great introduction to the presentation here. So as mentioned I'll walk through the role of sustainable and transition finance instruments but just to start out I thought it would be helpful to look at an overview of the energy investment landscape and Cecilia gave a bit of an introduction to some of these numbers within within the initial opening remarks. But a good place to start is that energy investment today is a very dynamic picture but this hasn't always been the case. Investment in fossil fuels has been falling and clean energy investment didn't see a sort of commensurate increase even after the Paris Agreement and then we had the pandemic followed by the global energy crisis and for fossil fuel investments that meant an immediate slump followed by quite an uncertain recovery although we're essentially back to the levels of spending today that we were at just prior to the pandemic. Where we have seen a market shift is in clean energy investment which is now seeing double digit growth at a global level and looking at these aggregate numbers the message is quite clear that something is shifting at this global level and giving a boost to clean energy investment and this is based primarily on three different factors firstly favourable costs secondly supportive policies not just in in the climate space but also related to energy security and thirdly considerations of industrial strategy and employment as countries seek to position themselves in the emerging clean energy economy. So how do we see this spending evolving if we're to meet the sustainable development goals and and climate goals? From 2026 to 2030 average investments in clean energy in emerging market and developing economies excluding China must rise from around 260 billion US dollars in 2022 to reach nearly 1.4 trillion US dollars this will need to reach over 1.8 trillion on average between 2031 and 2035 which represents a seven-fold increase compared to current levels. I hope you can all still see the slides okay and while this while this spending happens across all clean energy technologies clean power and grids account for nearly 60 percent of the spending up until 2035 now all regions will see significant growth in clean energy investment although the spending needs within each region do vary as highlighted very clearly within Rika's presentation even within region there can be a lot of difference in terms of country needs and also as Rika highlighted unlocking the necessary finance for these activities is a major challenge and one of the things that we look at within our analysis is different tools that can help access that capital and one of the trends that we've been tracking for some years now is the growth in sustainable debt issuances which can act as a tailwind for clean energy investment now here when we talk about sustainable debt we're talking about both bonds and loans that are raised on the justification that they are green social or or sustainable and within clean energy debt raising plays a very important role clean energy technologies are generally quite capital intensive so loans or for larger project bonds are often a very important part of the financing suite of options and in the market these sustainable debt issuances can raise debt at a cheaper level than so-called vanilla debt raising and that occurs because the provider of the loan or the buyer of the bond has the view that environmental and social risks need to be priced in so within the energy space there are really three main ways that we can see sustainable debt playing a role now first it can be issued by energy industry or transport companies and they can use this debt raising to fund new projects or for internal processes and these corporate issuances which you can see here on the slide again at a global level account for about 40 percent of the activity that we've seen in the market since 2016 next up you can have issuances by financial institutions again this can be bonds or loans and oftentimes it's for the purpose of on lending and this means passing those cost savings on to the recipient of of the loan or debt overall the financial sector makes up a smaller share of issuances at just over 20 percent but there is again variety between regions for example in China these financial sector issuances account for nearer 40 percent and this is because of the nature of the financial system including the importance of the large policy banks and the dominance of indirect lending practices now the third major way that sustainable debt issuances can be used to support the energy sector are via sovereign sub-sovereign or supranational issuances so supranational being issuances at the multinatural organization level and we've seen the role of sovereign bonds really growing particularly in Europe but we're starting to see them use more in emerging market and developing economies to fund things like public transportation or renewable energy installations and despite this growth in sustainable debt issuances there are still some concerns around regional imbalance including when you compare the issuances to clean energy spending so while only 22% of sustainable debt issuances are in China and other emerging market and developing economies those same countries account for nearly half of clean energy spending and this then raises the question of how can this type of debt raising be made more useful or more widespread within emerging market and developing economies and looking at a breakdown specifically of sustainable debt within EMDEs first off we can see the same dramatic growth between 2020 and 2021 when these instruments really took off globally in that same year China became the second largest green bond market in the world behind the US a position it still holds today and that was following a series of regulatory changes and the introduction of taxonomies that define green activities that really added policy and regulatory weight behind the market outside of China we've also seen over 10 growth in issuances from ASEAN countries between 2021 and 2022 these are mostly dominated by Singapore and Malaysia which account for about 30% of total ASEAN issuances to date for both countries where we don't see the same growth trend is in other emerging market and developing economies outside of ASEAN and China and while there are pockets of activity used for example in India and Latin America it speaks to the fact that this is a very large and diverse group of countries many of which don't have deep capital markets or access to international capital markets and therefore struggle to use this type of instrument now breaking down these regional differences it's interesting to look at what themes of debt are being are being raised so green social sustainable or sustainability linked and it's important to note that while taxonomies that countries apply so these are the guidelines the country uses to define what is a green or sustainable activity while these taxonomies can vary there are global standards from organizations like ICMA the international capital markets authority and CBI the climate bonds initiative which make these numbers relatively comparable and what we see across the board is that green bonds and loans are the most popular instruments ranging from around 77 percent of activity in China to 52 percent in both advanced economies and ASEAN something that's interesting to see is if the emergence of sustainability linked bonds which are here in the light blue on the pie charts you can see on the slide and these are a relatively new instrument we saw green bonds start to emerge between around 2014 and 2016 whereas SLB's really only became popular in 2021 and SLB's are a very different type of instrument and green social and sustainable bonds are what's known as use of proceeds bonds which means that debt is raised for a predefined activity which obviously therefore means there's a lot of monitoring and verification processes that accompany the bond issuance SLB's on the other hand are a lot more flexible because they raise debt to fund activities that support the achievement of a particular target so often that will be activities that will support emissions reduction for example and that target is assigned also a point in time at which it must be achieved and already despite the fact that this is a new instrument we can see that they account for over a quarter of the issuances by cumulative cumulative issuances by dollar value in both ASEAN and advanced economies and part of the reason for that is their potential role in funding transition activities now transition activities in emissions intensive sectors like heavy industry pose a particularly unique challenge when it comes to financing because often they won't qualify for pure play green financing options so it's becoming clear that transition activities really do need their own financing instrument and there are a couple of different instruments that can be used here classic loans of course transition bonds which are a new type of use of proceeds bond so they operate similar to a green bond but instead of being assigned to green activities activities that are defined as transition or of course sustainability linked bonds and this is a very fast evolving area but we're already seeing some interesting examples of how regulation can be used to help drive investment into transition activities for example last year the G20 sustainable finance working group produced a transition finance framework which can serve as the basis for future taxonomies the chinese government has also taken a number of different steps such as a pilot for SLBs within heavy industry so that included a lot of steel companies for example issuing SLBs they also have some sub-regional transition taxonomies that could again serve as the basis for a more national and centralized transition finance taxonomy Japan is also one of the other countries that's really leading the way here in 2020 the Ministry of Economy Trade and Industry created the basic guidelines on climate transition finance and the ministry has also created industry specific decarbonisation plans for multiple industries including iron, steel, cement, oil and gas etc and this last point is very important when it comes to transition activities clear science-based ideally centralized transition pathways laid out by industry are an absolutely necessary guide both for companies themselves and for finance providers and those pathways really ensure that the target setting by companies is in line with the transition plan and is as ambitious as possible and already as highlighted we're seeing countries and global bodies discussing these draft proposals for taxonomies and transition pathways that can really help drive more capital into these vital transition activities and on that I'll leave it there and pass back to the moderator thank you very much thank you very much Emma for this informative overview of different sustainable and transition finance instruments I'd like to just mention to our participants that if you have any questions on either of these two excellent presentations please use the Q&A function in the zoom and we will pose these to our speakers together with any questions for coming out of session one I'd now like to hand over the moderation of session one to Dr Ambea Abdullah senior research analyst at the Athean Center for for Energy thank you so much is my voice clear now yeah okay now let us okay let me introduce myself my name is Ambea Abdullah I am senior researcher at ASEAN Center for Energy so I will be the moderator for this session for the session one is scaling up the finance for the clean energy transition transition so on this session we will have two present two presenter two presentation one is from the Philippine and the second one is from Indonesia so without further ado I would like to invite Mr William Quanto assistant director of the planning bureau department of energy Philippine Mr William are you ready thank you Dr Ambea yeah thank you so much for accepting yes yes we can hear you well thank you so much for accepting our invitation and providing us your time so let me briefly introduce Mr Quanto Mr Quanto is a civil engineer by profession passing his license exam in 1988 in 2007 he received a scholarship on energy economics at the reading university conducted by the foreign commonwealth office of the united kingdom with more than 35 years experience in government service Mr Quanto is now the assistant director of the energy policy and planning bureau of the department of energy assigned in the formulation updating monitoring and evaluating the national and local energy plans policies program and project and also providing a comprehensive assessment of demands scenario and supply option as well as studying the impact of international commitment on energy policies economy and environment thank you so much again so you will have about 10 to 15 minutes for your presentation so thank you Dr Ambea can we have our slide please okay good afternoon to everyone allow me to express my sincere gratitude to the international energy agency the asian center for energy and the energy foundation china for inviting the Philippines to be part of this webinar and speak about the prospects and challenges in financing energy transition in the Philippines resonating for the pronouncement made by the secretary Rafael Pilotilla in the previously concluded 41st asian ministers on energy meeting held in august there's a need to take into careful consideration the cross pillar initiatives to ensure effective and holistic implementation of programs and activities under the asian umbrella of energy cooperation i'm glad that we are joined by the diverse finals today who will talk about that and advance the discussion on sustainable financing for energy in the asian next slide please this would be the order of my presentation next slide please showing the slide is a country's total primary energy supply or the energy mix by fuel type in 2022 the energy supplier reached 61.6 million tons of oil equivalent of which a little over 49 percent or 30.4 million tons of oil equivalent came from indigenous or domestic sources and the remaining 51 percent or 31.1 million tons of oil equivalent was imported fuels eutermal energy represents 14.6 percent of the total primary energy supply when the efficiency factor of 10 percent is applied as illustrated coal continues to make up a big portion of energy supply accounting for 31 percent or 19.1 million tons of oil equivalent of the total 12.4 percent or 7.6 million tons of oil equivalent is indigenous whilst 18.6 percent or 11.4 million tons of oil equivalent is imported next slide please in terms of energy demand the country's total final energy consumption in 2022 reached 35.9 million tons of oil equivalent a slight increase from its 2021 level of 35.1 million tons of oil equivalent among the major economic sectors transport is the most energy intensive sector at 34.4 percent share followed closely by the residential sector with 28.8 percent the aggregate oil demand including non-energy and fuel and fuel input to power generation increased for 17.7 million tons of oil equivalent in 2021 to 18.3 million tons of oil equivalent in 2022 this is attributable to the accumulations in oil consumption in the transport sector and the power plants next slide please the total on-grid power generation generating capacity reached 28,288 megawatt coal power plants with 12,420 megawatts or 44 percent as well as renewable base power plants with 8,264 megawatts or 29.2 percent remains a significant part of the country's power generating supply dependable capacity on the other hand total 23,596 megawatts in 2022 coil supply more than half or almost 60 percent of the or 66,430 gigawatt of the total power generation which is 111,516 gigawatt this is followed by renewables at 22 percent with 24,684 gigawatt and natural gas at 16 percent with 17,884 gigawatt next slide please next slide please in line with the national target of achieving 35 percent renewable energy share in the power generation mix by 2030 and 50 percent by 2040 the DOE is currently updating the Philippine energy plan and also formulating the energy transition plan for cleaner energy shown in the slide is a snapshot of what the updated PEP will look like the department has issued several new policies to streamline and hasten advancement of renewable energy such as energy storage system, offshore wind and floating solar development, green energy oxygen program, renewable proposed standards and net metering to name a queue the DOE has likewise delivered on its commitment in supporting electric vehicles, alternative fuels, energy vehicle one-stop shop or EVOS, national energy efficiency conservation program and the total electrification and lifeline ring programs next slide please next slide okay thank you in our transition to a clean energy future it is in vision that the Philippine energy sector has all key components achieve energy security, sustainable energy, resilient infrastructure, competitive energy sector, smart homes and cities and empowered consumers along this line the Philippines cannot discount the importance of private sector participation towards the realization of our vision for the Filipino people our energy sector it's largely in private hands decentralized market driven and unsubsidized total investment under the clean energy scenario the Philippine energy plan requires 153 billion US dollars over the years values cooperative activities and initiatives in the global energy sector are being geared towards energy transition currently the DOE is taking advantage of the opportunity to implement various programs and projects to maximize foreign assistance such as clean energy plan and energy transition plan for consumer protection use of new emerging and more efficient energy technologies and development and utilization of RE sources and other clean energy sources to keep up with the current trend the department has been collaborating with various development partners international organization some of which are energy transition council or the ETC energy transition partnership or the ETP just energy transition or JET and the energy transition mechanism as well as the clean energy finance and investment mobilization or safety please allow me to provide a quick background on these collaborative initiatives the overall purpose of the ETC is to enable an effective dialogue between countries that require support of their energy transition implement tailored solution in a range of areas including integrated energy planning green grids and energy efficiency more rapidly on the other hand ETP aims to bring together governments and philanthropies to work with partner countries in the region to accelerate the energy transition by financing technical cooperation activities to support the transition towards modern energy systems that can save simultaneously ensure economic growth energy security and environmental sustainability on the JEP we know that the multi stakeholder consultation conducted on October 24 2022 it is aimed to discuss policy options and ways forward to reconcile the need for affordable and reliable power to support the country's development goals while enabling it to meet its nationally determined contributions commitment by way of socially just transition of the country's energy sector moving forward with ETN the Philippines was selected to develop an investment plan for the accelerating coal transition program of the climate investment funds the main objective of the act program is to tackle key barriers related to governance people and infrastructure address funding gaps leading to the successful implementation of country-level strategies and associated kickstart projects build support of the local and regional levels and accelerate the retirement of existing coal assets coal mines and coal power plants together with enabling new economic activities for those impacted by the transition lastly the SEHIM program builds upon the organization for economic operation and development or EOECD's strong engagement with the Philippines and support the country in unlocking finance and investment flows to achieve the key energy targets and sustainable finance goals the program draws on extensive stakeholders engagement and will provide tailored recommendations through implementation support activities and investor dialogues these will be complemented by regional peer learning activities next slide please this ends my presentation I hope that through this webinar we can advance our initiatives toward individual and collective aspirations on energy transition in the region apologies as I need to rush to another engagement but I'm more than happy to connect with you outside this meeting should you wish to need more information or a country's energy transition times and energy TV thank you very much for your kind attention thank you so much yeah mr william so yeah unfortunately we cannot help you to be present at the Q&A but we hope your support maybe if there are any questions to the pdp you would be able if your time allows would be appreciated if you respond thank you so much again for your time and now let me invite uh miss andrea febinisna from the ministry of energy and mineral resources of Indonesia uh so good afternoon uh andrea so let me introduce briefly introduce about her so uh miss andrea febinisna she is currently a director of the various new energy and renewable energy and has professional experience in clean energy for more than 12 years previously she was director of bioenergy at the mbmr from 2018 to 2022 she was also deputy director of investment and cooperation on various new and renewable energy from 2017 to 2018 before that she was a deputy director of the energy conservation program planning from 2015 to 2017 so she graduated from double degree master development planning management infrastructure from etbay and master environmental infrastructure planning planning and university in netherland so without further ado let us invite miss andrea febinisna so andrea you will have 10 to 15 minutes for your presentation so the floor is yours thank you okay thank you thank you dr ambia for the long long introduction good afternoon and best wishes to all of us thank you very much for having me in this event it is a good honor for me to be here long expert and all related stakeholder on sustainable finance we appreciate a sian center for energy international energy agency and also energy foundation china for organizing this event where we can exchange knowledge and views on the development and use of sustainable depth instrument to fund clean energy project in china and other asia economies we can start with the first slide similar to other countries in global indonesia also has commitment to reduce green hostage emission as part of our responsibility to climate change in short term we have target to achieve 20 percent of renewable energy contribution in total energy mix and in medium term indonesia also has committed to an enhanced nationally determined contribution with a target to reduce emission from 29 percent which is equivalent to 835 million tonne of CO2 to to be 32 percent which is equivalent to 915 million tonne of CO2 by 2030 the energy sectors contribute the energy sectors contribution has also increased from 314 million tonne of CO2 to 358 million tonne of CO2 where the achievement of the actual green hostage emission reduction as of july 2023 have reached 118 million tonne of CO2 to meet the emission reduction target of 358 million tonne of CO2 in the energy sector it is imperative to implement emission reduction initiative across various areas including energy efficiency, renewable energy, clean power plant, low carbon fuel and also mine reclamation in term of renewable energy from the graph we can see that the install capacity of renewable energy power plant tend to increase even quite quickly slow due to COVID-19 pandemic and also some fossil generation under FASTAC program entry the COD in 2022 they install capacity of renewable energy in the second semester of 2023 is around 12.7 gigawatt next please regarding the renewable energy resources actually indonesia has a huge potential in the form of various renewable energy resources up to 3.7 terawatt of abundant and distributed renewable energy resources are available to be utilized for supplying national energy demand in the future the potential include hydro as which is spread especially in north palimantan west sumatra north sumatra and also papua they also have a huge potential of solar particularly in east nusa tengara west kalimantan and rio which has a higher radiation wind with the potential more than the speed of wind more than six meters per second mainly flown in east nusa tengara south kalimantan west java south swarisi ac and also papua we also have a potential of ocean energy geothermal and also bioenergy unfortunately the utilization of renewable energy is only 0.3 percent of its total potential the substantial renewable energy potential must be harnessed and optimized to meet the increasing energy demand of the indonesia population driven by ongoing economic rules next please in in the long term target indonesia also has strong commitment and ambitious goal to achieve net zero emission by 2060 or sooner in say op 26 in basco we already declare our commitment for net zero emission within the energy sector we aim to reduce greenhouse gas emission by approximately 933 percent from the business as usual level which which was around 1900 million tons of co2 down to 129.4 million tons of co2 by 2060 this reduction will be achieved through a range of strategies including the massive development of renewable energy either of grid and on grid as well as biofuel development now we already implemented b35 for diesel blending and the other strategy is electrification program through massive utilization of electric vehicle induction cooker and also agricultural electrification the third strategy is moratorium of coal fire power plant and early retirement of existing coal fire power plant and we also would like to encourage the utilization of new energy source such as hydrogen ammonia as well as nuclear power plant and for the sector that cannot that in the sector that still use the fossil fuel so we encourage to implement the ccs and ccs and at the last we also will implement the energy efficiency program to reduce the emission reduction the government also developed transition roadmap to achieve net zero emission by 2060 or sooner while also supporting the green economy this roadmap represents a shared commitment between the government and stakeholder as part of the global community effort to mitigate climate change in a sense that zero emission can be fit from two perspectives the supply side and also the demand side sorry the previous slide please on the supply side this involved the extensive development of new renewable energy sources reducing the use of fossil fuel in power plants through program like day dieselization and facing out of fossil fuel power plant adapting low emission technology such as carbon capture storage and also advancing smart build infrastructure exploring energy storage solution and implementing new energy such as green hydrogen ammonia and nuclear on the demand side this required promoting the use of electric vehicle advancing induction cooker expanding fossil gas network utilizing of biofuel and implementing of energy management next slide please in the net zero emission roadmap the projected electricity demand for the year 2060 is estimated to reach 1,900 terawatt hour with the industrial and transportation sectors being the dominant being the dominant consumer this electricity demand will be made by power generator with 96 percent of the supply coming from renewable energy sources and 4 percent from new energy resulting in the total capacity of 700 gigawatt among the renewable energy source variable renewable energy count for 77 percent of the total renewable energy capacity complemented by energy storage technology like hydroelectric power storage and also battery energy storage system meanwhile plm through its green rup tail has also targeted to add renewable energy power plant to 51.6 percent or around 20.9 gigawatt until 2030 the roadmap establish the additional power plant development after 2030 will only come from renewable energy the capacity of variable renewable energy in the form of solar power plant will significantly increase starting in 2016 followed by wind power plant in 2037 since our and wind pump energy production fluctuates and do not consistently generate energy in the whole day intermittency issue cannot be avoided this we plan to improve the infrastructure by developing smart grid for ensuring the reliability of supply in addition we also will build new transmission lines or super grid to enhance connectivity and reduce intermittency super grid could connect high energy demand areas but low renewable energy potential with low energy demand areas but have a lot of potential of renewable energy the interconnectivity will optimize the utilization of renewable energy source toward net zero emission creating sustainable energy system throughout indonesia and the super grid will also open up an opportunity to export electricity especially to asian member countries to transition to a net zero emission it is essential to secure significant funding to support this effort as it often involves costly transition and substantially capital investment and the substantial and the substantial investment required for the new renewable energy development to achieve a net zero emission to achieve the net zero emission targeted by 2020 the amount that we need is around 1 trillion US dollar which is equivalent to an annual investment about 28.5 billion US dollar per annual this funding will be allocated to the development of generation and also the transmission line the largest investment need are to development of nuclear hydro hydro solar and also wind power plant to achieve net zero emission in the surface challenge in financing namely indonesia government face limitation in allocating budget and also the financial institution in indonesia face a significant challenge with their limited due to their limited experience and knowledge in effectively evaluating renewable energy project and also the risk that we know from renewable energy is quite high so this is one of the other challenges in renewable energy investment and also the mismatch between the demand for financing and the actual supply of fun for renewable energy project and the other challenge is the absence of domestic non-reports financing option for renewable energy project in indonesia and also the financial institution lack of compelling incentive to establish a green portfolio or investment and also the last one is the cost of capital renewable energy project can be substantially primarily due to elevated interest rate imposed by them this high interest rate render renewable energy project less financial attractive and also discouraging investment in this sector so the to overcome the financial concern exploring alternative financing exploring alternative financing mechanism attracting investment and forging partnership with international stakeholder become important to expedite the progress achieved next year by indonesian next please the indonesia government actively promote renewable energy development by offering fiscal incentive uh fiscal and non-fiscal incentive so and we also the incentive have reduced the tax burden on company investing in renewable energy making investment more attractive and profitable and in addition non-fiscal incentives such as support for biofuel through the palm oil uh palm oil fund management agency it's also can enhance the competitiveness of renewable energy product and support sustainable development all of this incentive promote the growth of renewable energy and contribute positively to the environment and its mission goal ensuring the potential investors are well informed about the incentive and can easily navigate the application process is crucial to promote a investment renewable energy project next please next reason and indonesia government specifically offers several facility climate change financing climate change finance involved funding low carbon and climate resilient development initiative and which is climate change finance consists of various source of funding one of of them is public financing including central and local government budget as well as fiscal incentive in addition the public financing there are blended finance financing national non-public financing international public financing and also international non-public uh financing and for blended financing include the sggs indonesia one it is an integrated platform to support sggs related uh project aimed at rising fund from investor donors and also benefit beneficiaries indonesia climate change transplant uh facilitated uh the acquisition of fund from donor mainly adv europe investment bank bank and europe europe and investment bank it's can be grand or also loan and the for the national non-public financing is a source of development funding that come from parties outside the government including the private sector the community and national institution our national non-public non-public financing include the sustainable finance by banking and other financial services public public private partnership public direct investment and also financing from philanthropy and for the international public financing uh it's among other is green climate fund global environmental global environment uh facility multilateral multilateral development bank and also development agency from other countries such as gcm uh AFD and also others and for the international non-public uh financing can take the form of financing by international bank such as standard charter bank which is financing the chirata floating solar pv project next please okay this is i think the the the last of my my slide uh the indonesia government along with foreign corporation partner get support from jetp and also uh asian zero emission community for successful of energy transition uh for the jetp just energy transition partnership indonesia ended up and the developed countries uh make up the international partner group which is led by the united state and japan declare a joint commitment to establish the just energy transition partnership at the 2022 group of 20 20 submit in body the partnership aim to support the ambitious and equitable and equitable energy transition in indonesia electricity sector to keep global temperature rise below 1.5 degree Celsius to jetp indonesia has committed to reducing its peak greenhouse gas emission to 2090 metric ton of carbon dioxide by 2030 and also accelerating the share of new and renewable energy mix out of its overall energy mix to 34 by 2030 and achieving net zero emission by 2050 to support indonesia in achieving this target i think the member have paid 20 billion u.s. dollar in funding from both their public and private sector to finance indonesia energy transition project over the next three to five years five investment focus i have been identified to accelerate the energy transition namely transmission line and grid deployment early coal fire power plant retirement best of renewable energy deploy deployment acceleration and renewable uh value chain enhancement currently the jetp secretary is finalizing is finalizing the comprehensive investment and policy plan that has been prepared and for the azek actually this is the initiative for the office of the prime minister of japan this initiative input japan had decided to develop cooperation with strategic partner countries to leverage japanese technologies technical capability and know how especially related to the utilization of hydrogen and ammonia resource to support asian countries in their transition toward the carbonization uh zero uh emission in asia and japan plan to raise around 500 million u.s. dollar in funding to assist indonesia in adapting renewable energy and expanding its grid network under the public five-foot day carbonization initiative okay i think this is my last slide thank you very much i ask that to dr ambia thank you ibu and rea for your very detailed presentation now uh let's move to the qna with the uh all the presenters so now i would like to also invite miss rika safrina the presenter from the east and also miss emma from the i e to join the qna session and we have about seven minutes unfortunately so let me start the qna session with the each of the presenter here let me start with the question to miss emma from the i e so uh we would like to know like what are the challenges of attracting finance to transition activities as opposed to the clean energy thank you thank you for the question um so i'll i'll keep it very brief just conscious of the time sensitivities as highlighted in the presentation one of the difficulties with transition activities is that um they often don't qualify for green instrument and some of the definitions are either more vague or we don't have the same sort of regulatory developments around transition finance as we do um green finance so some of the things that really helped spur the growth in sustainable debt issuances with the issuance of things like green taxonomy um of which there has been um a lot of global cooperation to define what activities count as green when it comes to transition that is um much more industry and country specific so understanding the decarbonisation pathway for particular industries in the country context is absolutely vital to ensure that transition finance isn't um at risk of greenwashing and that it really is being used to support activities that are as ambitious and as tied to decarbonisation as possible so it means we're still in this phase of sort of defining those activities and creating a regulatory environment that can then drive the necessary investment including private investment uh into those transition activities oh I think you're sorry I'm with you thank you so much for your response I think the the beginning phase of the introduction of the just energy transition investment would be very crucial because the typical or characteristic of the just energy transition is slightly different with the clean energy investment here okay thank you so much so let me move to the uh my colleague miss Rika Sabrina so we would like to think that makes the ASEAN region will sweep to attract the private sector investment in clean energy transition considering uh the characteristic of the energy demand growth of the region will be uh significant up to 2050 thank you yeah thank thank you for the question um yeah so yeah as I mentioned also in the presentation ASEAN has rapid economic growth and energy demand currently not all ASEAN countries have yet achieved 100 percent electrification rate and clean cooking access it means that the region is still um developing the necessary infrastructure and technologies to cover the needed energy demand so these new developments should be should ensure that it is not only affordable secure reliable but also sustainable so balancing energy trilema will always be the key challenges of the region and main agenda of the ASEAN policymakers it cannot be achievable without sufficient investment and finance depending only on the fiscal public finance is not enough that is why several ASEAN countries have also stated their conditional targets in their indices showing that they need external support to achieve more ambitious net zero emissions targets therefore a private sector investment has a lot of potential in the ASEAN region and like the ASEAN countries should create a more attractive regulatory and enabling regulatory attract more private investment thank you so much for explaining in very clear and detail response for the question yeah I totally agree with your response that energy demand growth in the region would require a huge private investment to be involved in financing the energy transition in the region yeah in addition to the limited availability of the public finance in in the region thank you so much miss Rika Sabina so now let me move to Ibu Andrea miss Ibu Andrea so it's a very interesting presentation about energy house the energy finance and also the energy decarbonisation pathway in Indonesia so we would like to know like when we look on the Indonesia the Indonesia is one of the countries with many options for clean energy funding for example let's say like in a EEGF and SMI and also CTF we have I wonder how do these funds overall contribute to boost the clean energy share in Indonesia and more importantly how are they coordinate under the the Ministry of Energy and Mineral Resource of Indonesia thank you I think you are multiple thank you thank you thank you for the question yeah we have some climate finance from Indonesia for example such as that we have the Sarana multi infrastructure which is this is can be as a country part form in several funding mechanisms such as SDG Indonesia one also energy transition mechanism and as well as JP which is they play a role in including the only coordinating with the stakeholder conducting a comprehensive study related to fiscal support formulating the concept of integrating fiscal support and also the risking facility from the other resources and taking necessary step for the implementation of the country platform actually yeah thank you thank you so much for Andrea for your response so now let me move again to my colleague Ms Rika Sofina so you explain about how the potential or contribution of the private investment in financing the energy transition in the region so I would like to know how important regional platforms in attracting further investment to energy transition in the region okay um thank you for thank you for the question um yes so we have the ascent plan of action for energy cooperation or a pipe which serves as a blueprint and regional platform in ascent energy sector currently the current cycle is 2021 until 2025 with the theme of enhancing energy connectivity and market integration in ascent to achieve energy security accessibility affordability and sustainability for all with the sub team accelerating energy transition and strengthening energy resilience through grid innovation and cooperation so in this apai in this apai blueprint there are seven program areas including ascent power grid and trans ascent gas pipeline coal and clean coal technology energy efficiency and conservation renewable energy regional energy policy and planning and also civilian nuclear energy so ascent has put emphasis on attracting investment specifically in the ascent power grid and the regional energy policy and planning program areas although the focus is more on the infrastructure and technologies but considering the sub team of apai phase two is energy transition so this investment will somehow channel on decarbonization plans or so perhaps it could be one of the suggestions moving forward also to clearly state investment for clean energy in the next cycle of apai because the regional platform will be crucial in attracting further investment in the region thank you miss rika safrina for pointing out the how important the the regional platform like including the collaboration uh to attract the more investment for the region i mean to support the energy transition in in the region so now let me uh move to the to miss emma from the idea um we would like to know like globally which regulatory device have proof most effective at driving the growth of the sustainable and transition finance thank you for the question so um what we've seen at the global level is that really taxonomies and reporting um regulations have have been really key to driving these instruments so we saw europe really take the lead in pushing for green finance sustainable finance starting around sort of as i said 2014-16 is when we saw green bronze start to emerge and and we saw the europe european countries and the EU taking taking the lead there um there are a couple of different elements firstly um it's useful to have uh reporting requirements for uh for companies and for financial providers this helps really sensitize the idea that environmental and social data is important that gathering that information in order to create key sort of kpi's in those areas is an important activity it also highlights that those are risks that can be priced in um to financial instruments and that's one of the things that has really driven um green bonds to be cheaper than their vanilla counterparts those which don't have a green affiliation and then as i was mentioned when i was talking about the transition finance piece um it's also important to have definitions clear definitions um often within country specific or regional taxonomies for example we saw the EU sustainable finance technology but certainly not the only one these are now present across multiple regions and as i think we we've had a question in the q and a about the asian green taxonomy for finance so perhaps i would pass to eight to speak to that but these taxonomies um are particularly useful to lay the groundwork to familiarize not just companies but also the financial community with which activities can be funded and the benefit that that can bring in terms of an oval pattern at their own. Thank you Emma for your response yeah and also for touching one question in the q and a about the asian green taxonomy yeah i agree with you that reporting regulation is also the key for the successful of the investment in the green energy transition and also as we are aware that the green taxonomy for asian taxonomy for green finance is quite new yeah it's just newly launched i think it will require some time for the asian region to understand and also how to link with their ongoing project in the region okay thank you so much and now let me move to uh ibu andria perhaps this is our last question and answer session i understand we are interested to know more but we will have another session for the next session so my last question to ibu andria what do you think the potential area for collaboration uh among ems between asian and also relevant partners that can be strengthened to support the sustainable energy finance in in asian i understand your presentation is about indonesia but we also uh all aware that indonesia is one of the key player in the asian region so we'd appreciate if you could have your view on this yeah thank you yeah i think um yeah we can start in uh experience because uh every asian country uh has a different step on renewable energy development such as in indonesia beside for the electricity we also already implemented biofuel with v35 so setting knowledge setting experience between uh the ms is i think very useful um yeah to to work together in the region uh how to increase the implementation of renewable energy capacity building is also i think quite important for us because as i mentioned before we are in different uh stage yeah and also different technology so i think capacity building and also uh access for finance is important for uh the priority for us for the future thank you okay thank you ibu uh andria for your response okay now yeah i'm so sorry although we are still interested to discuss more with the all the press center but uh i have to end this question and answer for the session one and now back to you cesilia thank you very much um dr abdula for for moderating session one and thank you very much to all the participants for submitting your questions first via the q and a function we will try and i invite the the speakers um ibu vevi uh rika and emma if you are able to to continue uh trying to respond to some of the questions that have been uh put into the q and a uh to uh reply to a questions by writing um but in the interest of time we'd like to now move on to session two um we have three experts in this session uh to share different country experiences with green social sustainable and sustainability link bonds for financing the clean energy transition if the three speakers could turn on their their videos i will pose um questions to each of you one at a time uh for the first introductory question you'll each have three minutes to provide a oral response and then we will try to take up to three rounds of prepared questions before turning over to our participants to submit their questions to you via the q and a function um so uh our first uh uh discussant is dr shealin she is a senior researcher at the international cooperation department um at the international institute of green finance in in china um dr ninshi thank you she she thank you very much for joining us uh today for this session um could you briefly uh describe recent developments in the use of g s s uh bonds in china's clean energy transition okay thanks for having me here i'm lin from i gf at the central university of finance economics so for china china has experienced notable increase in the insurance of greens social and sustainability bonds reflecting china's determination to fund clean energy projects in the first half of this year 2023 china's green bond market exhibits significant growth and commitment to sustainable finance a total of around 221 green bonds both domestically and internationally were issued during this period amounting to around 470 billion yuan domestically there were 207 new green bonds issued total totaling around 450 billion yuan the total outstanding volume of green bond in china as of the first half of 2023 reached around 3 point trillion yuan highlighting china's proactive use of green bonds to finance environmentally responsible projects and drive sustainable development so regarding the sectors uh the back the green bonds have constantly prioritized fields like the clean energy sector and the enhancement of environmentally sustainable infrastructure with clean energy industries receiving around 30 percent of the funding allocation and infrastructure green upgrades in receiving around 17 percent in 2023 2022 for the more the scope of specialized green bond categories is continuous is uh expanding so in china we've been starting from 2022 their mining cans of school uh categories of uh of gss bonds such as the carbon neutral bonds uh in china reached like uh nearly 200 billion yuan in 2022 uh and also the blue bonds in 2022 the new issuance volume of blue bonds accounted to 11.5 billion yuan making up of eight three percent of the total in particular in response to the economic development demands for transitioning high carbon industries uh innovative bonds like low carbon transition bonds transition bonds and the transition linked bonds were introduced in last year to broaden the financing avenue available for low carbon transformation initiatives uh in last year china witnessed a total of 10 issuance of transition bonds accounting to uh accumulative volume of around 50 billion yuan concerning the allocation of risk to funds this transition bonds were uh for the projects associated with industrial low carbon transformation and uh clinical for the more in 2022 china also issued low carbon transition corporate bonds and also more also the sustainability linked bonds is also an innovative type of bond introduced in china's bond market in 2022 china issued uh 33 uh yes 33 domestic issuance of sustainability linked bond uh accumulative they uh reaching a volume of uh 389 billion yuan in the first half of 2022 china issued 12 new sustainability linked bonds with a total size of around 16 16 billion yuan these bonds uh predominantly revolved around the matrix of clean energy installed capacity certain also certain enterprise uh also incorporates key performance indicators such as the completed green building area comprehensive energy consumption per unit of steel per unit product energy consumption within the chemical industry sector and the rate of methane extraction and utilization so in with also the social responsibility bonds also very new to china so it was promoted by the national association of financial market institution no investor in 2021 so in last year we have uh two social responsibility bonds issued and but this year we don't have any social responsibility bonds right now um yep that's the current situation of gss bond in china thank you thank you very much dr she for this comprehensive overview so now our second discussions uh for this session is a cancer uh phone so far um senior financial sector specialists at the asian development bank and apologies for for my pronunciation of your name um could you kindly uh provide us a brief description of how the asian catalytic green fund and adb more broadly has been supporting green bond issuances in asian yeah sure sure first of all thank you very much um for for the invitations and for adb we have been um you know working very closely um you know with many of the asian governments um as os um sustainable bond issuers i would say gss past bond issuers um you know across the region um through both the asian catalytic green finance facility or the acgf um you know and we also have um the asian past three um you know asian bond market initiative um not that providing um you know similar support um to issuers so the acgf focuses you know on um sovereign sub sovereign s os um you know so e issuers while the um the asian past three program is focusing more on the corporate issuers so um you know when we speak to to external parties um we often say that um you know adb as an entity so we can um you know we have other resources um to support all kind of um you know issuers who would like to issue sustainable bonds and i mean back to your questions um you know what kind of support um you know can can can be provided um so i i think we need to accept the fact that um you know in asian um you know made your different countries and have different levels of you know capital market development maybe we have um you know more developed um you know countries like singapore all the way down to countries even without a bond market right so so our support has to be um you know customized um you know to to to each countries so what we can do is we actually provide um you know hand on support um to potential issuers um this means that um you know all the way from project selection um you know bond framework development um to make sure that the framework itself um aligns with international and regional standards um just um in case some of the audience doesn't know um you know in asian we have our own asian screen social sustainability sos slb bond standards um developed by the asian capital market forum and um the asian standards actually aligns with the icma principles so all the cross-section that we supported um you know aligned with all these um you know international and regional standards so um i think last you know since 2020 um we supported um you know more than 10 issuers um already so we catalyzed the issuance um i use the word catalyzed very carefully because um you know we help you know only the first time issuer right so we catalyzed um you know more than um you know two billion u.s. dollars um equivalent um in local currencies um you know for the past um two or three years and later on um you know many of those issuers um you know were um able to issue sustainable bonds by themselves right so so we help with the first issuance and later on they issue the bonds by themselves also gather around 12 billion u.s. dollars so i think um you know the role of development banks um like adb is is very important because um you know we have been talking to many of the issuers and um you know they they are keen to issue this kind of bonds right but they don't know where to start they don't know what to do and especially um you know in markets um you know where there's a very early stage of development like cambodia for example um we also providing handholding support hand or support to the underwriters themselves as well um you know in addition to um you know any um you know capacity building activities so this is what we do um in adb and um i'm happy to to share more um you know during our discussion today thank you thank you thank you very much for taking us through um the support provided by adb and it's it's fantastic to see that it is very much targeted to the the situation in each country and to the type of issuer um so we'll we'll be coming back to to some of those elements so our our final um expert for for this session is marty sequia who is deputy chief financial officer at ascent corporation um could you please describe the creed drivers for ascent's green bond issuances and what lessons can be shared with other firms considering issuing gss v bonds to raise capital for investments in energy transition yeah hi sasilia thanks so much for inviting us to to speak today and um hello to all our listeners and audience today maybe what would help is to give a bit of a background on who ascent is so ascent is a member of the ayalic group it's one of the larger conglomerates here in the philippines um we are a fairly new company we were only established in 2011 and we started very small um in in the power industry in 2011 with a 78 megawatt investment in um power of which only 17 megawatts was a renewable energy um capacity now so we're listed in the philippines and we're very privileged um because of the nature of our business to have a gic of singapore as a shareholder in ascent um over over this past 10 years we've grown tremendously and we we now have a presence in philippines australia india indonesia vietnam lau and even in the u.s. which makes um our access to the capital markets even more important as we expand um around the region and even globally um we have a very ambitious goal of building 20 gigawatts of renewable energy capacity by 2030 currently we have 4.5 gigawatts of operating uh capacity and capacity under construction so with that note we have about 4.5 times to grow in terms of capacity over the next seven years and along with that our balance sheet also has to grow 4.5 times and you know gssb fundraising has been a key instrument and part of our funding strategy um in the past three four years and it will be a very key um part of our funding strategy going forward so your first question was on the key drivers um for ascent to to tap uh green bond issuance so between 2019 and 2022 that's when we made this pivot towards renewable energy and the amount of capital that we needed to raise was quite high and you know we had an ambition of growing five to five gigawatts by 2025 which we know we're going to surpass by now and as i mentioned no we're looking at 20 gigawatts by 2030 so by by putting the green bond um label and um standards into our issuance as we were able to differentiate our offerings and attract a broader set of investors including um esg investors we wanted to to make our name more um interesting for for a different type of investor base and at that time there were not many uh green bond issuers um in 2019 when we first came to market and as uh mr. Kwasinter mentioned that um you know adb and other multilaterals had interest in helping develop that market and for issuers that are in renewable energy so adb is actually one of our key investors in our first issuance um we secondly one of the other drivers is you know it was an opportunity to introduce ascent to the international investors give it the size of our needs it was very important for us to establish access beyond local banks and the local investor base um so we really wanted to get our name known in the international debt capital markets thirdly you know because our business pivoted towards renewable energy it was a definite fit with the green bond and a gssb type of framework so our renewable energy business is in line with the use of proceeds and the requirements of the cn green bond standards so it may actually it makes it easier for us to to repeatedly tap the market because that's the nature of our business so at the moment part of our vision includes um shifting our capacity to 100 percent renewable by 2025 we actually completed an energy transition mechanism financing in 2000 just last year we completed it in november so um our thermal capacity has dropped down to 2 percent so we're very close to our goal of 100 percent renewable um in the next two years um fourthly in terms of drivers um you know our engagement with an sp0 or second secondary party opinion provider which is sustain analytics for our green bond frameworks which is aligned with the international capital market association green bond principles really provided additional credibility to our our issuances and aside from that by by creating the first gssb issuance for ascent we were able to create a framework for um succeeding issuances by our company you know so we actually raised about 1.57 billion across five issuances in the dollar market um between 2019 to 2021 in fact um three of those deals were uh fixed per life instruments meaning the the coupon uh the the transaction is a perpetual bond issuance with a very low coupon with a call option on our side so the the green bond flavor actually allowed us to be able to lock in those very interesting and very diverse type of instrument so i don't think this fixed for life instrument will be accessible in the very near future the coupons we got on those perpetual instruments are less than or about five percent and below so it's really good financing for for a renewable energy company so as i mentioned by by setting up the first gssb framework in the dollar market it also allowed us to tap the philippine market um last year we did a our first philippine bond issuance for 10 billion pesos um we're also looking at um we actually also completed some green loans based on the frameworks of the gssb now and which we we aligned with with with those standards and maybe it's also worth mentioning that we we are in the middle of discussions for a sustainability linked loan although not yet in the bond market but at the moment we're looking at the loan market so in terms of lessons that from our end maybe just to to recap quickly right it's important that you know you align the green bond issuance issuance is when they use the proceeds and the project evaluation and selection with the company's own sustainability goals and objectives ascent it's easier for us because of the the nature of our re um focused now and there is a need to comply with the cn green bond standards and other relevant guidelines and regulations um thirdly we we believe there is real value in engaging third party experts to provide the opinions on the alignment of the green bond issuance with international standards and best practice um fourthly we learned that um you know there is significance in being transparent in our monitoring and reporting of our commitments in building um you know investor confidence and trust in our our company and lastly there is a benefit of incorporating flexibility in the green social sustainable framework that we use so as i mentioned no the the lessons we learned from the green bond issuance we're applying now to um our loan and other types of financing that we do that's it for me. Thank you very impressive um experience that we've seen with us and in that very rampage a roll out of renewables and the access positive access you've seen in terms of raising uh private capital for financing the transition with what what you know appears to be you know uh very attractive terms you did highlight that in the near term given the current market conditions it's unlikely that would see some of that replicating but perhaps as as markets um stabilize uh an interest rate to come down um hopefully we'll be able to to come back uh for the region with with these uh more attractive uh conditions um so uh we're going to now go on to some some additional questions and i remind or ask the discussants to try to be a bit brief so that we can also have time to turn to the floor but i think it was important to have the most very comprehensive introductory overviews to really situate the different country experiences as well as the experience and role that your different institutions have have played um doctor she could you tell us a little bit about the incentives or support that china has provided for for issuers and the role this has played in really helping to to establish and grow the market please thank you thanks for your question so uh china actually has introduced the various incentives and support mechanism to encourage issuers and financial institutions in the field of green finance so at the national level china follows the top-down fashion etc and has introduced the top-level designs and the strategic guidelines such as the action plan for carbon picking before 2030 uh to strategically set the tone for green finance development uh this designs promote product innovation international cooperation and comprehensive development of green finance uh also but as a as a local level financial reforms have been implemented and innovation pallet zones have been established and various regions are accelerating the establishment of local green bond system along with the development of corresponding incentive uh mechanism uh these incentive mechanisms involve providing uh involves many many ways such as like providing a floating interest rate subsidy ranging from 1% to 10% based on factors such as the issuers credit rating and the size of the bond issuance in addition issuance costs are reduced for the more we still have we provide a cash incentives ranging from tens of thousands to millions of yuan uh to to based on the performance of indicators related to the green bond issuance market and the types of bonds issued uh for example like china has introduced several pilot zones as a local level to support the development of gss bond these loans have introduced local regulations to promote green finance support carbon neutrality uh also encourage biodiversity financing and establish green finance corridors for example uh Chongqing is a city in the southwest China so designed as a green finance palace zone aiming to establish the Yangtze river green finance corridor and Huzhou is also in the southeast China so released guidelines for biodiversity financing focusing on the innovative tools and the conservation targets uh also in i think last year in september in Beijing launched an action plan to accelerate the development of global green finance and the sustainable financial center uh also also like us we are the research center so we are mainly like research center like us in china right now to assist the design of the strategic plan for financial uh for for the local financial like implementation plan yeah that's i think that's the experience from the china so thank you thank you very much um dr xi and great to see all of the different um regional and city level initiatives that china is implementing and really that comprehensive approach and also um looking at how to create the right right ecosystem um so uh now um the center you had already mentioned in your introductory remarks some of the incentives and support that adb provides but um could you perhaps go a little bit deeper to highlight um any additional incentives or supports that that adb has that you haven't yet mentioned and also perhaps just connect that with how this has really helped to create or establish um a gss divans in the region or in a given country sure sure um actually um i have to be you know briefly um explain about what we do how we work with the companies um you know with um you know issuers but also let let me share with you some of the um the case studies um the transactions um that that that we did so for for adb we actually provide technical assistance um you know to to support issuance of sustainable bonds right and so in that case um you know we we also understand the market environment the challenges um that issuers um underwriters as investors often face so um you know as we use the word honest broker right so so we also convey those kind of messages you know back to the regulators so so we also um you know support like three you know developments as well for example i i saw um there are many um you know indonesian stakeholders um in in the webinar so um let me use indonesia as a case study because you know indonesia um previously the ojeka or the financial social authority uh only have the green bond regulation um for for green bond issuance in indonesia so in the past um you know issuing other kind of sustainable bonds like social bonds sustainability bonds was not possible right only until um yesterday uh you know when when the social bond legal and you know sustainability bonds that's where accessibility link bonds um were issued by by by the regulator so we also um you know work very closely with the regulator um you know to to to advise them on how the legulations could be developed um you know what um you know approaches have been taken um you know by other countries so that um the um you know legulations can be on par with international standard and practices and also um you know as a development bank um you know adb we also act as an anchor um you know investors right so many of the um you know issuers um you know decided to issue sustainable bonds because they want to broaden the investor base so um adb we also have our private sector operation department um you know that um do investments um so normally we invest um about 30 or 40 percent of the total due size so that the remaining can be invested by the local investors so this is also a way um for for our developing member countries to develop their um you know domestic capital market and also you know to become more familiar with investments in sustainable bonds and also we offer um I would say you know more innovative um you know solutions um we provide concessionary finance um you know from our partners and also donors um to make sure that um the projects um in in this case it could be the certain projects or the um projects at the municipal level um become more bankable right so we provide the risking support so that the projects become more bankable and that they can attract financing um you know from the private sector um you know we all know that um you know ASEAN um or any other developing member countries um you know requires um significant um you know finance to support that transition strategy and relying on you know government budget alone is not enough right we need to mobilize the private sector funding so this kind of you know the risk facility actually helps to to attract the private capital um to support that strategy and um we also um you know offer advice um so for example um um just um you know in July this year um you know ADB we support the first ever gender bond um you know in the Philippines um by the ASA Philippines foundation and also just um last week we supported the first um you know sustainability link bonds um in Thailand issued under the ASEAN sustainability link bond standards so so we also try to um you know offer you know innovative solutions to the companies that we work with and um what I forgot to say is that you know this service are free of charge right so we don't charge any fees um from from companies and um also I would like to um you know take this opportunity to reiterate um you know what what Mati just you know mentioned in his remarks that um we are also seeing you know companies are moving towards you know sustainability link bonds or loans issuance because um you know based on our discussion you know with many of the institutional you know investors what investors are looking for is actually the sustainability strategy of the company as a whole not not project by project anymore right so they want to know how companies perform they want to know how the governance how the strategy how the risks are being managed right so so I think this is the trend where we are um you know starting um to go so maybe um I'll stop here and also I can expand more um later during the Q&A thank you very much thank you very much um for providing those additional insights and and particularly sharing those important case studies with with the participants um it's it's you know important to have um you know actors like ADB that are able to provide you know critical capacity support and also play the role of of anchor investors to mobilize much more private investments um Marti now I'd like to ask you could you say a few words about the role that different government policy or incentives played in ASEAN's green bond issuances right um yeah in terms of the green bond issuances I think the most influence and support came from the Philippine Securities and Exchange Commission um you know they in 2018 they adopted the ASEAN green bond standards um which really underscored how the government could support green financing and you know this provided the foundation of our own uh green bonds you know the circular it provided guidance on the issuance of green bonds that requires issuers to comply with the ASEAN green bond standards including you know guidelines on the use of proceeds how we select our projects how we evaluate um and manage the proceeds of you know from the fund raisings and of course there's the regular reporting of how the proceeds are being used the standards also require us to disclose other information such as as I mentioned of the how we selected the project and where where the proceeds are again you know investors would also look towards the SEC's own guidelines to to evaluate ASEAN's own framework and to you know by comparing both they're able to get comfort that ASEAN's own framework is credible and a meaningful GSSB application right there there's also into in April this year right the Philippine SEC also issued guidelines on the issuance of sustainability link bonds under the ASEAN sustainability link bond standards although we haven't seen an issue ones yet I think probably there are other issuers already looking at this approach on the load side no maybe not just the bond side it's worth commenting that even the central bank is supporting renewable energy and they're giving certain leeway to to banks to to lend towards RE projects so they're increasing this their stock of increasing of the single borough limit as well as suspension of reserve requirements once the banks lend to to renewable energy so this could also help the bank's own treasury and their investment in GSSB bonds so I think I'll stop there there are other government initiatives but they're all fair supportive but not particularly on GSSB. Thank you very much Marty for taking us through you know the role of different government regulation and policies to support the market development now this is our our last round of prepared questions and I'd like to invite participants to submit any questions that you may have for our three discussants via the zoom Q&A please do indicate who your question is is targeted to and now Dr Xi could you highlight any major barriers that was faced in China for the early issuers of GSSB in the energy sector and how these were overcome? Yes actually the the the guideline for building the green finance system in China has introduced in 2016 so along all these years we had many difficulties. First I think the most important at the start is the major barrier was the absence of standardized guidelines and reporting frameworks for green and sustainable bonds so this made it difficult for issuers to communicate the environmental and social impact of their project effectively. Also for investors they were hesitant about the perceived risks associated with green energy projects particularly concerning the reliability and the profitability of the renewable energy revenues and ventures and also one barrier is also I think it's the accurate data on the environmental and social impact of the project. It's often lacking or not easily accessible it's still an issue right now making it challenging for issuers to provide transparency and credible information to investors and one issue as I introduced before so we have many pallets like already cities those already but the problem is that they all like located in the rather developed regions in China so we still have a vast areas of the central and western regions which are still in the developing issues and rural areas so these regions face a significant gap between green finance policy and the market practice so resulting from this result I think this resulting from inadequate policy transmission and the limited market conditions so this gap led to differences in assessing green finance market effectiveness and policy evaluation well this is still the issue so I think the government is still working on it I hope we can see more like Palestine in those rural areas so also there's one thing one barrier is like is the insufficient policy coordination so achieving carbon neutrality goals requires coordination among various government departments like including like the financing housing ecology and the environment so regulatory policies and the green industries and fiscal policies needed harmonization and coordination to ensure the policy coherence also also it's one thing it's about the coordination between standards so the existing green finance standards focused on like pure green sectors like energy conservation environmental protection and the green construction and the infrastructure so there was a lack of effective coordination with the transition goals of high carbon industries so including how can we like including the criteria is for assessing environmental benefits carbon emissions and information disclosure so oh yes among all those barriers so some of them has been addressed through efforts to enhance like policy market alignments we also we can see like new policies has been issued recent last year especially since last year so improved also we have like improved policy coordination and and we can we can see as I introduced we have like introduced the very diverse financial products covering the bond and sustainability transition bond and so that's extra so also we aligned also my name we also introduced some green like standards with industrial carbon neutrality costs so yep so there are still many issues around us so I think they are still related like to resolve many of them okay thank you thank you very much Dr. Sheep for for sharing that with us some of China's experiences and those challenges and how these were overcome through policy and regulation and you know as you sort of provided the market globally has evolved substantially from you know the early days of Green Finance and Green Finance regulation to recognize the need to support broader transitions and also provide regulation and frameworks that can also support carbon intensive industries in their their transition um now a cost sensor um could you talk a little bit more about ADSB's experience in terms of some of the key barriers you've seen working with your partners in in ASEAN and what solutions you've implemented to help overcome some of these challenges sure sure thank you um I actually um you know at least in my personal point of view there are quite a number of challenges um and you know solutions to these challenges you know may take time right so um you know as I said um you know in ASEAN um you know we we have um you know different level of capital market developments right so um you know in countries with um you know early stage of market development like Cambodia um the um the technical capacity of the the local stakeholders is maybe limited you know if you compare this with Thailand or the Philippines or Singapore right and also the lack of um you know sufficient domestic institutional investor base um you know it is also still an issue um in many of the developing um you know member countries so um I think it's just a matter of um you know trying to um you know get um you know companies um you know with um you know the um you know credible um you know transition plans or those you know with good credit ratings um you know to come to the market especially um the most um you know trustworthy um type of issuers um in this case I meant the financial institutions right because um you know they are well supervised um you know by the central banks and they are in a good position to to mobilize um you know funds you know from capital market um to to support um you know many of the um you know domestic green projects and even to support the SMEs um to to to to become greener and in many of you may know the um the cross border carbon adjustment mechanisms um is to be implemented um you know in the very near future so the SMEs will be highly impacted so I think the the role of financial institutions and giving them I mean and and you know having them to understand about um you know how they can play the role to support the market development and also to support the local um companies I think this is also very important and um you know in ASEAN we also have the the ASEAN accessible finance taxonomy um as as um you know you may know this is um among the first taxonomy that um have that follows the traffic light systems right so unlike the EU taxonomy that is binary you know which is green or not green right so in the ASEAN taxonomy um there's a transitions um pathways right so we have the the green the amber and also the red so we follow traffic light systems so um one of the key challenges is how to make sure that those um you know in the amber category can actually move to green right because you know catalyzing um you know I mean sorry categorizing um the business activities as amber doesn't really mean anything and unless we provide some guidance for them um on how they can transition their operations um to to green so this is also something that is um you know very um you know important for ASEAN and yesterday I think the the ASEAN um transition guidelines um you know was published for consultations so if any of you have any input I mean this would be very useful for for the region and also um the implementation of the international sustainability um standards in in in June um you know it's also another big step for many of the ASEAN companies as well all the ISB standards um previously the TCFD or the um the recommendations was you know only one in three right but the ISB standards um can be made mandatory by the local capital market regulators so um you know adopting these standards um you know by local listed companies um you know could be a big task um for them so a lot of you know capacity building um support um you know for for ASEAN companies um you know even for um you know bigger concoct will be very important as well and um lastly I think I would like to highlight the importance of data compatibility right um because um for for many companies um you know they are they are um you know issuing bonds or loans you know tapping the institutional investors but going forward investors would want to know um the environmental performance of company A and company B right how how how they compare so having um a credible um you know data and comparable data will be extremely um you know important um for for for those companies and also for for investors as well and but of course you know this doesn't really mean anything unless we have a standardized um you know disclosure um you know requirements um across the region which to me ISB is very um important um you know lastly to say um I think this is a little finance topic is a very big topic right and and no one you know can cover all the issues not IEA not ADB or IFC or other partners can cover all the issues so um I would say the collaboration among international development partners is extremely um important um you know we have been working very closely with the UNDESCAP, UNDP, GGGI and others um you know for our programs you know in ASEAN and this um actually um turned out to be very effective um you know in in my point of view maybe also here thank you very much yeah thank you very much for for highlighting you know quite a number of of elements including the role of international collaboration and and we're very pleased to be able to convene um experts and forums such as this to to really share a country experience um but also um and also highlighting the role that data plays in in all of this work and really providing investor confidence it's it's really critical that we have good comparable reliable data to support investment decision as well as the the important role that different taxonomies regulation frameworks have played in really driving and and building a robust market um so a final question that that I have for for a discussant and just a final reminder if any participants do have questions to our group of experts here please do enter these into the the Q&A and indicate who who your question is is targeted towards so Marty earlier this year and you you mentioned this I believe in your introduction um there was a domestic issuance of 10 billion and Philippine pesos I believe that was more than eight times oversubscribed could you um describe for us who are the main sources of demand for this font and do you have any insights as to the reasons um for for such high demand um and could you indicate how much of that issuance went to financing new renewable energy projects and how much was used for for refinancing and then finally um is there any plans for us in to go back to the market uh this year or next year for another tranche of that pre-approved um I think it was 30 billion in in Philippine peso issuances thank you yeah uh okay Cecilia thanks for the multiple questions I'll try to answer succinctly um you know we as I mentioned right the Peso bond issue in September 2022 was our very first so I think that drew a lot of interest from investors because of the scarcity or rarity of the the issuance and I think invest Philippine investors at that time are already very familiar with ASEN because of her dollar issuances so it was their opportunity to invest in a local currency bond from a name that they already understood and that had very clear um GSSB and green standard um uh framework stuff we think that the ASEN green bond labeling for our Peso bond drove investor interest uh year on year we're seeing more and more local investors getting um more aware of the ESG um type of investment even at the retail level in terms of the investors that that bought into our our deal you know majority of that 86 billion the 8.6 times subscription that we saw of orders were were really mostly from retail clients the Philippine investor base for for Peso bonds is really driven by retail and we structured our deal so that it would attract that type of investor about one six of the orders were from institutional so it's a very small amount that goes to institutional investors retail investors I suppose we're looking at the high yield at that time given that rates were moving up they're very yield oriented and they buy and hold their their orders so it's really the ESG angle plus the rarity of the bond plus just you know market interest in the type of coupon that we were printing at that time again the engagement of the sustainability for our second party opinion really also helped us it proved the alignment of our standards to the ikman green bond principles and again we we also know that we got a triple A rating for the bond issue so it really helped retail investors get more comfort in the in the issue once so so the net to answer your other question the net proceeds from the deal all went to new projects which is also why it's really attractive to investors they they know that the money they're they're investing with us is going purely into new solar solar project capacity we devoted funds to about 460 megawatts of new capacity in terms of your last questions like your last question whether we'll use the shelf next year no no plans at the moment we have large funding requirements and you know that that option is always there but at the moment we're looking at other sources for next year that's it for we see yeah thank you very much marty and and we have um two questions that have come from priya kumari that have been submitted into the the q&a and perhaps um i will target the first one to consensure um what are the regulatory and policy landscapes for sustainable financing in asian countries that the organizations operate then oh i think um that that that's quite tough questions um so um you know as i said adb we are working very closely um you know with the asset regulators and also with the local investors and potential issuers so um my my view is that um you know many of the governments as well as um issuers uh you know are very keen on looking at sustainable finance um i think one one thing that i can share is that um you know since the introduction of the asian queen bond standards in 2017 by the acmf um as always the asian social and sustainability bond standard in 2018 um we saw a significant increase um you know in the issuance of the asian label sustainable bonds since then so i would say um you know clear legacy guidance um you know from government um you know it's extremely important and um as of now uh we already have um you know more than um you know 40 billion um local currency equivalents um you know issued under the asian standards already right so so this comes from um you know across the asian region um the philippines ascended across one of them and also thailand malaysia singapore even cambodia uh we have the first green bond issue in cambodia so um and this this this trend is um coming but as i said um you know many of the um you know investors are not really looking at the project by project anymore right they want to have an understanding about the corporate um sustainability strategy um as a whole that's why i would say um the accessibility link bonds alone um you know would would certainly um you know have a role to play and also many of the um you know regulators are also um looking at um you know promoting transition finance um within the the asian region the asian transition guidelines um you know was endorsed um you know yesterday by by the asian capital markets forum by the acml so i think this is um sort of you know a way to go uh for for our region so i i can say that you know this is a top priorities of opinion of the asian colorants thank you very much um so my last two questions will be for for marty um how can the organization ensure that its financing strategies are aligned with environmental social and governance principles is the the first one and then the the second question and these are in the written in the q and a how is the coupon pricing for a peso gss bonds um is that attractive or just almost similar with uh plain vanilla bonds and then the other questions are for about indonesia so i'm not sure if you're going to want to take those but in indonesia most green bonds in in rubio are issued by by banks since they well since they relatively have lots of potential pipelines while the ipp power companies here has relatively limited pipeline that's having too much cash from bonds are deemed less necessary pricing also less competitive compared to just general bonds so i think that was uh some views of how the philippines and indonesia the green bond markets and bond markets uh differ uh marty over to you yeah hi um let me answer the question first on the philippine coupon pricing i'm not an authority on indonesia so let me tell you our experience on the coupon pricing for the peso gss bond i mean there's a lot of um um debate about the green um right whether or not the there's an effect on pricing for for having uh using a green bond framework or green bond standards for your bond issuance um i think there are two too many factors played at the time for our peso issuance um rates were moving up quickly we had set the coupon on a fixed rate basis so the yield's actually compressed um i if my memory is correct we were only we only paid this uh premium of 35 basis points over the the government yield and in fact the following day the philippine government issued the same 10 or five years higher than we did so the the the factors there were um you know there's broad interest for the ascent name there were a lot of people getting interested in interested in our story and we had the green the the green bond angle but also rates were moving quickly um upward and we had already set the the ceiling so i think it's it's hard to decipher which part really is attributable to to the having that framework but i think overall right whether it's the dollar or the vessel market having the framework we know broadens the number of investors that come in um and you know we could you can work with your syndicate to to how do you say um divert the the proceeds towards the new investors that you want to to um welcome as as your new as your investor for your future deals right especially esg investors um on the first question on the financing strategy i think is very important from the start to already try to understand the principles and the framework for for esg and gss be issuance and from there make sure that you know the whole organization's aligned towards that type of um financing and the standards being pushed by by the the principles right and i think ascent as i mentioned at the very very start right where we're fortunate in a sense that our business is naturally all redo amongst and it makes it easier for us to comply and meet the standards but i think there's a lot of discipline that was introduced into the organization in terms of um knowing where to source our supply of you know how we treat and the credit our vendors um to the way we develop the projects to make sure that um we meet the esg commitments so i think by by learning the the principles and the standards first you're able to cascade this through the organization and make sure that everyone um is they're going in the correct direction right um and you comply going forward so transparency will be important so that you can be a repeat issuer in the esg market and that discipline has to be um instilled into everyone in the organization thank you very much marty um with that i'd like to to end session two and thank all of our discussants for this very rich and informative discussion um i'd like to also thank all of the participants for for submitting their the questions apologies if we were not able to get to your question a lot of them were already answered in writing via the the q and a function at the bottom of the zoom um i'd like now i'd like to invite ming ti uh from the president's office of energy foundation china to provide the closing for our event today thank you very much thank you uh cecilia um hello everyone this is ming ti from energy foundation china actually uh my colleague uh miss xin jia nan the chief of staff of energy foundation china was planning to give the closing remarks but unfortunately she is on travel and could not access to uh our webinar at this moment so i will give this closing on behalf of her and energy foundation china um first of all i would like to thank all the experts in the previous intervention and discussions they are very informative and fruitful i've learned a lot from you um and also i would like to thank all the participants today i saw there have been over 100 almost 180 people online that's remarkable remarkable um also i would like to thank iea and ace to co-organize this webinar um rebecca cecilia rica for your great work for the project and the webinar um we are fully aware that at this conjunction the world is facing multiple global issues including climate urgency economic growth and energy security um so as you mentioned maybe earlier um it is needed to reshape a new growth model for the economy so there is no doubt that the investment needs to facilitate the low carbon transition instead of carbon intensive projects i have seen questions addressing this this issue in the chat box so that poses huge financing challenges for the world especially for developing countries um with the experiences gained in the fast developing sustainable bond markets with the driving forces of dual carbon targets china still has challenges to overcome just like dr shilley mentioned earlier also for the emerging economies and the developing countries accessing available finance remains a key barrier especially when you compare the huge needs in investment and the finance actually available now i think that is why energy funding china has collaborated with iea on this topic in the very beginning we aimed to develop the analysis on progress and the challenges in chinese energy financing and strengthen the engagement with stakeholders in this area including the experts here today and to share the license learned with um asian countries developing economies how to accelerate sustainable energy investment so under this project we launched this um a world energy investment report as one of iea's flagship reports in china last month and also developed the commentary on sustainable debt insurance for transition in china introduced by emma today so we think based on the research and analysis we have made it is great to have the important stakeholders in energy and sustainable finance from china asian countries here today to discuss the challenges and experience in sustainable debt to fund clean energy projects we have heard a lot of comprehensive information and insights on this topic um so i say professional ground-making charitable organization energy foundation china is fully aware of the importance the potential and the challenges that china and asian countries have in energy transition and we have made efforts in facilitating green investment in asian countries through research and the dialogues with our partners especially ace as rica introduced today energy foundation china supported ace to conduct the research on investment and the measures for clean energy and the power sector resilience in asian and i we think that the two reports they delivered are um are very great and also providing the policy suggestions and we also support ace to develop a a new report on asian energy investment 2024 which will contribute to the flagship report of the ace which which is aeo and also in this august energy foundation china brought the chinese enterprises financial institutions from china to indonesia to bali to to organize a workshop on low-carbon investments uh together with ace so based on uh what i mentioned our work over the longer term we hope that our work could serve as a platform for policy makers financial institutions privates and the state-owned enterprises across china and asian to communicate and collaborate the the bridging row is is one of our rows and the foundation china is uh playing also dialogues and the research work could provide advice for policy makings and hopefully could further enrich the analysis on china and other countries uh in future ia's report um so i think i'll stop here and thank again for participating in the workshop and look forward to working with all of you again in the future thank you thank you everyone have a great day bye thank you