1、Financing A Sustainable Economy | Technical Paper 2020 FINANCING A SUSTAINABLE ECONOMY Draft For more information, please contact: Communications Directorate National Treasury | Private Bag X115, Pretoria, 0001 | 40 Church Square, Pretoria, 0002 Tel: +27 12 315 5757 | Fax: +27 12 406 9055 FINANCING
2、A SUSTAINABLE ECONOMY Draft 1.EXECUTIVE SUMMARY.1 1.1 Climate change in South Africa .1 1.2 Financial implications .2 1.3 Treasury approach .3 1.4 Objectives .4 1.5 Recommendations .5 2.INTRODUCTION .7 2.1 Aims and Objectives .7 2.2 Approach .8 2.3 Environmental and Social Risk Management in a Globa
3、l Context.8 2.4 Current Measures to Incorporate Environmental and Social Risk in the Global Financial Sector .9 2.5 South Africas climate change response .9 2.6 Barriers to investing in a more sustainable economy .11 2.7 Government-led initiatives in sustainable finance .12 3.DEFINING SUSTAINABLE FI
4、NANCE .16 3.1 Scope of Sustainable Finance .16 3.2 Related definitions .17 3.3 Green bonds: New sources of finance .18 3.4 International trends .19 3.5 South African green bonds .19 4.OVERVIEW OF DEVELOPMENTS WITHIN THE SOUTH AFRICAN FINANCIAL SECTOR .20 4.1 Drivers of change .20 CONTENTS 4.1.1 Comp
5、anies Act .21 4.1.2 Regulation 28 of the Pension Funds Act (2011) .21 4.1.3 Voluntary action by financial institutions .21 5.BANKING .23 5.1 Environmental and Social Risk management in banking .23 5.2 The specific risks posed by climate change to the banking sector .24 5.3 Sector overview .24 5.4 Go
6、verning legislative framework .24 5.5 Regulatory requirements to address sustainability risks .24 5.6 International trends .25 5.7 Banking sector approach to sustainability .26 5.8 Banks progress on sustainable or green finance .27 5.9 Challenges .28 5.10 Banking specific recommendations .28 6.RETIR
7、EMENT FUNDS .30 6.1 Retirement finance sector overview .30 6.2 Governing legislative framework .31 6.3 Regulatory requirements to address sustainability risks .31 6.4 International Trends .31 6.5 Sector approach to sustainability .31 6.6 Industry progress on green or sustainable finance .32 6.7 Chal
8、lenges .33 6.8 Retirement sector recommendations .33 FINANCING A SUSTAINABLE ECONOMY 7. COLLECTIVE INVESTMENT SCHEMES (SECURITIES AND HEDGE FUNDS) .34 7.1 Sector overview .34 7.2 Governing legislative framework .34 7.3 Regulatory requirements to address sustainability risks .34 7.4 International tre
9、nds .35 7.5 Industry progress on sustainable finance .35 7.6 Challenges .35 7.7 CIS Recommendations .35 8. PRIVATE EQUITY .36 8.1 Sector overview .36 8.2 Governing legislative framework .36 8.3 Regulatory requirements to address sustainability risks .36 8.4 International trends .37 8.5 Sector approa
10、ch to sustainability .37 8.6 Sector innovations in sustainable finance .38 8.7 Industry progress on green or sustainable finance .38 8.8 Challenges .38 8.9 Private equity recommendations .38 9. CAPITAL MARKETS .39 9.1 Sector overview .39 9.2 Governing legislative framework .39 9.3 Regulatory require
11、ments for sustainability assessments .39 9.4 International trends .39 9.5 Capital markets sector approach to sustainability .40 9.6 Industry progress on sustainable finance .40 9.7 Capital markets challenges .41 9.8 Capital markets recommendations .41 10. INSURANCE .42 10.1 Sector overview .42 10.2
12、Non-life insurance .42 10.3 Life insurance .42 10.4 Governing legislative framework .42 10.5 Regulatory requirements to address sustainability risks .43 10.6 International trends .44 10.6.1 Disaster risk reduction .45 10.6.2 Product innovation.45 10.7 Sector approach to sustainability .45 10.7.1 Ins
13、urance climate risk .46 10.8 Industry progress on green or sustainable finance .47 10.9 Insurance Challenges .48 10.10 Insurance specific recommendations .48 11. CONCLUSION .49 Financing A Sustainable Economy | Technical Paper 2020 LIST OF ACRONYMS ASISAAssociation for Savings and Investment South A
14、frica BASABanking Association South Africa BATSETACouncil of Retirement Funds of South Africa CISCACollective Investment Schemes Control Act 45 of 2002 COFIConduct of Financial Institutions Bill (public comment period closed 1 April 2019) CRISA(Voluntary) Code for Responsible Investing in SA DEFFDep
15、artment of Environment, Forestry and Fisheries E Transition risks resulting from disruptive technologies, changing regulation, consumer or market preferences; Liability and disclosure risks resulting from loss and damages, rising insurance costs, directors liability and disclosure failures. The mand
16、ate of the National Treasury), is to ensure transparency, accountability and sound financial controls in the management of public finances. This includes financial stability to protect the South African economy and its citizens from major external shocks to the financial system, building resilience
17、through solvency and effective risk management. Financial stability requires building a greater 1 National Climate Change Response White Paper: https:/www.environment.gov.za/sites/default/files/legislations/national_climatechange_response_whitepaper.pdf 1.EXECUTIVE SUMMARY - CONTINUED Financing A Su
18、stainable Economy | Technical Paper 2020 2 understanding of the environmental, social and governance risk exposure and in particular the risk posed by climate change facing the financial sector. Environmental risk management seeks to encourage the reallocation of capital to have a more positive impa
19、ct and the raising of new and dedicated funds to finance the transition to a less carbon intense economy. The financial services sector is at the heart of the South African economy and touches the life of each and every citizen. Financial services allow people to make daily economic transactions, sa
20、ve and preserve wealth to meet future aspirations and retirement needs, and insure against personal disaster At the level of the macroeconomy, the financial sector enables economic growth, job creation, the building of vital infrastructure and sustainable development for South Africa and her people.
21、 However, the global financial crisis highlighted the immense costs of a poorly regulated financial services sector The financial sector needs to do more to support the real economy. The sector has a vital role to play in the ongoing transformation of our society, and our desire to bring a better li
22、fe to all of our people.2 1.2 FINANCIAL IMPLICATIONS Globally, climate change is recognised as a real and potentially destabilising threat to economies and the well-being of people, particularly the most vulnerable. Recognition is growing about the urgent need to make a just transition to a lower ca
23、rbon economy as well as achieve the Sustainable Development Goals (SDGs) to improve the lives of growing populations. Long-term economic, environmental and social risks are linked. Environmental disasters such as floods or droughts or the destruction of infrastructure inevitably cause economic, soci
24、al and health stresses particularly for those who are not insured or under insured and have no savings or financial resilience. Economic transition poses additional threats to jobs and communities if the opportunities for greening the economy are not actively pursued. The South African national gree
25、nhouse gas (GHG) inventory highlights that electricity generation from fossil fuels contributes some 45% of South African emissions. It follows, therefore, that to address climate-related risks in the country it will be essential to reduce electricity- related emissions. This will require significan
26、t new resources, blending state and private capital and access to financial markets through additional instruments. Addressing other environmental and social development issues, such as access to and protection of water resources, wetlands and biodiversity, and increasing access to sanitation and in
27、frastructure will also require additional resources. Sustainable finance therefore will play a pivotal role in enabling environmentally appropriate social development and create new economic opportunities in the green economy. The scale and reach of this problem is multifaceted and requires financia
28、l resources, structural and socio-economic reforms. This paper focuses on the need for South Africa to mobilise the financial resources now to address this challenge, both for the benefit of its citizens and to meet its global obligations. Sustainable finance is essential for balanced and inclusive
29、growth,3 based on the identification and mitigation of risks as well as the search for economic opportunities that are socially, environmentally and economically beneficial. It encompasses both the concepts of green and socially focused finance. The Intergovernmental Panel on Climate Change (IPCC),
30、the OECD and others have estimated that trillions of new dollars will be needed a year, up to 2030, for investments in energy, transport, water and telecommunications infrastructure to sustain growth and mitigate 2 National Treasury Red Book 2011 3 http:/www.treasury.gov.za/comm_media/press/2019/Tow
31、ards%20a%20Growth%20Agenda%20for %20SA.pdf Financing A Sustainable Economy | Technical Paper 2020 3 climate effects. An additional USD 600bn a year would likely be needed to make these investments compatible with holding average global warming to 2C. While similar figures for South Africa are not re
32、adily available, the Climate Policy Initiative4 has estimated the South African economic transition risks at an aggregated R2tn (of which 60% has already been incurred).5 A further R362bn (USD25bn) may result from infrastructure investments currently being contemplated that may not be economically v
33、iable in a low- carbon transition. Many of the transition risks identified result from transitions in the global economy and cannot be prevented by any national government, but require rapid adaptation by all players public and private. In 2017, the Task Force on Climate-related Financial Disclosure
34、s (TCFD),6 published recommendations to increase understanding of the financial risks related to climate change. It recommended to the G20 that for financial disclosure, global warming scenarios should be used to model the potential risks to companies and economic systems. Systematic and credible di
35、sclosure is needed to enable improved pricing and risk distribution and the identification of economic opportunities associated with climate risk mitigation and adaptation. 1.3 TREASURY APPROACH Addressing both climate change and South Africas development agenda will require the reallocation of capi
36、tal, the mobilisation of new financial resources and the strategic realignment of existing resources (public and private) over the short, medium and long term. Government has recognised the need for a just transition9 and various government agencies and departments, including Treasury and the Nation
37、al Planning Commission, are working to understand what is needed and stimulate the creation of new jobs. By mobilising private sector funding of new and more sustainable projects, such as through the Renewable Energy Independent Power Producer Programme (REIPPP), Treasury facilitates the shifting of
38、 green infrastructure investment off the national balance sheet into the private sector.10 Treasury is seeking to protect the economy and unlock economic opportunities that will enhance the countrys ability to adapt to the rapidly changing climate and realise socio-economic benefits from the transit
39、ion to a lower carbon, greener economy and build resilience to create a safer financial sector to better serve South Africa. It is pursuing policies to ensure all financial institutions embed and improve their capability for identifying, managing and disclosing the environmental and social risks in their portfolios through strengt
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