保诚集团首席投资官郭忠勇：金融服务业应如何助力绿色转型?
Don Guo分享了对金融服务业该如何助力绿色转型的思考。首先，新兴市场的绿色转型之路更加充满挑战。虽然新兴市场对绿色基础设施需求最大，但相应的绿色金融工具并不充足，在全球发行总额中占比较低。这其中有三大原因，一是缺乏本地化的绿色发行框架，二是需要更加灵活的资本来源，三是缺乏可靠数据来衡量和追踪风险及收益。其次，金融业在为转型和脱碳提供资金方面发挥重要作用。不仅可以识别、促进、引导私人和公共资金参与绿色投资，也可以充分发挥不同期限资金组合的益处，比如将银行短期贷款循环投入新项目，而让保险长期资本接手成熟项目的资金需求。最后，关注绿色金融生态体系规模化的力量。行业需要与其他主要利益相关方密切合作，形成有利于金融部门发挥作用的有利环境。一是要有一个鼓励公私合作的政策框架，并支持国内和国际公共机构的参与；二是要有一个利于资本池监管的政策环境；三是要有一个资本要求机制，促进人寿保险和养老基金与政府一起合作。
感谢全球财富管理论坛的邀请，很高兴有机会在此发言，与各位共商这一与保诚和我个人都高度相关和重要的话题，即金融服务业应如何助力绿色转型。
首先向各位简单介绍一下保诚。保诚集团是亚洲一家拥有百年历史的人寿保险及资产管理公司，今年还将迎来成立175周年。保诚进入中国已有20多年的时间，通过与中信集团合作成立保险合资企业，可触及中国11亿人[数据来源：>80% 国民生产总值及承包保费总额--国家统计局及中国银保监会；2. 来自PCA 投资者简报（2020年6月） 源自：中国国家统计局和中国银保监会2018财年数据]。近来，我们还在上海成立了一家外商独资的资产管理公司——瀚亚投资。
一、世界需要去碳并快速实现绿色转型
今天，我想与各位分享和探讨的是，为什么“公平与共融转型”对全球实现净零至关重要，以及银行和保险业如何在有利环境下发挥关键作用，助力绿色转型。不过首先我想讲讲为什么全世界，包括新兴市场亟需转型，选择更可持续的生活方式。
联合国秘书长安东尼奥·古特雷斯在政府间气候变化专门委员会2021年评估报中将我们当下的处境称为“全人类的红色警报”。他强调国际社会必须即刻采取行动，在2050年前将全球变暖升温控制在1.5摄氏度的目标内。过去几年世界各地频繁遭受气候相关灾难的冲击。2022年北美森林火灾肆虐，欧洲遭遇前所未有的干旱及热浪，中国也出现大规模洪灾，造成几十亿美元的财产损失及大量民众伤亡。
中国是新兴市场中的领头羊，并承诺在2060年前实现净零。这一系列推动中国转向绿色经济，降低对煤和化石燃料依赖的综合政策，令人鼓舞。
二、 新兴市场绿色转型之路的挑战与机遇
国家发展更绿色更可持续经济的大前提是投资和融资。绿色金融已经在欧洲引领的发达市场中实现重大发展。政府和私营领域可利用日趋增多的可持续金融工具对绿色基础设施建设进行注资，但新兴市场目前并不具备等量资源。例如，2020年全球共发行一万亿美元绿色债券。尽管发展中国家对绿色基础设施的需求最大，但他们在全球发行总额中的占比还不到20%[ 源自：帝国理工大学气候，金融与投资中心，《马拉松或短跑？新兴市场绿色资本之争》2021年3月期，作者：Amacker, J.和Donovan, C.,]。造成这一现象的原因众多，其中三大主因为：
第一，缺乏本地化的绿色发行框架；
第二，需要更灵活的资本来源。由于绿色债券需要灵活性，许多绿色债券框架并不适合很多新兴市场；
第三，缺乏可靠数据。由于新兴市场中大部分基础设施相对较新，导致缺乏充足的数据去衡量并追踪风险和收益。
作为一家亚洲主导企业，保诚愿参与讨论如何找到适当的解决方案。去年十月保诚发布了《助力公平与共融转型》白皮书，聚焦我们在亚洲市场及新兴市场中面对的关键议题，探讨如何向低碳或零碳经济转型。
除去我已提到的绿色金融的内容，该白皮书还强调了其他一些需要充分应对的关键领域，以解决大量的资金缺口，根除对新兴市场的投资偏见。最重要的是，需要承认不论是过去还是现在，一些市场在排放、融资和能源转型方面仍存在差距和不平衡。
需要接受从根本上而言，各国在开启脱碳方面并不在同一起跑线。而且私营领域与政府需更加积极地开展协作以推动转型期资金的供应。
归根结底，我们主张对绿色金融采取一种更加包容的方法。这将为弥补亚洲的资金缺口提供急需的帮助，同时也能将绿色金融的获取渠道从欧洲和北美转向亚洲和其他新兴市场。
作为新兴市场的领先经济体，中国在全球和区域分类法和标准的形成中发挥着重要作用。这些标准需要考虑新兴市场的条件和特点， 这些标准还能扩大建设净零经济所需资金的范围。
好消息是，全球并不缺乏支持绿色转型的资金。问题是如何将资金与正确地点的正确项目联系起来。
三、银行及保险业在助力绿色转型中发挥作用
下面我想从以下三方面讲一讲金融业的作用。
第一，金融业在为经济转型和去碳化提供资金方面可以发挥重要作用。据估计，在绿色金融体系网络（NGFS）2050年净零方案下，未来30年将需要275万亿美元的实体资产累计支出。这相当于2021年到2050年每年国内生产总值的7.5%。换言之，绿色投资必须在今天的基础上集体增加60%。为实现这一雄心勃勃的目标，金融业在识别、促进和引导私人和公共资金进入绿色和转型投资方面发挥着有效的伙伴作用。以保诚为例，我们可以在提供持久和稳定的债务融资方面发挥作用，帮助各国实现高质量的可持续经济转型。
第二，抓住资金组合的益处。绿色基础设施的投资需要一个具有不同特点的资金组合。银行系统专注于相对短期的贷款，但人寿保险基金可以提供较长期的融资。虽然让项目动起来的是银行融资，但随着项目的成熟，人寿保险和养老金公司的长期资本可接手资金需求，将银行资本循环用于新项目。将不同的项目捆绑在一起，可以实现更广泛的融资工具组合。这对资本市场的所有参与者都有吸引力，无论他们需要的是当前市场价格，还是他们想要持至到期的长期保值债券。
第三，关注绿色金融生态体系规模化的力量。提升金融业对绿色投资的参与度将引发积极的规模效应，促进相关服务和市场的形成，如信用评级机构、绿色债券市场、碳市场、专注可持续发展的企业，以及发展战略、技能和能力的咨询公司。随着生态体系的发展，更多投资者加入，对于环境保护、社会责任和公司治理报告和行业透明度的需求也会随之增多，从而形成一个正向强化的螺旋。金融服务业是这张宏图中的重要一环。为促成和加快绿色转型，关键一点是行业与其他主要利益攸关方密切合作，形成有利环境，使金融部门能够在助力绿色转型方面充分发挥作用。
从金融业角度看，这些环境通常有如下特点：
第一，有一个鼓励公私合作的政策框架，以及国内和国际公共机构的广泛参与。这些伙伴的融资结构，如混合融资，正在扩大规模以加速净零转型。
第二，有一个利于获得全球、区域和国内私人资本池的监管和政策环境，以便为基础设施和转型提供融资。
第三，更重要的是有一个资本要求机制，使人寿保险和养老基金能够与政府一起合作，为低碳和零碳经济转型供资。
四、目标与展望
保诚愿在活跃的市场中，成为促成经济和社会绿色转型的积极伙伴，与政府、监管机构、多边开发银行和私营部门开展合作。
保诚的目标是促进合作，创造强有力的双赢解决方案，使金融业能够在转型供资方面发挥有效作用，从资金组合中获取利益，并参与扩大中国和亚洲其他国家的绿色金融生态。
保诚是中国国务院发展研究中心（DRC）的长期合作伙伴。在过去的四年里，保诚和国务院发展研究中心在多个研究项目上开展了合作，研究主题包括金融业在支持大湾区向绿色金融中心转型中的作用、养老金的分配，以及如何激活保险资金以支持实体经济的发展。
保诚一直是EMTI（新兴市场转型投资）倡议的主要合作伙伴，也与世界经济论坛的净零资产所有者联盟和可持续发展投资伙伴关系以及欧盟—东盟商业理事会共同研究如何支持新兴市场的绿色转型。这项工作有助于制定相关计划，尽早关闭印度尼西亚的燃煤发电站。
保诚也是首家与越南公正能源转型伙伴关系（JETP）合作的保险公司，旨在加强投资可再生能源以逐步淘汰化石燃料。
最后，金融业在有效引导投资方面可以发挥关键作用。正确的政策框架将为绿色基础设施提供资金，支持绿色金融生态系统的形成，而且还能确保新兴市场向清洁能源转型过程中的包容性和公正性。
我在发言开始时提到，今年保诚将庆祝成立175周年这一骄傲时刻，这也是保诚在亚洲成立的100周年。在这段时间里，公司在国家和国际层面都经历了巨大变化，不过无论在何种情况下，保诚都一直努力履行对客户的长期承诺。气候变化也许是我们所面临的第一个真正的全球性挑战，包括政府、行业、学术界、非营利组织在内的所有人必须齐心协力实现世界经济和社会的基本转型。我谨代表保诚的所有客户在此表态：我们已准备好与政府、监管机构和金融部门合作，共同完成这一旅程。
1. Introduction
Chairman Lou, distinguished officials, and honourable guests：
Thank you to the Global Asset Management Forum for inviting me, it’s a great pleasure to be given the opportunity to speak to this esteemed audience on a highly relevant and important topic for Prudential and me personally - the role of the Financial Services industry in enabling the Green Transformation.
First, a quick introduction to Prudential. We are a life insurance and asset management company with a 100-year history in Asia. The company will celebrate its 175 years anniversary this year.
Prudential has been in China for over 20 years, through our successful insurance joint venture with CITIC Group we can reach more than 1.1 billion people [Source: >80% GDP and GWP - National Bureau of Statistics and CBIRC; From PCA Investor Presentation (June, 2020), Source: National Bureau of Statistics China. CBIRC. As of FY18] in China. More recently our asset management company Eastspring has established a Wholly Foreign Owned Entity in Shanghai.
2. The world needs to decarbonize and embark on a green transformation at speed
In my time today, I would like to share with you some reflections we have made on why a “Just and inclusive transition” is critical for the world to achieve net-zero, and how the banking and insurance sector under an enabling environment, can play a key role in supporting the green transformation.
But let me first start with why it is urgent that the world, including the emerging markets transitions to a more sustainable way of living.
UN Secretary General António Guterres described the situation in the 2021 report of the IPCC (Intergovernmental Panel on Climate Change) as “a code red for humanity”. He stressed the need for immediate action from the global community to limit global warming within the target of a 1.5°C increase by 2050.
The past few years have shown an increase in frequency of climate related disasters across all parts of the world. In 2022, we had raging forest fires in North America, record drought and heatwaves across Europe and major flooding in China – resulting in multi-billion-dollar damages and major loss of life.
China has been a leading champion in the emerging markets and has pledged to become net-zero by 2060. It is encouraging to see the announcement of a comprehensive policy to drive China’s transformation to a green economy and reduce its dependency on coal and fossil fuel.
3. Challenges and opportunities for the emerging markets from the green transformation
Access to investments and funding are a prerequisite for countries to transition to a greener and more sustainable economy.
In the developed markets led by Europe, we have seen major developments in Green Finance. Governments and the private sector have access to a growing toolbox of sustainable financial instruments to fund green infrastructure build. Emerging markets do not currently have the same options.
To use an example – In 2020, USD 1 Trillion of green bonds were issued globally. Despite having the largest funding need for green infrastructure, the developing markets accounted for less than 20% of the global issuance [Source: Amacker, J., Donovan, C., March 2021, Marathon or Sprint? The Race for Green Capital in Emerging Markets, Imperial College Business School, Centre for Climate and Finance & Investment].
There are many different reasons why this is the case. But the three most critical ones are:
1. Lack of a localised framework for green issuance.
2. Need for more flexible sources of capital – The green bond framework is typically not suited to many emerging markets issuers as flexibility is often needed.
3. Lack of robust data – the relative youth of much infrastructure build in emerging markets means a lack of data needed to measure and track risk and returns.
As an Asian-led company, Prudential wants to be part of the discussion in forming appropriate solutions. Last October we published a white paper on “Supporting a just and inclusive transition” which puts a spotlight on the key issues faced in our markets and emerging markets more broadly to transition to low or zero carbon economies.
In addition to what I already mentioned on Green Finance, the paper is highlighting a few other key areas that need to be sufficiently addressed to resolve the substantial funding gaps and bias against investing in emerging markets.
Most importantly, the need to acknowledge current and historical gaps and imbalances within certain markets with regards to emission, financing and energy transition.
Accept that countries do not fundamentally start its decarbonisation journey from the same starting line.
And really, the need for more active collaboration between the private sector and governments to drive the supply of transition finance.
Ultimately, we are arguing for a more inclusive approach to green finance. This will provide much needed help to bridge the funding gaps in Asia and also pivot the access to green finance from Europe and North America to Asia and other emerging markets.
China, as the leading emerging market economy, is playing an important role in the formation of global and regional taxonomies and standards. Standards which account for emerging market conditions and characteristics. Standards which will expand the universe of funding solutions for building a net zero economy.
The good news is, there is no lack of capital globally to support the green transformation. The question is how we connect the funding with the right projects at the right locations.
4. What role can the banking and insurance sector play in supporting the Green Transformation?
Now let me move onto the role of the financial sector. There are three areas that I would like to cover.
Let me start by recognizing that financial sector has an important role to play in funding the transition and decarbonisation of the economies.
It is estimated that 275 Trillion USD of cumulative spending on physical assets would be needed over the next 30 years under the Network for Greening the Financial System (NGFS) Net Zero 2050 scenario.
This equals to 7.5 percent of GDP per year from 2021 to 2050. With other words, collectively, green investments will have to increase with 60 percent from today’s level. To achieve this ambitious target - The financial sector has the instrumental role in being an effective partner in identifying, facilitating and channelling private and public funds into green and transition investments. Using Prudential as an example, we have a role in providing patient and stable debt finance to assist countries to transition into high quality- sustainable economies.
My second point is capturing the benefits from using funding mix. Investments into green infrastructure need a mix of funding options with different characteristics. While the banking system is focused on relatively short-term lending, life insurance funds could take a longer-term funding perspective.
While Bank financing gets projects started, long-term capital from life insurance and pension companies can take over the funding requirements as projects mature, thus recycling the bank capital for new projects.
Bundling together different projects can allow for a broader mix of funding instruments which is attractive to all players in the capital markets, whether they need a daily market-to-market prices or a long-term guaranteed return bond which they will hold to maturity.
The third area is the power of scaling-up the Green Finance eco-system.
By increasing the participation of the financial sector in green investments, it will trigger a positive scaling-up effect. It leads to the formation of relevant services and markets such as credit rating agencies, green bond market, carbon market, sustainability focused companies, and advisory companies for development of strategies, skills and capabilities.
As the eco-system grows, more investors join in, who will demand more ESG reporting and transparency by industry, leading to a positive and reinforcing spiral.
The financial services sector is an important piece of the larger picture. To enable and accelerate the green transformation, it’s crucial that the industry work closely together with other key stakeholders to form an enabling environment that allows the financial sector to play its full role in supporting the green transformation.
From a financial sector perspective these environments can often be characterized by:
Policy framework that encourages public-private partnerships together with participation of domestic and international public bodies. These partnerships financing structures such as Blended Finance are being scaled to accelerate the net-zero transition.
Regulatory and policy environment that facilitates access to pools of global, regional and domestic private capital for infrastructure and transition financing.
And not least a capital requirement regime that enables life insurance and pension funds to work alongside governments to fund the transition to low and zero carbon economies.
5. Prudential and closing
Prudential aspires to be an active partner in enabling the Green Transformation of the Economy and Society in the markets we operate, engaging with governments, regulators, MDBs and the private sector.
Our intentions are to promote collaborative engagement to create strong win-win solutions that will enable the environment for the financial sector to play an effective role in funding the transition, capturing the benefits from funding mixes and participating in scaling-up the Green Finance eco-system in China and rest of Asia.
Prudential are a long-term partner with the Development Research Centre (DRC) of the State Council in China. Prudential and the DRC have collaborated on several research projects over the past four years. The research topics include the financial sector’s role in supporting the transformation of the Greater Bay Area to a Green finance hub; the allocation of pension funds; and how to activate insurance funds to support growth of the real economy.
We have been a key partner in the EMTI (Emerging Market Transition Investment) initiative working together with Net-Zero Asset Owner Alliance and Sustainable Development Investment Partnership of the World Economic Forum and EU-ASEAN Business Council to look at how to support emerging markets in their green transformation. This work contributed to shape Indonesia’s plan for early retirement of coal-fired power stations.
We are also the first insurer to partner with Just Energy Transition Partnership (JETP) in Vietnam, aimed at ramping-up renewable energy investments to phase out fossil fuel solutions.
In closing. The financial sector has a critical role to play in effectively directing investments to the right places. With the right policy framework this will provide funding for green infrastructure, will support the formation of a Green Finance ecosystem, and, crucially, will ensure an inclusive and just transition to clean energy in emerging markets.
I mentioned at the start of my remarks that this year Prudential is proud to celebrate its 175th anniversary, including 100 years in Asia. The company has negotiated cataclysmic changes during this time, at both national and international level. We have always strived, whatever the circumstances, to keep our long-term promises to our customers. But climate change is perhaps the first truly global challenge that we have faced. All of us – government, industry, academia, non-profit organisations – need to work together to realise a basic transformation of the world’s economy and society. On behalf of our customers, Prudential is ready to work with governments, regulators and the financial sector to make this journey.
