China, People's Republic of: Net Zero Transformation and Innovative Finance Development
The small-scale TA is designed to support technical knowledge and capacity development in the People's Republic of China (PRC). The demand for the TA evolved from the changing regional dynamics in the post-coronavirus disease (COVID-19) environment and the emerging business needs to (i) address climate change impact, and (ii) promote high-quality growth. In particular, the TA will provide innovative financial solutions to address the emerging sectors, including those in which the project commercial bankability is yet to be achieved. These areas include, for example, net zero agricultural transformation, ecosystem conservation and biodiversity on the East Asian-Australasia Regional Flyway, and disaster risk finance, which are ADB's operational priorities from 2023-2025. The TA objective to promote innovative and sustainable finance is aligned with (i) the PRC's 14th Five-Year Plan (2021-2025) and (ii) the ADB country partnership strategy 2021-2025 for PRC.
Project Details
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Project Officer
Huang, Anqian
East Asia Department
Request for information -
Country/Economy
China, People's Republic of -
Sector
- Finance
| Project Name | Net Zero Transformation and Innovative Finance Development | ||||
| Project Number | 56356-001 | ||||
| Country / Economy | China, People's Republic of |
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| Project Status | Active | ||||
| Project Type / Modality of Assistance | Technical Assistance |
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| Source of Funding / Amount |
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| Strategic Agendas | Environmentally sustainable growth Inclusive economic growth |
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| Drivers of Change | Gender Equity and Mainstreaming Governance and capacity development Knowledge solutions Private sector development |
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| Sector / Subsector | Finance / Finance sector development |
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| Gender Equity and Mainstreaming | Some gender elements | ||||
| Description | The small-scale TA is designed to support technical knowledge and capacity development in the People's Republic of China (PRC). The demand for the TA evolved from the changing regional dynamics in the post-coronavirus disease (COVID-19) environment and the emerging business needs to (i) address climate change impact, and (ii) promote high-quality growth. In particular, the TA will provide innovative financial solutions to address the emerging sectors, including those in which the project commercial bankability is yet to be achieved. These areas include, for example, net zero agricultural transformation, ecosystem conservation and biodiversity on the East Asian-Australasia Regional Flyway, and disaster risk finance, which are ADB's operational priorities from 2023-2025. The TA objective to promote innovative and sustainable finance is aligned with (i) the PRC's 14th Five-Year Plan (2021-2025) and (ii) the ADB country partnership strategy 2021-2025 for PRC. The TA activities will broadly cover climate change mitigation and adaptation, including, but not limited to, low carbon development in the agriculture sector value chain (from seed to food), wetland protection, habitat restoration, carbon sink, ecotourism, public financial management, capital markets development, and/or other related areas. The TA will support policy advice, capacity building, research and development, and knowledge development and dissemination. | ||||
| Project Rationale and Linkage to Country/Regional Strategy | The PRC's social and economic development over the past four decades has been unprecedented in its history. It has transformed itself from a low-income agricultural country in 1980 to a highly industrialized upper middle-income country in 2015. During the same period, the real gross domestic product (GDP) grew twenty-six-fold (footnote 3). However, the relentless industrialization, along with the rapid infrastructure development and urbanization, have led to significant environmental costs. In particular, due to the extensive use of coal as its primary energy source, the PRC has been the world's largest carbon emitter since 2006 and contributing to global climate change. They also undermine the PRC's 14th Five-Year Plan 2021-2025 (footnote 1) that aims at achieving higher-quality growth and sustainable development. In this context, beyond 2022, ADB projects and assistance programs should cover emerging climate change impact through innovative financial solutions to contribute to the PRC's 2030 carbon peaking and 2060 carbon neutrality goals. They should promote innovation, value addition, replicability, demonstrative impact, and knowledge spillover. | ||||
| Impact | Inclusive and sustainable development for high-quality growth in the PRC facilitated. |
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| Project Outcome | |
|---|---|
| Description of Outcome | Country capacity to identify and develop innovative green financing programs enhanced. |
| Progress Toward Outcome | |
| Implementation Progress | |
| Description of Project Outputs | Innovative knowledge development and dissemination supported The PRC's institutional capacity on innovative financing enhanced |
| Status of Implementation Progress (Outputs, Activities, and Issues) | |
| Geographical Location | Nation-wide |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Stakeholder Communication, Participation, and Consultation | |
| During Project Design | |
| During Project Implementation | |
| Responsible ADB Officer | Huang, Anqian |
| Responsible ADB Department | East Asia Department |
| Responsible ADB Division | Public Mgt, Financial Sector and Regional Coop Division, EARD |
| Executing Agencies |
Asian Development Bank |
| Timetable | |
|---|---|
| Concept Clearance | - |
| Fact Finding | 28 Nov 2022 to 28 Nov 2022 |
| MRM | - |
| Approval | 23 Dec 2022 |
| Last Review Mission | - |
| Last PDS Update | 27 Dec 2022 |
TA 10078-PRC
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 23 Dec 2022 | - | 23 Dec 2022 | 31 Dec 2025 | - | - |
| Financing Plan/TA Utilization | Cumulative Disbursements | |||||||
|---|---|---|---|---|---|---|---|---|
| ADB | Cofinancing | Counterpart | Total | Date | Amount | |||
| Gov | Beneficiaries | Project Sponsor | Others | |||||
| 225,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 225,000.00 | 09 Jan 2023 | 0.00 |
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