About Green Finance Conference 2018
Co-hosted by GFMA, ASIFMA, UNESCAP and UNFCCC, the Green Finance Conference 2018 washeld on 5-6 June 2018 in Singapore.
The two-day conference attracted over 220 participants, including 20% policy makers / publicofficials, 20% corporate treasurers / issuers, 14% buy side and 6% media.

1With around 60 senior speakers including key representatives from sell side, institutional
investors, leading market practitioners and industry experts in Green Finance, the conference
highlighted the key role the financial services industry must play in the transition to sustainable
development, including the mainstreaming of green securities and how enthusiasm for suchfinancial instruments has grown among investors.
We were also honored to have Mr. Masagos Zulkifli, Minister for the Environment and Water
Resources and Minister-in-Charge of Muslim Affairs, Republic of Singapore, as our keynote
speaker at this conference.
We specially thank the valuable support from 8 sponsoring firms including Bank of America
Merrill Lynch, BNP Paribas, Credit Agricole, DBS, HKUST, HSBC, ING and Moody’s InvestorsService, as well as 7 endorsing associations.

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We have received very positive feedback from the stakeholders including speakers, delegates andsponsors. Most of them found the conference very well-organized with relevant topics, thespeakers excellent, the discussions highly informative and interactive, and the conference thoughtprovoking and enjoyable with the opportunity to meet the various senior representatives withsimilar interests in green finance aspects, which encouraged the development of a practical green
financial system beneficial to the capital markets.

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List of Participating Organizations in 2018:
Aberdeen Asset Management AsiaAdelphi Bangkok
Aegis Capital Investment Management
Amstel Securities (Asia)
Amundi Asset Management
ANZ
Ascendas Hospitality Trust
Ascendas Reit
Asia Investor Group on Climate Change
ASIFMA
Association of Development Financing
Institutions in Asia and the Pacific
AXIS Speciality Limited
Banco de España
Bank for International Settlements
Bank of America Merrill Lynch
Banque de France
Barclays
BNP Paribas
BNP Paribas Asset Management
Burson-Marsteller Singapore
Capital Group
CapitaLand GroupCFPC (Singapore)Children's Investment Fund Foundation (CIFF)
City Developments Limited
Clifford Capital
Climate Bonds Initiative
CNPC Treasury (Singapore)Council on Economic Policies
Credit Agricole
Credit Guarantee & Investment Facility
DBS
De Nederlandsche Bank

Deutsche Bundesbank
DNV GL Business Assurance
Eastspring Investments
Eco-Business
EDF
Embassy of the Federal Republic of Germany,
Singapore
Environmental FinanceEuropean Central Bank (ECB)
FidacFirst Degree Global Asset Management
First Micro Finance Bank
FlexFunds
Frasers Property
French Treasury
FTI Consulting
Funds Europe
German Development Institute
GFMA
GIC
Gimme Credit
Global Climate Capital
GMO
GuarantCo
GuocoLand
Halcyon Agri Corporation
HNWI Private Limited
HSBC
Huawei InternationalICBC
IGES
Indosuez Wealth Management
Inframation GroupInfrastructure Journal / Project Finance Magazine4

List of Participating Organizations in 2018 (Con’t):
ING
International Finance Corporation (IFC)
IPP Financial Advisers
Keppel Corporation / Keppel Land Int’l
Marsh & McLennan Companies
Metro Holdings
Mexichem/Netafim
Milken Institute
Ministry of the Environment and Water
Resources, Republic of Singapore
Mlex
Monetary Authority of Singapore (MAS)
Moody's Investors Service
National Bank of Georgia
National Environment Agency
NDE Capital GroupNikko Asset Management Asia
NTUC Income Insurance
OBOR Development Corporation, Pakistan
Official Monetary & Financial Institutions Forum
Oliver Wyman
Osterreichische Nationalbank
P4G - Partnering for Green Growth and the
Global Goals 2030
Pakistan Mortgage Refinance Company
Phillip Capital Management
Proparco
RCC/IGES
Reserve Bank of Fiji
Reuters Breakingviews
RHB BankRS GroupSB REIT Management
Securities and Futures Commission
Securities Commission Malaysia
Sembcorp Marine
Siemens
Sindicatum Sustainable Resources
Singapore Institute of International Affairs
Singapore Press Holdings
Skandinaviska Enskilda Banken AB
South Pole Group
Standard Chartered Bank
Strategy Group - Prime Minister's Office, Singapore
Super One Holdings
Surbana Jurong
Sustainable Finance Collective Asia (SFCA)
Sustainalytics
The Hong Kong University of Science & Technology
Thomson ReutersTICON Industrial Connection
Twin Pine Group, Bangkok
UN Capital Development Fund, Myanmar
UNESCAP
UNFCCC
United Overseas Bank (UOB)
Vena Energy
Vigeo Eiris
Vistra Singapore
Westpac Banking Corporation
Wilmar InternationalWWF

Event Websites:
For more about the Green Finance Conference in 2018: www.asifma.org/green2018.
For More Information about ASIFMA Events: www.asifma.org/events5

Final Program
Date:
Location:

Tuesday-Wednesday, 5-6 June 2018
Marina Mandarin Hotel Singapore (Leo & Capricorn Room, Level 1)

UNESCAP, UNFCCC, GFMA and ASIFMA’s two-day Green Finance Conference featured keynote
speeches and panel discussions on Day One (Growing Green) and a Catalyst Roundtable format on day
two (Green Investment Catalyst). The objective of the program was to explore how Asian capital
markets can be best leveraged to support sustainable and climate-aligned economic growth in theregion.
Day One: Growing Green
08:15-08:30

Delegates Check-in

08:30-08:45

Welcome Address• Hong Joo Hahm, Officer-in-Charge, UNESCAP• James Grabert, Director, Sustainable Development Mechanisms Programme,
UNFCCC

08:45-09:00

Keynote Address• Masagos Zulkifli, Minister for the Environment and Water Resources andMinister-in-Charge of Muslim Affairs, Republic of Singapore

09:00-09:45

Panel 1: The Case for Green FinanceThis panel explored the opportunities of green finance, including how dedicatedgreen issuance and investment can benefit infrastructure and other sectors to help
countries meet their sustainable development goals. Speakers also exploreddefinitions of “green” and emerging trends.
• Grant Kirkman, Team Leader, UNFCCC• Pierre Rousseau, Head of Global Markets APAC, and Strategic Adviser-elect for
Sustainable Business, Global CIB, BNP Paribas• Christopher Flensborg, Head of Climate & Sustainable Finance, Skandinaviska
Enskilda Banken• Sameer Chopra, Managing Director, ESG Research APAC, Bank of America Merrill
Lynch• Clara Ferreira-Marques, Columnist, Reuters Breakingviews (Moderator)

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09:45-10:30

Panel 2: The Regional Green Finance Market and Global Experiences
This panel discussed how to develop deep and cross-border markets for green
finance in Asia, including how regional policymakers might leverage the work alreadydone by the European Commission’s High Level Expert Group on Sustainable Financeor the G20’s Sustainable Finance Study Group.
• Jeanne Stampe, Head of Asia Sustainable Finance, Global Finance Practice
Leadership Team, WWF• Sean Kidney, Co-Founder and CEO, Climate Bonds Initiative• Herry Cho, Director, Head of Sustainable Finance Asia Pacific, ING• Laura Altinger, Senior Advisor, Climate Change and Finance, UNESCAP(Moderator)

10:30-11:00

Coffee Break

11:00-11:45

Panel 3: Green Bond Issuer and Underwriter Interview - Sovereigns
A panel of experts discussed the experiences of sovereign issuers and underwriters ofgreen bonds. The panel demonstrated the advantages of green-labelled bonds forcountries of all sizes or levels of development.
• Dominique Duval, Sustainable Banking – Head of Asia-Pacific, Credit Agricole• Antoine Aubel, Deputy Head of Economic Department for South-East Asia,French Treasury• Rahul Ghosh, Senior Vice President, ESG and Green Bonds, Moody’s InvestorsService• Flora Chao, Global Head of Funding, Treasury Market Operations, International
Finance Corporation (Moderator)

11:45-12:30

Panel 4: Green Bond Issuer and Underwriter Interview – Corporates
Corporate issuers and underwriting banks described the process for corporate green
bond issuance, including the drivers behind the decision to issue green-labelledbonds, investor demand, use of proceeds and reporting.
• Clifford Lee, Managing Director, Head of Fixed Income, DBS• Conan Tam, Co-Head of Asia Pacific Debt Solutions, Bank of America Merrill
Lynch• Benjamin Lamberg, Global Head of MTNs & Private Placements, and Head of Asia
Credit, Credit Agricole• Carine de Boissezon, Finance Director, International Division, EDF• Trisha Taneja, Head of Sustainable Bonds, Americas and APAC, Sustainalytics(Moderator)

12:30-13:30

Lunch7

13:30-14:15

Panel 5: Investor Panel: Building a Sustainable Portfolio
Fund managers discussed their motivations in building sustainable portfolios,
including investor interest, expected performance of green financial instruments, andties to broader fiduciary responsibility.
• Jean-Marie Masse, Global Head and Chief Investment Officer, InternationalFinance Corporation• Hardik Shah, ESG Practice Manager, GMO• Alex Ng, Chief Investment Officer, Asia Pacific, BNP Paribas Asset Management• Richard Ditizio, President and Chief Operating Officer, Milken Institute(Moderator)

14:15-15:00

Panel 6: Green Lending and Securitization
Going beyond green bonds, this panel discussed challenges and opportunities in thegreen lending and securitization spaces, including the creation of Green Lending
Principles and balancing credit ratings and evaluations of “greenness.”• Juliette Macresy, Head of Greater China and South East Asia Market, Vigeo Eiris• Peeyush Pallav, Senior Vice President, Structured Debt Solutions, DBS• Cedric Rimaud, Director of Emerging Markets Research, Gimme Credit• Jay Mariyappan, Managing Director, Sindicatum Sustainable Resources(Moderator)

15:00-15:30

Coffee Break

15:30-16:15

Panel 7: Public Policies and Incentives to Support Green FinanceThis panel considered policy measures from the public sector to support thedevelopment of green finance, such as prudential or fiduciary regulatory frameworks,
grant schemes and tax incentives, and investments to ensure a steady pipeline ofinvestable projects.
• Nathalie Aufauvre, Director General for Financial Stability and Operations,
Banque de France; Central Banks and Supervisors Network for Greening theFinancial System• Stewart James, Head of Group Public Affairs, Asia Pacific, HSBC
• Alexander Barkawi, Founder and Director, Council on Economic Policies• Adam Cotter, Head of Asia, Official Monetary and Financial Institutions Forum(Moderator)

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16:15-17:00

Panel 8: Day One Takeaways and Introduction to the GIC Roundtable
As a lead into Day Two, this panel reflected upon the opportunities highlighted during
the day to address the ‘what’ the ‘who’ and ‘how’ on growing and expanding upongreen finance in promoting sustainable and low-carbon development across the AsiaPacific region. Moderators from earlier panels joined to comment on conclusions
from their own discussions.
• Laura Altinger, Senior Advisor, Climate Change and Finance, UNESCAP• Adam Cotter, Head of Asia, Official Monetary and Financial Institutions Forum• Yossef Zahar, Senior Finance Expert, RCC/IGES• Grant Kirkman, Team Leader, UNFCCC• Mark Austen, CEO, GFMA and ASIFMA (Moderator)

17:00-17:05

Closing Remarks• Mark Austen, CEO, GFMA and ASIFMA

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Day Two: Asia-Pacific Green Investment Catalyst Roundtables
A Green Investment Catalyst Roundtable is a three-phase process comprising Prepare - Catalyze Continue. The first Asia GIC involved the development of climate-aligned finance initiatives,
investment vehicles, programmes or norms. The roundtable took this process further towards
ensuring the initiatives result in tangible investments and frameworks ‘on the ground’ with climate
outcomes contributing to green growth in Asia.
08:45-09:00

Delegates Check-in

09:00-09:30

Opening Remarks
Set the scene for the first GIC and its role of the UN system in catalyzing finance forclimate and sustainable development in Asia. Under a global set of defining
objectives, speakers introduced the why and how financial systems and flows would
need to be aligned with opportunities for green growth to achieve national priorities,
for regional and global scale benefits. Included national development priorities andimplementation of green growth in a post-Paris world• James Grabert, Director, Sustainable Development Mechanisms Programme,UNFCCC• Tetsuo Kuyama, Director, IGES Regional Centre

09:30-10:30

Session 1: Sustainable Bonds for MFI Financing
Capital markets provide an important opportunity source of finance for addressing
climate, resilience and social development. The roundtable offered an insight into thestructuring of a capital markets funded facility for regional multi-lateral financing
institute (MFI’s) financing. Various aspects of the structure were discussed including
underlying sustainable projects, capital markets and investors’ readiness for the asset
class, MFI’s financing needs and supporting required mechanism such as Guarantees.
The session offered an opportunity to hear from key local financial institutions,financial tool providers, Investors and project developers about their strategies andplaned structure to move towards sustainability through capital markets.
• Kiyoshi Nishimura, CEO, Credit Guarantee & Investment Facility, Manila• Adisorn V. Singhsacha, Founder and CEO, Twin Pine Group, Bangkok• Tal Brod, Managing Director, Mexichem/Netafim• Neal Youngquist, Senior Advisor, UN Capital Development Fund, Myanmar• Yossef Zahar, Senior Finance Expert, RCC/IGES (Moderator)

10:30-11:00

Coffee Break10

11:00-12:00

Session 2: The Emergence of ASEAN Green Loans
This session provided a window into a green loan structure for on-lending and filling
the green financing gap in smaller markets. Adequate financial returns forparticipants is the key challenge. The session therefore discussed all the elements inmaking this into a successful initiative, such as cross border loan provision, green
lending considerations, second opinion providers, credit enhancement, portfolio
diversification and support.
• John Groesbeek, Acting Deputy Treasurer & Head Syndications – Asia Pacific,
International Finance Corporation• Octavio B. Peralta, Secretary General, Association of Development Financing
Institutions in Asia and the Pacific• Bruce McKenzie, Associate Director, Institutional Banking, ANZ• Trisha Taneja, Head of Sustainable Practice, Americas and APAC, Sustainalytics• Jean-Christophe Manghardt, Initiative Lead, ING Innovation Representative for
the Sustainable Collective Finance Asia (SFCA)• Gaurav Kwatra, Principal, Oliver Wyman• Yossef Zahar, Senior Finace Expert, RCC/ IGES (Moderator)

12:00-13:15

Lunch

13:15-14:30

Session 3: A New Green Lending Facility for Asia Pacific
ESCAP is working to strengthen the capacity of financial institutions in the Asia-Pacificregion to develop an enabling policy environment that promotes private investments
in climate change mitigation and adaptation projects. Challenges discussed in thesession include: cost of capital, FX hedging, tax considerations, capital controls, credit
enhancement.
• Jenny Koh, Regional Director, Asia, GuarantCo• Amir Masood Khan, CEO/President, First Micro Finance Bank Ltd.
• Umair Javed, Director, OBOR Development Corporation, Pakistan• Saleem Zia, Chief Operating Officer, Pakistan Mortgage Refinance Facility• Cedric Rimaud, Director of Emerging Markets Research, Gimme Credit(Moderator)

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14:30-15:15

Session 4: The Role of Asia-Pacific Green Bond Standards
This roundtable created awareness about international Green Bond Standards andhow these could serve as a strong signal for the broader investment community. Theregion is ready to scale-up green bonds and to harmonise existing standards tofacilitate access to international investors. Similarly to the adoption of the ASEAN
standards, the wider Asia-Pacific region can benefit from a region-wide green bondstandards. This roundtable discussed how this could be achieved on the basis ofrelevant case studies.
• Esther An, Chief Sustainability Officer, City Developments Limited• Mark Robinson, Manager, Sustainability Services, DNV GL Business Assurance• Frederic Samama, Co-head of Institutional Clients, Amundi Asset Management• Emmanuel Buttin, Policy Expert – Financial Regulation and Green Finance,Banque de France• Rebecca Wright, Director, Asia Investor Group on Climate Change (Moderator)

15:15-15:45

Coffee Break

15:45-16:30

Session 5: Impact and Compliance Monitoring of Green Bonds
Impact and compliance monitoring of proceeds, and the environmental and social
performance is gaining importance in green bond markets, and helps investors
measure the positive externalities of their investments. Continuous monitoring is also
critical to ensure compliance with the basic commitment and to maintain trust among
investors, contributing in this way to increase the demand.
• Caroline Waqabaca, Chief Manager Financial Markets, Reserve Bank of Fiji
• Juliette Macresy, Head of Greater China and South East Asia Market, Vigeo Eiris• Sean Kidney, Co-Founder and CEO, Climate Bonds Initiative• Lise Pretorius, Sustainable Finance Engagement Manager, WWF• Grant Kirkman, Team Leader, UNFCCC (Moderator)

16:30-17:00

Closing: Making Green Finance Structures a Reality in the Region
In an interactive tour-de-table format, this session kicked off the third phase
Continue in the three-stage process in the Green Investment Catalyst process(Prepare - Catalyze – Continue). It sought closing remarks feedback andendorsement by partners and potential funders on the proposed initiatives, facilities
and programmes of work discussed in Sessions 1 to 5. It included feasibility,refinements, donors, funding, pro-bono services in steps towards theirimplementation. It also included a roadmap towards recommendation andsuggestions for other partners and funders for further development.
• James Grabert, Director, Sustainable Development Mechanisms Programme,UNFCCC

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