APLMA Australia Loan Market Conference 澳大利亚贷款市场会议

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Key Takeaways from panel discussion - Climate change and the finance sector

Sustainability progress made, but it’s only the beginning

Australia has caught up with global markets when it comes to championing sustainability policies and frameworks, including enabling capital flows to address climate change, and putting in place a tailor-made taxonomy that fits its unique transition needs. The country has seen A$186 billion in sustainability labelled debt so far in 2024, on par with volumes in 2023, and market participants are optimistic about the way forward – even if the speed of the market’s growth hasn’t fully translated to capital allocation to critical climate and sustainability-related projects just yet.

Regulators and the market are focused on transition

Australia’s regulators, treasury officials, and financial market participants have all come together to put in place relevant transition plans to push the market forward – taking cues from the progress seen in international markets. This means banks with their own sustainable finance goals and net-zero targets have worked constructively to convey the complexities of embracing transition, the challenges they face on the ground, and the roadblocks that must be overcome, allowing regulatory bodies to implement better regulation and stronger sustainable finance strategies.

Preparation ongoing to meet climate disclosure rules

Mandatory climate-related financial disclosure requirement come into effect from?January 1, 2025, meaning businesses have to start disclosing their risk management strategies and capabilities around combating climate change. Interoperability has been a concern, but broadly, banks and corporates have voiced commitment to the initiative for a host of reasons: it will help to mainstream considerations around climate risk and opportunity, while putting Australia on par with numerous other international markets. The new regime can be a win-win all around if implemented effectively.

Taxonomy helps sustainable financing stay valuable, despite backlash

Greenwashing concerns and a backlash against the sustainable finance market have created an environment of fear among many market participants. But ESG leaders in Australia see strong support for sustainable financing from the development of the Australian sustainable finance taxonomy, modelled to ensure capital goes to the right industries and projects while mitigating greenwashing risks. The taxonomy will also enhance productivity by reducing the time and resources needed to evaluate whether projects or assets are green or transition aligned.? Admittedly, Australia’s sustainable financing framework is still a work in progress, but the building blocks have been laid through the Sustainable Finance Roadmap to create a sophisticated approach to overseeing the green market.

Net-zero future rests on electrification, renewables

Australia’s Climate Change Act, Future Made in Australia agenda and Net Zero Plan process taxonomy are providing a pathway and policy certainty over how the country will get to net zero. One of the priorities will be electrification and boosting the renewable share of electricity generation and energy systems. Green hydrogen, green metals, critical minerals and low carbon liquid fuels are expected to play a big role in the transition. From a practical perspective, private funds will have to be directed towards ESG activities, with sustainability increasingly needing to be incorporated into the risk appetites of companies’ and banks’ boards.

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气候变化与金融业小组讨论摘要

可持续发展取得了进展，但这仅仅是个开始

在倡导可持续发展政策和框架方面，澳大利亚已经与环球市场看齐，包括促进资本流向应对气候变化项目，并制定了适合其国家独特转型需求的分类法。2024 年迄今，澳大利亚的可持续发展债务已达1860亿澳元，与 2023 年的债务量持平。即使现时对关键气候和可持续发展相关项目的资本配置尚未完全反映市场的高速增长，市场参与者对未来的发展仍保持乐观。

监管机构和市场关注转型

澳大利亚的监管机构、财政官员和金融市场参与者借鉴了国际市场的经验，一同制定了相关的转型计划以推动市场发展。这意味着已制定可持续金融目标和净零目标的银行积极地表达了净零转型的复杂性、他们所面临的实质挑战以及必须克服的障碍，使监管机构能够落实更佳的监管政策和的可持续金融战略。

气候相关披露准则的准备工作如火如荼

澳大利亚的强制性气候相关财务披露制度将从 2025 年 1 月 1 日起开始实施，这意味着企业必须开始披露其应对气候变化的风险管理策略和能力。互操作性一直是备受关注，但总体来看，银行和企业都表达了对该计划的承诺，原因包括此制度将有助将围绕气候风险和机遇的考虑因素纳入主流，同时令澳大利亚与许多其他国际市场的标准看齐。如果有效实施，新制度将创造双赢局面。

分类法帮助可持续融资在反对声浪中维持价值

对漂绿的担忧和对可持续金融市场的强烈反对使许多市场参与者感到不安。但澳大利亚的 ESG 领导者认为，澳大利亚可持续金融分类法的发展为可持续融资提供了强而有力的支持，该分类法的建模是为了确保资本流向合适的行业和项目，同时降低漂绿风险。分类法还将减少评估项目或资产是否符合绿色或过渡标准所需的时间和资源，从而提高生产力。虽然澳大利亚的可持续融资框架仍在建设中，但已经拥有充分基础创建精密的系统来监督绿色市场。

净零排放的未来取决于电气化和可再生能源

澳大利亚的气候变化法案、澳大利亚未来制造法案（Future Made in Australia）和净零计划流程分类法为该国实现净零目标提供了路径和政策确定性。其中一个优先事项将是电气化和提高可再生能源在电力生产和能源系统中的份额。绿色氢气、绿色金属、关键矿产和低碳液体燃料预计将在转型中发挥重要作用。从实际角度来看，私募资金必须投入ESG活动，可持续发展也越来越需要被纳入公司和银行董事会的风险考量。

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