China, People's Republic of : Net Zero Transformation and Innovative Finance Development

Sovereign Project | 56356-001

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

  • Project Officer
    Huang, Anqian
    Sectors Group
    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
Project Status
Active
Project Type / Modality of Assistance
  • Technical Assistance
Source of Funding / Amount
TA 10078-PRC: Net Zero Transformation and Innovative Finance Development
Source Amount
Technical Assistance Special Fund US$ 225,000.00
Operational Priorities
  • OP6: Strengthening governance and institutional capacity
Sector / Subsector
  • Finance / Finance sector development

Gender
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.

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

Contact

Responsible ADB Officer
Huang, Anqian
Responsible ADB Department
Sectors Group
Responsible ADB Division
Finance Sector Office (SG-FIN)
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

Funding

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
ADB Cofinancing Counterpart Total
Gov Beneficiaries Project Sponsor Others
225,000.00 0.00 0.00 0.00 0.00 0.00 225,000.00
Cumulative Disbursements
Date Amount
27 May 2024 101,062.09

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

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Evaluation Documents See also: Independent Evaluation

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Related Publications

None currently available.


The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

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Tenders

Tender Title Type Status Posting Date Deadline
TA Implementation Support Assistant Individual - Consulting Closed
Technical Editor Individual - Consulting Closed

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.