PFC shares ATF's new report to help in climate initiatives
ATF Annual Report 2023 describes the progress that has been made over the last year in the seven suggested support measures in the ATF Activity Report 2022.
New Delhi: Power Finance Corporation (PFC) shared the new report from the Asia Transition Finance (ATF) Study Group, where PFC has been a core member since July, 2023.
The ATF Study Group, a private-led initiative whose core participants are Financial Institutions with operations in Asia, has published a report to help Asian economies achieve a just and orderly transition toward a more sustainable future.
The ATF Study Group was set up in 2021 in recognition of the important role that transition finance (TF) will play in helping Asian economies move toward net-zero emissions and the challenges they will face. Its goal is to create practical recommendations to supplement existing frameworks, including global standards and taxonomies, when financial institutions (FIs) consider and assess TF cases, as well as to understand challenges and explore potential enablers to TF.
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In 2022, the ATF Study Group published the ATF Guidelines to provide TF practitioners with practical guides to assess transition projects and the ATF SG Activity Report to share the challenges and suggested support measures to accelerate TF in Asia. These outcomes were introduced at Asian Green Growth Partnership Ministerial Meetings (AGGPM) in September 2022.
This year, the ATF Annual Report 2023 was created after months of discussion among the core members, mainly commercial banks. Development banks, export credit agencies, public agencies, finance associations, and second party opinion providers joined as observers and knowledge contributors. Energy and industry players also participated as guest speakers to share their perspectives.
Read Also : US Economy Beats Forecasts with 147,000 New Jobs in June, Dimming Hopes of Rate CutsThe ATF Annual Report 2023 describes the progress that has been made over the last year in the seven suggested support measures in the ATF Activity Report 2022, as well as more granular enablers that are still needed to accelerate TF by referring to the result of a survey to ATF SG members.
The Study Group believes that advancement in these areas will necessitate collaboration among all stakeholders, especially public authorities, TF receivers, and FIs, an area it will focus on going forward.
The Study Group will also continue to explore FI’s practical experiences in navigating TF, sharing real-world knowledge in its collaborative sessions. It will also use peer learning to bring deeper understanding and practical knowledge about various TF guidelines, countries’ policies including national taxonomies, and the development of TF frameworks by FIs.
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