加快亚洲气候和自然影响力投资

AcceleratingImpactInvestments

for

Climate

andNature

inAsiaI

N

S

I

G

HT

R

E

P

O

R

TMA

R

C

H

2

0

2

5WJR

LDECCN

MICF

ORUMImages:Getty

Images,UnsplashContentsForeword

3Executivesummary

41

Context

51.1Balancing

highemissionsandextreme

climatevulnerability61.2Impact

investing

keytoacceleratingchange82

ChallengesofAsia’s

impact

investment

market102.1Nascency

ofthe

market112.2Investorknowledge

and

expectations122.3Geographicchallenges132.4Culturaldynamics153

Insightsfor

practitioners163.1Thepowerandpotential

of

blendedfinance173.2Collaborationopportunities183.3

Theright

partnerships213.4Standardsandtaxonomy224

Lookingahead23Conclusion

25Appendix:

Methodologyandanalyses26Contributors27Endnotes

28DisclaimerThisdocumentis

published

bytheWorld

Economic

Forumasacontributionto

a

project,

insight

area

or

interaction.Thefindings,interpretationsandconclusionsexpressedherein

are

a

resultofacollaborativeprocessfacilitated

andendorsedbytheWorld

Economic

Forumbutwhoseresultsdo

not

necessarilyrepresenttheviewsoftheWorld

EconomicForum,nor

the

entirety

of

its

Members,Partnersorother

stakeholders.©2025World

Economic

Forum.All

rightsreserved.

No

part

of

this

publication

maybereproducedortransmitted

in

anyformorbyany

means,

including

photocopyingandrecording,or

by

any

informationstorage

and

retrieval

system.Accelerating

Impact

Investments

for

Climate

and

Nature

in

Asia

2Asweapproachacriticaljuncture

inthefightfor

the

futureoftheecosystemsuponwhichwe

depend,

it

is

increasinglyclearthatwe

mustaccelerateefforts

tocreateand

implementsolutionstothe

climatecrisiswith

urgencyand

resolve.The

needforcollectiveactionacrossallsectors

has

never

been

more

pressing.Toovercomethe

barriersthat

have

hindered

progress,we

must

promotecollaboration

and

innovation–

both

inthedevelopmentofthepracticalsolutions

requiredand

inthewayswe

financethem.Asia

playsa

pivotal

role

intheglobal

climatechallenge.With

its

rapidlygrowingeconomies,expanding

populationsand

rich(but

increasinglyvulnerable)ecosystems,the

region

holdsthe

keyto

determiningthesuccessorfailureof

global

climate

efforts.Thestakesare

high,

notjustforAsia

butfortheentireworld.This

isa

shared

challengethat

requiresa

unifiedglobal

response.The

burdenof

addressing

itshould

notfallsolelyonthe

shoulders

ofthis

region:

it

isacollective

responsibility.Impact

investing

hasemergedasa

promisingtoolto

mobilizethe

necessarycapitalforclimate

action.

Itoffersa

powerfulwaytoattract

diverse

stakeholders,

manage

riskanddrive

innovation.

Whilesignificantstrides

have

been

made

inEuropeand

NorthAmerica,wherethe

potential

for

profitable

investmentsthatdeliver

positiveenvironmentalandsocialoutcomes

iswidelyrecognized,the

marketfor

impact

investing

iscurrently

in

itsearlystages

inAsia.

However,

ifacceleratedandwidelyadopted

inthe

region,the

potential

benefitsfor

bothclimateand

nature

are

immense.By

harnessingthecollective

power

ofthefinancialsector,wecanconfront

climate

change

head-onandensurethatthe

investmentswemaketoday

laythefoundationforasustainableworldforgenerationsto

come.

Infacing

thisgreatestofcrises,we

are

confident

that

ourcapacityfor

innovationwill

proveto

be

our

strongestally.AcceleratingImpactInvestmentsforClimateandNature

inAsiaForewordMildredTanChairperson,

BoardofTrustees,Singapore

UniversityofSocialSciences

(SUSS)Poman

LoFounderandChairperson,

InstituteofSustainabilityandTechnologyAccelerating

Impact

Investments

for

Climate

and

Nature

in

Asia

3Gim

Huay

NeoManaging

Director,World

Economic

ForumMarch2025ExecutivesummaryMultistakeholdercollaboration

isvitaltoscale

impact

investing,de-riskinvestmentsanddeliversustainabletriple-bottom-line

returns.strengthsofeachsector,these

partnershipscancreatesustainablefinancialstructuresthat

unlock

additional

privatecapital,

making

investmentsmorescalable,

replicableandattractive.Thesecollaborationsgeneratewin-winoutcomesacross

thetriple

bottom

line–environmentally,sociallyand

economically–while

helpingto

pool

resourcesand

increase

investmentflows.Toacceleratethegrowthof

impact

investing

inAsia,thereportconcludeswithaforward-lookingroadmap.

Drawingfromexpertinsights,successful

casestudiesandlessonslearned,

it

offers

actionable

stepsforpractitionersandother

keystakeholdersto

addresstheidentifiedchallengesand

unlockthefull

potentialofimpactinvesting

in

solving

some

ofthe

world’smosturgentclimate

and

nature

crises.Asia,comparedto

Europeand

NorthAmerica,hasa

relatively

nascent

impact

investing

market.

However,

interest

inthe

region

isgrowing,driven

bythediverseopportunitiesforclimate

and

nature

solutions.

Early

moversare

introducing

innovative

blendedfinancialstructuresthat

reduce

risksand

improvethe

bankabilityofinvestments,

helpingattract

morecapitaltothe

region.

Despitethis,challenges

remain,

including

market

immaturity,

limiteddataand

perceptionsof

high

risk,which

complicatethe

identificationofquality

investment

opportunitiesthat

promise

measurable

positive

impactsandfinancial

returns.This

reportoutlines

howcollaborationacrosspublic,

privateand

philanthropicsectors

iscrucial

toovercomingthese

barriers.

By

harnessingtheTheSustainable

DevelopmentGoals(SDGs)faceadauntingyearlyfundinggapof$4.2trillion

indevelopingcountries,1

hinderingprogress

onessentialclimate,environmentalandsocialissues.Tomeetthesechallengesatscaleand

pace,

radically

moreeffectiveandefficientfinancialmechanismsmustbeemployed.

Impactinvesting

presentsapromisingsolution,particularlyinAsia,which

is

home

tosomeoftheworld’smostcriticalclimateandnaturechallengeswhile,inparallel,offering

significant

opportunitiesfortransformativechange.This

insight

report,

basedon

marketdata,case

studiesandexpert

interviews,demonstrateshow

impact

investingcan

unlockthefinancialcapital

neededtoaddressthese

pressing

issues

whilealsodelivering

returnson

investment.Allexperts

interviewedagreedthat

urgentaction

is

needed

inAsia,

butemphasizedthatclimateand

naturechallengesarea

global

issuethat

requires

sharedsolutions.Thereisagreatersenseofurgencyintermsofclimateandnatureaction

inAsia,particularlybecauseitisthegeographicpartoftheworldwhere

wehavethemostclimate-relateddisastersthananywhereelse.Sectorexpert,July2024Accelerating

Impact

Investments

for

Climate

and

Nature

in

Asia

4ContextAsia

requires

urgentactionand

innovative

financingsolutionstotransition

intosustainabledevelopment.Accelerating

Impact

Investments

for

Climate

and

Nature

in

Asia

51EurasiaAsia-Pacific6%51%NorthAmerica4%Asia’sshareofannualglobalemissions199020192023

10-20%Source:World

Economic

Forum.(2023).

Accelerating

Asia’s

Advantage:

A

Guide

to

Corporate

Climate

Action;Asia

Development

Bank.(2023).

Asia

in

the

globaltransition

to

new

zero:

Asian

development

outlook2023thematic

report.Asiastandsastheworld’s

largestcontributortoanthropogeniccarbonemissions,accountingforapproximately51%ofglobalemissions

annually.2

This

region’sshare

hasgrownsignificantly

overthe

pastfewdecades,

risingfrom22%

in

1990to44%

in2019,

reflectinga

rapidly

increasingemission

rate

that

is

unmatched

byanyother

partoftheworld.3

It

is

hometo82%oftheworld’scoal

generation,4

oneofthe

most

harmfulsourcesofenergy

for

the

climate.Consequently,addressingAsia’scarbonfootprint

iscriticaltoachievingglobal

sustainability

andclimate

mitigationgoals.5Atthesametime,Asia

is

highlyvulnerabletothe

impactsofclimatechange.Witha

population

of4.68

billion

people,

manyofwhom

live

incoastal

or

low-lyingareas,the

regionfacessignificant

risks

from

risingsea

levels,extremeweatherevents

and

otherclimate-relatedchallenges.6

Theeconomic

repercussionsarealsosevere.

For

example,

inViet

Nam,approximately80%ofthecountry’s

grossdomestic

product(GDP)

isgeneratedfromcoastal

lowlands,whichare

highlysusceptibletoflooding

andotherclimate

impacts.7

Withouteffectiveadaptation

measures,

it

is

projectedthat6-12million

peoplecould

bedisplaced

by2070-2100

duetotheeffectsofclimate

change

inthe

region.8Beyondthedirectenvironmental

risks,Asia’snaturalcapital–anessential

source

ofwealth

for

manycommunities–

is

increasingly

underthreat.

Around30%ofthewealth

intheAsia-Pacificregion

isderivedfrom

natural

resources,with

many

low-incomecommunitiesdependenton

naturalecosystemsandtourismfortheir

livelihoods.9,10Despitethis,climatechangeandthe

degradation

ofecosystemsare

underminingthese

resources.

South-EastAsia,forexample,

has

lostapproximately

halfofits

mangroveforestsoverthe

pastfivedecades,endangeringvitalecosystemservicessuchasfisheries,coastline

protection

and

carbonsequestration.11,12

Countries

like

Indonesia

and

Malaysia

haveseen

particularly

high

ratesof

mangrove

loss,13

while

Indonesia

isalsofacinganexpecteddeclineof48%

of

its

forest

cover

by2050.14

Additionally,70%ofcoral

reefs

inthe

Philippinesareat

riskofdegradation,

further

exacerbatingthe

region’svulnerability.15Thesetrends

highlightthe

urgent

needfortargeted

climateactionandsustainable

developmentstrategiesto

mitigatethe

impactsofclimatechange

inAsia,

bothforthe

region’s

peopleand

itsvitalecosystems.Balancinghighemissionsand

extremeclimatevulnerabilityAsia-PacificaccountsforthelargestshareofglobalCO2

emissions82%1.1FIGURE

1Percentageoftheworld’sCO₂

emissionsoftheworld’scoalgeneration

is

situated

inAsia.Accelerating

Impact

Investments

for

Climate

and

Nature

in

Asia

6

0-10%16%

20%+SouthAmerica11%Middle

EastEurope44%22%51%5%Africa3%GAEAplaysakeyroleasconvener,brokerandadvisertofacilitatethe4Papproach,withaparticularfocusonhowinnovativefinancingmechanisms

canhelpaddressbarriersormarketfailures,pavingthewayforbiggerinstitutionalandcommercialinvestorstocomeinandmainstreameconomic

andenvironmentalsustainability.Achievingcrucialgoalssuchasthetransformationofourenergyfuturerequiresmorethan

justwillpower–itdemandscollaborationacrosssectors,wherepublic,privateand

philanthropicforcesuniteandorchestratethespectrumofcapitaland

itsdifferentassetsandtoolswithasystems-levelchangelens.LuisAlvarado,

HeadofGAEA/Strategic

Public-Private-Philanthropic

Partnerships,

Centrefor

NatureandClimate,World

Economic

Foruminitiative

isdevelopingdebt-based

refinancing

mechanismsto

achievesignificantemissionsabatementthroughearly

CFPP

closure.Theseapproaches

involve

restructuringthecapitalstackofCFPPstoofferasset

owners

early

monetization

of

plantvaluewithoutfinancial

loss,andcould

bedelivered

in

theformofa

public-private-philanthropic

partnership(4P).Theproposedmechanismsalsoaimto

incentivize

assetownerstoconsiderearlyretirement,acritical

step

in

creating

a

pipelineofCFPPseligiblefor

retirement.

Byenablingearlypayouts,assetownerscanalso

hedgeagainst

risks

ofstrandedassetsanddiminishingrevenuestreams

as

cleaner

alternativesoutcompetecoal.Theinitiativehighlightsthepotentialformarket-basedmechanismsthatdeliver

investorreturnsatcommercialrates,usingfamiliarfinancing

tools

toenhancereplicability.

Futureworkwillexplorebundlingmultiple

CFPPsintoportfoliosandintegrating

alternative

mechanisms,

suchasrepurposingCFPPsitesto

maximize

impact.TheWorld

Economic

Forum’sCoaltoClean

Initiative,

part

oftheGAEA(GivingtoAmplify

EarthAction)

programme,isspearheadingeffortstodesign

scalablefinancingmechanismsforcoal

phase-out–vitaltoachieving

netzero

but

massively

hindered

bythecorrespondingfinancialand

operationalcomplexities.Akey

issueof

retiringcoal-firedpower

plants

(CFPPs)early

inSouth-EastAsia,

in

particular,

isthat

manyare

relativelyyoungandwithsubstantialoutstanding

revenuestilltogenerate.Theearly

retirementof

theseassets

mustthereforeaddressthefinancial

pressures

onassetowners,ensuringtheycan

meet

outstanding

debt

obligationsand

realizefairvaluefromtheir

investments.TheCoaltoClean

Initiativefocuseson

innovativefinancing

solutionstoaddressthese

issues,while

minimizing

reliance

on

largeamountsofconcessionalcapitaland

balancingcriticalenergysecurityandjusttransitionchallenges.

Based

ona

representativesampleofCFPPs

inthe

Philippines,

theCASESTUDY1CoaltoClean

InitiativeAccelerating

Impact

Investments

for

Climate

and

Nature

in

Asia

7

NbStool

isaclimatetechplatform

designedto

assistfordataanalysis,

pre-feasibilityassessments,

projectdocumentationandshowcasingprojectsto

potentialinvestors.2NbSportfolio

is

a

guidance

document

on

developing

high-quality

NbS

projectsandacollectionof

NbSprojectsthat

represent

best

practicesforandexamples

ofhigh-quality

NbS

projects.This

knowledge

productprovidescasestudiestoguide

FOsand

strengthen

their

capacityto

implementthese

projects,andenhancesaccesstofinancing

by

informingthe

market,

including

investorsand

buyers. NbS

incubatorisaprogrammethat

provides

bespokedata,technology,

knowledgeandcapacityfor

NbSimplementation.The

incubatorenables

FOsto

buildapipelineofhigh-quality,triple-benefit

NbS

projects

byprovidingtailoredsupport,

includingfunding,technicalexpertise,socialsafeguards,

benefitssharingandstakeholderengagementfacilitation.Theseeffortsaimtocatalysethedevelopment

and

scalingof

NbSthatare

notonlyeffective

inaddressing

climate

andbiodiversitychallenges

butalso

bringtangible

benefitsto

local

communities

inSouth-EastAsia.To

boost

investment

in

high-quality

nature-basedsolutions

(NbS)thatdelivertriple-benefitoutcomesforclimate,biodiversityand

localcommunities

inSouth-EastAsia,

nine

international

non-profitorganizationsfocusedonclimateandconservation

haveformedtheSCeNe

Coalition,

hosted

byThe

NatureConservancy

(TNC)

inSingapore.Thecoalition’s

mission

istosupportfrontlineorganizations

(FOs)–

local

non-governmentalorganizations

(NGOs),communitygroups,cooperativesand

Indigenous

Peoples–

indeveloping

NbS

projectsthatchannelcarbonand

climate

finance

intoequitableclimate

mitigationandadaptationefforts,

biodiversityconservationandtheenhancement

oflocalsocioeconomicwell-being.Bydoingso,thecoalitionaims

to

accelerate

and

scale

the

demandforandsupplyofhigh-integrity

NbS

in

South-East

Asia.

Itseekstodemonstratewhat

high-quality

NbSforclimate

looks

like

inthe

regionwhileensuringthattheseprojectsdeliverontheirtriple

benefits.Toachieve

this,

the

coalition

isfocusedon

providingdata,

highlighting

bestpractices

indeveloping

high-quality

NbS

projects,

building

thecapacityoflocal

FOsto

implementthese

projects

and

facilitatingaccesstofinancing.Thecoalition

has

identifiedthree

bodiesofworktosupport

thedeliveryof

its

objectives:Theclimatecrisis,combinedwithAsia’s

statusas

hometosomeoftheworld’s

largestcarbon-emittingcountries,

presents

bothacriticalchallenge

anda

uniqueopportunityfor

innovation.Thisdynamic

isdrivingsignificant

interest

in

impactinvesting,which

hasthe

potentialtoattractsubstantialcapitalforclimateaction

inthe

region

from

both

localandglobal

investors.

Impactinvestmentsare

particularlywell-suitedtoaddress

thesechallenges,astheyare

specifically

designed

to“generate

positive,

measurablesocialandenvironmental

impactalongsidefinancial

return”,16

as

illustrated

incasestudy

2.Othersustainable

investmentstrategies,such

associally

responsible

investing

(SRI)–whichscreens

investments

basedonethical

criteria–andenvironmental,

social

and

governance(ESG)

investing–whichevaluates

companiesontheirsustainability

practicesalongsidetraditionalfinancial

metrics–

play

important

rolesin

promotingcorporate

responsibilityand

riskmanagement,yet

impact

investingstandsout.Its

definingfeature

isexplicitfocus

on

generating

measurablesocialorenvironmental

outcomes.

Bytargeting

innovativesolutionsto

pressingglobalissuesandoffering

a

blend

offinancial

returnsand

positivesocialandenvironmental

outcomes,

impact

investing

providesa

moredirect

andactionable

pathwayfor

investorsseekingto

drivethetransitiontoa

sustainable

future.1.2

Impactinvesting

providesamoredirectandactionablepathway

forinvestorsseekingtodrivethetransitiontoa

sustainablefuture.CASESTUDY2SoutheastAsiaClimateandNature-Based

Solutions(SCeNe)CoalitionImpactinvestingkeytoacceleratingchangeFOs

indeveloping

NbS

projects.This

includesfeaturesAccelerating

Impact

Investments

for

Climate

and

Nature

in

Asia

8supportto

FOs

inaddressinggaps

infinancing,ADMCapital

launchedtheAsiaClimate-smart

Landscape

Fund

for

Indonesia

in

November2023,

harnessing

itsdepth

ofexperience

in

ESG-integrated

privatecapital

lending

inthe

regiontocreatesustainable

impact.Thefundaimstoaddressthe

majorfundinggapforsmall-and

medium-sized

enterprises

(SMEs)engaged

insustainableagriculture,agroforestryandaquaculture

by

providing

medium-termseniorsecured

lending,and

links50%ofcarry

to

achieving

impact.Accesstofunding

isasignificantobstacleforthese

SMEsdueto

perceivedcreditand

ESG

risks

inthe

sector

andcountry,eventhoughtheyarevitalto

the

Indonesianeconomyanda

key

partofthe

net-zerotransition.Theinitiativesetsbothfinancialand

impacttargetsfor

projects,

includingenhancinglivelihoodsandincreasingemployment,achievingfairergenderratios,improvingland

use

management

andreducinggreenhousegasemissions.Theimplementersfoundthatatechnicalassistancefacilitywasalsorequiredtositalongsidethefundtosupportthetransitionworkofthecompaniesinvolvedandtheirsupplychains,achieve

best

practiceandimprovecreditand

impactoutcomes.The

US

International

Development

FinanceCorporationprovidesa50%guaranteeacrossthe

fund

at

the

asset

levelandthe

UnitedStatesAgencyfor

International

Development,

Rabo

FoundationandtheAustralianGovernment’sDepartmentof

ForeignAffairsandTradealso

participate

intheguarantee.This

hascatalysedsix

investors,withseedcommitmentssecuredfromCalvert

ImpactCapital,Ceniarth,

the

Davidand

Lucile

Packard

Foundation,theJohn

D.and

CatherineT.

MacArthur

Foundation,

MargaretACargillPhilanthropiesand

RSGroup.Thefund

istargetingtotal

commitmentsofupto$200

million

infurther

closes.The

initiative

is

bolstered

by

its

partnershipswith

NGOssuchas

Partnershipsfor

ForestsandConvergence,which

bringsfurther

localexperienceand

knowledge,aswell

as

the

National

UniversityofSingaporeCentrefor

Nature-basedClimateSolutions,whichsupportsthedevelopment

ofmethodologiesaroundcarbon,

biodiversityand

highconservationvalue(HCV)assessments.ADMCapital’sfund

providessustainable

business

models

thatserveas

proofofconceptand

bring

more

investors

into

thecountryandsector.

Plansare

also

in

placeto

scale,

with

a

particularfocusontraceabilitytechnology,digitizationand

datasharing,whichwouldfurther

helpsmallholderfarmers

tosecuretheir

livelihoods.Asia

presentsa

uniqueopportunityfor

pilotingclimateand

NbSthatare

notonly

investable

butalsoscalableand

replicable.Asa

result,

manyinvestorsare

increasinglydrawntothe

region,united

byasharedgoal

of

diversifying

theirportfolioswith

innovative

investmentsthatgenerate

positivesocialandenvironmental

impact.Theseinvestorsareoftenwillingtoaccept

potentially

lower

marketvaluationscomparedtothose

in

Europeand

NorthAmerica,

recognizingthe

long-termvalueand

impact

potential

inAsia.Solutionsthatwereonceviewedas

high-riskare

now

gainingrecognitionasviable

investmentopportunities,with

capitaldeployment

inSouth-EastAsia,

in

particular,

experiencingsignificantgrowth

in

recentyears.17Moreover,thediverseand

locally

tailoredinvestmentopportunities

inthe

regionalso

present

acompellingcaseforattracting

philanthropiccapitalanddonors.18

Donorswho

are

eagertosupportclimateand

nature

agendas

areincreasingly

presentedwithawider

rangeofinvestable

projectsthat

havethe

potentialforcommercialscalability.Giventhe

interconnected

natureofsocialand

environmental

impacts

inAsia,theseopportunitiesofferthe

potentialfor

combined

positiveoutcomes,furtherenticinga

broadspectrumofinvestors

and

stakeholders,

asdemonstrated

incase

study

3.

DiverseandlocallytailoredinvestmentopportunitiesinAsiapresentacompellingcaseforattractingphilanthropiccapitalanddonors.CASESTUDY3AsiaClimate-smartLandscapes

FundAccelerating

Impact

Investments

for

Climate

and

Nature

in

Asia

9Challenges

of

Asia’simpactinvestmentmarketAsia’s

nascent

impact

investment

marketfaceschallenges

inaligningfinancial

returnswithdiversesocialand

environmental

impacts.Accelerating

Impact

Investments

for

Climate

and

Nature

in

Asia102the

majorclimatefundinggapofthese

projectsand

crowd

in

commercialcapitalfor

projectsthatwouldnothave

access

to

traditionalfinance.By

usingcatalyticcapitalfrom

publicor

philanthropicsources

tocrowd

in

privatesector

investment,

itformsa

blendedcapital

poolthat

hastheappropriate

risk-bearingappetiteto

bridgethe

risk-rewardgapscommonlyobserved

insustainable

infrastructure

projects

inSouth-EastAsia.With

theabilitytodeploycapital

intosuch

marginally

bankableprojects,the

risk-rewardgap

isexpectedtocloseover

time,

helpingtoacceleratesuch

projectsto