Green Finance, Sustainable Development and the Belt and Road Initiative

Cover
Half Title
Series Information
Title Page
Copyright Page
Table of contents
Figures
Tables
Contributors
Introduction
	The Belt and Road Initiative and sustainability
	Sustainability and economic development in China
	Sustainable development as an international strategy
	Main content of the book
	References
Section 1 BRI and national competitiveness
	1 Development in the Belt and Road Regions from a competitiveness perspective: The first lustrum review
		Introduction
		Competitiveness as elixir of economic growth
		Methodology and data source
		Overall competitiveness comparison
		Domain-specific comparison
		Geographical differences and evaluation
		Key findings, policy implications and conclusion
		Notes
		References
Section 2 Renminbi internationalization and green finance
	2 The Belt and Road Initiative and China’s green foreign direct investment
		Preface
		Research on China’s green FDI and significance
			The “Belt and Road” green investment is an important part of  building an ecological system
			Green finance is developing rapidly in China
			Research on green investment needs to be further improved
		China’s FDI process and characteristics
			China’s FDI has gradually increased since the reform and opening-up
			China’s FDI continuous to grow rapidly after the “Belt and Road  Initiative” was launched
				Investment scale continues to expand, and flow of foreign investment  continues to grow rapidly
				Investment area continues to expand, and investment along the Belt and  Road routes has increased significantly
				Diversified investment industries and gradually optimized investment structure
				Increasingly strengthened interconnection and cooperation in infrastructure
		China’s foreign investment needs to be green
			Environmental laws and regulations and the international “green economy” proposal have strengthened the feasibility of ...
			Global environmental laws and regulations require green investment
			Environmental protection awareness of the international public has  promoted the demand for green investment
			Industrial transfer and technological upgrading completed in developed  countries has driven investment in green industries
			The trend of investment centralization in six corridors has had higher  requirements for green
			Enlightenments of foreign investment project failure caused  by environmental risk
		Progress in China’s green foreign investment
			China explores building the green financial policy system of the “Two  Mountains” collaborative development
			Financial institutions actively guide the green foreign investment  for social capital.
				Emission reduction encouraged by green credit gradually demonstrates environmental benefits
				Flourishing of green bonds brings capital to green industries
				Preliminary findings of the role of green insurance
			2.4.3 China and the UK jointly study and promote “Belt and Road  Initiative” green investment
		Thoughts on promoting China’s green foreign investment
			Accelerate the formation of a green investment and financing  policy system
			Build international and regional investment and financing cooperation  mechanisms to create a green development community
			2.5.3 Enhance the capacity building of market participants to the role of  environmental governance
			Actively guide the development of dual multilateral development funds to  participate in green investment and financing
			2.5.5 Actively explore innovative green investment and  financing cooperation
			Build a green investment and financing information service platform
			2.5.7 Encourage non-government organizations to participate in green investment and financing activities
			Establish a green investment and financing supervision mechanism and risk prevention system
		Note
		References
	3 Sustainability of RMB internationalization
		Introduction
		China’s recent balance-of-payment crisis and foreign exchange controls
		RMB international transactions
			RMB foreign exchange transactions
			RMB global cross-border payments
			RMB global cross-border trade settlement
		Offshore RMB financial assets and products
			RMB offshore deposits
			RMB loans and China-related loans in Hong Kong
			RMB offshore bonds
			RMB as an international reserve currency
			China’s bond market
		China’s equity market
		Other liberalization measures enhancing the sustainability of RMB internationalization
		Sustainability of RMB internationalization under Belt and  Road Initiative
			Trade and investment with BRI
			Development of the petro-yuan
		Conclusions and policy recommendations
			Conclusions
			Policy recommendations for sustainability
			Implementing credible monetary policy and financial regulatory regimes
			Sustaining financial liberalization with a level playing field
			Creating a vibrant bond market with deep liquidity
			Supplying RMB liquidity
			Establishing RMB financial infrastructure in developing countries
			Engaging international stakeholders comprehensively
		Appendix 1: Major financial liberalization measures for RMB internationalizaton in 2017
		References
	4 China’s rising consumerism, RMB internationalization, and sustainable growth
		Introduction
		China’s consumption growth potential
			Per capita consumer spending
			Total consumption
		Changes in the consumption structure
		What changes will consumption bring to China?
			Manufacturing upgrade driven by consumption upgrade
			Consumption upgrade to reduce trade surplus
			Consumption to drive RMB internationalization
		A global consumption centre
		References
	5 Understanding green bond challenges: A stakeholder’s perspective
		5.1 Scope and objectives
			5.1.1 Scope and assumptions
			5.1.2 Our positioning
		5.2 Market statistics for green bonds
			5.2.1 A summary of the global green bond market
			5.2.2 Europe
			5.2.3 United States
			5.2.4 Asian demand for green bonds
			5.2.5 A focus on mainland China and Hong Kong
		5.3 Definitions and certification of green bonds
			5.3.1 What is a green bond?
			5.3.2 Perspective of some major ratings agencies
				5.3.2.1 Standard and Poor’s
				5.3.2.2 Moody’s
			5.3.3 Other screens/classifications
			5.3.4 Summary
		5.4 Understanding green bond pricing and the differentiation between NGOs (non-profit) and private sector (for-profit) issues
			5.4.1 Non-profit versus for-profit (private) issuers
		5.5 Redefining bond issues success of green bonds: an issuer’s perspective
			5.5.1 Research design
			5.5.2 Key steps in the data construction
			5.5.3 Analysis (results) and discussion
		5.6 Future directions of green bond research and the latest developments in ESG/green investment practices
			5.6.1 ESG investments
				5.6.1.1 From SRI to ESG: the path to sustainable investments
				5.6.1.2 ESG investment as an asset class
				5.6.1.3 ESG as a screen to select investments
			5.6.2 Appendix: List of firms used in the empirical work in Section 5.5.
		Notes
		References
		[Related reports/‘non-academic’ publications]
Section 3 Green energy, technology, and manufacturing
	6 Advancement of environmental sustainability through LNG: The case of Qatar–China relations
		Complex interdependence
		Pre-BRI phase: development of China–Qatar relations
		Qatar and the Belt and Road Initiative: A driver of interdependence?
		Qatar’s energy strategy
		The impact of a changing global energy market
		Are Gulf regional dynamics an unintended driver?
		Scope for untapped initiatives to increase Qatar–BRI connectivity?
		Concluding observations
		References
	7 Technological assessment of CO2 capture and EOR/EGR/  ECBM-based storage
		7.1 Introduction
		7.2 Carbon capture
			7.2.1 Solvent absorption
			7.2.2 Adsorption
			7.2.3 Membranes
			7.2.4 Chemical looping
			7.2.5 Mineral carbonation
			7.2.6 Cryogenic distillation
			7.2.7 Other techniques
		7.3 Carbon storage
			7.3.1 CO2 storage mechanisms
				7.3.1.1 Stratigraphic and structural trapping
				7.3.1.2 Residual trapping
				7.3.1.3 Solubility trapping
				7.3.1.4 Mineral trapping
			7.3.2 Mechanisms of CO2-EOR/EGR/ECBM-based storage
			7.3.3 Overview of CO2-EOR/EGR/ECBM technology
			7.3.4 Screening criteria for CO2-EOR/EGR/ECBM storage sites
			7.3.5 Storage capacity
		7.4 Snapshot of international projects
		7.5 Challenges
		7.6 Future trends
		Note
		References
	8 Meeting the green challenges and opportunities of Hong Kong manufacturers in China’s Belt  and Road pathway: The Pearl ...
		Introduction
		Corporate environmental management and strategies
			Types of corporate environmental strategy
			Factors affecting corporate environmental strategies
		Difficulties enterprises face in complying with environmental regulations
		Data collection and sample
		Survey findings
			Environmental performance and practices
			Outcomes of environmental protection measures
			Internal management
			External influence
		Analysis and discussion
		Projection: Green challenges and opportunities for Hong Kong Manufacturers in China’s Belt and Road strategic framework
		References
Section 4 Green development and public-private partnership
	9 Greening China’s Belt and Road Initiative: A role for Chinese NGOs to go global?
		Implications for domestic NGOs of a global Chinese nation state
			A brief introduction to environmental NGOs in China
			Defining the meaning of NGOs in China
			Chinese eNGOs: from domestic conservationists to civil diplomats
			The Chinese NGO “Going Global” Pioneers: disaster relief, health and  education from the 1950s
		Changing trajectory: going out to green the Belt and Road?
			State facilitated opportunities: the Chinese state pushing for a Green BRI
		Chinese eNGOs going global: who is doing what, and where?
			Top-down: people to people exchange
			Bottom-up: domestic grassroots eNGOs in collaboration to Green the BRI
				The Global Environmental Institute and its efforts to green BRI in  South East Asia
			Chinese eNGOs with an international presence
				China House
				Paradise Foundation Africa Projects
		What potential is there for effective environmental civil diplomacy stemming from China?
			Political risks of vested interests and lack of knowledge about  local conditions
			Language, cultural, and logistical barriers
			Limited capacity to take on overseas project, when there is so  much to tackle at home
		Discussion & conclusion
		Notes
		References
	10 High-hanging fruits and the Belt and Road Initiative: Sustainability through entrepreneurship
		Introduction
		Competitive nature and dynamics of views on development between the west and China
		Go-out strategies, the China model and the BRI
		Renminbi and the building of evidence-based trust for the BRI
		Technological change and the protection of innovation through intellectual property rights, sharing or Shanzhai culture
		Conclusion
		Notes
		References
	11 An integrated approach to sustainable infrastructure standards for the Belt and Road Initiative
		11.1 Introduction
		11.2 Sustainable development in the Belt-and-Road Initiative
			11.2.1 The significance of sustainable infrastructure
			11.2.2 Greening the Belt and Road Initiative
			11.2.3 Sustainability challenges in the Belt and Road Initiative
				11.2.3.1 Environmental management
				11.2.3.2 Biodiversity
				11.2.3.3 Water stress
				11.2.3.4 Turning challenges into opportunities
		11.3 Unpacking standards for sustainable infrastructure
			11.3.1 Pre-construction stages and the role of financial institutions
			11.3.2 The role of standards
			11.3.3 State of play of existing standards
				11.3.3.1 Sustainability rating systems
				11.3.3.2 Assessment tools of development finance institutions
			11.3.4 Application of sustainability standards in the Belt and  Road Initiative
			11.3.5 Limitations of standards – barriers for early-stage involvements of DFIs
				11.3.5.1 Heterogeneity of standards
				11.3.5.2 Lack of coverage for upstream planning
		11.4 An integrated approach to sustainable infrastructure standards
			11.4.1 An integrated approach in need
			11.4.2 Strategic directions for an integrated approach
				11.4.2.1 Harmonization of standards across stages of project development
				11.4.2.2 Consolidating upstream planning standards
			11.4.3 The role of Hong Kong
		11.5 Conclusion
		Note
		References
Index