转型金融趋势、挑战和金融部门影响（英）

NOVEMBER 2025 TRANSITION FINANCE TRENDS,CHALLENGES, AND FINANCESECTOR IMPLICATIONS NOVEMBER 2025 Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2025 Asian Development Bank and Mitsubishi UFJ Trust and Banking CorporationSome rights reserved. Published in 2025. ISBN 978-92-9277-544-5 (print); 978-92-9277-545-2 (PDF); 978-92-9277-546-9 (ebook)Publication Stock No. TCS250508-2DOI: http://dx.doi.org/10.22617/TCS250508-2 For ADB, the views expressed in this publication are those of ADB authors and do not necessarily reflect the views andpolicies of ADB or its Board of Governors or the governments they represent. For Mitsubishi UFJ Trust and Banking Corporation, this work is published in support of Wataru Kawasaki. The opinionsexpressed and arguments employed herein do not necessarily reflect the Mitsubishi UFJ Trust and Banking Corporation. ADB and Mitsubishi UFJ Trust and Banking Corporation do not guarantee the accuracy of the data included in thispublication and accepts no responsibility for any consequences of their use. The mention of specific companies orproducts of manufacturers does not imply that they are endorsed or recommended by ADB and Mitsubishi UFJ Trustand Banking Corporation in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area in this document, ADB does notintend to make any judgments as to the legal or other status of any territory or area. This publication is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be boundby the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisionsand terms of use at https://www.adb.org/terms-use#openaccess. This CC license does not apply to non-ADB copyright, non-Mitsubishi UFJ Trust and Banking Corporation materials inthis publication. If the material is attributed to another source, please contact the copyright owner or publisher of thatsource for permission to reproduce it. ADB and Mitsubishi UFJ Trust and Banking Corporation cannot be held liable forany claims that arise as a result of your use of the material. Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wish toobtain copyright permission for your intended use that does not fall within these terms, or for permission to use theADB logo. Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda. Cover design by Josef Ilumin. SUMMARY CHAPTER I: Current Developments in Climate-Related Finance Investment and Finance Gaps in Asia1Green Bond Market Developments3Green Loan Market Developments7European Union Index and Fund Approaches8 CHAPTER II: Diverse Definitions of Transition Finance11 European Commission’s Definitions of Transition Finance11Transition Finance Focusing on an Entire Economy Transition to Net Zero13Transition Finance Focusing on Hard-to-Abate Sectors19 CHAPTER III: Bridging the Gap: Financing the Transiton of Hard-to-Abate Sectors20Technological and Cost Uncertainties Specific to Hard-to-Abate Sectors20 Technical Screening Criteria and Sunsetting Requirement to Mitigate Carbon Lock-In Concerns22Early Coal Retirement Activities to Mitigate Coal Lock-In Concerns26Japan’s Technology Road Maps for Hard-to-Abate Sectors33Transition Plans Developed by Entities in Hard-to-Abate Sectors34 CHAPTER IV: Alignment Assessment of Entities, Index, and Green Label35 Science-Based Target Initiative Certification: Entities with 1.5°C Aligned Targets35Transition Pathway Initiative’s Entity Assessment: Entities Aligned with 1.5°C, Below 2°C,37and National Pledge ScenariosClimate Bonds Initiative’s Green Company Certification: Entities Aligned with38and Entities Transition to 1.5°C ScenarioAlignment Assessment of Entities and Portfolios with Implied Temperature Rise Scores38GFANZ’s Proposal to Introduce New Transition-Informed Indices to Support41the Whole-of-Economy TransitionUtilizing a Green Equity Label in Stock Markets43 CHAPTER V: Challenges Related to Green Bonds and New Challenges46 Factors Impeding Further Market Development46Green-Labeling Scheme Under the European Green Bond Standard47Growing Focus on Taxonomy Applied to Transitional and Enabling Activities50Japan’s Initiative to Issue Transition Bonds and GX Transition Bonds52 CHAPTER VI: Improving Banks’ Climate-Related Risk Management and Information Disclosure Partnership for Carbon Accounting Financials—Calculating Financed Emissions54of the Banking SystemInternational Sustainability Standards Board—Climate-Related Disclosure Standards on Banks55Basel Committee on Banking Supervision—Approach to Climate-Related Financial Risks56European Union’s Pillar 3 Framework to Promote Banks’ Climate-Related Disclosure62Taxonomy-Aligned Bank Loa