亚洲的气候转型并不缺资金。更棘手的问题是，该地区能否产出足够多、商业投资者真正能够融资、并能再次融资的项目。
Asia’s climate transition isn’t short of capital. The harder question is whether the region can produce enough deals that commercial investors can actually finance – and then finance again.
资金需求的规模无人质疑。仅东南亚一地，为实现气候目标，每年预计需要约2100亿美元的绿色基础设施投资，而当前投资规模尚显不足。全球范围内，约有24万亿美元的“干粉资金”正在寻找回报。然而，这些资金并未以所需速度流入该地区。制约因素不再是雄心，而是“可融资性”。
The scale of the need is not in dispute. Southeast Asia alone will need an estimated $210 billion a year in green infrastructure to meet its climate goals, and current investment falls short. Globally, some $24 trillion in dry powder is searching for returns. Yet that capital is not moving into the region at the pace required. The constraint is no longer ambition. It is bankability.
商业投资者不愿承担开发或建设风险。许多人仍认为亚洲基础设施复杂难懂，回报率与西方市场相比并不占优。而且交易过多仍属一次性：如果第20个项目的承销难度与第一个一样大，就无法形成市场。用于弥合这一鸿沟的工具正在重塑。
Commercial investors hesitate to take development or construction risk. Many still see Asian infrastructure as complex and difficult, with returns that compare poorly with those in Western markets. And too many transactions remain one-offs: if the twentieth project is as hard to underwrite as the first, there is no market. The tools built to bridge that gap are now being rebuilt.
混合融资曾帮助私人投资者进入超出其风险收益门槛的项目，但其结构往往定制化程度高、成本大，且优惠资本正在枯竭。发展金融机构正在重新思考运作方式——更早介入合作、借助多边贷款机构的AAA级信用评级、支持平台而非单一项目。英国国际投资公司（BII，英国的发展金融机构，承诺未来五年为东南亚提供16亿美元气候融资）便是重回绘图板重新设计的机构之一。这既构成了市场的核心张力，也孕育了机遇。
Blended finance has helped bring private investors into projects outside their risk-return thresholds, but its structures are often bespoke and costly, and concessional capital is drying up. Development finance institutions are rethinking how they work – partnering earlier, leaning on the AAA ratings of multilateral lenders, and backing platforms rather than single projects. British International Investment (BII), the UK’s Development Finance Institution (DFI) with its $1.6 billion climate finance commitment for Southeast Asia over the next five years, is among those going back to the drawing board. That creates both the central tension and the opportunity for the market.
亚洲拥有需求、不断增长的能源需求以及在场边待命的资本。重复招标、平台层面融资以及新一代混合融资基金，开始展示出何种模式行之有效。
Asia has the need, the rising energy demand and the capital waiting on the sidelines. Repeat tenders, platform-level financing and a new generation of blended finance funds are starting to show what can work.
但每笔交易仍须解决围绕风险分担、政策支持、平台融资、期限、退出机制及可复制性等棘手问题。
But every deal still has to clear difficult questions around risk allocation, policy support, platform funding, duration, exits and repeatability.
在此背景下，DealStreetAsia 与英国国际投资公司（BII）在新加坡联合举办的 DealStreetAsia Leadership 圆桌会议汇聚了：英国驻新加坡高级专员 Nik Mehta OBE；BII 首席执行官 Leslie Maasdorp；BII 董事总经理兼亚洲区负责人 Srini Nagarajan；英国外交、联邦及发展部（FCDO）东南亚气候、能源与自然事务区域总监 Sarah Love；新加坡金融管理局（MAS）基础设施与混合融资总监兼专家负责人 Sze Liang Lee；Pentagreen Capital 首席执行官 Marat Zapparov；MUFG 投资者服务公司董事总经理兼亚太区基金融资负责人 Fi Dinh；ib vogt 首席商务官 Joost van Acht。他们探讨了市场的真实现状。
Against this backdrop, a DealStreetAsia Leadership roundtable co-hosted with BII (British International Investment) in Singapore brought together: Nik Mehta OBE, British High Commissioner to Singapore; Leslie Maasdorp, Chief Executive Officer of BII; Srini Nagarajan, Managing Director and Head of Asia at BII; Sarah Love, Regional Director for Climate, Energy and Nature, Southeast Asia, at the UK’s Foreign, Commonwealth and Development Office (FCDO); Sze Liang Lee, Director and Specialist Leader, Infrastructure and Blended Finance, at the Monetary Authority of Singapore (MAS); Marat Zapparov, Chief Executive Officer of Pentagreen Capital; Fi Dinh, Managing Director and Head of Fund Finance APAC at MUFG Investor Services; Joost van Acht, Chief Commercial Officer of ib vogt. They examined where the market really stands.
如需更深入的见解，请下载 DealStreetAsia Leadership 圆桌会议 PDF 报告《从可融资性到规模化：深入解析释放亚洲气候资本的努力》。
For deeper insights, download the PDF of the DealStreetAsia Leadership Roundtable titled ‘From bankability to scale: Inside the effort to unlock Asia’s climate capital’.