Outline of Green Climate Fund (GCF)

Transcription

1 Outline of Green Climate Fund (GCF) 23 rd -Jan-2017 Clean Energy Finance Division Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

2 Contents 1.1 What is Green Climate Fund? 1.2 Institutional Framework of GCF 1.3 Fund sharing of GCF 1.4 Strategic Impact Areas 1.5 Investment Framework 1.6 Structure of GCF 2.1 How to Access to GCF Funding 2.2 Funding Proposal 3.1 List of Accredited Entities I 3.2 List of Accredited Entities II 3.3 List of Accredited Entities III 3.4 List of Accredited Entities IV 4.1 Data of Approved GCF Projects 4.2 Lists of Approved GCF Projects I 4.3 Lists of Approved GCF Projects II 4.4 Lists of Approved GCF Projects III 4.5 Lists of Approved GCF Projects IV 5 Funding proposal 008 1

3 1.1 What is Green Climate Fund (GCF)? Fund mechanism that is responsible for the long-term funding goals by introducing private sector fund What is Green Climate Fund (GCF)? Established by the United Nations Framework Convention on Climate Change (UNFCCC) at COP 16 in Cancun, Mexico Aims to support a paradigm shift in the global response to climate change (mitigation and adaptation) Total of 48 state governments have made a pledge to GCF, which total of USD 10.3 billion announced. Among the rest total of USD 9.9 billion are announced and signed. Japan has signed for pledge of USD 1.5 billion. 2

4 1.2 Institutional Framework of GCF GCF governed by a 24 Board member Board, representing countries, and receives guidance from the COP. Main bodies of GCF: Board Secretariat Interim Trustee National Designated Authority (NDA) Accredited Entity (AE) * Accreditation Panel, Risk Management Committee, Investment Committee, Ethics and Audit Committee, Private Sector Advisory Group (PSAG), Technical Advisory Panel, etc. Source:Created by MUMSS based on Green Climate Fund documents 3

5 1.3 Fund sharing of GCF Wild range of supporting area and fund allocation Commitment to aim for 50:50 balance between mitigation and adaptation investments over time. There are 2 measures against climate change Climate mitigation is any action taken to stabilize GHG concentrations in the atmosphere. e.g. Energy saving, renewable energy, carbon sink of afforestation, etc. Climate Adaptation aims to lessen the adverse impacts of climate change that are already happening, while at the same time prepare for future impacts. e.g. Drought management, development of new species of crops, improvement of early warning system of thermic fever, etc. At least 50% of adaptation funding goes to the most vulnerable countries, including LDCs, SIDS, and African States. Source: Green Climate Fund ELEMENTS 01 4

6 1.4 Strategic Impact Areas There are 8 areas of strategic impacts There are 4 areas in each field of mitigation and adaptation The fund is meant to finance projects and programmes in line with 8 strategic impacts to be achieved at the fund level Source: Green Climate Fund ELEMENTS 01 5

7 1.5 Investment Framework Criterion Coverage Area Potential of the programme/project to contribute to the achievement of the Fund s objectives and result areas Paradigm shift potential Degree to which the proposed activity can catalyze impact beyond a one-off project or programme investment Mitigation impact Adaptation impact Potential for scaling up and replication, and its overall contribution to global low-carbon development pathways being consistent with a temperature increase of less than 2 degrees Celsius (mitigation only) Potential for knowledge and learning Contribution to the creation of an enabling environment Contribution to the regulatory framework and policies Overall contribution to climate-resilient development pathways consistent with a country s climate change adaptation strategies and plans (adaptation only) Sustainable development potential Wider benefits and priorities Environmental co-benefits Social co-benefits Economic co-benefits Gender-sensitive development impact Needs of the recipient Vulnerability and financing needs of the beneficiary country and population Vulnerability of the country (adaptation only) Vulnerable groups and gender aspects (adaptation only) Economic and social development level of the country and the affected population Absence of alternative sources of financing Need for strengthening institutions and implementation capacity Country ownership Beneficiary country ownership of, and capacity to implement, a funded project or programme (policies, climate strategies and institutions) Existence of a national climate strategy Coherence with existing policies Capacity of accredited entities or executing entities to deliver Engagement with civil society organizations and other relevant stakeholders Efficiency and effectiveness Economic and, if appropriate, financial soundness of the programme/project Cost-effectiveness and efficiency regarding financial and non-financial aspects Amount of co-financing Programme/project financial viability and other financial indicators Industry best practices Source: Green Climate Fund, GCF/B.09/23 6

8 1.6 Structure of GCF Accredited Entity and National Designated Authority are required for access to GCF funding GCF works through the Accredited Entities (AEs) to channel its resources to projects and programmes Developing countries shall establish and maintain a national designated authority (NDA) or focal point. GCF recommends the NDA or focal point to be placed within a ministry or authority conversant with the country s national budget, economic policies and their interrelation with climate-related priorities and development plans. Wide range of financial instruments (grants, loans, equity and guarantees) AEs can also blend their own funding addition to GCF funding Source: Green Climate Fund ELEMENTS 01 7

9 2.1 How to Access to GCF Funding An accredited entity may submit a proposal to GCF in conjunction with the no-objection letter signed by the official representative of the NDA or focal point registered and listed on the Fund s website ( ) The Fund will carry out due diligence, assess compliance with interim environmental and social safeguards, gender policy and financial and other relevant policies. In addition, GCF and the Technical Advisory Panel will independently assess the performance of the project or programme against the criteria included in the Fund s investment framework ( ) The Board will then make decisions to approve or reject the funding proposal, or to provide approval that is conditional on modifications to the project or programme design or subject availability of funding ( ) Source: Green Climate Fund ELEMENTS 01 An accredited entity or executing entity (i.e. project or programme sponsor) may submit a concept note for feedback and recommendations from GCF, in consultation with the NDA or focal point. The recommendation will clarify whether the concept is endorsed, not endorsed with a possibility of resubmission or rejected ( ) 8

10 2.2 Funding Proposal Section A Section B Section C Section D Section E Section F Section G Section H Section I PROJECT / PROGRAMME SUMMARY FINANCING / COST INFORMATION DETAILED PROJECT / PROGRAMME DESCRIPTION RATIONALE FOR GCF INVOLVEMENT EXPECTED PERFORMANCE AGAINST INVESTMENT CRITERIA APPRAISAL SUMMARY RISK ASSESSMENT AND MANAGEMENT RESULTS MONITORING AND REPORTING ANNEXES F.1. Economic and Financial Analysis F.2. Technical Evaluation F.3. Environmental, Social Assessment, including Gender Considerations F.4. Financial Management and Procurement 出所 : 9

11 3.1 List of Accredited Entities I Name Acronym Country Entity Type Size *1 Fiduciary Standard *2 Environmental and Social Risk Category *3 1 Acumen Fund, Inc. Acumen USA Direct (Regional) Micro a,b Category C / Intermediation 3 2 Agency for Agricultural Development of Morocco ADA Morocco Direct (National) Small Category B / Intermediation 2 3 Asia Development Bank ADB Philippines International Large a,b,c Category A / Intermediation 1 4 Africa Finance Corporation AFC Nigeria International Large a,b,c Category A / Intermediation 1 5 Agence Fran3aise de D5veloppement AFD France International Large a,c Category A / Intermediation 1 6 African Development Bank AfDB Côte d Ivoire International Large a,b,c Category A / Intermediation 1 7 Banque Ouest Africaine de D5veloppement (West African Development Bank) BOAD Togo Direct (Regional) Medium a,c Category B / Intermediation 2 8 Central American Bank for Economic Integration CABEI Honduras Direct (Regional) Large a,b,c Category A / Intermediation 1 9 Corporación Andina de Fomento CAF Venezuela Direct (Regional) Large a,b,c Category A / Intermediation 1 10 Caribbean Community Climate Change Centre CCCCC Belize Direct (Regional) Small Category B / Intermediation 2 11 Caribbean Development Bank CDB Barbados Direct (Regional) Small a,b Category A / Intermediation 1 12 Conservation International Foundation CI USA International Medium Category C / Intermediation 3 *1 Size Definition Micro=up to US$ 1 million/small=us$ 10 million 50 million/medium=us$ 50 million 250 million/large=above US$ 250 million *2 Fiduciary Standard =Basic/ =Project management/ =Grant award and/or funding allocation mechanisms/ =On-lending and/or blending ((a)loans, (b)equity and (c)guarantees) *3 Environmental and Social Risk Category Category of funding proposals: Category A=Project has significant adverse risks that may be irreversible/category B= Project has mild adverse risks that would likely be reversible/ Category C= Project has minimal or no adverse risks Category (Risk Level) for Intermediation: 1=High/2=Medium/3=Low Source: Green Climate Fund, Accredited Entities 10

12 3.2 List of Accredited Entities II 13 Cr5dit Agricole Corporate and Investment Bank Name Acronym Country Entity Type Size *1 Fiduciary Standard *2 Cr5dit Agricole CIB Environmental and Social Risk Category *3 France International Large a,b,c Category A / Intermediation 1 14 Centre de Suivi Écologique CSE Senegal Direct (National) Micro Category C / Intermediation 3 15 Development Bank of Southern Africa DBSA South Africa Direct (Regional) Large a,b,c Category A / Intermediation 1 16 Deutsche Bank AktienGesellschaft Deutsche Bank AG Germany International Large a,b,c Category A / Intermediation 1 17 European Bank for Reconstruction and Development EBRD UK International Large a,b,c Category A / Intermediation 1 18 European Investment Bank EIB Luxembourg International Large a,b,c Category A / Intermediation 1 19 Environmental Investment Fund of Namibia EIF Namibia Direct (National) Micro Category C / Intermediation Food and Agriculture Organization of the United Nations Foreign Economic Cooperation Office (FECO) of the Ministry of Environmental Protection of China Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. 23 Fundación Avina 24 Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH FAO Italy International Medium Category B / Intermediation 2 FECO China Direct (National) Small Category C / Intermediation 3 FMO Netherlands International Large a,b,c Category A / Intermediation 1 Fundación Avina Panama Direct (Regional) Micro Category C / Intermediation 3 GIZ Germany International Medium Category B / Intermediation 2 *1 Size Definition Micro=up to US$ 1 million/small=us$ 10 million 50 million/medium=us$ 50 million 250 million/large=above US$ 250 million *2 Fiduciary Standard =Basic/ =Project management/ =Grant award and/or funding allocation mechanisms/ =On-lending and/or blending ((a)loans, (b)equity and (c)guarantees) *3 Environmental and Social Risk Category Category of funding proposals: Category A=Project has significant adverse risks that may be irreversible/category B= Project has mild adverse risks that would likely be reversible/ Category C= Project has minimal or no adverse risks Category (Risk Level) for Intermediation: 1=High/2=Medium/3=Low Source: Green Climate Fund, Accredited Entities 11

13 3.3 List of Accredited Entities III Name Acronym Country Entity Type Size *1 Fiduciary Standard *2 Environmental and Social Risk Category *3 25 HSBC Holdings plc and its subsidiaries HSBC UK International Large a,b,c Category A / Intermediation 1 26 Inter-American Development Bank IDB USA International Large a,b,c Category A / Intermediation 1 27 International Fund for Agricultural Development IFAD Italy International Medium a Category B / Intermediation 2 28 International Finance Corporation IFC USA International Large a,b,c Category A / Intermediation 1 29 International Union for Conservation of Nature IUCN Switzerland International Medium Category B / Intermediation 2 30 Korea Development Bank KDB Korea Direct (National) Medium a,b,c Category B / Intermediation 2 31 Kreditanstalt für Wiederaufbau KfW Germany International Large a,b,c Category A / Intermediation 1 32 Ministry of National Resources of Rwanda MINIRENA Rwanda Direct (National) Small Category B / Intermediation Ministry of Finance and Economic Cooperation of the Federal Democratic Republic of Ethiopia National Bank for Agriculture and Rural Development National Environment Management Authority of Kenya Peruvian Trust Fund for National Parks and Protected Areas MOFEC Ethiopia Direct (National) Small Category B / Intermediation 2 NABARD India Direct (National) Large a,b,c Category B / Intermediation 2 NEMA Kenya Direct (National) Micro Category B / Intermediation 2 PROFONAN PE Peru Direct (National) Micro Category C / Intermediation 3 *1 Size Definition Micro=up to US$ 1 million/small=us$ 10 million 50 million/medium=us$ 50 million 250 million/large=above US$ 250 million *2 Fiduciary Standard =Basic/ =Project management/ =Grant award and/or funding allocation mechanisms/ =On-lending and/or blending ((a)loans, (b)equity and (c)guarantees) *3 Environmental and Social Risk Category Category of funding proposals: Category A=Project has significant adverse risks that may be irreversible/category B= Project has mild adverse risks that would likely be reversible/ Category C= Project has minimal or no adverse risks Category (Risk Level) for Intermediation: 1=High/2=Medium/3=Low Source: Green Climate Fund, Accredited Entities 12

14 3.4 List of Accredited Entities IV Name Acronym Country Entity Type Size *1 Fiduciary Standard *2 Environmental and Social Risk Category *3 37 Soci5t5 de Promotion et de Participation pour la Coop5ration Economique PROPARCO France International Large a,b, c Category A / Intermediation 1 38 PT Sarana Multi Infrastruktur PT SMI Indonesia Direct (National) Small a Category B / Intermediation 2 39 South African National Biodiversity Institute SANBI South Africa Direct (National) Small Category B / Intermediation 2 40 Secretariat of the Pacific Regional Environment Programme SPREP Samoa Direct (Regional) Small Category C / Intermediation 3 41 Unidad Para el Cambio Rural (Unit for Rural Change) UCAR Argentina Direct (National) Small Category B / Intermediation 2 42 United Nations Development Programme UNDP USA International Medium Category B / Intermediation 2 43 United Nations Environment Programme UNEP Kenya International Small Category B / Intermediation 2 44 World Food Programme WFP Italy International Micro Category C / Intermediation 3 45 World Meteorological Organization WMO Switzerland International Small Category C / Intermediation 3 46 International Bank for Reconstruction and Development and International Development Association World Bank USA International Large a,c Category A / Intermediation 1 47 World Wildlife Fund, Inc. WWF USA International Medium Category B / Intermediation 2 48 XacBank LLC XacBank Mongolia Direct (National) Small a,b,c Category B / Intermediation 2 *1 Size Definition Micro=up to US$ 1 million/small=us$ 10 million 50 million/medium=us$ 50 million 250 million/large=above US$ 250 million *2 Fiduciary Standard =Basic/ =Project management/ =Grant award and/or funding allocation mechanisms/ =On-lending and/or blending ((a)loans, (b)equity and (c)guarantees) *3 Environmental and Social Risk Category Category of funding proposals: Category A=Project has significant adverse risks that may be irreversible/category B= Project has mild adverse risks that would likely be reversible/ Category C= Project has minimal or no adverse risks Category (Risk Level) for Intermediation: 1=High/2=Medium/3=Low Source: Green Climate Fund, Accredited Entities 13

15 3.5 List of National Designated Authorities/ Focal point designations Country Designations Cambodia Indonesia Malaysia Mongolia Myanmar Thailand Vietnam Ministry of Environment Fiscal Policy Agency, Ministry of Finance Ministry of Natural Resources and Environment Ministry of Environment, Green Development and Tourism (Focal Point) Ministry of Environmental Conservation and Forestry Office of Natural Resources and Environmental Policy and Planning (Focal Point) Ministry of Planning and Investment Source: Green Climate Fund, NDA Directory 14

16 4.1 Data of Approved GCF Projects Numbers of GCF projects by approved board meeting Numbers of GCF projects by region Numbers of GCF projects by theme Numbers of GCF projects by sector 11 th Meeting 8 Africa 14 Mitigation 11 Private 9 13 th Meeting 9 Asia Pacific 12 Adaptation 17 Public th Meeting 10 Eastern Europe 1 Cross-cutting 7 Total th Meeting 8 Latin America & Caribbean 7 Total 35 Total 35 Multiple Region 1 Total 35 Source: Green Climate Fund 15

17 4.2 Lists of Approved GCF Projects I No. Project Name Accredited Entity Region Country Mitigation or Adaptation or Cross-cutting Public or Private GCF Financing (million USD) FP001 Building the Resilience of Wetlands in the Province of Datem del Marañón, Peru PROFONANPE Latin America & Caribbean Peru Cross-cutting Public 6.2 FP002 FP003 FP004 Scaling Up of Modernized Climate Information and Early Warning Systems in Malawi Increasing Resilience of Ecosystems and Communities through Restoration of the Productive Bases of Salinized Lands Climate-Resilient Infrastructure Mainstreaming in Bangladesh UNDP Africa Malawi Adaptation Public 12.3 CSE Africa Senegal Adaptation Public 7.6 KfW Asia Pacific Bangladesh Adaptation Public 40 FP005 KawiSafi Ventures Fund in East Africa Acumen Fund Africa Rwanda, Kenya Cross-cutting Private 25 FP006 Energy Efficiency Green Bonds in Latin America and the Caribbean IDB Latin America & Caribbean Mexico Mitigation Private 22 FP007 FP008 Support of Vulnerable Communities in Maldives to Manage Climate Change- Induced Water Shortages Fiji Urban Water Supply and Wastewater Management Project UNDP Asia Pacific Maldives Adaptation Public 23.6 ADB Asia Pacific Fiji Adaptation Public 31 Source: Green Climate Fund 16

18 4.3 Lists of Approved GCF Projects II No. FP009 FP010 FP011 FP012 FP013 FP014 Project Name Energy Savings Insurance for private energy efficiency investments by Small and Medium-Sized Enterprises De-risking and scaling-up investment in energy efficient building retrofits in Armenia Large-scale Ecosystem-based Adaptation in the Gambia River Basin: developing a climate resilient, natural resource based economy Africa Hydromet Program - Strengthening Climate Resilience in Sub-Saharan Africa: Mali Country Project Improving the resilience of vulnerable coastal communities to climate change related impacts in Viet Nam Climate Adaptation and Mitigation Program for the Aral Sea Basin (CAMP4ASB) IDB Accredited Entity Region Latin America & Caribbean Country Mitigation or Adaptation or Cross-cutting Public or Private GCF Financing (million USD) El Salvador Mitigation Public 21.7 UNDP Eastern Europe Armenia Mitigation Public 20 UNEP Africa Gambia Adaptation Public 20.5 WB Africa Mali Adaptation Public 22.8 UNDP Asia Pacific Vietnam Cross-cutting Public 29.5 WB Asia Pacific Tajikistan, Uzbekistan Adaptation Public 19 FP015 Tuvalu Coastal Adaptation Project UNDP Asia Pacific Tuvalu Adaptation Public 36 FP016 FP017 Strengthening the resilience of smallholder farmers in the Dry Zone to climate variability and extreme events through an integrated approach to water management Climate Action and Solar Energy Development Programme in the Tarapacá Region in Chile UNDP Asia Pacific Sri Lanka Adaptation Public 38.1 CAF Latin America & Caribbean Chile Mitigation Private 49 Source: Green Climate Fund 17

19 4.4 Lists of Approved GCF Projects III No. Project Name Accredited Entity Region Country Mitigation or Adaptation or Cross-cutting Public or Private GCF Financing (million USD) FP018 Scaling-up of Glacial Lake Outburst Flood (GLOF) risk reduction in Northern Pakistan UNDP Asia Pacific Pakistan Adaptation Public 37 FP019 Priming Financial and Land-Use Planning Instruments to Reduce Emissions from Deforestation UNDP Latin America & Caribbean Ecuador Mitigation Public 41.2 FP020 Sustainable Energy Facility for the Eastern Caribbean IDB Latin America & Caribbean Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Mitigation Saint Vincent and the Public 80 Grenadines FP021 Senegal Integrated Urban Flood Management Project AFD Africa Senegal Adaptation Public 16.7 FP022 Development of Argan orchards in Degraded Environment - DARED ADA Morocco Africa Morocco Cross-cutting Public 39.3 FP023 FP024 Climate Resilient Agriculture in three of the Vulnerable Extreme northern cropgrowing regions (CRAVE) Empower to Adapt: Creating Climate- Change Resilient Livelihoods through Community-Based Natural Resource Management in Namibia EIF Africa Namibia Adaptation Public 9.5 EIF Africa Namibia Adaptation Public 10 FP025 GCF-EBRD Sustainable Energy Financing Facilities EBRD Multi Regions (Africa, Asia Pacific, Eastern Europe) Armenia, Egypt, Georgia, Jordan, Republic of Moldova, Mongolia, Morocco, Serbia, Tajikistan, Tunisia Cross-cutting Private FP026 Sustainable Landscapes in Eastern Madagascar CI, EIB Africa Madagascar Cross-cutting Private 53.5 FP027 Universal Green Energy Access Programme Deutsche Bank AG Africa Source: Green Climate Fund Benin, Kenya, Namibia, Nigeria, United Republic of Tanzania Mitigation Private 80 18

20 4.5 Lists of Approved GCF Projects IV No. Project Name Accredited Entity Region Country Mitigation or Adaptation or Cross-cutting Public or Private GCF Financing (million USD) FP028 Business loan programme for GHG emissions reduction XacBank Asia Pacific Mongolia Mitigation Private 20 FP029 SCF Capital Solutions DBSA Africa South Africa Mitigation Private 12.2 FP030 Catalyzing private investment in sustainable energy in Argentina - Part 1 IDB Latin America & Caribbean Argentina Mitigation Private 133 FP031 FP032 FP033 Accelerating the Transformational Shift to a Low-Carbon Economy in the Republic of Mauritius Building Resilient Communities, Wetlands Ecosystems and Associated Catchments in Uganda Climate Information Services for Resilient Development in Vanuatu UNDP Africa Mauritius Mitigation Public 28.2 UNDP Africa Uganda Adaptation Public 24.1 SPREP Asia Pacific Vanuatu Adaptation Public 23 FP034 Pacific Islands Renewable Energy Investment Program ADB Asia Pacific Cook Islands Cross-cutting Public 22 FP035 Integrated Flood Management to Enhance Climate Resilience of the Vaisigano River Catchment in Samoa UNDP Asia Pacific Samoa Adaptation Public 57.7 Source: Green Climate Fund 19

21 5 Funding proposal 008 Project title Country National designated authority Accredited entity Mitigation/Adaptation Public/Private Project size Urban Water Supply and Wastewater Management Project in Fiji Republic of Fiji Ministry of Foreign Affairs Asian Development Bank:ADB Adaptation Public Medium Category Total project financing: $222million. Breakdown is below. Outline of project Improvement of access to safe water by building infrastructure to increase water production by 20% in the greater Suva Improvement of sewerage services by building infrastructure to increase wastewater treatment by 200% in the greater Suva Supporting government to develop and implement policy and regulatory reforms in water and sewerage A water and sewerage tariff review has been recommended by ADB to support water demand management efforts and to improve the financial sustainability of Water Authority of Fiji. 出典 :Green Climate Fund "GCF/B.11/04/Add.08 "Consideration of funding proposals Addendum Funding proposal package for FP008" 20

22 Registration Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. is a financial instruments firm registered under the Financial Instruments and Exchange Law of Japan, with the registered number Membership Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. is a member of Japan Securities Dealers Association; Japan Investment Advisers Association; The Financial Futures Association of Japan; and Type II Financial Instruments Firms Association. Disclaimer This material has been prepared and issued by us, Mitsubishi UFJ Morgan Stanley Securities, Co., Ltd. The data used in compiling this material is derived from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. The views stated are merely our judgments as of the time of publication and are subject to change. The purpose of this material is merely to provide information to customers, and it is not to be construed as an offer, solicitation or advice for specific emissions credits trading. This material does not contain any investment advice and does not take into account the specific investment objectives, financial situation and particular needs of any specific customer. The products and services referred to in this material may not be suitable for particular investors. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. may issue other reports or hold positions that are inconsistent with the opinions and information presented in this material. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd, is not responsible for the contents of websites which it may have referred to in this material, except for Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. websites. Customers are asked to use their own judgment in utilizing this information. This document is copy-righted work of Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. which is protected by the Copyright Law. Utilizing this publication by way of quoting, reproducing or forwarding, whether in whole or in part, without our prior written permission is strictly prohibited. Copyright 2017 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. All rights reserved. Clean Energy Finance Division Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Otemachi Financial City Grand Cube, 1-9-2, Otemachi, Chiyoda-ku, Tokyo , Japan 21

23 22