This guidance was produced by the OECD Environment Directorate, directed by Jo Tyndall, in the Environment, Transitions and Resilience Division, led by Walid Oueslati, Acting Head of Division. The guidance was authored by Elia Trippel and Valentina Bellesi, under the supervision of Robert Youngman. The authors are grateful to Hugh Miller for providing substantive inputs to the report. In addition, the authors would like to thank Nassera Belkhiter and Dominique Haleva for administrative support, as well as Sama Al Taher Cucci, Beth Del Bourgo and Fernando Quintanilla Cerezal for communications, and Jane Kynaston for graphic design support. The authors are responsible for any errors.
The guidance includes insights from in-depth interviews with representatives from Indorama Ventures, CEMEX, and JSW Steel Ltd. The authors are grateful for their availability, openness, and insights. The authors would also like to thank Joseph Cordonnier and Deger Saygin from the OECD Environment Directorate for their support in developing the case studies.
Moreover, the guidance benefitted from data collected through an OECD industry survey on transition finance. The authors are grateful to Valérie Guillaumin (International Capital Markets Association), Jelena Macura (European Chemical Industry Council), Elke Pfeiffer (Principles for Responsible Investment), Margarita Pirovska (Principles for Responsible Investment), and the Japanese government for their support in disseminating the survey. The authors would also like to thank Valérie Guillaumin (International Capital Markets Association), Jelena Macura (European Chemical Industry Council), Elke Pfeiffer (Principles for Responsible Investment), Yukimi Shimura (MUFG Bank), and Maarten Vleeschhouwer, as well as Dirk Röttgers from the OECD Centre for Tax Policy and Administration, Mohammed Saffar, Jolien Noels, and Marijn Korndewal from the OECD Environmental Directorate for their feedback on the survey design.
At various stages of advancement, the guidance benefited from written comments, feedback, and suggestions by:
An informal reflection group (IRG) on transition finance, set up and facilitated by the OECD Secretariat. The IRG includes representatives of the following institutions: the Bank of Canada; the Directorate-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission; the Financial Services Authority of Indonesia; the Financial Services Agency of Japan; Her Majesty’s Treasury; the Ministry of Economy, Trade and Industry of Japan; the Ministry of Environment of Japan; the Monetary Authority of Singapore; the National Treasury of South Africa; the Permanent Delegation of Korea to the OECD; the State Secretariat for International Financial Matters of Switzerland; the Sustainable Finance Institute Asia; the United States Department of the Treasury; as well as the Co-Chairs of the Sustainable Finance Working Group (United States and China).
OECD experts: Géraldine Ang, Riccardo Boffo, Joseph Cordonnier, Sophia Gnych, Jane Ellis, Raphaël Jachnik, Sirini Jeudy-Hugo, Will Macpherson, Catriona Marshall, Benjamin Michel, Jolien Noels, Pieter Parmentier, Robert Patalano, Mohammed Saffar, Deger Saygin, Jens Sedemund, Elliot Smith, Cecilia Tam, and Business at OECD (BIAC).
External stakeholders: Niall Considine and Catherine Howarth (ShareAction), Charlotte Gardes-Landolfini (International Monetary Fund), Valérie Guillaumin, Nicholas Pfaff and Simone Utermarck (International Capital Markets Association), Rachel Hemingway and Sean Kidney (Climate Bonds Initiative), Jod Hsu (NN Investment Partners), Liza Jansen and Donald Kanak (Prudential plc), Sabrina Muller (Grantham Research Institute on Climate Change and the Environment, Elke Pfeiffer, Margarita Pirovska and Jan Vandermosten (Principles for Responsible Investment), Michael Sheren (Metaverse Green Exchange), Gireesh Shrimali (U.K. Transition Plan Taskforce), Fiona Elizabeth Stewart (World Bank).
The development of this guidance was made possible through the generous support of the government of Japan and the government of Switzerland.