Fair Finance Asia Phase 2

2024 marked the second year of implementation of Fair Finance Asia Phase II. Overall, the contribution has progressed according to plan, with significant achievements in all outcome areas. Key challenges for implementation relate to the operational contexts for CSOs, specifically in some of the FFA countries. In some cases, restrictions on civic space or heavy administrative regulations limit the opportunity to carry out certain activities. FFA has shown good capacity to adapt to these circumstances and focus efforts to work-streams that hold the best opportunity of generating desired results. Examples of results achieved during 2024 include: - Just Energy Transition (JET) Thought Leadership: The FFA networks research and advocacy collaborations drove highlevel engagement with key institutions like the Association of Southeast Asian Nations (ASEAN) and the Asian Development Bank (ADB), yielding tangible outcomes. These included new partnerships with the ASEAN Centre for Energy (ACE) through Oxfam's influencing Just Energy Transition in Asia (IJET) Program, marked by the integration of FFA recommendations on Mekong hydropower financing in the eighth edition of ASEANs Energy Outlook. Notably, FFA also contributed to "A Guide for a Just and Inclusive Energy Transition in ASEAN", which was adopted as an official document of ASEAN and ACE and launched during the ASEAN Energy Business Forum in Lao PDR. FFA was also invited to join as an Advisory member of Facility level Just Transition Working Group (FJTWG) convened by Climate Finance Asia. - Policy Influencing and Advocacy: Through sustained research based advocacy by FFA coalitions and the FFA regional Executive Team with financial institutions (FIs), policymakers, regulators, and regional financial stakeholders, the network achieved 77 positive policy changes. This demonstrates FFAs influence in shaping the sustainable finance landscape across Asia. Strategic Collaborations and Expanded Reach: FFA led successful collaborations in key thematic areas such as sustainable finance taxonomy with the Sustainable Finance Institute Asia (SFIA), business and human rights with the Business and Human Rights Resource Centre (BHRRC), and climate finance with Oxfam in Asia (OiA), Recourse, and Reality of Aid Asia Pacific (RoAAP), and Frankfurt School- United Nations Environment Programme Collaborating Centre for Climate and Sustainable Energy Finance (FSUNEP Centre). FFA also became a Founding Partner of the Task force on Inequality and Social related Financial Disclosures (TISFD), alongside Oxfam America and other prominent organizations, including the Organization for Economic Cooperation and Development (OECD), International Labour Organization (ILO), United Nations Principles for Responsible Investment (UNPRI), United Nations Development Program (UNDP), and World Benchmarking Alliance (WBA), further solidifying its leadership in sustainable finance initiatives beyond Asia. In addition, FFAs regional team continued to strengthen long-term alliances with UN agencies, conducting joint initiatives with the UN Office of the High Commissioner for Human Rights (OHCHR), United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), and the UNDP AsiaPacific. - Empowering Consumers for Stronger Accountability: FFA initiated a new line of advocacy focused on consumer empowerment. The Consumer Empowerment Scorecard, developed by the FFA ET, facilitated regional and country-level engagement with financial institutions and policymakers and achieved significant engagement with over 3 million average potential media reach supported by press release distribution. In Pakistan, this initiative prompted the State Bank of Pakistan (SBP) to outline plans to conduct due diligence on its consumer protection unit, demonstrating tangible policy influence. - Capacity Building and Knowledge Sharing: FFA introduced new approaches to capacity building, including the production of recorded trainings to promote the sustainability and effectiveness of stakeholder education on sustainable finance principles. 28 training sessions were conducted at national and regional levels, aimed at building the capacity of over 900 participants on varied topics on sustainable finance, including human rights and environmental due diligence (HREDD), Environmental, Social, and Governance (ESG) disclosure frameworks and just energy transition. The FFA network is well equipped to deliver a high impact program bolstered by robust capacity building initiatives tailored for FFA national partners and allies as well as national and regional financial sector stakeholders. At the regional level, capacity building for effective campaigning in the finance sector was also a key focus in 2024. - Boosted Communication and Outreach: FFA developed new communication products, including explainers and thematic videos, as well as innovative and engaging data visualization tools, to amplify research findings and advocacy efforts. The network developed and deployed 1,786 media and communications products designed to support advocacy and public campaigning initiatives. The networks digital and offline awareness raising activities reached 2,495,506 people, achieving 1,696 media citations and inspiring 7,737 intermediary stakeholders to take independent action to demand greater transparency and accountability from Asia's financial sector. - Proactive Youth Engagement: Recognizing the importance of engaging younger generations, FFA is strengthening collaborations with climate youth groups in sustainable finance advocacy and campaigning, with plans to involve them in a variety of social media campaigns in 2025.

The expected impact of the intervention is that: Financial institutions operating across Asia increasingly accelerate positive outcomes for communities and the environment through their financing and investments, while reducing negative impacts on the climate, environment, human rights, inclusion, gender equality, food security, and land rights. The intervention has five result areas and the following objectives... 1) Financial institutions operating across the region increasingly adopt or improve sustainable finance policies, practices and public disclosure. 2) Regulators and governments increase independent monitoring of financial institution policy, practice, accountability and transparency, and improve the regulation of financial institutions, including through mandatory regulation. 3) Regional financial sector actors take increasing actions to require and enforce improved standards for FIs policies, practices, accountability and transparency. 4) Stronger and resilient civil society across the region effectively influences the sustainable finance agenda, integrating a gender lens and community voice. 5) Other stakeholders (intermediary stakeholders) have increased awareness and taken more action to influence the sustainable finance agenda.