Fair Finance Asia 2018-2022

From January 2018 to December 2022, FFA successfully: • Contributed to the improvement of policies and practices of FIs across FFA countries and at the regional level. This was done through the use of robust financial policy assessments drawing from the rigor of the Fair Finance Guide International (FFGI) Methodology, coupled with ontheground research and case study development, which were considered a highly strategic approach for highlighting discrepancies between banking policies and practices. • Contributed to improved regulations by policymakers and financial sector regulators (and improved political will among influential actors). This was done by developing an evidence-based knowledge repository documenting the progress (or lack thereof) in the alignment of FIs policies and practices with internationally recognized ESG standards, norms, and conventions. This supported efforts to highlight policy gaps for Asian financial regulators and opened opportunities for dialogues on what civil society expects to see in terms of sustainable and responsible financing across the region and built stronger alliances among civil society organizations (CSOs) and key stakeholders working on sustainable finance issues in Asia. During implementation, FFAs civil society presence across Asia not only expanded, but also deepened. Starting with six countries in 2018, FFA grew to eight country coalitions by the end of 2022 (Cambodia, India, Indonesia, Japan, Pakistan, Philippines, Thailand and Vietnam). The country coalitions grew in terms of memberships, and strength, in terms of active participation by diverse organizations focusing on various thematic areas, such as climate change, gender equality, human rights, and transparency and accountability. • Strengthened the capacities of Asian CSOs in delivering highquality research and advocacy initiatives on sustainable finance. This was evidenced by growing successes in engaging and influencing key financial sector stakeholders at the national and regional levels, and consistently improving relationships with intermediary allies also influencing the regional and global financial sectors, such as the media and academia. • Increased public awareness and voice for a transparent and accountable financial sector, particularly those from grassroots communities, women, youth, and indigenous groups. • Adapted a highly resilient approach to program management and overall influencing and implementation during the COVID19 pandemic, which impacted two years of the programs life cycle from 2020 to 2021. These targets were achieved despite substantial challenges to regular ways of working, communicating, and influencing. Country coalitions continued advocating for positive changes in sustainable finance, in part, because of inequalities that COVID19 exacerbated across the region. In this challenging and rapidly evolving environment, FFA continued to deliver strong outcomes that contributed to positive changes in the financial sector throughout Asia. This was confirmed in the independent Midterm Review and Endline Review reports.

The expected impact of the Fair Finance Asia programme is a reduction of the negative impact of national and cross border bank investments in Asia on human rights, the environment and climate change, and increase of adequate financial services for pro poor inclusive economic development. The overall objective is a sustainable finance sector in Asia, with financial sector institutions operating at national and regional level being more transparent and accountable and adhering to Environmental, Social and Governance (ESG) criteria. Improved practices of financial sector actors. Financial sector actors, operating at national and regional levels in Asia, adhere to ESG and human rights (HR) criteria in the investment decisions they take and are more transparent and accountable in relation to companies they invest in and customers they serve. Improved policies among financial sector actors. Financial sector actors, operating at national and regional levels in Asia adhere to ESG and HR criteria and improved political will among influentials and financial sector associations Improved regulations and enforcement of integration of ESG and HR criteria in the financial sector by national governments and other financial sector regulators and improved political will among influentials. Stronger and wider alliances established and strengthened with FFA/CSO coalitions successfully engaged with other stakeholders at national and/or regional levels and the startup of a regional multi-stakeholder dialogue creating the conditions for a regional multi-stakeholder initiative on sustainable finance. Capacity strengthening of CSOs. CSOs and their FFA/CSO coalitions at national level strengthened on research, monitoring and influencing the financial sector and participate in or initiate influencing and advocacy efforts on promotion of a transparent and accountable financial sector. Increased awareness and voice. Citizens taking action campaigning, demanding and/or engaging for a transparent and accountable financial sector that integrates ESG & HR criteria. Initially the objectives were formulated as expected outcomes in the long and short term. From the 2020, they were rephrased as above