From October 20th to 21st, 2023, the 2023 Asia-Pacific Forum on Green and Low Carbon Development (APFGLCD) took place in a collaborative effort between the Hunan Provincial Department of Ecology and Environment, Hunan Provincial Department of Finance, the Asian Development Bank, and the National Center for Climate Change Strategy Research and International Cooperation. The forum’s focus was “Transition and Innovation: Sharing New Opportunities, Promoting New Development.” Simultaneously, it ran alongside the East Asia Forum, organized by the Asian Development Bank (ADB), ADB-China Regional Knowledge Sharing Initiative (RKSI), ADB Institute, and the Hunan Provincial Department of Ecology and Environment. These parallel forums served as significant platforms for the exchange of knowledge and ideas related to green development and low-carbon initiatives in the region.
The forum encompassed two primary sessions, a total of twelve parallel sub-sessions, an international dialogue involving young participants, and an international dialogue on low-carbon cities. It extended invitations to a wide spectrum of individuals, including representatives from governmental bodies, academic institutions, and corporate sectors, thereby attracting participants from both national and international spheres. Over 100 international attendees from 42 different countries and regions took part in the Forum. Distinguished experts in various domains, including climate change policies, carbon pricing, innovative financing mechanisms, technological advancements, and digital innovations, participated in substantive discussions. The forum’s overarching objective was to holistically address these subject matters, facilitate the exchange of profound insights, bolster global engagement, and promote practical collaborations that align effectively with low-carbon technologies, projects, and investment capital.
Prof. Wang Yao, the Director General of the International Institute of Green Finance, was invited to participate in one of the parallel sessions. The session, titled “Financial Innovation for Climate and Trade,” centered on exploring groundbreaking financial methods to support the adoption of new technologies aimed at achieving global warming reduction targets of 1.5 degrees. This event was jointly organized with the Asia-Pacific Forum on Green and Low Carbon Development (APFGLCD). Notable figures such as Eugene Wong, the Chief Executive Officer of Sustainable Finance Institute Asia (SFIA) from Malaysia, Shinichi Tsunoda, the General Manager of the Sustainable Business Promotion Department at Mizuho Financial Group, Inc. in Japan, and Gang Lin, the General Manager of the Client and Credit Management Department at The Export-Import Bank of China, the PRC, also actively engaged in the dialogue. The discussion delved deep into innovative financial solutions that support the collective objective of achieving carbon neutrality. The session was moderated by Kelly Bird, an Advisor in the East Asia Department at ADB.
Professor Wang Yao has introduced a groundbreaking financial instrument known as green trade finance. This instrument not only facilitates international trade but also plays a significant role in advancing sustainability, combining conventional trade finance techniques with inventive approaches from the realm of green finance. Professor Wang Yao emphasized the growing significance and interest in this field, stressing that for sustainable development and environmental progress, it is imperative to expand these practices further. She recommended more institutions to embrace these approaches and underscored that the keys to fostering a sustainable global economy are collaboration, heightened awareness, and a commitment to ongoing research and innovation.
The 2023 East Asia Forum yielded significant outcomes as a prominent platform for sharing low-carbon knowledge and hosting conferences in the Asia-Pacific region. The Forum attracted over 100 experts from around the world for extensive discussions on climate change policies, carbon pricing mechanisms, regional approaches to carbon neutrality, and digital technologies promoting green and low-carbon development. Simultaneously, it featured 23 low-carbon technology entities at the First Asia-Pacific Low Carbon Expo, fostering the transition to greener economies and societies. The Forum provided practical solutions and shared insights to expedite the shift toward green and low-carbon economic and social transformation. With 1,897 in-person attendees and a cumulative online viewership of 12,667,200, marking a substantial increase from the previous year, it achieved its highest-ever global participation.
The International Institute of Green Finance (IIGF) has maintained a strong partnership with the Asian Development Bank (ADB), focusing on collaborative research and capacity building initiatives. Looking ahead, IIGF plans to further strengthen its collaboration with ADB by conducting joint research on topics such as transition finance, ESG investment, and green fund initiatives.