On September 17, 2023, the 9th “2023 Annual Meeting of the Green Finance Committee of the China Society for Finance and Banking” was held at the Tongzhou International Wealth Center in Beijing. The conference was co-organized by the Green Finance Committee of the China Society for Finance and Banking, the Beijing Municipal Bureau of Local Financial Regulation, the Beijing Institute of Finance and Sustainability, the Chongyang Institute for Financial Studies at Renmin University of China, and the International Institute of Green Finance at the Central University of Finance and Economics.
Leaders from the People’s Bank of China and major financial institutions, along with experts from nearly 70 institutions, delivered speeches at the annual meeting. Attendees engaged in in-depth discussions on topics such as innovation in green financial products, regional green, low-carbon, high-quality development, sustainable information disclosure, green inclusive financial integration, financial support for biodiversity conservation, and transition finance.
The event comprised 8 insightful forums addressing various topics, including Financial Assistance for Regional Green, Low Carbon, and High-Quality Development; Sustainable Information Disclosure; Green and Inclusive Development; International Cooperation on Green Finance and the “Belt and Road” Initiative; Green Bonds; Carbon Finance and ESG Investment; Financial Support for Biodiversity Conservation; Green Financial Products Innovation; and Transition Finance.
This year’s annual meeting returned to an offline format, bringing together industry elites and expert scholars from both domestic and international backgrounds to exchange insights and release 20 achievements. These endeavors aim to make significant contributions to the ongoing innovation and development of green finance in key areas.
The opening ceremony featured speeches from Jin Wei, Member of the Standing Committee of CPC Beijing Municipal Committee and Vice Mayor of Beijing Municipal People’s Government; Shang Kui, Deputy Mayor of the Chongqing Municipal Government and Party Committee Member; Ji Zhihong, Executive Vice President of China Construction Bank; and Wang Xin, Director General of Research Bureau of People’s Bank of China. The annual meeting was presided over by Ma Jun, Chairman of the Green Finance Committee, China Society for Finance and Banking.
Jin Wei, during his speech, expressed that Beijing, as the national financial management center, boasts active international engagement and cooperation. It possesses abundant financial talent resources, robust technological innovation capabilities, and a significant advantage in the clustering of green industries. He pointed out that green finance serves as a crucial pillar for achieving sustainable development and represents an essential avenue for the future development of the financial industry. Beijing is committed to the comprehensive implementation of the Green Beijing Strategy, with a focus on driving the city’s transition towards a greener and low-carbon future. It aims to establish a modern financial system befitting its status as the capital of a major nation, adhering to top-tier standards to foster innovative development in green finance within the capital city. Beijing will continually enhance the overall strength of its green finance sector, accelerating its transformation into a global hub. Furthermore, Beijing will persistently fortify its green financial policy framework, enhance the functionalities of the green financial market, and deepen its international collaborations in the field of green finance.
Ji Zhihong, stated that a more scientifically and maturely designed green macroeconomic policy layout has been established, with all industries actively exploring effective paths for green transition. In the financial sector, major financial institutions are continually promoting the greening of their asset structures and supporting the real economy’s high-quality development through green finance. He pointed out that, at present, there is a noticeable homogenization of the overall supply of green assets in China, and risk pricing is not yet sufficient. Financial institutions also need to further incorporate intrinsic incentives for green trans into their pricing strategies to prevent excessive price pressures. This will enhance their risk mitigation capabilities and promote the aggregation of financial resources towards green initiatives. Ultimately, this will lead to the gradual establishment of a risk-pricing system that supports the long-term and stable development of green finance.
Wang Xin stated that in collaboration with relevant departments, the PBOC has been actively engaged in establishing a green financial system. This effort involves directing financial resources towards green and low-carbon sectors and achieving significant milestones in setting standards, enhancing information disclosure, implementing incentives and constraints, and fostering the development of green financial products and markets. He further emphasized the pivotal role of green finance in facilitating high-quality development, highlighting its substantial contribution to China’s real economy and its prominence within the country’s financial industry. Looking ahead, Wang Xin outlined the PBOC’s strategic focus on five key areas to further advance the development of green finance. These include establishing standards for transition finance and expanding the range of transition finance products, bolstering the capacity of financial institutions in carbon accounting and environmental information disclosure, advancing the creation of pilot zones for green financial reform and innovation, strengthening international cooperation in related fields, and contributing Chinese wisdom to the global arena of sustainable finance.
Ma Jun presented a comprehensive report titled “2022/23 Work Summary and 2023/24 Work Prospects of the Green Finance Committee of the China Finance Society” during the annual meeting. During the presentation, Ma Jun highlighted the significant accomplishments achieved over the past year by the Green Finance Committee’s five newly established working groups (research groups) and its member organizations. These achievements encompassed various domains, including transformative finance, environmental information disclosure, product innovation, research on international best practices, financial support for biodiversity, and international collaborations. Looking ahead to the next year, Ma Jun outlined eight specific areas of work for the Green Finance Committee, under the guidance and support of the People’s Bank of China, China Society for Finance and Banking Green Finance Committee, and other relevant government departments: 1)In-depth research on transformative finance standards to promote innovative transition financial instruments; 2) Support for listed companies, financial institutions, and transformative enterprises in enhancing sustainable information disclosure; 3) Continuation of research on “Financial Support for Biodiversity;” 4) In-depth research in the areas of green inclusivity and green consumption; 5) Strengthening the promotion and dissemination of green finance achievements and the concept of green development; 6) Exploration of research on sustainable finance in support of gender equality; 7)Further promotion of the use of the “Common Classification Catalog” in various scenarios; 8) Continued implementation of international cooperation tasks in green finance capacity building for developing countries.
During the event, representatives from 17 institutions, including the Green Finance Committee’s working (research) groups, unveiled 20 key outcomes. This session was led by Wang Wen, Secretary-General of the Green Finance Committee and Executive Dean of the Chongyang Institute for Financial Studies at Renmin University. The announced findings include:
- Yin Hong, Deputy Director of the Green Finance Professional Committee and Lead of the Disclosure Working Group, Senior Expert at ICBC’s Credit Approval Department, presented the “Research on Environmental Information Disclosure.”
- Zhang Haifeng, Deputy General Manager of the Strategic Planning Department at the Agricultural Bank of China, introduced the “Research on Policy, Standards, and Practices for Green Inclusive Finance Development.”
- Liu Shiwei, Head of the “Belt and Road” Green Finance International Practice Research Group of the Green Finance Professional Committee and Chief Risk Manager at Bank of China’s Credit Management Department, released the “Belt and Road Green Finance International Practice Study.”
- Chen Yaqin, Lead of the Innovation Research Group of the Green Finance Professional Committee and Deputy General Manager of the Green Finance Department at Industrial Bank Co., Ltd., unveiled the “Green Finance Innovation Case Study.”
- Bai Yunwen, Lead of the Financial Support for Biodiversity Conservation Research Group of the Green Finance Professional Committee and Deputy Director of the Beijing Institute of Green Finance and Sustainable Development, presented the “Research on Financial Support for Biodiversity Conservation.”
- Wang Yong, General Manager of the Risk Management Department at China Construction Bank, introduced the innovative practice of the CCB’s ESG Rating System.
- He Cong, Director of the Research Department at the People’s Bank of China’s Zhejiang Branch, revealed the “Zhejiang Path of Transition Finance.”
- Liu Yiwen, Director of the Financial Work Office of the People’s Government of Huzhou City in Zhejiang Province, showcased the “Huzhou Practice of Transition Finance.”
- Li You, Deputy Party Secretary and Deputy Governor of the People’s Bank of China’s Chongqing Branch, introduced the exploration of Chongqing’s corporate carbon accounting.
- Zhang Hua, Deputy Governor of the People’s Bank of China’s Taizhou Branch, released the second phase of Taizhou’s “Micro-Green Reach” inclusive green finance application scenario.
- Lin Xueguan, Party Committee Member and Head of Interbank at MYbank, presented the “Research on Carbon Reduction Theory and Typical Scenarios in the Commercial and Trading Industry.”
- Sun Rui, Senior Advisor at the Paulson Foundation and Executive Director of the Green Finance Center, introduced the “Fintech Promotion of China’s Green Finance Development: Cases and Prospects (2023).”
- Xu Sujiang, General Manager of the Research Department at the China Foreign Exchange Trading Center, unveiled the green bond labeling based on the “Common Classification Catalog.”
- Wang Wen, Secretary-General of the Green Finance Professional Committee and Executive Dean of the Chongyang Institute for Financial Studies at Renmin University, announced the “China Green Finance Development Report 2023”; Lan Hong, Deputy Director of the Ecological Finance Research Center, Professor, and Ph.D. Advisor at Renmin University, released “Green Finance: A New Momentum for a Financial Powerhouse” and “Major Power Game Rule Reshaping Triggered by Carbon Neutrality – From the Perspective of Production Transition and Power Enhancement under Carbon Constraints.”
- Wang Yao, Deputy Secretary-General of the Green Finance Professional Committee and Dean of the International Institute of Green Finance at the Central University of Finance and Economics, introduced the “Analysis of Green and Brown Income in A-Shares” and the “Research on Activating Carbon Assets to Promote Local Government Green Financing.”
- Liu Jingyun, Vice President of Joint Equator, released the evaluation mechanism for green financing leasing and its local pilot application.
- Shangguan Fangqin, Head of the Green and Intelligent Technology Center at China Iron and Steel Research Group, presented the “Transformation Target Setting Tool (Steel).”
At the meeting, nearly 60 experts from various institutions, including the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the Chinese Academy of Environmental Planning, the Beijing Municipal Bureau of Local Financial Regulation, the Local Financial Regulatory Bureau of Shenzhen Municipality, Xiamen Local Financial Supervision and Administration Bureau, Wuxi Municipal Bureau of Local Financial Supervision and Administration, the Yantai Local Financial Supervision Bureau, the Financial Work Office of the Huzhou Municipal People’s Government in Zhejiang Province, Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Postal Savings Bank of China, Industrial Bank, Huaxia Bank, Huzhou Bank, Jiangsu Bank, Chongqing Bank, MYBank, the Chongyang Institute for Financial Studies, the International Institute of Green Finance at Central University of Finance and Economics, the China Beijing Green Exchange, the China Emissions Exchange, China Securities Index Co., Ltd., China Central Depository & Clearing Co., Ltd., China Emissions Exchange (China) Co., Ltd., China Chengxin Green Finance Technology (Beijing) Co., Ltd., China Energy Conservation and Environmental Protection Group Green Building Materials Co., Ltd., the United Nations Development Programme, the International Sustainability Standards Board (ISSB), the International Finance Corporation (IFC) Financial Institutions Group, HSBC, Morgan Stanley Investment Management, Eastspring Investments, CFA Institute, the Belt and Road Institute for Green Development, the International Capital Market Association, The Nature Conservancy (China Representative Office), the World Resources Institute, and others, delivered speeches.
To foster the advancement and innovation of green finance and the implementation of associated policies, the People’s Bank of China granted approval in April 2015 for the establishment of the Green Finance Committee by the China Society for Finance and Banking. The Green Finance Committee has undertaken substantial and productive efforts, including the promotion of green finance concepts, research into green finance policies, and the facilitation of innovation in green financial products.
For additional details, please refer to:
- 2023年中国金融学会绿色金融专业委员会年会将于明天在北京召开, https://mp.weixin.qq.com/s/5dj4krt-3_MnYVFeq2-Mng;
- 人民银行研究局局长王信：加快发展转型金融业务 丰富转型金融产品, https://finance.eastmoney.com/a/202309182850361632.html;
- 建设银行副行长纪志宏：绿色资产的总体供给存在明显同质化现象, https://news.cnstock.com/news,bwkx-202309-5124309.htm;
- 绿金新闻 | 2023年绿金委年会在京举办 发布20项成果https://mp.weixin.qq.com/s/Geo_JhrKlHSZJ4D5N9rxEg