On November 1, 2023, the Sino-German Dialogue on Transformational Finance took place, organized by the International Institute for Green Finance (IIGF) at the Central University of Finance and Economics (CUFE) in collaboration with KfW (Kreditanstalt für Wiederaufbau – KfW) and DZ Bank. This event brought together esteemed leaders and experts from various financial institutions and organizations, including the National Administration of Financial Regulation, the International Economics and Finance Institute of the People’s Bank of China, the Foreign Environmental Cooperation Center under the Ministry of Ecology and Environment, the Export-Import Bank of China, the Climate Bond Initiative, the Natural Resources Defense Council, the United Nations Development Program, the International Finance Corporation, Rainforest Foundation Norway, among others.
Participants engaged in comprehensive discussions concerning the use of finance as a catalyst for sustainable development in both China and Germany. Moreover, they explored strategies to advance the growth of sustainable finance by drawing insights from successful projects and initiatives that have already been implemented.
Professor Wang Yao, the Director of the International Institute of Green Finance, delivered the opening address. She offered valuable insights into the evolution of green and transition finance in China, highlighting the successful aspects of Sino-German collaboration. Additionally, she provided an outlook on the future prospects of Sino-German transition finance cooperation.
During the event, keynotes were delivered by prominent figures including Mr. Yangfei Ye, Senior Inspector at the National Administration of Financial Regulation; Ms. Minwen Zhang, Deputy Director General of the International Economics and Finance Institute, Ministry of Finance; and Mr. Yao Lei, Deputy Director General of the Research Institute of the People’s Bank of China. The speakers underscored the significance of enhancing bilateral cooperation between China and Germany. They emphasized the need for initiatives such as establishing comprehensive and robust standards for transition finance, diversifying green finance products, fostering green development partnerships, restructuring global value chains, promoting sustainability-related information disclosure by entities, and supporting the transition of developing countries toward achieving just transition goals through international cooperation and dialogue.
Experts representing the Ministry of Ecology and Environment, the Export-Import Bank of China, the Climate Bonds Initiative, DZ Bank and KfW engaged in the Panel Discussion on “Lessons Learned and Best Practices in Financing the Sustainable Transition in China and Germany: Enhancing Sino-German Pathways and Partnerships in Sustainable Financial Markets.”
The panel explored strategies to bolster Sino-German pathways and partnerships for the advancement of sustainable financial markets and international cooperation. It also examined how the global community can learn from China and Germany’s experiences to expedite progress in sustainable finance. The experts introduced ongoing initiatives and projects within their organizations aimed at sustainability objectives and the development of sustainable finance. They stressed the importance of establishing robust standards, creating universally accepted definitions of transition activities, and strengthening collaboration between the private and public sectors to ensure the comprehensive development of green finance.
In early October this year, China and Germany convened their third High-Level Financial Dialogue, during which they issued a series of collaborative statements in the financial and economic sectors. Among these statements, 17 points emphasized that “both sides welcome the strengthening of sustainable finance cooperation.” Recognizing the complexities tied to transitioning to carbon neutrality, both China and Germany have engaged in extensive collaboration across domains such as green project financing, market cooperation, and capacity building. Although they have made noteworthy strides, they also face the challenges that come with advancing sustainable development in a new phase, with opportunities emerging from the development of transition finance. Against this backdrop, the primary objective of this seminar was to address the new stage of sustainable financial development in Sino-German relations, facilitating responses to the challenges tied to transition finance development and fostering enhanced dialogue and exchanges between the two nations. Back in 2019, the International Institute of Green Finance established a robust partnership through forums and collaborative research activities with DZ Bank and KfW. IIGF is committed to further enhancing its collaboration with these esteemed partners, with the aim of promoting sustainable development and bolstering the cooperation between China and Germany in the field of green finance.