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World Bank Group praised China’s effort on green finance

2020-November-25       Source: Newsgd.com

On November 22, the Green Finance Summit, a parallel forum of the 17th IFF Global Annual Conference (F20 Summit), was held in Nansha, Guangzhou. The theme of the summit was "Global Green Finance: Practice and Innovation".

(Photo: Alice)

On November 22, the Green Finance Summit, a parallel forum of the 17th IFF Global Annual Conference (F20 Summit), was held in Nansha, Guangzhou. The theme of the summit was "Global Green Finance: Practice and Innovation".

Victoria Kwa, Vice President of the World Bank East Asia and Pacific Region, expressed her pride in the 40-year cooperation between the World Bank and China, especially in the field of low-carbon economy. In the past, the World Bank has cooperated with China on many projects, including reducing marine plastic pollution and protecting the natural ecological environment.

According to Wu Xiaoqing, member of the national committee of CPPCC, since the 13th Five-Year Plan, China has made significant progress in the areas of green financial standards, environmental information disclosure and product innovation. Recently, China initially established a comprehensive policy system and market environment for the development of green finance. Green finance has played an important role in promoting a green transformation of the Chinese economy and pollution prevention.

As of the first half of this year, China's green credit balance has exceeded 11 trillion yuan, ranking first in the world. The stock of green bonds is 1.2 trillion yuan, ranking second in the world. Since 2017, some regions have begun to set up pilot zones for green finance reform and innovation to support the development of local green industries.

Zhang Wencai, Vice President of Development of Agricultural Bank of China, said that Guangzhou is one of the earliest national-level green finance reform pilot zones. Last October, the Agricultural Development Bank of China issued the world’s first Guangdong-Hong Kong-Macao Greater Bay Area-themed policy offshore green financial bonds in Shenzhen. He believes that it is very positive to discuss green finance in Guangdong, which is a place with great achievements in green development.

It’s been said that in order to commend innovative solutions in the global green finance, F20 summit initiated the "2020 Global Green Finance Innovation Award" for the first time. Many companies and research centers such as China Emissions Exchange and GD Power Development CO.,LTD. have won this award.

 

Author | Alice

Editor | Nan, Jerry

Editor: Alice

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