The Global Green Finance Summit took place on November 22,2020 as part of the International Finance Forum’s Annual Meeting 2020 in Nansha District, Guangzhou, Guangdong Province. The aim of the event was to share successful experiences, evaluation criteria systems, and the supervision and regulation of green finance. The Summit convened experts from international organizations, regional development banks, the governments of China and Germany, and multiple Chinese and international NGOs.
The theme of this year’s meeting was “Comprehensive and Sustainable Development – Wide Consultation, Co-operation and Crisis Response” aimed at identifying available green and sustainable solutions across the public sector, corporates and financial institutions in a post-pandemic world.
The Summit featured speeches, among others, by Ms. Inger Anderson, Under-Secretary-General of the United Nations and Executive Director of the United Nations Environment Programme (UNEP), and Ms. Ingrid Gabriela Hoven, Managing Director of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.
“Green finance can play an essential role and has already made much progress in China: national taxonomies for green financial assets are developed; regulatory and incentive policies are introduced, such as environmental disclosure requirements and inclusion of green assets as eligible collaterals; and a wide range of green products has emerged, from green loans, through green bonds, to green insurance and green funds,” highlighted Ms. Hoven in her keynote address. Other participants, such as Mr. Ahmed M. Saeed, Vice President of the Asian Development Bank (ADB), discussed innovative incentives, including risk-based supervisory scoring models to lower funding costs for commercial banks that embrace ESG practices and environmental and social indices. Other discussion points focused on stronger climate action in recovery packages, renewable energy and green hydrogen, transportation, housing and urban planning as well as green jobs.
The event was part of an ongoing dialogue designed to strengthen climate-related commitments between the EU and China. Governments from both sides have pledged to reach carbon neutrality by mid-century and are working to encourage other nations to do the same in an effort to meet the goals of the Paris Agreement.
“There is no time to waste, there are no words to waste. Let’s foster the belief that a better and sustainable world is within reach. We are looking forward to working with all our international and local partners to help build it,” concluded Ms. Hoven her speech.
About International Finance Forum (IFF)
The International Finance Forum (IFF) is an independent, non-profit, non-governmental international organisation founded in Beijing in October 2003. It was established by more than 20 key international organisations, including the UN as well as a significant number of financial institutions and leaders.
Ms. Ingird Hoven during her keynote address / Photo Credit: IFF