The Industrial Bank, China's first Equator Bank, recently attended the 2009 Corporation Appreciation Dinner in Shanghai organized by the WWF. At the dinner, the WWF presented the Industrial Bank with the 2009 Outstanding Nature Conservancy Award in recognition of the efforts that the bank has made in green credit and sustainable finance. Enterprises such as Ermenegildo Zegna and Wal-Mart (China) also received this award.
Founded in 1961, the World Wide Fund for Nature (WWF) is one of the largest privately-funded global environmental protection institutions in the world. It has 5 million members across the globe and over 13,000 projects in 157 countries. It collaborates with over 400 institutions worldwide including governments, corporations, funds and local organizations.
Since 1980, WWF has been the most important NGO in China, and has engaged in various forms of collaboration with the government, public organizations and private corporations.
In 2008, the Industrial Bank's philosophy and practice in green finance captured the attention of the WWF. In order to promote China's green credit policy and collaborate in the development of the Industrial Bank's environmental and social risks management system, the WWF has engaged in sound cooperation with the Industrial Bank. The two parties have engaged in broad collaboration in a number of fields, including training on the Equator Principles, research on China's green credit policy, exploration into IB's environmental and social risks management mode and research into sound practices in global sustainable financial practice. These initiatives hope to promote the development of sustainable finance in China's banking sector.
IB's involvement in sustainable finance dates back to 2006, the bank collaborated with the IFC to offer loans for energy conserving and emissions reducing projects. Following this, the bank signed the UNEP Statement by Financial Institutions on the Environment & Sustainable Development in 2007, became China's first Equator Bank in 2008 and began to develop a scientific and sustainable environmental and social risk management system in 2009. In this process, the bank has undergone three major transformations. The first is that is has gone from conducting trial operations to achieving a consensus in corporate governance. Secondly, it has gone from passive compliance to proactive development. Thirdly, it has gone from having just a single product to having remodeled its business mode and operations processes. In 2009, the Industrial Bank was granted the “Asian Sustainable Bank of the Year Award” at the 2009 Sustainable Banking Awards held by the Financial Times, becoming the first bank in China to receive this accolade. In the 2008 China Best Bank Awards organized by the Economic Observer, the IB was named as the “2008 Best Green Bank in China” by 9 NGOs.
The Industrial Bank stated that it will continue to make efforts to build mutually beneficial relationships with society, the environment and other interest-related parties through its professional services so as to realize the overall and sustainable development of the economy, society and the environment.