Building a Platform for International Discourse on Low-carbon Finance
Discussing Innovative Development of Low-carbon Finance
On September 10, 2010, the 1st Senior Forum on Global Low-carbon Finance was held in Tianjin. The event was sponsored by the People's Bank of China and the Tianjin Municipal People's Government, organized by the Industrial Bank, co-organized by the Tianjin Binhai New Area People's Government and supported by the Asian Development Bank. Speech-making participants at the event included Yi Gang, the deputy president of the People's Bank of China, Cui Jindu, member of the Municipal Standing Committee and vice mayor of Tianjin, Li Renjie, president of the Industrial Bank, Henry Derwent, CEO of the European Emissions Trading Association and Richard Sandor, the founder of the Chicago Climate Exchange. Over 300 guests from a number of organizations attended the event, including delegates from the National Development and Reform Committee, Ministry of Science and Technology, Ministry of Information and Industry, Ministry of Finance, Ministry of Housing and Rural Development, Ministry of Environmental Protection, commercial banks, insurance companies, leasing companies, funds companies, exchanges, enterprise groups and scientific research institutes from China and overseas. With the theme “Low-carbon finance and economic sustainable development: opportunities and challenges”, the delegates at the forum came together to discuss issues and opinions in regard to low-carbon finance, the low-carbon economy and sustainable economic development.
Deputy president of the People's Bank of China Yi Gang pointed out that the low-carbon economy is one of the major concerns of countries all over the world at present, and that China has made unremitting efforts to reduce carbon emission, save energy and protect the environment. He went on to state that there are still challenges ahead if China is to balance rapid economic development and sustainable development and realize the emission reduction targets set by the government. Yi Gang especially pointed out that finance is able to play an important role in the process of China 's economic transformation and low-carbon economic development. The key is to reinforce policy initiatives, introduce market transaction mechanisms and allocate resources rationally towards the low-carbon industry.
Cui Jindu, member of the Tianjin Municipal Standing Committee and Vice Mayor of Tianjin introduced the experiences of Tianjin in its bid to build a low-carbon city, develop recycling economies, conduct low-carbon financial reform & innovation, and especially in establishing the Tianjin Emission Exchange and conducting carbon transactions. He also pointed out that low-carbon financial reform & innovation is an important approach in accelerating the transformation of modes of economic development and developing a low-carbon economy, green economy and recycling economy. With the development of the low-carbon economy, there will be huge market potential for carbon credit, carbon insurance, carbon funds, carbon trust and carbon investment. Cui also went on to say that he hoped that the guests would take full advantage of the Binhai New Area's preferential policy of trial financial reforms and give more support to Tianjin in low-carbon finance. Tianjin will create a sound environment for the rapid development of low-carbon finance by bringing the incentive function of policy into full play, promoting the optimization of industrial structure, reducing risks and cutting costs.
Industrial Bank President Mr. Renjie expressed that the green economy and low-carbon economy the trends of the future. They are an important foundation that will allow us to balance the economic structure and transform our modes of development in the post financial crisis era. They are an ideal meeting point between the profit making and social responsibility of a bank, and an important opportunity for banks to distinguish themselves from the competition. Since IB publicly committed to the ”Equator Principles” and became the first “Equator Bank” in China in 2008, IB has made unremitting efforts in organization restructuring, business system and process reform, product innovation and project implementation, promotion of low-carbon working environments and low-carbon financial consumption and in foreign exchange and cooperation initiatives. It has been granted series of national and international awards, such as the Sustainable Banking Award, the China Baosteel Environmental Excellence Award, the Best Green Bank Award and the Best Green Finance Award. IB will continue to adhere to its responsibilities and obligations as an “Equator Bank', actively promote and practice low-carbon finance and work to promote China's low-carbon development alongside other social sectors.
The holding of a low-carbon financial forum has effectively promoted and deepened global dialogue and cooperation in low-carbon finance. It has allowed for the exchange of thoughts and viewpoints concerning low-carbon financial innovation and development and has fully demonstrated the important role of low-carbon finance in advancing the transformation of economic development modes and promoting the integrated, harmonious and sustainable development of economy and society.
The sponsor of the forum purchased carbon index through Tianjin Emission Exchange to offset its carbon emissions and realize a carbon-neutral forum.