Building a Platform for Global Dialogue in Low-Carbon Finance Discussing the Innovative Development of Low-Carbon Finance

-- IB Organizes the First Global Low-Carbon Finance Summit Forum

On September 10, 2010, the First Global Low-Carbon Finance Summit Forum was held in Tianjin. The event was sponsored by the People’s Bank of China and the Municipal Government of Tianjin, organized by the IB, co-sponsored by the Municipal Government of the Tianjin Binhai New Area and supported by the Asian Development Bank.

 

Attendees and keynote speechmakers at the event included Yi Gang, Vice President of the People’s Bank of China, Cui Jindu, Standing Committee Member of the Tianjin CCP Committee and Deputy Mayor of Tianjin, Li Renjie, President of IB, Henry Derwent, CEO of the European Emissions Trading Association, and Richard Sandor, the founder of Chicago Climate Exchange. Focusing on the theme of “Low-Carbon Finance and Economic Sustainable Development: Opportunities and Challenges”, more than 300 delegates from national departments and ministries such as the National Development and Reform Commission, the Ministry of Science and Technology of PRC, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Construction, the Ministry of Environmental Protection as well as delegates representing domestic and overseas commercial banks, insurance companies, leasing companies, fund companies, stock exchanges, corporations and scientific research institutes gathered together to share views and development ideas on low-carbon finance, the low-carbon economy and sustainable economic development.

 

Yi Gang, Vice President of the People’s Bank of China, pointed out that the low-carbon economy is a major topic of concern around the world, and that China has made great efforts in reducing carbon emissions, conserving energy and protecting the environment. He held that it will be a challenge to balance rapid economic growth and sustainable development and thereby meet government targets. He emphasized that finance can play a significant role in the process of China’s economic transformation and low-carbon economic development. He also suggested that it is crucial to strengthen policy support, introduce market exchange mechanisms and promote the rational allocation of financial resources in low-carbon industries.

 

 

Cui Jindu, Standing Committee Member of the CCP Tianjin Committee and Deputy Mayor of Tianjin, introduced Tianjin’s experience and progress in the development of a low-carbon environmental protection city, development of a circular economy, reform and innovation to promotion low-carbon finance, and especially in the establishment of the Tianjin Climate Exchange to explore carbon trading. He pointed out that the reform and innovation of low-carbon finance is an important measure to accelerate the transformation of the economic development mode and develop a low-carbon economy, green economy and circular economy. As the low-carbon economy develops, carbon credit, carbon insurance, carbon fund, carbon trust and carbon investment will enjoy enormous market potential. He also expressed his hope that that delegates will take full advantage of Tianjin’s pioneering financial reforms in the Binhai New Area to extend more support to Tianjin in the field of low-carbon finance. Tianjin will create a sound environment to boost the healthy and fast development of low-carbon finance by taking action in regard to policy guidance, industrial structure optimization and risk and cost reduction.

 

Li Renjie, President of IB, stated that the green economy and low-carbon economy are the general trends. They are an important foundation in balancing out the economic structure and transforming economic development modes in the post-financial crisis era, and are also an ideal meeting point between social responsibilities profit making in the banking industry and a means of achieving differential competition advantages. Since 2008, when it adopted the Equator Principles and became China’s first “Equator Bank”, the IB has made constant efforts in reorganization, the reform business systems and processes, product innovation and project initiation, low-carbon working environments and low-carbon financial consumption, and international communication and corporation. It has been awarded a series of international and domestic honors, such as the Sustainable Banking Award, the China Baosteel Environmental Award, the Best Green Bank Award and the Best Green Financial Award. IB will remain committed to the responsibilities and obligations of the “Equator Principles”, advocate and practice of low-carbon finance and promote the low-carbon development and advancement of China’s economy and society with all social parties.
The low-carbon financial forum has effectively promoted and deepened global dialogue and cooperation in low-carbon finance, led to the sharing of thoughts and views in low-carbon financial innovation, and fully demonstrated the important role that the low-carbon finance will play in driving on the transformation of the economic development mode and in promoting the comprehensive, balanced and sustainable development of the economy and society.

 

The sponsors of the forum purchased carbon index from Tianjin Climate Exchange, thereby offsetting the forum’s carbon emissions and realizing a carbon neutral event.

 

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