25 research results released at the 2024 Green Gold Committee Annual Meeting

On September 21, the 2024 Annual Meeting of the Green Finance Professional Committee of the China Financial Society (hereinafter referred to as the Green Finance Committee) was held in Beijing. This is the tenth consecutive year that the Green Gold Commission has held annual meetings since its establishment in 2015. A total of 25 results have been released this year.

Wang Xin, Director of the Research Bureau of the People's Bank of China, read out the speech of Lu Lei, Deputy Governor of the People's Bank of China. Lu Lei said that since its establishment, the Green Finance Committee has achieved remarkable results in promoting green finance concepts, studying green finance policies, and promoting innovation in green financial products. In recent years, the Green Gold Committee has achieved fruitful research results focusing on cutting-edge topics such as sustainable information disclosure, transformation finance, product innovation, financial support for biodiversity protection, climate risk management, and financial support for women's sustainable development. In the next stage, the People's Bank of China will gather important forces from institutions and platforms such as the Green Finance Commission to strive to promote the development of green finance. The first is to further improve the green finance standard system, the second is to promote financial institutions to further improve the level of sustainable information disclosure, the third is to further strengthen the incentive mechanism for financial support for green and low-carbon transformation, and the fourth is to increase financial support for carbon peaking and carbon neutrality. The fifth is to continue to deepen international cooperation in green finance.

"Green and low-carbon development needs to be supported by a suitable green financial system." Yao Mingde, member of the Party Committee and Vice President of the Industrial and Commercial Bank of China, said that as a leader and pioneer in the development of global green finance, my country has initially built a multi-level and diversified green financial system, in which commercial banks play a key role. To continue to promote the high-quality development of green finance, we need to grasp the new trends and new characteristics of green finance in practice. First, green finance's support for industrial upgrading continues to increase. Second, the "scientific and technological content" of green finance continues to improve. Third, the innovative leadership of green finance continues to be strengthened.

Fu Chengyu, founding president of the International Carbon Neutralization Research Institute and former chairman of China Petrochemical Corporation, emphasized the importance of energy transformation to China's modernization development and is the basis for promoting green and low-carbon transformation of the industry and ensuring energy security. At the same time, he pointed out that green and low-carbon transformation and the widespread application of digital technology and AI technology are the two major priorities that will affect the overall future. Among them, the financial sector plays a key role in supporting investment in high-tech fields and manufacturing equipment. He suggested treating carbon as a resource rather than a burden, promoting the research and development and application of carbon capture, utilization and storage (CCUS) technology through support from the financial sector, converting carbon into assets and advocating the development of effective carbon markets, and partially transferring the costs of carbon emissions and improving energy efficiency to capital markets, and using international cooperation mechanisms such as the "Belt and Road" to promote the international trading of carbon resources.

Ma Jun, director of the Green Finance Committee of the China Financial Society, said that my country has initially established a green financial system that effectively supports "pure green" or "near-pure green" economic activities, which has played an important role in promoting the rapid development of my country's green industry. At present, my country's green credit and green bond markets have ranked first in the world. my country's new energy, electric vehicle and battery industries supported by these financial instruments have accounted for the largest market share in the world. my country's sewage and solid waste treatment capabilities also rank among the world's top. In addition, my country's incentive mechanism for green finance has also become a model of good practice internationally. my country has also initiated and initiated a series of international cooperation mechanisms on green finance, including the G20 Working Group on Sustainable Finance, the Common Classification of Sustainable Finance (CGT) Working Group, the Belt and Road Initiative Green Investment Principles (GIP), and the Sustainable Investment Capacity Building Alliance (CASI), etc., these mechanisms have played a leading role in forming a global consensus on sustainable finance, improving the compatibility of green finance standards, and providing capacity building for developing countries.

During the release of results, representatives of the Green Gold Committee Working Group (Research Group) and a total of 17 institutions from its member units released 25 results including "Compilation of Transformation Finance Cases","Environmental Information Disclosure Research","International Practice Research on Green Finance" and "Financial Support for Biodiversity"."Research on" Green Finance Collaboration among Three Provinces and Five Prefectures to Promote Ecological Protection and High-Quality Development in the Upper Reaches of the Yangtze and Yellow River ".

At the same time, the annual meeting held ten parallel sub-forums. Experts participating in the meeting focused on "finance helps regional green, low-carbon and high-quality development, transformation finance supports local green and low-carbon development","sustainable information disclosure","green finance international event","finance supports biodiversity","green inclusive integration","financial support for women's sustainable development","transformation finance, carbon finance and ESG investment","sustainable risk analysis","green finance and the Belt and Road'"and" green finance innovation ".

This annual meeting was co-sponsored by the Green Finance Committee of the China Financial Society, the Beijing City Local Finance Administration Bureau, the Beijing Institute of Green Finance and Sustainable Development, the Chongyang Institute of Finance of Renmin University of China, and the International Institute of Green Finance of the Central University of Finance and Economics. It was strongly supported by Industrial Bank Co., Ltd. and the Tongzhou District People's Government Beijing City.