China's Industrial And Commercial Bank Of China Limited(601398) chairman Chen Siqing said at the global wealth management forum · Shanghai suhewan Summit on January 15 that at present, the impact of environmental problems such as climate change and biodiversity loss is becoming increasingly prominent, human sustainable development is facing severe challenges, and it is urgent to promote the green and low-carbon transformation of the global economy. As the core of modern economy, finance must undertake its due responsibility and mission. We should fully introduce the concept of green, low-carbon and sustainable into the construction of modern financial system and constantly improve the ability of finance to help green transformation.
He said that we should adhere to the guidance of innovation and deepen the cause of investment and financing. Focusing on the low-carbon industrial structure and the industrialization of green technology, we will launch more accurate and appropriate financial products, vigorously develop green bonds, funds, insurance, carbon finance and other tools, promote the accelerated development of green financial market, give play to the dual driving role of science, technology and data, expand the boundary of green financial services and improve service capacity.
He also said that we should adhere to the concept of system and deal with risks in the whole process. Coordinate the relationship between development and emission reduction, overall and local, short-term and medium and long-term, promote green transformation, build on the affordable basis of the economy, take the road of safe carbon reduction, improve the adaptive control ability of environmental and climate risks, do a good job in risk detection of market players, actively prevent systemic risks and maintain global financial stability.
the following is the transcript of the speech:
Distinguished leaders, distinguished guests, ladies and gentlemen, friends
Hello, everyone! I'm glad to participate in this forum and discuss the topic of green transformation of global economy with you.
A good ecological environment is the most basic public goods and the most inclusive people's well-being. At present, the impact of environmental problems such as climate change and biodiversity loss is becoming increasingly prominent. Human sustainable development is facing severe challenges. It is urgent to promote the green and low-carbon transformation of the global economy. As the core of modern economy, finance must undertake its due responsibility and mission. We should fully introduce the concept of green, low-carbon and sustainable into the construction of modern financial system and constantly improve the ability of finance to help green transformation.
First, adhere to serving entities and accelerate the development of green finance. Actively comply with the production and lifestyle, green transformation trend, and take strong actions to improve the coverage, availability and satisfaction of financial services. According to the needs of the transformation of the real economy, we will prospectively adjust the investment and financing layout, and guide and leverage all kinds of resources to flow to the field of low-carbon circular economy.
Second, adhere to the guidance of innovation and deepen the cause of investment and financing. Focusing on the low-carbon industrial structure and the industrialization of green technology, we will launch more accurate and appropriate financial products, vigorously develop green bonds, funds, insurance, carbon finance and other tools, promote the accelerated development of green financial market, give play to the dual driving role of science, technology and data, expand the boundary of green financial services and improve service capacity.
Third, adhere to the concept of system and deal with risks in the whole process. Coordinate the relationship between development and emission reduction, overall and local, short-term and medium and long-term, promote green transformation, build on the affordable basis of the economy, take the road of safe carbon reduction, improve the adaptive control ability of environmental and climate risks, do a good job in risk detection of market players, actively prevent systemic risks and maintain global financial stability.
Fourth, adhere to openness and cooperation and share development achievements. Adhere to the principles of joint consultation, co construction and sharing, promote the construction of a fair, reasonable and win-win green financial governance system, give better play to the role of China's international cooperation mechanism, strengthen the overall coordination of global financial resources, strengthen the ESG concept of financial services, and strive to narrow the gap of green development between countries, regions and urban and rural areas.
Dear friends, China Industrial And Commercial Bank Of China Limited(601398) is an active advocate of financial investment principles and an active practitioner of green credit standards. Green investment and financing indicators are in a leading position in the market. We have incorporated climate risk into the comprehensive risk management framework, innovatively issued and underwritten carbon neutral bonds and sustainable development linked bonds, forming a relatively complete green financial product system. One belt, one road, one belt, one road, is the most important and important factor. We attach great importance to the international cooperation in green finance. We initiated the establishment of a "one way" interbank normalization cooperation mechanism, actively joined the global sustainable development investor alliance, signed the United Nations\' principles of responsible banks and the "one belt and one way" green investment principle. In 2021, we issued the "climate friendly bank Beijing initiative" at the conference of global systemically important financial institutions. It has received a positive response from financial peers at home and abroad.
Facing the future, we are willing to work with all parties to strengthen cooperation, promote green finance, accelerate development, and strive to make greater contributions to the green transformation of the global economy. Thank you!
