How China became a global leader in green finance

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asked Jan 21, 2020 in 3D Segmentation by freemexy (47,810 points)

Ahead of the Macao International Environmental Co-operation Forum & Exhibition from April 12-14, hosted by the Government of the Macao Special Administrative Region of the People’s Republic of China, Dr. Ma Jun, chairman of Green Finance Committee of China Society for Finance and Banking, speaks to Eco-Business about how China got so far ahead in green finance innovation.To get more latest banking and finance news, you can visit shine news official website.
A concerted approach to sustainable development has been gaining traction in China over the past three years and increasingly, countries in the West are looking to Beijing for cues on green investment. At the bilateral level, economic and financial dialogue between China-UK and China-France has already begun; and the Bank of England is working with China to develop green finance instruments.

One man who is frequently credited as the driving force behind China’s green finance success is Dr. Ma Jun, the chairman of Green Finance Committee of China Society for Finance and Banking.
Ma, who has been dubbed Mr. Green Finance for his work, has over the past few decades contributed to China’s finance sector through a range of roles spanning the public, private, and academic sectors, including: special advisor to the governor of the People’s Bank of China, chief economist of the People’s Bank of China, chairman of Green Finance Committee of China Society for Finance and Banking, and co-chair of G-20 Green Finance Study Group.

Ma, who is a session keynote speaker at the upcoming Macao International Environmental Co-operation Forum & Exhibition (MIECF) to be held from April 12 to 14 in Macao, tells Eco-Business in a recent interview that China’s financial sector is leading the world in green finance.

This is thanks to a concerted effort by “Heaven, Earth, and the ‘accord of Men’”, Ma tells Eco-Business, referring to policy makers, individuals, and financial institutions respectively.

“I think the Chinese government, the general public and financial institutions have vigorously supported green finance by introducing financial policies and encouraging product innovation,” he says.

He adds that a key catalyst that accelerated action on green finance in China was the PM2.5 Air Quality Index, which was a subject of numerous conversations in Beijing in 2013-2014, eventually becoming China’s call for action. It mobilised people at all levels to press ahead with green finance development.

“China has now grown into a country with the most complete set of data on the PM2.5 AQI in the world, which is released hourly in more than 200 cities across the country,” he says. “This transparency has enabled people to pay greater attention to environmental issues around them and anything contributing to the improvement of the environment, including green finance.”

In 2016, when China officially launched its green bond market, labelled green bonds issued domestically reached a whopping RMB205.2 billion (USD32.4 billion), making China the world’s largest issuer of green bonds, which accounted for 40 per cent of green bonds issued globally.

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