This summer, the fourth Park City Forum took place in Chengdu, China with participants at the sub-forum on Urban Development Opportunities and Green Finance Cooperation, focused on crucial urban development and green finance issues. They shared the latest research and practical experience in green finance and explored how green finance can better support sustainable urban development. Xu Xingguo, Vice Mayor of Chengdu Municipal Government, attended and delivered a speech. Other prominent speakers included Lei Yao, Deputy Director General of the Financial Research Institute of the People’s Bank of China; Xu Lin, Chairman of the China-US Green Fund; Zhang Haifeng, Deputy General Manager of the Strategic Planning Department of the Agricultural Bank of China; and Gracie Sun, Senior Advisor and Managing Director of the Green Finance Center at the Paulson Institute. More than 100 guests from relevant departments of the Chengdu Municipal Government and various financial institutions attended.
Gracie Sun delivered a keynote speech on international cooperation, green investment, and financing, saying, “Trillions of dollars are needed for a global low-carbon transition, and it is crucial to promote international cooperation in green investment and financing. Governments should promote financial market investment and cooperation in sustainable development by formulating standards and policies that align with international standards.” She explained, “This will provide a transparent and predictable policy environment for domestic and foreign investors, thus guiding more capital to flow into green investment and financing and contributing to global sustainable development.”
In addition, international cooperation in green investment and financing helps to enhance the international competitiveness of financial institutions and accelerate the low-carbon transition of enterprises. Gracie noted, “Financial institutions gain opportunities and experience in investing in green projects under different geographical and regulatory environments through international cooperation, which enhances capacity building, optimizes risk management, and improves international competitiveness.” In addition, international cooperation in green investment and financing has facilitated the development of comprehensive and advanced low-carbon transition roadmaps for enterprises, injected necessary or even lower-cost funds into their low-carbon transition planning, promoted the innovation and market application of green low-carbon technologies, and enhanced the overall green development level and efficiency of the industry.
Looking ahead to China’s priorities for international cooperation on green investment and finance, Gracie Sun suggested, “China has made significant achievements in the field of green investment and finance. The next steps are to advance the coordination of international green finance standards, strengthen the sustainable information disclosure framework and support systems, promote innovation in sustainable financial products and instruments, and enhance talent reserves and capacity building. International cooperation can play a critical role in all these areas. I look forward to seeing more breakthroughs in this area in Chengdu that will contribute to the global development of green finance.”