(Economic Observation) The global economy is ushering in a new "engine", how can green finance strengthen international cooperation?
China News Service, Beijing, December 5 (Reporter Xia Bin) "The global financial market has undergone tremendous changes, and green finance has become one of the main financial channels. This is the new'engine' for global economic development." International Capital Markets International Financial Forum (IFF) President Martin Schek said at the 18th Global Annual Meeting of the International Finance Forum (IFF).
Due to the impact of the epidemic and inflation, the world economic outlook has significant downside risks. Although the development of global green finance has made gratifying progress, it still faces many problems and challenges.
During the above-mentioned annual meeting, a number of guests made suggestions and suggestions for the development of green finance.
IFF Chief Economist Zhuang Juzhong pointed out that only countries around the world can work together to establish an effective policy framework that supports green finance, promote the unification of green finance definitions and information disclosure standards, and strengthen international cooperation in green finance to cope with severe challenges.
According to Wang Yao, dean of the International Institute of Green Finance at Central University of Finance and Economics, green economy or green development has externalities in time and space, and is universal in the world.
"Therefore, it is impossible to rely on a single market or a country’s government alone. It must rely on global cooperation to form a global governance mechanism, so that everyone has the idea of seeking common ground while reserving differences."
Wang Yao said that because different countries have different economic development levels and stages and industrial structures, they have different priorities. The establishment of global standards requires a long-term process.
Martin Schek said that there is no universal formula for the development of green finance. The national conditions and the needs of social and economic development in the region must be taken into consideration in order to truly guide funds to sustainable development.
"In addition to green credit and green bonds, companies need to have more abundant tools to achieve sustainable development."
Many guests at the meeting have repeatedly emphasized that strengthening international cooperation is an inevitable way to develop green finance.
Liu Shiwei, general manager of the Bank of China Planning and Research Center, said that the "IFF Global Financial Development Report" focuses on the development of global green finance and international cooperation, and will surely inject new momentum into the development of green finance.
"Global financial institutions should strengthen mutual understanding and tolerance, with the goal of reducing the carbon intensity corresponding to unit financing, research and design a sustainable development transformation roadmap, and implement transformation measures that are both stressful and enforceable." Liu Shiwei said.
The first issue of "IFF Global Finance and Development Report" and the Global Green Finance Development Index (GGFDI) and country rankings released globally are just the "first step" of the Long March.
Zhu Xian, vice chairman and secretary-general of the IFF, revealed that this will be a “routine operation” and a “reserved program” in the future. Behavior and responsibility are also closely related to each of us."
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