HONG KONG, Feb. 28, 2023 /PRNewswire/ -- As China enters a new era of development, high-quality development, common prosperity, and double-carbon strategy have become new goals, and the ESG concept has emerged at the historic moment and posed a profound impact on the sustainable development of listed companies. As a leading comprehensive insurance group in China, China Pacific Insurance (Group) Co., Ltd. ("CPIC", "Company" or "Group"; share code: 02601.HK, 601601.SH, CPIC.LSE) is unswervingly guided by the national "Fourteenth Five-Year Plan" and the long-term goal of the year 2035, and writes a new chapter on the ESG road on an ongoing basis.
On 25 February 2023, the ESG Investment Forum of the Greater Bay Area of CPIC was grandly held at Guangzhou CPIC Financial Building. With the theme of "responsible investment for green future", the forum invited local governments, regulatory authorities, industry associations, ESG experts and scholars and strategic partners of CPIC to meet each other to discuss the core concepts and practical experience of ESG investment, talk freely about ESG investment trends, advise on the development prospects under the background of "double carbon", and witness a series of activities, such as the opening of the headquarters building of CPIC in the Greater Bay Area, and the signing of cooperation intention on green carbon science and technology fund in the Greater Bay Area, which finally came to a successful conclusion, adding a heavy touch of color to the ESG practice of CPIC.
Grasp the opportunity, accelerate the strategic layout of the Bay Area, adhere to green development and enrich the connotation of ESG
The Greater Bay Area is the main battlefield for the regional development of CPIC. The three major strategies of "big health", "big region" and "big data" have been implemented in the Bay Area market successively, creating a new situation for the Company's development in the Bay Area. At the forum, Fu Fan, the President of CPIC, delivered a keynote speech entitled "Take the Road of Green Development and Be a Responsible Investor", comprehensively introduced the achievements of the Company's ESG investment, and proposed to continue to transform the development model, promote the ESG factor to be included into the whole process of the asset-side investment value chain, and explore a sustainable development path with the characteristics of CPIC.
In response to the national strategy and to serve the real economic and social development of the Bay Area, CPIC has purchased high-quality office buildings in Tianhe CBD, Guangzhou, as its headquarters in the Bay Area, striving to establish an ecosystem of financial + technology + service. At the forum, all guests jointly witnessed the official opening of the headquarters building of CPIC in the Greater Bay Area. Relying on the headquarters building in the Greater Bay Area, CPIC will strengthen asset-liability coordination, promote cross-subsidiary and inter-institutional resource sharing, actively introduce external brand enterprises and high-quality institutions to settle in, and strive to build a demonstration building for the symbiotic development of financial entities.
At the same time, as an important force of insurance capital to "enter Guangdong", CPIC follows the strategic goal of "taking the path of green development", introduces the ESG management concept, and continues to increase the supply of green financial products. At the forum, CPIC signed a cooperation intention agreement with representatives of CICC on the green carbon science and technology fund in the Greater Bay Area. According to the agreement, the target scale of the fund is as high as RMB10 billion, RMB3 billion of which is for the first phase. It mainly focuses on green energy, green transportation, green city, green manufacturing and other directions, and is expected to inject fresh force into the green transformation of the Greater Bay Area.
Deepen cooperation, give full play to the advantages of insurance companies, and jointly promote the development of the Bay Area through collaborative innovation
Achieving carbon peak and carbon neutrality is an economic and social transformation involving values concept, industrial structure, energy system, consumption mode and other aspects. In this process, physical enterprises and financial institutions both play indispensable and important roles. In this regard, this forum held a wonderful round table dialogue, where participants shared the ESG investment philosophy and practical experience under the theme of "green, opportunities, cooperation and innovation", and held a hot and thought-provoking discussion on how to strengthen ESG governance, and help the transformation and upgrading as well as high-quality development of green industry in the Greater Bay Area.
In recent years, CPIC has accumulated fruitful achievements in the field of climate risk management, and has compiled the 2022 CPIC Climate Change Response Report, which was publicly released at the forum. Subsequently, CPIC will use high-tech risk service tools to make efforts to build a common and beautiful home through disaster prevention, risk reduction, product innovation and other methods.
In addition, under the call of "simultaneous aggregation" of the Party building of enterprises outside Shanghai initiated by Shanghai State-owned Assets Supervision and Administration Commission, CPIC, in line with the development trend of the financial industry, jointly established the Shanghai State-owned Enterprises Greater Bay Area Party Building and Financial Services Alliance with Shanghai Industry, Shanghai Pudong Development Bank, Bank of Shanghai, Guotai Jun'an, Haitong Securities, and Huitianfu Fund, which was officially launched on the occasion of the forum. The alliance starts from Shanghai, and integrates into the Greater Bay Area, which may give full play to the advantages of Shanghai financial enterprises in the Greater Bay Area in terms of a large number of institutions, diversified business types and strong strength, aggregate banking, securities, insurance, funds and other service resources, and jointly serve the economic and social development of the Greater Bay Area with regional Party building as the linkage.
Being committed to the construction of the Bay Area and serving the development of the Bay Area is an important era and historical mission of the financial industry, and even a strategic development opportunity. The successful convening of this forum is of great significance to the ESG practice of CPIC. In the future, relying on the institutional advantages of listing in three places, CPIC will play a professional role in supporting industrial upgrading, cross-border financial services, and promoting connectivity, make the "CPIC Service" take root in southern Guangdong, bring better service experience to the market and residents in the Bay Area, and fully exert the "CPIC Power" to build a better Bay Area.
