BEIJING, Sept. 7, 2023 /PRNewswire/ -- The 5th Plenary Meeting of the Green Investment Principles (GIP) for the Belt and Road was successfully convened in Beijing. More than 100 representatives from over 50 member institutions spanning Asia, Europe, the UK, and Africa attended the meeting.
To reflect global trends in sustainable finance, GIP renews its medium-term strategy and announced Vision 2026/2030, which introduces the "Transition" pillar. The updated Vision also raises targets and expectations for actions on risk analysis, disclosure, and green investments.
As outlined in the Vision, GIP seeks to enhance engagement with stakeholders along the BRI, aiming to grow green investments, via regional offices in Central Asia, Africa, and Southeast Asia. As the third regional office, GIP ASEAN Chapter was announced and will be co-chaired by Dr. Mari Pangestu, former MD of World Bank, and Rino Donosepoetro (Donny), Vice Chairman, ASEAN and President Commissioner Indonesia at Standard Chartered.
Mari warmly welcomes the ASEAN Chapter as a platform for exchanging ideas and experience among policymakers, FIs and corporates. Priorities of the Chapter will include transition finance, to facilitate just and affordable energy transition.
Donny hopes the Chapter can serve as a "super connector" for firms, investors and governments, disseminate knowledge on sustainability, and accelerate the flow of green capital.
To facilitate implementation of the Vision and build capacity, a new working group on transition finance, led by BOC and DBS, was announced at the meeting. The WG aims to help members and clients' low-carbon transition by formulating and implementing transition plans and innovating products. GIP members demonstrated strong enthusiasm at the panel discussion. George Wang, Senior Vice President at DBS, said, "transition is the most important part of our future business."
Dr. Ma Jun, Co-chair of GIP and Chairman of China Green Finance Committee, noted important global trends in sustainable finance, including the G20 Transition Finance Framework, ISSB standards, and growing investor attention to nature and biodiversity. "GIP will incorporate these trends into capacity building efforts through its WG and chapters," said Ma.
Sir William Russell, co-chair of GIP and former Lord Mayor of the City of London, underlined the importance of EM's transition in achieving net-zero and that capacity is crucial for transition. "GIP demonstrates how capacity building has been done in EMDEs," said Russell.
JIN Zhongxia, head of International Department at PBOC, recognized the key role GIP has played as a global platform for action. He expects GIP to work in three areas, including supporting green activities, facilitating transition and enhancing capacities.
Rahul Ahluwalia, HM Deputy Trade Commissioner at British Embassy Beijing noted significant actions taken by China to tackle climate change and tremendous potential to deepen China-UK to collaboration on sustainable finance.
A GIP casebook was launched to demonstrate good practices in green investments along the Belt and Road and implementation of GIP principles.
In recognition of exceptional implementation of GIP principles and product innovation by its members, the Secretariat announced winners of the 2023 GIP Awards.
Contact
sec_gip@gipbr.net
