The 2024 Third Green Finance North Bund Forum took place at the W Hotel in Hongkou District on December 6.
The forum, themed “Exploring New Opportunities for Sustainable Development and Contributing to the Construction of an International Green Finance Hub,” gathered regulatory bodies, scholars, financial institutions, and industry leaders.
It featured keynote speeches and panel discussions on topics such as unlocking green finance potential, sustainable information disclosure, and developing a high-quality green finance system.
The event aimed to contribute innovative strategies for green finance and support the high-quality, low-carbon economic development path.
In a video address, Zhao Yingmin, Vice Minister of the Ministry of Ecology and Environment, emphasized that green finance is a crucial topic for global climate and environmental governance, as well as for financial cooperation and competition worldwide.
He noted that green finance has become an essential support mechanism for international trade, cooperation along the Belt and Road, and the realization of the "Beautiful China" vision.
Zhao expressed hope that Shanghai could continue its leadership in green finance innovation, providing more wisdom and case studies to promote the high-quality development of green finance.
Liu Mingkang, former Chairman of the China Banking Regulatory Commission, discussed the critical importance of transforming the financial system to support the green and low-carbon transition.
He pointed out that while progress has been made in developing a transformation finance framework, there are still gaps and limitations, particularly in funding and the quality of information disclosure.
Liu suggested the adoption of international best practices, more flexible financing tools, and improved transparency for market players.
Li Qian, the Party Secretary of Hongkou District, highlighted the district's 30-year history of financial development, from witnessing the growth of China’s capital markets to becoming a pioneer in financial reform and innovation.
Li stressed that Hongkou was now poised to lead in green finance, having built a solid foundation for sustainable financial practices. He welcomed further collaboration and input from forum participants to continue advancing green finance in the district and urged entrepreneurs to invest in Hongkou.
The forum also unveiled two key reports: the 2024 Shanghai International Green Finance Hub Development Research Report and the Jinsinan Listed Companies' Sustainable Information Disclosure Evaluation Index, both of which provide valuable insights and data to support research and practical exploration in the green finance sector.
Green sustainable development has become a global priority, and the Chinese government, in its October 2023 Financial Work Conference, called for accelerating the effective improvement and reasonable growth of financial quality.
As part of Shanghai’s broader strategic initiatives, Hongkou has proactively embraced the green low-carbon industry, launching its Green Low-Carbon Industry Alliance and promoting policies and sector maps for green shipping, carbon trading, and carbon finance.
The district has also partnered with international bodies such as the Green Finance 60 Forum (GF60) and the Global Infrastructure Basel Foundation (GIB) to facilitate global green development cooperation and technological exchanges.
Hongkou’s initiatives include promoting sustainable infrastructure identification, achieving international certification, and advancing its goal of becoming a world-class carbon-neutral waterfront.
Additionally, the district has introduced green bonds, green funds, and developed green finance risk assessment systems, encouraging improved environmental information disclosure and the continuous development of green finance.