Synergizing the development of green finance in the Belt and Road Initiative (BRI) and enhancing environmental management capacity in overseas projects is an important part of building a green Silk Road, participants said at a workshop.  

The Workshop on BRI Green Finance and Environmental Management, co-hosted by the BRI International Green Development Coalition (BRIGC), Institute of Finance and Sustainability (IFS), was held on June 24-25 in Beijing.

At the workshop, participants explored the opportunities and challenges in supporting the BRI through green finance, shared the experiences and practices on sustainable investment of financial institutions, and exchanged views on topics such as raising green development capacity in BRI projects.

The event helped financial institutions raise their capacity for climate management in overseas investment and financing projects. The cooperation between the UK and China can make important contributions to the joint development of green finance and tackling climate change in BRI participating countries, said Rhys Gordon-Jones, Financial and Professional Services Counsellor of British Embassy to China.

The Ministry of Ecology and Environment (MEE) attached great importance to the ecological and environmental management of overseas investment projects, noted Li Yuanshi, an official with the Department of Environmental Impact Assessment and Emission Management of MEE.

MEE will continue to help form the joint effort by administrative authorities, financial institutions and enterprises on eco-environmental and climate management in the BRI, Li said.

A vital part of building a green Silk Road is synergizing the development of green finance in the BRI and strengthening the environmental management capacity in overseas projects. It is important to improve and enable BRIGC to play a more active role in establishing policy support and a technical guarantee system to promote green overseas investment and serve the green and high-quality development of BRI, said Li Yonghong, deputy director general of the Foreign Environmental Cooperation Center of MEE.

Participants also discussed issues related to green finance and environmental management of overseas projects.

Ye Yanfei, an advisor at the Policy Research Bureau of China Banking and Insurance Regulatory Commission, said that financial institutions should take proactive actions, focus on key areas such as risk identification and full-process credit management, and build climate-friendly banks.

Huang Shan, general manager of Appraisal Management Department of China Export & Credit Insurance Corporation (SINOSURE), shared the experience of export credit insurance agencies in preventing environmental and climate risks.

Wang Canfa, a professor at China University of Political Science and Law, analyzed the development process and current situation of environmental laws, regulations and standards in some BRI participating countries, and pointed out that environmental information disclosure and public participation is one of the important ways of preventing environmental legal risks.

Source: Belt and Road Portal