Today, over 150 delegates from 40 global banks, investment firms and international organizations gathered in Beijing for the First Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP), a major drive to promote environmentally responsible investments under the Belt & Road Initiative.
Launched by China Green Finance Committee and the City of London in November 2018, the GIP is a set of principles dedicated to promoting eco-conscious investment in the Belt and Road region. Thirty global institutions, including some of the region’s top lenders, have signed up to the GIP. Today’s gathering is the first by the GIP members as they seek ways to implement the principles.
“In the coming decades, most of the world’s infrastructure investment will be hosted by the Belt and Road region, which will have profound impact on climate and the environment,” said Dr. Ma Jun, Chairman of China Green Finance Committee. “The goal of the GIP is to encourage and assist signatories better integrating environmental considerations into decision-making and implementation process of their investments in the region.”
To support the implementation of the GIP and help enhance the signatories’ green investment capacities, a Secretariat has been established with offices in Beijing and London. A green project database will also be developed as an information platform between lenders and project owners.
“The GIP will benefit countries along the Belt and Road by helping facilitate green investment, minimize negative impact of new investment and create sound business opportunities,” said Chen Yulu, Deputy Governor of the PBOC.
“I look forward to seeing UK institutions working together with Chinese and international partners to share best practices to implement the principles in a robust way,” said Christina Scott, Chargé d’Affaires, British Embassy Beijing.
“With the collaboration with our Chinese partners through the UK-China Green Finance Centre, we are playing a fundamental role in ensuring that the biggest infrastructure projects will incorporate low-carbon and sustainable development,” said Sir Roger Gifford, Chairman of the UK’s Green Finance Institute.
At today’s meeting, participants agreed to set up three working groups to study best practices and develop tools and methodologies for implementation. Co-chaired by GIP signatories, these working groups will be responsible for topics including environmental risk assessment, information disclosure, and green financial product innovation.