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SAFETY4SEA

Belt and Road initiative to become greener

by The Editorial Team
July 2, 2019
in Sustainability
belt and road greener

Above image is used for illustration purposes only

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According to the World Economic Forum, lenders and investors who finance infrastructure projects in the Belt and Road region, hold a great responsibility for the global climate future. Yet, some of them are not aware of the impact they’re generating, still investing in ‘brown’ projects, due to the fact that GHG emissions are still not unregulated in most developing countries and also, as carbon pricing mechanisms are not in place.

In light of the above, the Green Finance Committee, of China Society for Finance and Banking, and the City of London’s Green Finance Initiative jointly launched a set of voluntary principles, the Green Investment Principles for the Belt and Road (GIP), in November 2018.

The paper calls for lenders, investors and corporates that invest and operate in the Belt and Road region to ensure their projects are aligned with the requirements of environmental sustainability and the Paris Agreement.

Today’s focus is on cutting GHG emissions by current major emitters in advanced and middle-income countries. Yet, GHG emissions from lower income, developing countries are most likely to grow string as they will embark on a trajectory of urbanization and industrialization, just as Europe and the UK head towards net zero emissions.

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Specifically, Ma Jun, Chairman, Green Finance Committee of China Society for Finance and Banking refers to a joint study by Tsinghua University and Vivid Economics, the 126 Belt and Road countries, excluding China, currently account for about 20% of global GHG emissions, but this ratio may rise to around two-thirds by 2050 if the carbon intensity of these economies only falls slowly, following the historical patterns displayed by developed countries.

Signatories and contributors to the GIP will meet at this year’s Annual Meeting of the New Champions in Dalian to provide additional information on the implementation strategy of the principles. The Forum will keep on boosting the GIP and will also build an advisory board, in support of this initiative.

So, during the Meeting a signing ceremony of the GIP took place, attended by more than 20 large global lenders and investors; In the meantime, the last days of June, 29 global institutions signed up to the GIP. They include all major Chinese banks engaged in the BRI region and some of the largest financial institutions from the UK, France, Germany, Switzerland, Belgium, Japan, Singapore, Hong Kong, Pakistan, Kazakhstan, the Emirates and Mongolia.

These signatories are:

  1. Agricultural Bank of China, Agricultural Development Bank of China
  2. Al Hilal Bank
  3. Ant Financial
  4. Astana International Exchange
  5. Bank of China, Bank of East Asia
  6. China Construction Bank
  7. China Development Bank
  8. China International Contractors Association
  9. China International Capital Corporation
  10. Crédit Agricole Corporate and Investment Bank
  11. DBS Bank, Deutsche Bank
  12. Export-Import Bank of China
  13. First Abu Dhabi Bank
  14. Habib Bank of Pakistan
  15. Hong Kong Exchanges and Clearing
  16. HSBC
  17. Industrial and Commercial Bank of China
  18. Industrial Bank
  19. Khan Bank
  20. Luxembourg Stock Exchange
  21. Mizuho Bank
  22. Natixis Bank
  23. Silk Road Fund
  24. Standard Chartered
  25. Trade and Development Bank of Mongolia
  26. UBS Group.

In the meantime, for the efficient implementation of the project’s principles, a GIP Secretariat has been established to organise knowledge-sharing of best practices, develop tools for managing environmental and climate risks, produce case studies on green investments and launch a green project database for the Belt and Road region.

Additionally, the database will help fill the information gaps between financiers and project owners, create business opportunities among signatories and other stakeholders, and improve the transparency of BRI investments.

According to Mr Ma Jun, the GIP will also bring benefits to those supporting and signing, by providing them access to good practices in environmental/climate risk management, innovative green finance products and opportunities for co-financing green projects in the rapidly growing Belt and Road region.

Tags: green practicesOne Belt One Roadsustainability
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