On November 5, 2022, the Parallel Session on Transition Finance Facilitates Green and Low-carbon Development of the 5th Hongqiao International Economic Forum (Hongqiao Forum), hosted by the Ministry of Commerce of People’s Republic of China and the People’s Bank of China and jointly organized by China International Import Expo Bureau, Industrial and Commercial Bank of China and National Convention and Exhibition Center (Shanghai), was successfully held in the National Convention and Exhibition Center (Shanghai). Representatives from government departments, financial institutions, enterprises, academic research institutions, and international multilateral organizations from more than 20 countries and regions attended the parallel session. They conducted in-depth exchanges on topics such as the formulation of the standards, development paths, and risk prevention and control of transition finance.      

In his speech, Zhang Weiwu, Deputy Governor of the Industrial and Commercial Bank of China, said that transition finance is an important way and driver for financial institutions to support the green development of the real economy, and that promoting the development of transition finance requires continuous awareness raising, adherence to openness and sharing, and proper response to potential risks of transition finance. During the keynote speech, Xuan Changneng, Vice Governor of the People’s Bank of China, shared China’s practice of financial support for the green development of the economy and the promotion of an orderly low-carbon transition, indicating that the People’s Bank of China will further improve the effective alignment between green finance and transition finance in the future. Wu Qing, member of the Standing Committee of the CPC Shanghai Municipal Committee and Executive Vice Mayor, said that it is necessary to strongly support green financial innovation, improve diversified green financial products, promote the construction of a carbon emission trading market, and explore the use of green finance to promote and support green development. Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region, introduced Hong Kong’s practice in supporting the development of green finance. Ma Leili, Vice Governor and Chief Financial Officer of the New Development Bank, and Mabuza, Chairman of the BRICS Business Council in South Africa, attended and delivered keynote speeches.

Lei Wai Nong, Secretary for Economy and Finance of Macao Special Administrative Region, Sean Kidney, Chief Executive Officer of the Climate Bonds Initiative, Xu Gang, Executive Vice President of Airbus Global and Chief Executive Officer of Airbus China, Sim Tshabalala, Chief Executive Officer of Standard Bank Group, Zhu Yonghong, member of the Standing Committee of the CPC Committee and Chief Accountant of China Baowu Steel Group, Shargiil Bashir, Chief Sustainability Officer of First Abu Dhabi Bank, and Lai Xiaoming, Chairman of the Board of Directors of the Shanghai Environment and Energy Exchange, attended and participated in the discussion.

During the parallel session, the Industrial and Commercial Bank of China released three great achievements in promoting transition finance and green development.