Beijing joins rapidly growing movement of Financial Centres for Sustainability
Beijing, 05 June 2019 –Beijing today became a member of the UN Environment Program-convened Financial Centres for Sustainability (FC4S) Network, a rapidly growing movement of financial centres committed to putting private capital behind climate friendly and green investments.
Beijing is the 25th member of FC4S, following hot on the heels of Lagos and Tokyo, both of which joined in the last few weeks.
“We are thrilled to announce that Beijing has joined the FC4S,” said Ma Jun, President of Beijing Green Finance Association (BGFA). “As the political, economic, and cultural centre of China, Beijing has the advantage of direct policy support, robust financial resources, and strong human capital to support the expansion of green and sustainable financial markets.
The BGFA is seeking to position Beijing as an international green finance centre. The city is planning to launch a number of critical initiatives, including the establishment of the Beijing Green Development Fund, China-UK Green Technology Innovation Fund, and a Green Assets Exchange.
“I am delighted to welcome Beijing to the FC4S family as our 26th member,” said Kong Wei, co-chair of the FC4S and Convenor of the Lujiazui Financial City Green Finance Committee in Shanghai. “With significant capital required over the coming years to finance Asia’s transition to a low-carbon economic region, Beijing’s recognition of the importance of the green and sustainable finance agenda is to be welcomed. I look forward to working with our latest member to support their efforts.”
Beijing’s admission brings the FC4S Network to six members in Asia, with Hong Kong, Seoul, Shanghai, Shenzhen and Tokyo already on board. FC4S is developing a dedicated strategy for sustainable finance in Asia under its FC4S Asia and Pacific platform.
“By joining the FC4S Network, Beijing hopes to actively participate in knowledge exchange with our international counterparts and contribute valuable experiences and drive innovation on policies, product development, and harmonization of standards, with the vision to build a more sustainable financial system globally,” said Ma Jun.
Beijing joined the network on World Environment Day, which this year is themed around the fight against air pollution. The Beijing air pollution crisis in 2013, which led the city and the government to launch series efforts to improve air quality and protect the human health, helped to spark the growth of green finance as a way to deal with environmental issues.
“It is fitting that Beijing has joined FC4S on World Environment Day,” said Satya S. Tripathi, UN Assistant Secretary-General and Secretary of the UN Environment Management Group. “Investments that move away from fossil fuels and other polluting industries, towards green and sustainable ones, are crucial to help address the global challenge of air pollution. Beijing will be a significant player in this space in the years to come. ”
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