FC4S Takes Centre Stage at Major Chinese Financial Expo CIFTIS 2020
A framework that sets out the response of the global financial system to the Covid-19 pandemic and its impact on sustainable finance has been presented at the China International Fair for Trade in Services (CIFTIS), which started on September 4 in Beijing.
The UN hosted Financial Centres for Sustainability (FC4S) Network presented the findings of its Covid-19 report that outlines an initial framework for response strategies and the implications for global sustainable finance.
last year Beijing became the 26th member of the FC4S network which commits the world’s financial centres to working together in support of the Paris Agreement and the UN Sustainable Development Goals. Now at 30 members, FC4S members collectively represent 80% of the global equity market and $61.3 trillion in global equity market capitalisation.
The Beijing municipal government has outlined a blueprint to position Beijing as an international green finance centre and the CIFTIS 2020 offers an opportunity for FC4S to support the progress of critical Chinese initiatives that match this ambition.
These include Beijing to support FC4S setting up a local office, coordinating with FC4S Secretariat and network members in the Asia Pacific region; establishment of capacity building platform for global FC4S members; and facilitation of key policy dialogues at regional and international level.
Commenting, FC4S Managing Director Mr. Stephen Nolan said FC4S was looking forward to presenting its Covid-19 report with the support of Beijing:
“CIFTIS 2020 offers a wonderful platform to showcase the role of the world’s financial service sector in expanding economic opportunities through a more inclusive, sustainable financial system as well as underlining China’s own progress in this space. Presenting our Covid-19 report findings at such a key event, allows FC4S to highlight collective actions which all FC4S members, partners and potential partners can take, with Beijing taking a leadership role in support of the green finance agenda.
And as an important member of the FC4S network, Beijing is well-positioned to promote green finance and is already playing a significant role in this area. As we build back better, Beijing has the advantage of direct policy support, strong financial resources, and deep human capital to support the expansion of green and sustainable financial markets.”
Commenting, Bureau Chief of Beijing Local Financial Supervision and Administration said:
“As a proud member of the FC4S network, we are pleased that FC4S is presenting the findings of its important Covid-19 and sustainable finance paper in Beijing during the China International Fair for Trade in Services (CIFTIS). Beijing Finance Bureau is delighted to support FC4S promote how global financial centres can contribute to sustainable development, in particular in the context of the global pandemic.
Taking this opportunity of report launch, Beijing will further deepen the comprehensive cooperation with FC4S, and also leverage the capital’s resources and platforms to facilitate policy exchanges and dialogues at the city level of green financial centers, promote business exchanges in ESG development, green financial product innovation, green finance certification and standards, etc. All of these activities aim to promote the capacity for sustainable development of the global financial industry.
Beijing plays a key national and international role in supporting capital markets align themselves with the green finance agenda. And with Beijing home to more than 800 licensed corporate financial institution headquarters, Beijing is rapidly emerging at the centre of China’s green finance policy and the birthplace of several important global green finance initiatives. Indeed, the first domestic green corporate bonds, the first renewable green corporate bonds, and the first green asset-backed notes (ABN) were all issued by Beijing companies.”
Beijing is one of eight FC4S members in Asia, with Hong Kong, Seoul, Shanghai, Shenzhen, Tokyo, Abu Dhabi and Astana on board.
Read the full FC4S report that was presented in Beijing here.
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