Hong Kong, October 24, 2024 – The Green Investment Principles (GIP) for the Belt and Road convened for its 6th Plenary Meeting in Hong Kong. The meeting brought together about 100 representatives from GIP member institutions and partners, both in-person and online, to discuss and advance sustainable finance along the Belt and Road.

The meeting opened with warm remarks from the co-chairs of the GIP Steering Committee. Dr. Ma Jun, Chairman of the China Green Finance Committee and Co-Chair of GIP Steering Committee, congratulated the GIP on its rapid growth of membership and regional chapter operations, and as well as the success of its capacity-building efforts held by working groups. He highlighted four key areas of sustainable finance development to which GIP should devote more resources: transition finance, sustainability disclosure, nature-positive financing, and capacity building.

GIP’s UK Co-Chair, Sir William Russell, who also Co-Chairs the UK-China Green Finance Taskforce, reflected on notable milestones in bilateral collaboration between China and the UK, emphasizing the GIP's vital role in promoting international cooperation for green and sustainable investments and in supporting sustainable finance market development in emerging market economies.

Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), shared Hong Kong's proactive measures to facilitate green transactions in the global South, emphasizing the importance of empowering small and medium-sized enterprises (SMEs) to innovate and transition toward greener practices.

Cecilia Kwei, Director of Standard Setting at The Hong Kong Institute of Certified Public Accountants (HKICPA), provided insights on how financial institutions can enhance their sustainability disclosures in line with International Sustainability Standards Board (ISSB) guidelines. She underscored the necessity of raising ambition in financial institutions, identifying bottlenecks, and offering implementation support throughout the process.

The GIP Secretariat shared key findings of GIP’s annual report, which compiled from surveyed responses from members, noting significant progress in areas such as governance, risk management practices, and the diversification of green financial products. However, the report also highlighted critical gaps in climate scenario analysis, quantitative disclosure, and the accounting of financed emissions within some member institutions.

The regional chapters of the GIP—from Central Asia, Africa, and ASEAN—shared their progress and plans for continued engagement with stakeholders, especially the strong wish to work more closely with the working groups, as well as region-specific research, advocacy, and capacity building initiatives.

Four member-led working groups presented ongoing work programs, which included seven capacity-building events since the previous plenary meeting in September 2023. Upcoming activities will focus on pressing topics, including climate risks, financed emissions, and transition-related elements such as policies, disclosure, and products.

To recognize the efforts made by members in implementing GIP and making green investments, the GIP Secretariat presented four groups of awards to 12 member institutions, highlighting their achievements in areas such as Green Finance Transactions, GIP Implementation, Product Innovation, and Services for the GIP Community. The list of member institutions that have won the awards is attached in the annex.

CHENG Lin, Head of the GIP Secretariat Beijing Office, introduced the Capacity-building Alliance of Sustainable Investment (CASI) and its on-line learning program, an initiative supported by the GIP. He encouraged GIP members and their clients to utilize the CASI e-learning services and provide feedback for improvement.

In his concluding remarks, Dr. Ma Jun reaffirmed GIP's commitment to expanding its membership, enhancing collaborations with global initiatives, scaling-up capacity building efforts, and facilitating green transactions through its regional chapters. 

Annex: List of GIP Awards winning Institutions

•          Best Green Transaction Award

o   Bank of East Asia: BEA Union Investment introduced the First Hong Kong-domiciled Impact Bond Fund

o   Societe Generale: Provided Project Financing Support for EV Gigafactory

o   Swiss RE: Promotes Solar Investment by Using Parametric Insurance

•          Best Implementation Award

o   HSBC

o   BNP Paribas

o   China Construction Bank

•          Best Innovation Award

o   Bank of China

o   First Abu Dhabi Bank

o   Natixis

•          Outstanding Service Award

o   Standard Chartered (co-chair of WG3)

o   Industrial Bank (formerly co-chair of WG2, now co-chair of WG3),

o   Credit Agricole CIB (co-chair of WG2)