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Country: China

Sector: Finance

China has an overall vision to become carbon neutral by 2060.

Financial institutions and industry are facing new challenges as their carbon emissions are embedded in their investment portfolios. This skill-share brings together requests to help organisations across three regions to understand international standards and best practices and explore methods to help them transition to net zero as quickly as possible.

This skill-share aimed to increase the capacity of key decision-makers within green and financial institutions, as well as high-emitting companies in China, to accelerate their progress on meeting national net zero goals, and to establish information disclosure systems that fall in line with international standards. Financial institutions developed an enhanced understanding of climate-related risks, environmental pressure test models, carbon calculation methods and the internationally recognised Task Force on Climate-related Financial Disclosures (TCFD) framework. This was achieved through a series of online training events and tailored mentoring sessions, the latter focusing on carbon emission data management, carbon border tax and carbon calculation and tax tools.

Key actions:

• Three half day online events took place in March 2022 supported by the Tianjin Emissions Trading Centre, the Hunan Innovative Low Carbon Centre and the Bank of China (Bank of China Credit Management Department, together with the Department of Education and Development, the Beijing Institute of International Finance and the London Branch). Attendees at these events included oil and energy giants, automobile companies, government organisations and associations, universities and research institutions, companies with industrial backgrounds (advanced manufacturing, logistics, infrastructure and construction, international trade, ICT, new energy and new materials) and other international organisations and integrated management companies.
• Three one-to-one capacity building sessions took place in March 2022 with the Hunan Innovative Low Carbon Centre to discuss carbon calculation methods, helping to build capacity on international standards and enabling them to support other local stakeholders through their public platform.

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• The online training events shared practical tools and scenarios to help local audiences better understand how to transform into a greener industry and actively participate in the ‘Green Revolution’. The deeper understanding of international best practices will help prepare local stakeholders to take the next steps to meet carbon reduction targets while managing their economic growth.
  
  
• The one-to-one sessions with the Hunan Innovative Low Carbon Centre (HILCC) led to a considerable and valuable exchange of ideas, and addressed HILCC’s needs to build a provincial level public carbon peaking and carbon neutrality service platform in Hunan.
  
  
• The Bank of China’s online event (open course), held as part of their Green Finance Day, was broadcast live and was watched by about 4600 people from head office departments, institutions in China and abroad, and integrated management companies. The training further enhanced the relationship between the UK government and one of the biggest international banks in China and showcased the UK’s expertise in climate change, as well as the Bank of China’s ambitions on developing green finance.