China ESG - Weekly News: China and the EU jointly develop green investment standards

China and the EU jointly develop green investment standards

Yi Gang, chief of the People's Bank of China, stated at the China Development High-level Forum in March this year that the main goal of the PBoC in the next five years is to cooperate with global partners to implement a green financial standard system in China.

Yi Gang said that in order to achieve these goals, China is cooperating with the European Union to promote the further convergence of green finance and investment classification standards. At the G20 summit in Rome in October, it will discuss deepening international cooperation in green finance. This includes discussing the details of adopting globally recognized green classification standards.

During this summit, the People's Bank of China plans to establish a sustainable finance research group to co-chair with the U.S. Treasury Department to coordinate the development of an overall roadmap to promote sustainable finance.

Source: Financial Times

Envision and Sequoia China cooperate to establish a 10 billion carbon-neutral fund

Envision Technology Group and Sequoia China announced that they will jointly establish a carbon-neutral technology fund with a total scale of RMB 10 billion to invest and cultivate leading technology companies in the global carbon-neutral field, and build a zero-carbon new industrial system.

This fund is also the first domestic green technology enterprise to establish tens of billions of carbon-neutral technology funds jointly with venture capital institutions. It will actively cooperate with enterprises and governments to create a carbon-neutral technology innovation ecosystem.

Source: PE Daily

Guodian Power issued the first international and domestic dual-standard certified carbon neutral bond

On April 4, the International Climate Bonds Organization announced that the 2021 first phase of green medium-term notes (carbon-neutral bonds) issued by Guodian Electric Power Development Co., Ltd. issued by China National Power Development Co. The company (The iGreenBank) checked and was officially certified as a climate bond. The bond became the first international and domestic dual-standard certified carbon neutral bond issued by a non-financial institution in the domestic market.

It is reported that the carbon-neutral bond and climate bond were issued on March 25, 2021, with an issue amount of 840 million yuan, a coupon rate of 3.45%, and a term of three years. All funds raised from the bond will be used to support the construction of 8 wind farms, with a total installed capacity of 446.18 MW, which can reduce carbon dioxide equivalent emissions by 670,000 tons per year.

Source: iGreenBank

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