China ESG - Weekly News: China's central bank to implement a mandatory climate disclosure system



Subsidiary event of COP15 kicked off in Kunming


A subsidiary event of the 15th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP15) kicked off Sunday in Kunming, the capital of southwest China's Yunnan Province.

Co-hosted by the Secretariat Office of the Convention on Biological Diversity and the Ministry of Ecology and Environment (MEE), the two-day event is themed "The business and finance journey to Kunming: We are part of the solution."

It aims to organize the business community and representatives to discuss how enterprises could actively participate in and contribute to biodiversity conservation, as well as provide a strong guarantee for the global realization of biodiversity goals, said Li Yonghong, deputy director of Foreign Environmental Cooperation Center of the MEE.

A high-level dialogue and nine sub-forums on sustainable land use, forest conservation, global marine protection, financing for biodiversity, to name a few, will be held during the event.

China will hold the COP15 from October 11 to 24, the MEE announced in March. The meeting, to be held in Kunming, will review the "post-2020 global biodiversity framework."

Themed "Ecological Civilization: Building a Shared Future for All Life on Earth," the COP15 is the first global conference convened by the United Nations on the topic of ecological civilization.


Source:CGTN


The central bank will determine the deadline for banks' green transformation and implement a mandatory disclosure system for climate-related information


On June 4, the Governor of the People’s Bank of China, Yi Gang, stated at the 2021 Green Swan Conference organized by the Bank for International Settlements (BIS) that the People’s Bank of China will support the development of a standardized international climate reporting framework and further improve it with the European Union and the United States. Green bond classification.

Yi Gang said that the People's Bank of China is working closely with the Financial Stability Board (FSB), while encouraging domestic banks and institutions to join the Climate-Related Financial Information Disclosure Working Group (TCFD).

“The People’s Bank of China is currently cooperating with the European Union in terms of green loans and green bond categories, and at the same time further disclosing climate-related information under the framework of TCFD. China’s domestic green bond standards are 80% consistent with the EU standards, and we will work together to explore.

At the same time, the People’s Bank of China plans to implement mandatory disclosure of climate-related information, urge major domestic commercial banks in China to disclose carbon information, and subsequently urge related disclosure activities of domestic listed companies." Yi Gang pointed out that in the financial sector, Chinese banks will continue to carry out climate stress tests to measure climate-related risks.

When asked about the Group of Seven Leaders' Meeting and the G20 in the UK next week, Yi Gang said that he hopes all countries can reach an information disclosure standard by the end of this year.


Source: IIGF



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