DALIAN, 27th June, 2024 (WAM) - At the 15th Annual Meeting of the New Champions, Ma Jun, Director of the Green Finance Committee at the China Society for Finance and Banking, shared insights on promoting green and low-carbon development in developing countries.
According to a report by China Economic Net, Ma Jun emphasised that projects under the Belt and Road Initiative require support from green finance. He highlighted China's substantial green loan market, estimated at 30 trillion RMB, which is facilitating rapid advancements in sectors such as new energy vehicles and batteries. While related industries in Belt and Road countries are also progressing, many of these nations are low-income developing countries that lack infrastructure construction capabilities, mature green bond markets, capital markets, and green disclosure standards necessary to establish local green finance systems. Therefore, international resources are crucial to assist these countries. China has been actively aiding the development of these nations over the past two years.
Ma Jun highlighted that China's green finance sector is rapidly evolving, supporting the growth of renewable industries and contributing to global development. For instance, a significant portion of the production and consumption in the electric vehicle and battery industries occurs in China, leveraging cost reductions, economies of scale, and innovation. Thus, global collaboration is crucial to benefiting from China's competitively priced green products.
"Accelerating the green and low-carbon transition is particularly beneficial to the global economy, especially emerging markets," Ma Jun asserted. In addition to trade cooperation, Chinese enterprises are establishing joint ventures with some developing countries, reducing costs while introducing new technologies that promote local employment and economic development.