The continued spread of the Covid-19 pandemic and the recent international turmoil has made economic recovery for all countries. Therefore, achieving global green growth and the 2030 Sustainable Development Goals turned out to be a global challenge. However, there is now a global consensus on multilateral cooperation to address climate change. China's President Xi Jinping announced that the country will be carbon neutral by 2060. The US rejoined the Paris Agreement in 2021. The EU proposed a European Green Deal and the UK was the first to set a legal target of carbon neutrality by 2050. However, achieving carbon neutrality will require action and funding from all walks of the society, especially from the green finance sector. To promote green growth and a smooth transformation on energy and development mode, to achieve the dual goals of carbon peaking and neutrality and give a full play of China's leading role in green finance and sustainable development, the IFF and together with Goldman Sachs, the Paulson Institute and dozens of international corporations jointly established the Green Finance Working Group (GFWG) on December 4, 2021, during the IFF's 18th Annual Global Meetings.

The GFWG will be a track two dialogue mechanism supported by China and others for the goals of the G20 Sustainable Finance Working Group. It will bring together leading global institutions and their CEO-level representatives of banks and financial institutions, energy and transport, automotive manufacturing, retail and others, as well as leading researchers from the US, EU, UK and China, to multilateral dialogues for identifying solutions on how best to use green finance and capital markets as tools for mitigating climate change and transitioning to a low-carbon economy. The GFWP will also focus on developing concrete, actionable goals and recommendations to drive forward private sector climate solutions and work with policymakers to enhance green finance cooperation across the public and private sectors. The GFWG will also be a unique high-level engagement platform for business leaders to increase interaction, enhance understanding, strengthen mutual trust, facilitate multilateral cooperation and promote the implementation of projects in the field of green finance.


Exchange Ideas

Members of the GFWG will share specific policies, expertise, insights and perspectives on promoting the transition to a low-carbon economy. The GFWG encourages members to conduct research on specific topic of green finance. The GFWG representatives will engage with the G20 Sustainable Finance Study Group and the US-China Climate Envoy on an annual basis to share advice and exchange ideas.

Support and Guidance

The GFWG realized that lack of strategies and policies on implementation leads to failure in achieving high-level targets. Governments should carry out solid and systematic economic and energy transitions to achieve the goals of the Paris Agreement. The GFWG will work on capacity building, mentoring programme, and sustainability assessments of projects and investments in green finance, providing reliable and tailored ideas and recommendations for such transitions in the world.

Pilot Projects

Qualified members can participate in pilot projects in China, test innovative ideas for green finance or provide advice and consultancy for projects. The GFWG will support identifying experts and tailored advice for specific projects.


John Waldron

President and Chief Operating Officer of the Goldman Sachs Group

ZHU Xian

Vice-president and Secretary-General of the IFF
Former Vice-president, New Development Bank
Former Vice-president, the World Bank


John Waldron's speech on the establishment of the GFWG at the IFF 18th Annual Global Meeting