Winners of the "IFF 2021 Global Green Finance Award", including Bank of China, China Securities, Postal Savings Bank of China, Industrial & Commercial Bank of China, China Construction Bank, Bank of Qingdao, Industrial Bank, Huaxia Bank and PICC Property and Casualty Company released their annual social responsibility reports this week. The reports highlighted their nominations for the IFF award, indicating a broad social recognition of the IFF's role in promoting green, sustainable development.

Under the "dual carbon" goals, concepts such as economic, social and governance (ESG) and green finance are gradually becoming important standards for evaluating the social responsibility of governments, enterprises and institutions.

By the end of last year, the Chinese government put in place a "1+N" policy framework for carbon peak and carbon neutrality. "1" refers to the long-term approach to combating climate change laid out in the Working Guidance for Carbon Dioxide Peaking and Carbon Neutrality in Full and Faithful Implementation of the New Development Philosophy, while "N" refers to solutions in all key fields to achieve peak carbon neutrality. In the financial sector, the People's Bank of China, China's central bank, rolled out supporting tools for carbon reduction as part of efforts to facilitate the cause. Against this backdrop, many financial institutions' annual social responsibility reports have stressed on the importance of ESG.

The IFF Global Green Finance Innovation Award was initiated by the IFF in 2020 to reward institutions and innovative solutions for the outstanding contribution to green finance worldwide as a way to support sustainable development and global climate governance. The Award Jury is composed of 25 prominent leaders and experts from economic, financial and environmental realms, with global influence and authority. The award has been praised by several international organizations such as the United Nations.

"Finance is a resilient and effective tool to foster sustainable development, and green finance is going to play an increasingly important role. The winners of 'the IFF Global Green Finance Innovation Award' are pioneers, initiators and advocators of green and low-carbon industries. They guide the flow of green investments to the sustainable development sector," said Han Seung-soo, chairman of the Jury Committee, IFF co-chairman, the 56th president of UN General Assembly and former prime minister of Republic of Korea.

"'The IFF Global Green Finance Innovation Award' will continue to push forward the development of green finance and support a sustainable world with shared benefits for the mankind."

The award ceremony of the second 'IFF Global Green Finance Innovation Award' was held in December. In his address at the ceremony, IFF Executive Vice-chairman Li Xiaohong said the IFF award has been warmly welcomed and highly valued by many outstanding international organizations and institutions in financial and environmental sector.

China is striving to achieve its "dual carbon" goals and realize sustainable development, and in this context, green finance is necessary to support the green development and decarbonization of major industries, Li said.

In addition to promoting green finance among financial institutions, IFF also works actively to help local governments implement the dual carbon goals. The Guangzhou municipal government is one of the pioneers in green finance development. It was ranked first for three consecutive years in self-evaluation of the construction of green finance reform and pilot innovation zones in six provinces and was awarded the outstanding contribution award by the IFF in 2020.

The IFF is an independent, non-profit, non-governmental international organization founded in Beijing in October 2003, and established by financial leaders from more than 20 countries, regional and international organizations including China, the United States, the European Union and the United Nations. IFF is a long-standing, high-level platform for dialogue and communication, as well as a research network in the financial realm, and has been upgraded to F20 (Finance 20) status.