SHANGHAI, May 19, 2015 /PRNewswire/ -- China can lead the way in showcasing how innovative capital-market instruments can help countries transition to a low-carbon economy, experts said at an international conference which took place in Shanghai on May 18.
The Capital Market and Funding Mechanisms for a Low Carbon Economy in China conference, co-hosted by IFC, a member of the World Bank Group, and the China Clean Development Mechanism Fund, attracted more than 200 leading international and Chinese experts who discussed market-based instruments and solutions to advance China's goals for achieving low carbon, green growth.
"Currently, China's economy is at a 'new normal' state, which means keeping economic growth at a reasonable pace while it undergoes structural reform," said a key government official. "We are pursuing low-carbon and sustainable development through innovation and market-driven allocation of resources."
"As China pursues ambitious economic and environmental goals, capital markets are highly efficient in channeling financing into these priorities," said Bertrand Badre, World Bank Group Managing Director and Chief Financial Officer. "China's national carbon market will be the second-largest in the world, once it is implemented. China's success in using market instruments to achieve green growth could be transformative for the global economy."
"As China continues on its path to green growth, financial innovation will be important to help solve the funding gap," said Jiao Xiaoping, Deputy Director General, China Clean Development Mechanism Fund. "We will actively promote the Public Private Partnerships (PPP) model to spur a new round of sustainable development."
Supporting private sector investments that help address climate change is a priority for IFC in China. This includes investing in and mobilizing financing for renewable-energy and energy-and water-efficiency projects; advising regulators and financial institutions on adopting international environmental and social best practices, and promoting clean technologies.
The Capital Market and Funding Mechanisms for a Low Carbon Economy in China conference was co-organized by Shanghai Environment and Energy Exchange and Shanghai International Exhibition Co. Ltd.
SPDBank and BNP Paribas were lead sponsors of the event and Credit Agricole and SinoCarbon were event sponsors.
For more information on the conference visit www.cgcf.org.cn or follow #cgcf
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org.
About China CDM Fund
China Clean Development Mechanism Fund (CDM Fund), is established for addressing climate change. Through supporting and facilitating China' s action in this area, CDM Fund makes great contribution to China' s economic and social development and sustainable development of the world. The establishment of CDM Fund and its work is an innovative extension of international cooperation for tackling climate change. It helps bring CDM cooperation from project-level to country-level and better contribute to sustainable development of the country and the world. Establishing CDM Fund is a pioneering work of the Chinese government. The Fund is an innovative mechanism of financing and action for tackling climate change, and as an unprecedented organization, it will be an excellent example for global climate cooperation. The establishment of the Fund shows how much the Chinese government prioritizes climate change and supports related industrial development. For more information, visit www.cdmfund.org.
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SOURCE Shanghai International Exhibition Co., Ltd.