EC-Link has received an increasing recognition by Chinese cities providing useful support to their efforts towards sustainable development.
Based on Project’s on-going activities within Municipal Green Finance sector, on September 26, 2018, EC-Link initiated the China Urban Green Finance Network in an official meeting held in European Embassy at the presence of Mr. Jerome Pons, Head of the Head of Development and Cooperation Section in European Union; 45 participantsfrom over 30 financial institutions joined, including World Bank, AsianDevelopment Banks, AFD, KfW, ICBC, ABC, Jiangsu Bank and Industrial Bank etc.
Mr. Pons gave his warm congratulations to the establishment of CUGFN andexpressed his expectations to the great potential of network cooperation facingthe Sino-Europe green city development.
The attendants exchanged opinions on challenges and (increasing) opportunities of green municipal financing in urban projects while pursuing the namely Ecological Civilization in China.
During the meeting, it was highlighted the fact that it is still difficult to define Green vs. Not Green, and this creates a lot of difficulties in the selection of appropriate projects both at national and local levels. Moreover, there is no alignment between Chinese and International Institutions in the definition of “Green”.
Green Finance for the development of green projects needs a common vision among Chinese ministries, especially MoF and MEE; but in many cases such alignment is not present and local governments have difficulties in properly selecting green projects at local level.
CUGFN is composed by a stable group of work (composed from European and Chinese banks, international funds, think tanks, etc.) meant to sustain the development of research, events and projects within green municipal finance segment. EC-Link will coordinate financial institutions and donor agencies so to joint forces and leverages multiple resources both from international agencies as well as the Chinese institutions.
EC-Link is supporting Chinese municipalities in investigating and recommending sustainable funding mechanisms, particularly in relation to their capacity to fund green investments designed to implement climate policies and green projects.