IFF Kicks off Annual Green Finance Award Selection on World Environment Day
PR96336
BEIJING, June 5, 2022 /PRNewswire=KYODO JBN/--
The International Finance Forum (IFF) will start accepting applications for the
annual IFF Global Green Finance Award, from June 5, which is also the World
Environment Day.
Echoing the theme of World Environment Day ,"Only One Earth", which stresses
on the need to change through policy changes and our choices to live in
harmony with nature in a sustainable way, the IFF Global Green Finance Award is
targeting applicants offering green financial solutions that promote the
transformation of economic growth modes, contribute to pollution prevention and
control and address climate change, as well as improve energy efficiency,
energy conservation and emission reductions. This year's award is a global call
for innovations and application practices in policy, system, industry,
services, technology and talent building.
The Earth is our only home, and we must protect its limited resources.
Unsustainable consumption and production are contributing to climate change,
natural degradation and biodiversity loss, as well as pollution and waste
crisis. All of these issues intersect and overlap, seriously jeopardizing the
future of the planet.
Natural resources are the basis for most goods, services and facilities, and
the foundation that supports our economy. However, the linear
"take-make-dispose" model is driving the global economy while consuming vast
amounts of natural resources. Nature is in the "emergency mode" and we have
little time left.
To limit global warming to 1.5°C this century, we must ensure that annual
global greenhouse gas emissions are cut in half by 2030. However, due to the
ongoing impact of the COVID-19 pandemic over the past three years and the
recent intense geopolitical turmoil in the world, economies around the globe
are sliding to the brink of economic and energy crises. We must take urgent
action to address the looming crisis. However, all these require strong
financial support.
Faced with the dual challenges of climate change and global economic crisis,
green finance has become strong tool that countries around the world are
striving to promote. Many pioneering practices and attempts have been made in
terms of policies, systems, industries, and human resources development. It is
crucial to promote these successful best practices globally and accelerate the
popularization of green finance in order to promote green growth and
sustainable development.
The IFF Global Green Finance Award was launched by the IFF in 2020, and is
judged by a panel of 25 globally influential and authoritative financial
leaders and elites from the financial and environmental sectors. In 2022, the
award will include 10 Innovation Awards for innovative projects and 10 Annual
Awards for institutions.
Annual Awards for Institutions are granted to institutions that have made
outstanding contributions to global, regional or national sustainable
development through green finance practices, including achieving carbon peak
and carbon neutrality, addressing climate change and biodiversity conservation.
The green finance business of the institutions must be sustainable and
profitable.
Innovation Awards for Innovative Projects are granted to projects that
demonstrate significant innovation in the field of green finance, in particular
those that have made significant contributions to achieving carbon peak and
carbon neutrality, addressing climate change and promoting biodiversity
conservation.
Any institution that carries out activities which foster green finance
development and produce real benefits are eligible to apply for the Awards,
including public, private and non-profit organizations.
"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 IFF has been highly praised by the United Nations and several
international organizations and widely recognized for its important role in
promoting the practice of green and sustainable development by financial
institutions. In the annual reports and CSR reports disclosed by Chinese
financial institutions in 2022, Bank of China, China Securities, Postal Savings
Bank of China, Industrial and Commercial Bank of China, Bank of Qingdao,
Industrial Bank and Huaxia Bank, among others, have announced the award to the
public as an important achievement in strictly fulfilling their social
responsibility and vigorously developing green finance. In addition to
promoting the practice of green finance by financial institutions, the IFF
Global Green Finance Award also plays an active role in helping local
governments to implement the dual carbon goals.
The International Finance Forum (IFF) is an independent, non-profit,
non-governmental international organization founded in Beijing in October 2003,
and established by financial leaders from G20 countries, emerging markets and
international organizations including China, the United States, the European
Union and the United Nations, the World Bank and the IMF. 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.
SOURCE: International Finance Forum (IFF)
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