China, Britain deepen green finance cooperation with new work stream

Financial professionals and experts from China and Britain on Thursday formally launched a joint work stream in London, in a bid to strengthen bilateral cooperation on sustainable finance and biodiversity protection.

The UK-China Nature and Biodiversity Finance Work Stream, initiated by the China-UK Green Finance Taskforce and co-led by Bank of China and Standard Chartered, will focus on cross-border collaboration and innovation in areas such as natural capital valuation, biodiversity-related disclosure tools and nature-focused investment mechanisms.

The launch coincided with a high-level forum hosted by Bank of China's London branch, titled "From Policy to Impact: A Global Perspective on the Current State of Sustainable Development."

The forum, part of the official program of this year's London Climate Action Week, brought together over 100 participants from financial institutions, government agencies, regulators, think tanks and academia across China, Britain and Europe.

"Green finance and sustainable development have become central to global high-quality growth and the transformation of financial systems," said Fang Wenjian, CEO of Bank of China (UK) Limited, during the forum's opening remarks.

Charles Bowman, co-chair of the China-UK Green Finance Taskforce, said the initiative came at a critical time.

"We must accelerate global capital flows to tackle the climate crisis," he said. "China and the UK are co-leading this effort through their net-zero commitments and renewable energy investments."

London Climate Action Week, founded in 2019 by climate think tank E3G and the Mayor of London's office, serves as a global platform for policymakers, business leaders, investors and academics to advance climate action and sustainable development.

(Cover: Two adorable Eurasian elk calves at Highland Wildlife Park, the UK, May 30, 2024. /VCG)