Chongqing- The panel of Green Finance as Impetus for Green Development was held in Southwest China’s Chongqing Municipality on November 5, 2019. It was one of the six panels during the 2019 China-Singapore (Chongqing) Connectivity Initiative Financial Summit or CCI-FS 2019 in Chongqing International Expo Center.

The panel of Green Finance as Impetus for Green Development is held in Southwest China’s Chongqing Municipality on November 5, 2019.

Important guests for this panel shared their views and visions on green finance promoting green development. Their topics involved environment improvement, climate change, financial support for the environment, clean energy, green transport and green buildings, green financial services and the sustainable development of economy and society. Chongqing formulated its development plan for green development in 2017 and it has been one of the earliest cities in China to do so.

Li You, Member of the Party Committee and Deputy Director of Chongqing Operations Office of People’s Bank of China, said that Chongqing has promoted green development by multiple measures including formulating plans, establishing mechanisms and implementing pilots. In the future, Chongqing will endeavor to set an example for the favorable business environment for green finance. “We have independently established the comprehensive service system of green finance big data in Chongqing,” Li said and added, “ We use big data and artificial intelligence to empower the development of green finance.”

Benny Chey, Assistant Managing Director at the Monetary Authority of Singapore, said that increasingly frequent global climate disasters lead to huge economic loss. It calls for bilateral and multilateral cooperation. Green finance is the key to deal with climate change and Singapore and Chongqing need to work together to promote the green economic transformation.

Aznan Abdul Aziz, Assistant Governor at the Bank Negara Malaysia, shared some experiences that Malaysia has obtained in green fiance and green development. There is a large demand for green finance and Malaysia has attracted many investors in that regard.

Iluminada T Sicat, Assistant Governor at BSP, said that it’s necessary to use financial means to support the green sustainable development. In order to achieve that goal, she put forward three proposals: laws and regulations, internet-based platforms to share knowledge and exchange experience, as well as the policy frameworks to guide main entities and participants.