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Chongqing Opportunities: Green Finance | Roundtable

By RAN ZHENGJAMES ALEXANDERYILING WANGDENG ZHANGICHONGQING|Jul 02,2022

Chongqing- In February, the World Bank released a new assessment system for the business environment and added an assessment of green finance. At the same time, Chongqing issued the 14th Five-year Plan for financial reform and development, which proposed creating a green financial reform and innovation pilot zone, strengthening policy support, innovating financial services, and enhancing international cooperation.

As early as 2014, Chongqing became one of the first batch pilot cities for carbon emission trading. From 2013 to 2021, Chongqing has actively promoted the green development of the Yangtze River Economic Belt. In 2021, the city issued 12.4 billion yuan (about 1.9 billion U.S. dollars) of green bonds through the inter-bank market. The first batch of carbon emission reduction loans is 960 million yuan, expected to drive a carbon emission reduction of 213,000 tons of carbon dioxide equivalent every year.

Professor Tao Hongjun from Sichuan International Studies University, Amos Goh,Chairman of Singapore Chamber of Commerce & Industry in China Chongqing Chapter, and James Wemyss, director of strategy and business development at Stone Tan Finance join iChongqing to share their expert insights. (iChongqing/ Wang Yiling)

Professor Tao Hongjun from Sichuan International Studies University, Amos Goh, Chairman of Singapore Chamber of Commerce & Industry in China Chongqing Chapter, and James Wemyss, Director of Strategy and Business Development at Stone Tan Finance, join iChongqing to share their expert insights. (iChongqing/ Wang Yiling)

Focus has been placed on the opportunities and plans expected as green finance takes shape in Chongqing. In this particular roundtable discussion, distinguished guests Amos Goh, Chairman of Singapore Chamber of Commerce & Industry in China Chongqing Chapter, Professor Tao Hongjun from Sichuan International Studies University, and James Wemyss, Director of Strategy and Business Development at Stone Tan Finance, join iChongqing to share their expert insights into the economic advantages, environmental protection and the financial arena the city offers.

Professor Tao addressed that the crucial part of green finance is to protect the environment and better manage the environment and the social risks. Green finance is one economic activity that tries to realize two objectives: environmental protection and economic growth.

When asked what advantages Chongqing has in developing green finance, Goh said that Chongqing is definitely in an advantageous position for green finance. These are synergies with Chongqing’s 2030 economic transformation for the global city to make Chongqing a green and livable city by decarbonizing and energy mix.

“However, Chongqing faces similar challenges to several of China’s major heavy industrial centers trying to balance economic and carbon goal, and as the future of China’s low carbon development strategy will be played out at the provincial and local levels,” said Goh.

In 2021, there were 26 million cars sold. Out of that 26 million, three and a half million were new energy vehicles. It’s expected that there will be 5 million new energy vehicles sold this year, verifying the growing market. 

Stone Tan Financial leasing focuses on small and medium-sized businesses based in Southwest China and other regions of China, including Shanghai, Jiangsu, Zhejiang, and Anhui Province. Wemyss shared his company’s interests in the new energy vehicle industry chain and was willing to cooperate with companies awarded a green factory recognition.

Professor Tao suggested that Chongqing absorb the third-party assessments’ investments and the green finance certification. Green finance supplies Chongqing with an opportunity because green finance is always related to high technology energy saving. With the help of green finance, Chongqing’s economy will grow healthier and more efficient.

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