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International Institute for Sustainable Development (IISD)
Inquiry into the Design of a Sustainable Financial System (UN Environment Inquiry)
Development Research Center of the State Council (DRC)
People's Republic of China

Over the past 30 years, China has developed rapidly to become the world’s second largest economy, reaching the status of a middle-income country. Realizing this success, however, has involved a development approach entailing massive and inefficient resource use, and extensive damage to the quality of air, water and soil. Transforming from a resource- and pollution-intensive economy to a green economy is now a strategic priority for China. Success depends on the development of green industries and the transformation and reduced importance of many traditional industries. Success will be built heavily on green finance, and this is where China is headed.

The aim of this book is to develop specific proposals for greening China’s financial system, based on an analysis of current practice in China and an exchange of experience with international experts. The book proposes a framework for actions covering five key areas that, if adopted by the Chinese government, would promote the systematic development of green finance:

A. Establish and strengthen legal frameworks, including environmental laws and law enforcement that contribute to the demand for green finance.

Grantham Research Institute on Climate Change and the Environment

This paper has been developed to inform discussions on smart infrastructure development and financing as part of the sustainable development goals (SDGs) and climate processes in 2015. The article is designed to respond to five questions. First, why is a major increase in investments in better infrastructure essential to both development and climate goals? Second, what is holding back this investment? Third, how can the deployment of private capital into infrastructure investment be doubled? Fourth, what is the distinctive role of development banks in closing the infrastructure investment and financing gap? Fifth, how can official development assistance and climate finance reinforce each other?

International Institute for Sustainable Development (IISD)
Development Research Center of the State Council (DRC)
People's Republic of China
Inquiry into the Design of a Sustainable Financial System (UN Environment Inquiry)

This Synthesis Report is based on an 18-month project, Greening China’s Financial System, carried out by the International Institute for Sustainable Development (IISD) and the Finance Research Institute (FRI), Development Research Center (DRC) of the State Council, in association with the United Nations Environment Programme (UNEP) Inquiry into the Design of a Sustainable Financial System, and with support from the Fridtjof Nansen Institute. The aim is to develop specific proposals for greening China’s financial system, based on an analysis of current practice in China and an exchange of experience with international experts.

Canadian Centre for Policy Alternatives (CCPA)

In October 2013, Ontario Premier Kathleen Wynne announced her government’s plan to issue green bonds. The Government of Ontario will be the first province in Canada to issue green bonds, but not the first government agency in Canada to do so. Export Development Canada issued a green bond in January 2014, and TransLink, Metro Vancouver’s regional transportation authority, has issued very similar bonds without adding the ‘green’ label. The Ontario government plans to use the bond proceeds for investment in "transit and other environmentally friendly infrastructure projects across the province." At press time, the Government of Ontario had not released further details regarding the specific allocation of the bonds’ proceeds.