Observer Report
Beijing
The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held on Wednesday in Beijing, with over 130 representatives from more than 40 global financial institutions and international organizations participating in person or virtually. In the past year, the GIP expanded its membership to 37 signatories and 12 supporters from 14 countries and regions around the world.
The GIP working groups organized four capacity-building webinars, developed an online tool to measure project carbon emissions, and launched a climate and environmental information disclosure framework for GIP signatories, which is aligned with TCFD recommendations. The inaugural Annual Progress Report was released at the meeting, evaluating implementation by signatories and setting a baseline for future reporting. The report gave particular emphasis to climate and environment-related governance and strategy, assessment and management of sustainability risks, greening of investment portfolios, and consistent approach to disclosures, noting that further efforts are needed to address challenges such as varying levels of implementation capacity. Building on the Report findings, a three-year plan for the GIP, “Vision 2023”, was put forward at the meeting.
The focus areas for the GIP vision are set out under five key pillars – assess, disclose, commit, invest, and grow. Expectations under the Vision include for all members to have made their first TCFD disclosure by 2023. Winners of a set of GIP awards were also announced at the meeting.
Three signatories were nominated for each award category. Standard Chartered Bank received the Best GIP Implementation Award and Silk Road Fund received the Best GIP Green Finance Transaction Award. The Secretariat, together with signatories that co-chair the thematic working groups, reported the progress made in the past year and outlined working plans for the year ahead under Vision 2023.
The Secretariat stated that the GIP will continue to foster green investment in the Belt and Road region through awareness raising and capacity building in environmental risk management, disclosure.
