At the opening ceremony of the 2023 Macao International Environmental Co-operation Forum & Exhibition (2023MIECF) held today (17 August), Professor Lan Hong, Deputy Director of the Eco-finance Research Centre of the Renmin University of China, Deputy Director of the Green Finance Branch of the Chinese Society for Environmental Sciences, and Deputy Director of the Green Finance Professional Committee of the China Association of Environmental Protection Industry, delivered a keynote speech on “Deepen Co-operation on Green Finance, Work Together to Achieve Carbon Neutrality”.

Focusing on green finance conducive to carbon neutrality

Professor Lan Hong noted that the development of green finance is now pressing ahead on carbon neutrality. At present, Mainland China is actively promoting peak carbon emissions and carbon neutrality. As various low-carbon projects have seen huge funding gaps, it is encouraged to investigate the development of carbon insurance as a way forward to provide financing protection for carbon reduction projects and mitigate the risks of climate adaptation projects. In the meantime, differentiated premium incentives, investment in low-carbon projects and low-carbon operations,  as well as proper supervision will be implemented to achieve the carbon neutrality goal.

Capitalising on Macao’s strengths to promote the sustainable development of green finance

Professor Lan Hong also suggested that Macao’s bond platform could be capitalised to finance green projects in the mainland and help usher in international green funds; and that the establishment of a cross-border carbon trading platform in Macao would enable mainland carbon trading products to better connect with the international carbon trading market. Moreover, it is also advised to study and develop a cross-border carbon trading platform in Macao with RMB as the settlement currency, a green financial market, and a green financial service platform between China and Portuguese-speaking countries.

The 2023MIECF is hosted by the Government of the Macao Special Administrative Region, with the support of the National Development and Reform Commission of the People’s Republic of China, the Ministry of Science and Technology of the People’s Republic of China, the Ministry of Industry and Information Technology of the People’s Republic of China, and the Ministry of Ecology and Environment of the People’s Republic of China, co-organised by the provincial and regional governments in the Pan-Pearl River Delta Region, and co-ordinated by the Macao Trade and Investment Promotion Institute and the Environmental Protection Bureau. Taking as its theme “Building an Ecological Civilisation Through Innovative Initiatives”, it aims to promote international exchanges and co-operation on environmental protection among different sectors, including “governments, industries, universities, research institutes, users and investors”. The event takes place from today (17 August) to 20 August (Thursday to Sunday).