Home Energy services IFF Launches Annual Green Finance Prize Selection on World Environment Day

IFF Launches Annual Green Finance Prize Selection on World Environment Day

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BEIJING, June 5, 2022 /PRNewswire/ — The International Finance Forum (IFF) will begin accepting nominations for the annual IFF Global Green Finance Award, beginning on June 5which is also World Environment Day.

Echoing the World Environment Day theme “Only One Earth”, which emphasizes the need for change through policy changes and our choices to live in harmony with nature in a sustainable way, the IFF Prize Global Green Finance Award targets candidates offering green financial services solutions that promote the transformation of economic growth patterns, contribute to the prevention and control of pollution and the fight against climate change, as well as the improvement energy efficiency, energy conservation and emission reduction. This year’s award is a global call for innovation and application practice in policy, systems, industry, services, technology and talent development.

The Earth is our only home and we must protect its limited resources. Unsustainable consumption and production contribute to climate change, natural degradation and loss of biodiversity, as well as pollution and the waste crisis. All these issues intersect and overlap, seriously jeopardizing the future of the planet.

Natural resources are the basis of most goods, services and facilities, and the basis that sustains our economy. However, the linear “take-make-throw away” model is driving the global economy while consuming vast amounts of natural resources. Nature is in “emergency mode” and we have little time left.

To limit global warming to 1.5°C this century, we must ensure that annual global greenhouse gas emissions are halved by 2030. However, due to the impact Continuing from the COVID-19 pandemic over the past three years and the recent intense geopolitical upheavals around the world, economies around the world are sliding to the brink of economic and energy crises. We must take urgent action to deal with the looming crisis. However, all of this requires strong financial support.

Faced with the double challenge of climate change and the global economic crisis, green finance has become a strong tool that countries around the world are striving to promote. Many pioneering practices and attempts have been made in terms of policies, systems, industries and human resource development. Promoting these globally successful best practices and accelerating the popularization of green finance is crucial to promote green growth and sustainable development.

The IFF Global Green Finance Award was launched by the IFF in 2020 and is judged by a panel of 25 globally influential and authoritative financial leaders and elites from the financial and environmental sectors. In 2022, the award will include 10 innovation awards for innovative projects and 10 annual awards for institutions.

The annual Institutional Awards are given to institutions that have made outstanding contributions to global, regional or national sustainable development through green finance practices, including achieving carbon peaking and carbon neutrality, addressing climate change and the conservation of biodiversity. Institutions’ green finance activity must be sustainable and profitable.

The Innovation Awards for Innovative Projects are given to projects that demonstrate significant innovation in the field of green finance, particularly those that have made significant contributions to achieving peak and carbon neutrality, combating climate change and promoting the conservation of biodiversity.

Any institution that carries out activities that promote the development of green finance and produce real benefits is eligible to apply for the awards, including public, private and non-profit organizations.

“Finance is a resilient and effective tool for fostering sustainable development, and green finance will play an increasingly important role. Winners of the IFF Global Green Finance Innovation Award are pioneers, initiators and advocates of green and low-carbon industries.. They steer the flow of green investments into the sustainability sector,” said Han Seung-soo, Chairman of the Jury Committee, Co-Chair of the IFF, 56th President of the United Nations General Assembly and former Prime Minister of the Republic of Korea.

“The IFF Global Green Finance Innovation Award will continue to advance the development of green finance and support a sustainable world with shared benefits for humanity.”

The IFF has been highly regarded by the United Nations and several international organizations and widely recognized for its important role in promoting the practice of green and sustainable development by financial institutions. In the annual reports and CSR reports published by Chinese financial institutions in 2022, Bank of ChinaChina Securities, Postal Savings Bank of ChinaIndustrial and Commercial Bank of ChinaBank of QingdaoIndustrial Bank and Huaxia Bank, among others, announced the award to the public as an important achievement in strictly fulfilling their social responsibility and vigorously developing green finance. In addition to promoting the practice of green finance by financial institutions, the IFF Global Green Finance Award also plays an active role in helping local governments implement dual carbon goals.

The International Finance Forum (IFF) is an independent, non-profit, non-governmental international organization founded in beijing in October 2003and compiled by financial leaders from G20 countries, emerging markets and international organizations, including China, United States, the European Union and the United Nations, the World Bank and the IMF. The IFF is a historic high-level platform for dialogue and communication, as well as a research network in the financial field, and has been upgraded to F20 (Finance 20) status.

SOURCE International Financial Forum (IFF)