IFF launches annual Green Finance Award selection on World Environment Day

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

Following World Environment Day’s theme of ‘Only One Earth’, which emphasizes the need to transform through policy changes and our choices to live sustainably in harmony with nature, the IFF Global Green Finance Award is for applicants who want to be green Finance offers solutions that promote the transformation of economic growth modes, contribute to pollution prevention and control and address climate change, as well as improve energy efficiency, energy conservation and emission reduction. This year’s award is a global call for innovation and application practices in government, 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 biodiversity loss, as well as pollution and waste crises. All of these problems overlap and intersect, seriously jeopardizing the future of the planet.

Natural resources are the basis for most goods, services and facilities and the basis of our economy. However, the linear “take-make-dispose” model drives 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 ongoing impact of the COVID-19 pandemic over the past three years and the recent intense geopolitical turmoil in the world, economies around the globe are teetering on the brink of economic and energy crises. We must act urgently to deal with the looming crisis. However, all this requires strong financial support.

Faced with the twin challenges of climate change and the global economic crisis, green finance has become a powerful 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 people development. It is vital to promote these successful best practices globally and accelerate the popularization of green finance to foster green growth and sustainable development.

Launched by the IFF in 2020, the IFF Global Green Finance Award 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 includes 10 innovation awards for innovative projects and 10 annual awards for institutions.

Annual Institutional Awards are presented to institutions that have made outstanding contributions to global, regional, or national sustainable development through green financing practices, including achieving carbon peaking and carbon neutrality, combating climate change, and preserving biodiversity. The institutions’ green finance business must be sustainable and profitable.

Innovation Awards for Innovative Projects are awarded to projects that demonstrate significant innovations in green finance, particularly those that make a significant contribution to achieving carbon peaking and carbon neutrality, combating climate change and promoting biodiversity conservation have done.

All institutions conducting activities that encourage the development of green finance and bring real benefits are eligible to apply for the awards, including public, private and not-for-profit organizations.

“Finance is a resilient and effective tool to promote sustainable development and green finance will play an increasingly important role. The winners of the IFF Global Green Finance Innovation Award are pioneers, initiators and advocates of green and low-carbon industries. They direct the flow of green investment into the sustainable development sector,” he said Han Seung-soo, Chairman of the Jury Committee, Co-Chairman of the IFF, 56th President of the UN General Assembly and former Prime Minister of the Republic of Korea.

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

The IFF has been highly acclaimed by the United Nations and several international organizations and is widely recognized for its important role in advancing the practice of green and sustainable development by financial institutions. In the annual reports and CSR reports released 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 bench, among others, have announced the award to the public as an important achievement in the consistent exercise of their social responsibility and the vigorous development of 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 supporting local governments to implement the dual carbon goals.

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

SOURCE International Financial Forum (IFF)

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