IFF Kicks off Annual Green Finance Award Selection on World Environment Day

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

Echoing the theme of World Environment Day ,"Only One Earth", which stresses on  the need to change through policy changes and our choices to live in harmony with nature in a sustainable way, the IFF Global Green Finance Award is targeting  applicants offering green financial 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 reductions. This year's award is a global call for innovations and application practices in policy, system, industry, services, technology and talent building.

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

 Natural resources are the basis for most goods, services and facilities, and the foundation that supports our economy. However, the linear "take-make-dispose" model is driving the global economy while consuming vast amounts of natural resources. Nature is in the "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 cut in half 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 sliding to the brink of economic and energy crises. We must take urgent action to address the looming crisis. However, all these require strong financial support.

Faced with the dual challenges of climate change and global economic crisis, green finance has become 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 resources development. It is crucial to promote these successful best practices globally and accelerate the popularization of green finance in order 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. 

Annual Awards for Institutions are granted to institutions that have made outstanding contributions to global, regional or national sustainable development through green finance practices, including achieving carbon peak and carbon neutrality, addressing climate change and biodiversity conservation. The green finance business of the institutions must be sustainable and profitable.

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

Any institution that carries out activities which foster green finance development and produce real benefits are eligible to apply for the Awards, including public, private and non-profit organizations.

"Finance is a resilient and effective tool to foster sustainable development, and green finance is going to play an increasingly important role. The winners of 'the IFF Global Green Finance Innovation Award' are pioneers, initiators and advocators of green and low-carbon industries. They guide the flow of green investments to the sustainable development sector," said Han Seung-soo, chairman of the Jury Committee, IFF co-chairman, the 56th president of UN General Assembly and former prime minister of Republic of Korea.

"'The IFF Global Green Finance Innovation Award' will continue to push forward the development of green finance and support a sustainable world with shared benefits for the mankind."

 The IFF has been highly praised 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 disclosed by Chinese financial institutions in 2022, Bank of China, China Securities, Postal Savings Bank of China, Industrial and Commercial Bank of China, Bank of Qingdao, Industrial Bank and Huaxia Bank, among others, have 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 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 2003, and established 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. IFF is a long-standing, high-level platform for dialogue and communication, as well as a research network in the financial realm, and has been upgraded to F20 (Finance 20) status.