On 12 November, SIPRI hosted a virtual dialogue on the theme of ‘Towards Harmonized Approaches to Financing Green Development’.
The European Union (EU) and China have a responsibility to promote multilateral measures to prepare for and adapt to a changing climate.
Recognizing the need to channel different capital flows towards a more sustainable and climate-neutral economy, the EU and China were among the co-founders of the International Platform on Sustainable Finance—a forum that seeks to bring together the different initiatives linking public and private finance in projects that implement the transition to a low-carbon global economy.
Climate policy could be an important unifying element in EU–China relations, but bilateral discussions have uncovered differences in how to classify green finance products and in standards for green bonds, green credit, green funds and green insurance.
Focused on evolving approaches to sustainable and green finance, the dialogue aimed to increase mutual learning between the EU and China, while also bringing third countries and regions into the conversation—specifically the Horn of Africa and the Middle East and North Africa. The discussions also addressed the different priorities and approaches of the various actors, assessing challenges and prospects for cooperation to 2030 and beyond.
The event was conducted under Chatham House Rule.