CEG and TDB sign a Green Finance Cooperation Protocol
On the sidelines of the Second Belt and Road Forum held in Beijing, China, China Everbright Group (CEG) and the Trade and Development Bank (TDB) signed a Green Finance Cooperation Protocol aiming to establish a comprehensive and long-term strategic partnership to drive green infrastructure finance in clean energy, solid waste treatment, energy saving and emission reduction, intelligent manufacturing and green technology amongst others.
The 2015 Paris Climate Agreement and the adoption of Sustainable Development Goals (SDGs) have become turning points for all players from all sectors globally to join forces and factor-in climate imperatives in their actions. To adhere to one of the Agreement’s goals to keep the global average temperature increase below 2 degrees by 2050, it is estimated that $85 trillion in low-carbon climate-resilient infrastructure will need to be built by 2030.
By signing this Green Finance Cooperation Protocol, CEG and TDB will endeavor to finance and support projects which mitigate against adverse impacts of climate change and improve resilience of people’s livelihoods, communities, ecosystems, infrastructure and of the built environment. Catalyzing capital to finance environmentally sustainable infrastructure investments under the Belt and Road Initiative is expected to create significant positive spillover effects in TDB Member States.
“TDB is driven by triple bottom-line returns and impact. Directly and indirectly, more than half of our loan portfolio contributes towards the SDGs, including climate action interventions. TDB cooperates closely with many development finance institutions in these areas, and is now pleased to scale-up its efforts and synergies with CEG” says Admassu Tadesse, TDB President and Chief Executive. “With the People’s Republic of China as a shareholder of TDB through People’s Bank of China, we are delighted to deepen our engagements by signing this Protocol with CEG and broaden our horizons of cooperation towards a brighter and greener future for all”.
CEG is a full-licensed financial holding group, which has 13 listed subsidiaries in and beyond China, with total assets of 4.98 trillion yuan and a staff of nearly 70,000. Over 35 years of development, CEG has developed its unique advantages in comprehensive finance, production-finance cooperation and presence in both the Chinese mainland and Hong Kong, fostering a number of enterprises with strong market competitiveness in six strategic business sectors, namely wealth management, assets management, investment banking, environmental protection, tourism and health. Moreover, it makes steady progress to expand its international presence, pursues the “Belt and Road” Initiative, strengthens construction of its overseas organizations, innovates cross-border financial services, and provides the enterprises going global with excellent integrated financial services.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based development financial institution, with assets approaching USD 6 bn. The Bank’s mandate is to finance and foster trade, regional economic integration and sustainable development through trade finance, project and infrastructure finance, asset management and advisory services. The Bank approaches its interventions in a manner that pro-actively supports sustainable development, including the reduction of climate risks and expansion of clean energy in line with the Paris Agreement, reinforcing the SDG commitment linked to environmental protection.