On March 22, 2022, the CECEP Environmental Consulting Group held an expert meeting to review their two-part research project about a climate evaluation of banks and a carbon accounting methodology for China’s financial sector, with the support of Energy Foundation China. Hosted by Jinfu PANG, Deputy General Manager of the group, the meeting witnessed the participation of experts from such organizations as the Department of Climate Change of the Ministry of Ecology and Environment, the Policy Research Bureau of the China Banking and Insurance Regulatory Commission, China CDM Fund Management Center, Agricultural Development Bank of China, Huaxia Bank, Postal Savings Bank of China, Bank of Guangzhou, and CIB Research.

The experts believed that the research findings would help accelerate the low carbon transition of Chinese financial institutions and improve their resilience to market changes. Focused on strategic goals, information disclosure, climate risk management, climate financial innovation, and climate footprint management, researchers optimized an evaluation index system proposed in an earlier framework study, based on their trial evaluation on the climate performance of six banking financial institutions operating in China, including large state-owned banks, private commercial banks, and multinational banks. Researchers also developed a carbon accounting methodology for corporate banking businesses and applied it to three banks.

Experts from the Ministry of Ecology and Environment, the China Banking and Insurance Regulatory Commission, and the Financial Research Institute of the People’s Bank of China voiced their appreciation of the research findings and expressed their support for next-step efforts, such as promoting an official climate evaluation of China’s financial sector and conducting carbon accounting of investment and financing activities of financial institutions.