Managing Director's Remarks at the Sina Finance 2022 ESG Global Leaders’ Summit

June 29, 2022

Esteemed delegates, ladies and gentlemen:

I would like to extend my wholehearted congratulations to Sina Finance for organizing the 2022 ESG Global Leaders’ Summit. This Summit takes place in the context of significant economic challenges in many countries around the world—rising inflation, flagging growth, tighter financial conditions, disruptive geopolitical developments, and the still-ongoing pandemic.

As we continue to learn to adapt to, and prepare for, a more shock-prone world, we are guided by our shared global goals—and we agree these need to include carbon neutrality and sustainable development. Increasing numbers of borrowers and investors have been looking to incorporate environmental, social, and governance considerations into their finance decisions and investment strategies. For our part, the IMF is working together with our membership and the international community to create a proper taxonomy for ESG financial instruments. We are also delivering on our climate strategy, helping our member countries, including China, take the policy actions needed to meet their climate goals—to cut emissions, boost resilience, access climate finance, and ensure a just transition.

We commend China’s commitment to achieve carbon neutrality before 2060. We also welcome China’s efforts to improve its green finance framework by further developing the green bond taxonomy, piloting the new information sharing platforms, and improving environmental information disclosures for corporates and financial institutions.

Addressing climate change requires a holistic approach that integrates environmental, social and governance issues as well as appropriate policy incentives. This Summit and its attention to these issues are very fitting and timely.

With much gratitude, I wish you a tremendously successful Summit.