Beijing: ADBC & Climate Bonds Sign MoU on Developing Green Agriculture in China
MoU represents a milestone of collaboration between ADBC & Climate Bonds Initiative
Beijing signing ceremony marks new focus on green agriculture investment
Sitting: (L) Sean Kidney, CEO Climate Bonds Initiative and (R) Ms Liu Youhui, General Manager of ADBC Treasury signing the MOU
Agricultural Development Bank of China (ADBC) and the Climate Bonds Initiative have signed a Memorandum of Understanding (MoU) signifying a mutual consensus on the importance of developing green agriculture projects and green bonds in China, and the need to direct private capital to support China’s transition towards a green economy.
Mr Yin Jiuyong, Vice President of the ADBC, met with Sean Kidney at the signing ceremony in Beijing and discussed recent green finance developments.
Ms Liu Youhui, General Manager of ADBC Treasury and Mr Kidney signed the MoU on behalf of their respective organisations.
What’s in the MoU?
Under the MoU, Climate Bonds and ADBC will work together on the following activities:
- Developing green agriculture criteria that are in line with green definitions in the international market, China’s climate and environmental policies and agriculture strategy;
- Identifying potential green agriculture projects, available financing options and supporting mechanisms;
- Promoting and providing training on green agriculture criteria to relevant investors including Chinese SOEs, funds, banks and international investors.
ADBC and Climate Bonds are making increased efforts to achieve deep cooperation. This MoU represents a milestone of the collaboration between Climate Bonds and ADBC, and ADBC’s commitment to social responsibility. The partnership will drive more peer organisations to achieve green development and to promote the green economy transition in China and globally.
(L) Sean Kidney, CEO Climate Bonds Initiative and (R) Yin Jiuyong, Vice President of ADBC discussing green finance developments
Role of ADBC
ADBC is committed to introducing green into the development of “agriculture, rural areas and farmers”. Through the issuance of green financial bonds, ADBC guides domestic and foreign capital to support green agriculture development, to promote ecological environment protection and improvement, and to support brown-to-green transition.
ADBC is also well-known in the international market, sharing its experiences with a wide-ranging audience including regular participation at the Climate Bonds Annual Conference.
The last word
In the 15 years since the first issuance of development bank financial bonds, ADBC has issued over RMB8tn bonds, with RMB69.5bn green bonds issued in China’s domestic market. In 2018, ADBC issued its first overseas green bond, amounting to EUR500m. As one of the top domestic green bond issuers, ADBC is a leader and promoter in greening the capital market in China.
We welcome this opportunity to work in cooperation with one of China’s leading banks.