EU and China co-host workshop on scaling-up climate resilience finance
On 17 July, the European Union’s Climate Dialogues (EUCDs) project organised a one-day workshop on climate resilience finance at the Chinese Research Academy of Environmental Science in Beijing. Co-hosted by China’s Ministry of Ecology and Environment (MEE) and the Directorate-General for Climate Action (DG CLIMA) of the European Commission, this workshop aimed to advance policy and action collaboration between the EU and China to scale up climate investment and sustainable finance for climate resilience.
The workshop discussed domestic efforts and progress made on both sides in sustainable finance, a field that has been developing rapidly in the past ten years, growing more than 10-fold globally. China and the EU are both leading players, with different policy frameworks, diversified financial products, enhanced disclosure requirements, incentive mechanisms and risk management measures in place.
The morning sessions of the workshop featured keynote speeches on policy and action for climate resilience finance and carbon trading and climate finance, highlighting the role of policy certainty and market-based instruments as catalysts for climate finance and climate action.
European Union, 2024
The afternoon sessions included two panels on strategies and practices and the role of sustainability disclosures in financing the transition. Panelists noted the importance of a common ground taxonomy and comprehensive and coherent legal and policy frameworks for the incentivisation and scaling up of resilience finance. They further emphasized that there is still a need for tools to be able to accurately quantify the benefits of climate action, that resilience and climate risks are systemic risks and should be treated as such, and that adaptation and mitigation financing need to go hand in hand.
During this workshop the EU and China also began discussion in preparation of the "EU-China Symposium on Investment and Financing Policies for Climate Change Resilience", scheduled to take place in the first half of 2025.
European Union, 2024