UNDP Teaming up with China Development Bank to advance Sustainable Financing for SDGs and Climate Action

March 10, 2022

Beijing, 10 March 2022 – Today, the United Nations Development Programme (UNDP), the National Development and Reform Commission of China (NDRC) and the China Development Bank (CDB) deepened the partnership to work together towards sustainable financing and investment in support of the Sustainable Development Goals (SDGs) and the global fight against climate change.

UNDP is committed to furthering sustainable development and supporting efforts to achieve the SDGs and Paris Agreement. China can play an important role in advancing these global agendas. In particular, the government’s establishment of its 2030/2060 carbon peaking and neutrality goals, in addition to its announcement to end overseas investments into coal power plants, represent a critical opportunity to push forward global efforts in the fight against climate change. Through this partnership, UNDP aims to build on the momentum from these commitments by helping to guide development financing.

CDB is China’s largest financial institution and its investment decisions have the potential to significantly impact global progress towards meeting climate targets. As originally agreed at the 2nd Belt and Road Forum for International Cooperation (BRF) in 2019 and reflected in the BRF’s deliverables, this cooperation will help guide the “Belt and Road Innovation and Development Platform” through CDB’s Innovation and Development Center. In partnership with the Center, UNDP will help inform CDB’s financing, programming, and risk management policies, so that they support sustainable development and the practical implementation of climate goals in the 14th Five-Year-Plan and in China’s international engagements.  

In particular, based on international best practice, norms and standards, UNDP will work with the Center to ensure that financial policies mitigate against social and environmental risks and create regulatory environments for sustainability. UNDP and the Center also plan to promote digital financial solutions and foster two-way experience and learning exchanges between China and partner countries on SDG conducive financing and investments for enhanced sustainable development and positive climate impact.