LocationsOpening Remarks by Ms Beate Trankmann at the China SDG Finance International Forum 2023
September 6, 2023
UNDP Resident Representative in China Beate Trankmann delivers opening remarks at the China SDG Finance International Forum 2023 in Beijing, China.
尊敬的张翼副主任
史建平理事长
女士们，先生们，
大家早上好,
欢迎你们来到中国可持续发展投融资国际论坛 2023
Welcome to the China SDG Finance International Forum 2023.
As we reach the halfway point of the 2030 Agenda for Sustainable Development, a stark reality confronts us: our progress towards the Sustainable Development Goals – the global goals to ensure the future of people and planet – has been woefully inadequate.
Only 12% of SDG targets are on track, and we have stalled or even regressed on 30% of them, including on the critical SDG 13 — Climate Action. Indeed, global CO2 levels continue to hit record highs, casting an increasingly darker shadow over our future. We are already witnessing three times as many climate-related natural disasters as half a century ago. If we don't change course, we are on pace to exceed the Paris Agreement’s target of 1.5 degrees of warming by double before the end of the century.
The consequences are dire – a 20% slash in global GDP by 2050[1] and a staggering 75% of the world's population faced with "life-threatening" conditions by 2100[2].
If we are to avert this catastrophic future, we must urgently accelerate SDG progress, and drastically increase our level of ambition in tackling the existential threats facing our world.
In doing this, financing will be critical.
To achieve the SDGs by 2030, developing countries face an annual financing gap of $4.2 trillion USD. Shifting just 1.1% of global financial assets would be enough to bridge this gap. But let's be clear, this is not just an issue of funding.
In order to see lasting transformation in the long-run, we must repurpose our financial system to prioritise both people and the planet.
China has taken some important steps in this regard. Since 2016, the country has established a comprehensive policy framework to green its financial system. Today, it is the largest source of green bonds, last year reaching an annual issuance of 575.2 billion RMB.[3]
"We must urgently accelerate SDG progress, and drastically increase our level of ambition in tackling the existential threats facing our world. In doing this, financing will be critical."
However, further progress is needed to enable the low carbon transition of both China and the world at the scale needed. As highlighted in the 2022 G20 Sustainable Finance Report, we need finance to not only drive “pure green” activities, but also to support the transformation of hard-to-abate sectors such as energy, industry, and chemicals.
To this end, UNDP is working with Peking University’s National Development Institute, and the Climate Bonds Initiative, on exploring ways to finance the low carbon transition in the agri-food system - a sector with complex socio-economic challenges, but significant potential to deliver 30% of the climate solutions the world needs by 2030.[4]
In addition, it will be important to ensure that the low-carbon transition is just and affordable, and that vulnerable groups are not left behind. Governments and regulators are critical to making this happen by creating an enabling environment that facilitates a people-centered transition that mitigates possible negative impacts on employment, households, and communities.
In this regard, UNDP is working with our partners to produce evidence-based analysis for informed decision-making. This year in June, we launched a research project with the Energy Institute of Peking University, offering policy suggestions to balance the low-carbon transition with social and economic considerations, emphasizing the role of the finance sector.
Moving forward, we continue to stand ready to assist China in exploring ways to boost financing for a low-carbon transition.
In closing, let me thank CICETE and IIGF for co-hosting this event and Tribune as the organizer. I also want to express my deepest appreciation to our esteemed guests, keynote speakers, and panellists.
Together, let us take advantage of the critical opportunity presented by today’s forum, to advance and deepen critical dialogues and exchanges on sustainable finance. I look forward to your collective wisdom and insights as we navigate the path to financing an inclusive and low-carbon transition that further accelerates progress towards the SDGs, and helps to ensure a sustainable future for everyone, everywhere.
预祝本次会议圆满成功，谢谢！
[1] https://www.oxfordeconomics.com/resource/the-global-economic-costs-of-climate-inaction/
[2] In-depth Q&A: The IPCC's sixth assessment on how climate change impacts the world - Carbon Brief
[3] China is off to spur the transition debt market | Climate Bonds Initiative
[4] Agriculture Can Deliver 30% of Climate Solutions by 2030 - WWF | UNFCCC
