The Bank of China has joined the TNFD, marking its position as the first Chinese financial institution in the group.
This inclusion not only strengthens China’s role in global environmental governance but also signals a major expansion of TNFD’s influence in the Chinese market.
The Bank of China’s accession to the TNFD aligns with its ongoing commitment to sustainable finance, demonstrated by its active participation at major international summits such as COP15 in Kunming. The bank’s proactive role in shaping global standards for environmental sustainability underscores its dedication to tackling climate change and biodiversity loss.
According to Tim Skeet, a member of the executive management committee of Bank of China Limited London Branch, “As China’s most international bank, with a rich history of engagement with organisations and agencies around the world, it is fitting that Bank of China should take the lead as the first Chinese financial institution to join the Taskforce. From our involvement at COP15 in Kunming, our long and pioneering work in sustainable finance, to today’s important announcement, Bank of China is proud to step-up and shoulder this responsibility. We look forward to working together with important global partners to seek solutions to the pressing problems of climate change and loss of biodiversity that affect us all. This is a vital task that requires multinational cooperation, understanding and the development of global standards. Bank of China will work hard to support this work.”
Further solidifying its commitment, the TNFD has announced the establishment of new TNFD Consultation Groups in China. The Institute of Finance and Sustainability will lead a group in Mainland China, while the Hong Kong Green Finance Association and Business Environment Council will co-convene another group in Hong Kong. These groups aim to deepen the integration of nature-related considerations into financial and corporate decision-making within the region.
David Craig, Co-Chair of the TNFD, expressed his enthusiasm about the growing involvement of Chinese entities, stating, “We are delighted to see growing support from Chinese companies and financial institutions in the work of the TNFD following China’s leadership in negotiating the Kunming-Montreal Global Biodiversity Framework agreement among more than 190 governments in December 2022. Among its goals and targets, that agreement calls on governments to introduce requirements for nature-related reporting, which the TNFD recommendations and guidance now enable. We look forward to learning more from Chinese experience and deepening our engagement in China through the participation of the Bank of China on the Taskforce.”
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