HONG KONG and SHANGHAI, Nov. 21, 2022 /PRNewswire/ — Ping An Insurance (Group) Company of ChinaLtd. (“Ping An” or the “Group”, HKEx:2318; SSE:601318) is using financial innovation to support China’s energy transition and combat climate change risk, said Richard ShengSecretary of the Board of Directors. Mr. Sheng, speaking via videoconference, joined a seminar on green and sustainable finance at the China Pavilion of the 27th Conference of the Parties of the United Nations Climate Change Conference (COP27).
“Climate is a common challenge faced by all mankind,” said Mr. Sheng. “As estimated, in order to achieve carbon neutrality, China needs direct investment amounting to more than RMB100 trillionpresenting financial institutions with opportunities to undertake the mission of creating social value while improving revenues.”
Managing the risks related to climate change is an important part of the Group’s long-term development strategy. In its second Taskforce on Climate-related Financial Disclosures (TCFD) report in 2021, Ping An Disclosed the bank’s credit and investment portfolio and the corresponding risk exposure in eight high-carbon emission sectors: coal power, steel, cement, non-ferrous metal, paper making, aviation, petroleum chemical, and chemical. Ping An has made a visionary move to invest in green and low carbon assets and reduce the proportion of high-carbon emitting assets to mitigate the financial risks related to climate change. It is supporting China’s goals of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060.
For Chinaas the second largest economy in the world and the largest importer and consumer of energy, energy security is critical, said …