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Commerzbank Signs the Green Investment Principles (GIP) for the Belt and Road InitiativeFrankfurt/Main, )
- The signing extends Commerzbank’s commitment to promoting green investment along China’s Belt and Road Initiative (BRI)
- 33 financial institutions have signed up to the GIP to date
At a press conference in Shanghai today, Commerzbank announced its signing of the Green Investment Principles (GIP) for the Belt and Road Initiative (BRI).
The GIP, jointly developed by China’s Green Finance Committee (GFC) and the City of London Corporation‘s Green Finance Initiative (GFI), in partnership with several other international institutions including the Belt and Road Bankers Roundtable (BRBR), IFC, World Economic Forum and Paulson Institute, aims to incorporate low-carbon and sustainable development into projects in BRI countries, which represent approximately 40% of the World’s total land area and 55% of total CO2 emissions.
Commerzbank settles more than 30% of Germany’s foreign trade business and supports its corporate and institutional clients along the Belt and Road Initiative (BRI). Nick Johnston, Regional Board Member Asia at Commerzbank, commented: “The Green Investment Principles serve as an important framework for companies and the investment community to promote green investment along the BRI. The scale of BRI calls for significant emphasis on ensuring institutions like ourselves work together to find ways to maximise the implementation of green, low-carbon and climate-resilience investment across the numerous vast and smaller projects alike.”
Dr. Ma Jun, Chairman of China Green Finance Committee said: “The Belt and Road Initiatives’ ambitious infrastructure and economic development plans need to be matched by equally ambitious sustainability commitments. Accordingly, the Green Investment Principles ensure that environmental friendliness, climate resilience, and social inclusiveness are built into new investment projects. Commerzbank is a proven leader in promoting sustainability across its business and to its clients, making its participation in the GIP extremely valuable to the initiative’s efforts to achieve its goal.”
Sustainability has been an integral part of Commerzbank’s corporate management for many years. The Bank carried out its first financing of renewable energy projects in the late 1980s and today it is one of the leading finance providers for the renewable energy sector in Germany and Europe. For more than a decade the Bank has been supporting its clients in both the preparation and placing of sustainable bonds and in October 2018 successfully issued its first own green bond. Recently Commerzbank officially reiterated its commitment to 2015 Paris Climate Agreement, as one of the founding signatories of the United Nations-backed Principles for Responsible Banking.
Commerzbank implements a number of initiatives and services across its business globally to promote an inclusive and sustainable economy. It supports clients with their financial ventures abroad, spanning its trade financing, M&A, Capital Market products and funding solutions. In a growing trend of Euro-dominated bond issuance from Chinese issuers, the Bank recently acted as a bookrunner for the Ministry of Finance of the People’s Republic of China’s Euro-denominated triple-tranche senior bond offering. The bond mandate was highly successful in Europe with majority of the participating investors coming from Europe.
Commerzbank has a presence in China’s onshore financial centres as well as the region’s offshore hubs. The Bank has been accompanying and financing global trade since 1870 and has been present in Asia for more than 50 years. China and Germany have long enjoyed strong trading connections, with the New Silk Road ending in the inner harbour of Duisburg in Germany, the world’s largest mainland port in the heart of industrial Germany, where many of Commerzbank’s core clients are located.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current plans, expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.
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