Global leaders at the annual Lujiazui Forum in Shanghai engaged in in-depth discussions on advancing green finance initiatives, highlighting its pivotal role in achieving global sustainability goals.
As climate change accelerates and sustainability faces mounting threats, attendees at the forum stressed the critical need to push forward with green finance strategies to address these challenges.
"We have been tracking the performance of financial centers in green finance through the Global Green Finance Index. At the moment, globally, we are not performing as well as we should. We are facing, still, rapid climate change, rapid threats to sustainability, and we need to continue to push forward," said Mike Wardle, CEO of Z/Yen Group, a UK think tank.
Attendees also proposed enhancements to the standard system and emphasized the importance of strengthening international collaboration to address the pressing challenges in green finance.
"How are we going to improve the standards in green finance? I think we need to focus [on] cooperation, because without cooperation, the standards will not be universal. The second is we have to develop the instruments for internalization of the external climate costs, it is insurance, it's derivatives. All of these factors are enabling a dynamic market economy to internalize the external climate costs," said Hubertus Vath, managing director of Frankfurt Main Finance.
"We recommend that relevant national standards to be established soon to fully cover key high-carbon industries and support enterprises aligned with national industrial policy guidelines in achieving carbon reduction by adopting advanced technologies or upgraded equipment. These national standards should also promote product innovation and diversify carbon financial products, such as futures and options, so as to help enterprises minimize carbon emissions," said Ren Deqi, chairman of the board of directors for China's Bank of Communications.
Initiated in 2008, the Lujiazui Forum has become a platform for dialogue among policymakers, financial experts and business leaders from around the world. This year's forum, themed "Financial opening-up and cooperation for high-quality development in a changing global economy," ran from Wednesday to Thursday.
Global attendees at Lujiazui Forum highlight urgent green finance action to tackle challenges
The U.S. military strike against Venezuela and capture of its president, Nicolas Maduro, has shocked the international community, triggering a steady stream of condemnation and serious concerns worldwide.
Brazil, Chile, Colombia, Mexico, Uruguay and Spain issued a joint statement on Sunday, expressing serious concern about and firm opposition to the U.S. unilateral military operations in Venezuela.
The U.S. actions contravene fundamental principles of international law, particularly the prohibition on the use or threat of force, and respect for the sovereignty and territorial integrity of States, as enshrined in the UN Charter, constituting an extremely dangerous precedent against peace and regional security, according to the statement.
In expressing profound concern and firm rejection, the six countries stressed in the statement that the situation in Venezuela must be resolved exclusively by peaceful means, and through dialogue, negotiation and respect for the will of the Venezuelan people in all its expressions, without external interference and in accordance with international law.
Only an inclusive political process, led by Venezuelans, can lead to a democratic, sustainable solution that respects human dignity, according to the statement.
Spanish Prime Minister Pedro Sanchez condemned the U.S. raid in Venezuela as a violation of international law, adding that the Spanish government always advocates and defends international law and peaceful resolution of conflicts.
Addressing a meeting of the Community of Latin American and Caribbean States (CELAC), Cuban Foreign Minister Bruno Rodriguez demanded the unconditional and immediate release of Maduro and his wife.
Noting that Latin America and the Caribbean are a zone of peace, he expressed his firm opposition to the use of force, which is an unshakable principle.
Any aggression against Venezuela shall be regarded as an attack against all CELAC member states, and nations must collectively oppose it, he stressed.
The South African government denounced the U.S. attack on Venezuela as a violation of international law, according to a statement released on Sunday.
History has repeatedly demonstrated that military invasions against sovereign states yield only instability and deepening crisis, the statement said.
South Africa calls on the UN Security Council to urgently convene a session to address this situation, according to the statement.
Serbian President Aleksandar Vucic said what happened in Venezuela demonstrates that international law and the UN Charter are losing their practical effectiveness.
U.S. military action against Venezuela marks a dangerous precedent, as similar actions could be taken against any other nations, he said.
In addition, the foreign ministries of Namibia, Singapore, Oman and Pakistan also issued statements on the same day, expressing grave concern over U.S. interference in Venezuela's internal affairs.
They emphasized the need to uphold international law and the principles of the UN Charter while respecting Venezuela's sovereignty.
They also called on all parties to exercise restraint and resolve the crisis through peaceful dialogue.
U.S. move against Venezuela sparks condemnation, concerns worldwide
