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​BRI conducive to green recovery in post-pandemic era, report

June 01, 2021


Abstract : The Belt and Road Initiative (BRI) is helpful for the green recovery in the post-COVID-19 pandemic era, according to a report released on May 30 during the International Financial Forum (IFF) 2021 Spring Meetings held in Beijing.

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Aerial photo taken on April 27, 2020 shows wind power installations in Weining County, southwest China's Guizhou Province. (Xinhua/Tao Liang)

BEIJING, June 1 (Xinhua) -- The Belt and Road Initiative (BRI) is helpful for the green recovery in the post-COVID-19 pandemic era, according to a report released on May 30 during the International Financial Forum (IFF) 2021 Spring Meetings held in Beijing.

According to the report, in the fourth annual survey of the central banks of the Belt and Road countries, 87 percent of the banks surveyed believe that Belt and Road projects are helpful for post-pandemic economic recovery, and 75 percent of the banks surveyed believe these projects are conducive to green recovery and sustainable development.

The report focuses on the comprehensive sustainable development in the post-pandemic era, BRI, green finance, global capital markets and financial technology.

It says that though measures like lockdown and social distancing have temporarily affected the progress of some major Belt and Road projects, China has not reduced its support for these projects, and most of the central banks surveyed expect that the BRI can boost their countries' GDP growth in the next five years.

It also shows that there is broad scope for cooperation on environmental standards, green energy and transportation. In terms of promoting the green recovery under the BRI, 90 percent of the central banks surveyed believe that investing in green energy and transportation is the most important approach, while 80 percent of the central banks surveyed believe that cooperating to formulate Belt and Road project standards is the most important approach.

The report points out that while fighting the pandemic, countries around the world must speed up their actions to fulfill commitments to the global environment, and investing in low-carbon societies and healthy natural systems is the only way to ensure the long-term profitability of the financial industry.

The report also believes that there is huge room for cooperation in all the above areas, and only global cooperation can recover the global economy from the pandemic quickly and sustainably.

At the press conference for the release of the report, IFF and the Central Asia Regional Economic Cooperation Institute signed a strategic cooperation agreement to accelerate the infrastructure construction in energy conservation, low-carbon development, environmental protection and other fields, jointly explore opportunities for green cooperation, and improve the level of regional economic and interconnection cooperation.

Initiated and founded in October 2013 by representatives from more than 20 countries, regions and relevant international organizations, including China, the United States and the European Union, IFF is a high-level permanent dialogue, exchange and research institution in the global financial field.

(Edited by Wang Yuhang, Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)

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Keyword: BRI green recovery

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