The Bank co-authors the first sustainable finance thought leadership paper by The Alliance For Green Commercial Banks

Green finance
01/11/2023

In partnership with The Alliance for Green Commercial Banks (the Alliance), Crédit Agricole CIB on 10 October 2023 issued a thought leadership paper on sustainable finance.

The paper is also the-first-of-its kind in the whitepaper series led by the Alliance. A global initiative of the International Finance Corporation (IFC), a member of the World Bank Group, the Alliance's Asia chapter was jointly launched in 2020 with the Hong Kong Monetary Authority (HKMA), the chapter's founding member and first regional anchor.

Titled “Defining an Ambitious Climate Strategy of Green Banking: A Case Study”, the paper presents a “Five-Step-Approach” to guide the process of transformation towards green banking, inspired by Crédit Agricole CIB’s own experience in setting up its strategy to transition towards green banking, as well as supporting clients in their transition journey. The paper also reveals the core elements of green banking practices and the relevant key practices of the Bank, drawing references from international advocacy groups, regulatory guidelines, and the experiences of market leaders. The paper’s takeaway points are as follows:

Crédit Agricole CIB aims to leverage the paper to encourage industry participants, including financial institutions, to establish a robust climate strategy that will collectively contribute to facilitating climate transition. 

To mark the launch of the paper, Crédit Agricole CIB, IFC, and the HKMA also jointly hosted a webinar that featured keynote speeches, a deep-dive into the paper as well as a panel discussion, gathering over 140 participants. The full thought leadership paper is accessible to the public through the Alliance website. Will open in a new tab

“Crédit Agricole CIB is pleased to partner with the International Finance Corporation and the Hong Kong Monetary Authority to foster sustainable economic development through best practices sharing, notably in emerging markets across Asia-Pacific. As the hub of our regional operation and one of the pioneers in sustainable development, Hong Kong plays an important role, not only in shaping the Bank’s business roadmap for Asia-Pacific, but also in acting as an exemplar of transformation for the region in promoting sustainability through innovation. We remain adamant in supporting the city and the region through the Alliance by providing our green knowhow as well as innovative advisory and product offerings.”

Edouard O’Neill

Chief Executive Officer, Hong Kong branch, Crédit Agricole CIB

“The Asia-Pacific region plays a central role in the transition to a low-carbon future, and supporting financial institutions in the adoption of green and sustainable banking practices will be critical to catalysing the private capital needed to achieve it. This paper offers insights on how to embed green finance into business strategies and develop innovative sustainable finance instruments. IFC is proud to be part of this initiative, which aims to develop and scale the capacity and specialized skills of the finance sector in emerging and developing markets to better align the industry with global efforts to achieve a green and sustainable future.”

Anna Ng

IFC’s Regional Head of Operations for East Asia and the Pacific and Head of Office for Hong Kong SAR, China

“As a world leading green Bank driven by a sustainability-centric business strategy with clear net-zero goals across all sectors of our commercial activity, we have been at the forefront of the development of green finance. The paper is yet another testament to our unwavering commitment to climate and energy transition, providing our industry stakeholders, particularly those who seek to establish sustainability strategy and goals, with an easy and direct access to our market insights and proposals on actions forward.”

Antoine Rose

Head of Sustainable Investment Banking, Asia-Pacific and the Middle East, Crédit Agricole CIB

“Collective efforts by financial institutions will contribute to the broader economy’s transition, and help ensure a better future for generations to come. It is imperative for the financial industry to come together in collective endeavours to effectively combine diverse perspectives, expertise, and resources to foster collaboration and promote shared responsibility.”

Kenneth Hui

Executive Director (External), the Hong Kong Monetary Authority

As one of the first banks to set up a dedicated team in sustainable finance, Crédit Agricole CIB has been an active counterpart in industry alliances to support the market in developing a sustainable finance roadmap, particularly in exploring a more consistent framework to define ESG standards, besides being a strategic advisor for clients. Ever since the Hong Kong launched the Government Green Bond Programme to support the issuance of sustainable government bonds, Crédit Agricole CIB acted as the green structuring advisor on all transactions, reaffirming the Bank’s commitment in supporting Hong Kong in transitioning to a low-carbon economy. Outside of Hong Kong, the Bank has been an active sustainable transaction participant in Asia-Pacific markets including Korea, Mainland China, Singapore and South East Asia.

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