It is time that representatives from the financial sectors of China and Britain have come together to discuss how to work together for new progress in green finance, Chinese Ambassador to Britain Liu Xiaoming said.

In his keynote speech at AFCA (Asian Financial Cooperation Association) International Forum for Green Finance, the Ambassador described green finance as one of the new frontiers in curbing anti-globalization and tackling global challenges in environmental governance.

Green finance, a “new driving force” for deeper financial cooperation, creates “new opportunities” for China-UK cooperation on the Belt & Road Initiative and offers a “new solution” to Global Financial Governance, Liu said.

“We understand that has to be a truly international effort to meet the challenges (of the green finance mission). This is a world issue we’re addressing,” said Catherine McGuinness, Chair of the Policy and Resources Committee of the City of London Corporation.

“In the forum, we will explore ways in which the Asian and UK economies can connect to each other, to further develop green finance,” she added.

As the executive deputy director of the green finance cooperation committee of AFCA, the City of London has been committed to promoting the development of green finance and collaboration between Chinese and British financial institutions.

The event, held in Guildhall of the City of London on Tuesday, also witnessed the launching of AFCA Green Finance Practice Report 2019.

The report includes data on green finance, resources and emissions from 15 countries and regions, and 43 cases of green finance practice.

A set of evaluation systems for green finance in Asian countries was established in the report in a bid to set up the Asian version of guidelines and standards for green finance practice, according to the speech of Chen Gongyan, chairman of China Galaxy Securities.

China Galaxy Securities is the director of the green finance cooperation committee of the AFCA, and author of the report.

The AFCA, established in May 2017 in Beijing, is a regional non-governmental and non-profit organization devoted to building an exchange and cooperation platform for Asian financial institutions. It has nearly 110 members from 28 countries and regions in Asia, America, Europe, Africa and Oceania.