On 22 May, as a key event of the Demonstration Zone of Green and Integrated Ecological Development of the Yangtze River Delta, the meeting of the Green Finance Committee of the Demonstration Zone Financial Alliance, together with a Developer Alliance study visit to the Demonstration Zone, was held in Qingpu District, Shanghai. Yangtze River Delta executives from more than ten state-owned enterprises and major financial institutions, including Bank of China, ICBC, China Pacific Insurance (CPIC), China Mobile, China Energy Conservation and Environmental Protection Group (CECEP), China Railway Construction Corporation (CRCC) and Bank of Jiangsu, attended. WeCarbon Founder Mr. Eric Ma was invited to attend and gave a talk titled “The EU Carbon Border Adjustment Mechanism: Rules and Green Finance Service Measures” as the keynote speech.
Mr. Ma analysed in depth how CBAM creates a need for transition in companies and, in turn, new opportunities for banking and financial services. Looking at the impact on foreign trade in the Yangtze River Delta's CBAM-exposed sectors, he offered advice on how supply chains can respond to the shock and the challenges. CBAM is also giving rise to new green credit scenarios, creating opportunities for the transformation of the banking and financial sector.
At this critical moment for CBAM implementation, WeCarbon has drawn on its sustainability insight and solid technology to launch the WeGreenPass one-stop automated reporting platform. Through four steps, “report, verify, reduce and offset”, it gives companies one-stop professional support for carbon accounting and reporting, and brings in third-party bodies for independent assessment, helping companies get through the reporting period smoothly. We will work with companies to meet the challenges of the carbon border tax and explore the many possibilities of the green transition.