The People’s Bank of China (PBC) announced that China is working with the European Union (EU) to adopt a common green taxonomy across the two markets later this year. China is also planning to engage in more comprehensive discussions on developing a globally recognized green taxonomy at the upcoming G20 summit. The PBC hopes to set up a sustainable finance study group, with the US Treasury Department as a co-chair, to design an overall sustainable finance roadmap.
Arguably, only with close collaboration can China, the EU, and the US reach their full potential as climate leaders. For, without establishing common standards and aligned regulations to guide the private sector, the development of sustainable finance will be slow.
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