|Date joined:||13 October, 2021|
|Initiatives:||Principles for Responsible Banking|
Brief Overview of Organization
As one of major comprehensive financial service providers in China, the Agricultural Bank of China (stock symbol SH: 601288, HK: 1288) is dedicated to making an international first-class commercial banking group with characteristic operation, efficient and facilitating services, complete functions as well as outstanding value-creating capability. Agricultural Bank of China provides a variety of corporate banking and retail banking products as well as services to customers with its all-sided business mix, immense distribution network and leading technology platform. In addition, it develops financial market business and asset management business, covering investment banking, fund management, financial leasing, life insurance and a few other fields. Since 2014, FSB (Financial Stability Board) has incorporated the Bank in the list of global systemically important banks. In 2020, the Bank ranked the 35th in the world’s top 500 of American Fortune Magazine; the Bank ranks the third in terms of Tier I capital in British Banker ‘s Top 1000 Global Banks.
Summary of Sustainability Strategy
Centering around the goal of “Peak carbon dioxide emissions and carbon neutrality”, the Bank has been adhering to the mission of promoting green and low-carbon development of the economy, practicing green financial strategy on a full scale, integrating the concept and requirements of sustainable development into the entire field and process of operation and management to create a well-recognized competitive green financial brand with distinctive vision. Firstly, the Agricultural Bank of China will improve the sustainable development-oriented corporate governance system. ABC will fulfil ESG governance responsibility by applying the ESG management concept into the entire chain of operation and management, strengthen environmental and social risk control, build a sustainable development indicator system, and establish a complete green financial and policy support system. Secondly, Agricultural Bank of China will continue to innovate green financial products and services. The Bank will establish a multi-level and three-dimensional business system that covers green credit, green investment, green consumer finance, and carbon finance, and make a greater effort to support for these important areas such as clean energy, green infrastructure upgrades, energy conservation, and environmental protection in order to facilitate the overall green transformation of economic and social development. Next, the Agricultural Bank of China will actively work to achieve carbon neutrality in ABC itself. With the goal of building a resource-saving and environment-friendly bank, the Bank will integrate the concept of green and low-carbon in the operation, implement energy-saving and emission reduction projects, establish a green supply chain, and strengthen management of ABC’s carbon footprint to shape the image of a navigator in green development of the financial industry.
Joining UNEP FI, on the one hand, helps the Agricultural Bank of China focus upon the goal of the peak carbon dioxide emissions and carbon neutrality, continue the optimization of its development strategy and business direction, facilitate the sound development of the Bank’s green finance business, and actively and effectively deal with the challenges of climate change in line with Sustainable Development Goals (SDGs) of the United Nations and The Paris Agreement . On the other hand, it helps the Bank to increase international exchanges and cooperation, learn advanced hands-on experience from the peer trade, and at the same time better exhibit its great achievements and measures in promoting green development and creating a green competitive financial brand to the international community.