In building a new development pattern, China's insurance industry has begun to make achievements and accumulated certain experience in green finance, which has played a very important role in supporting regional coordinated development. Recently, China News Release discussed with Zhou Yanli, a member of the CPPCC National Committee and former vice chairman of the China Insurance Regulatory Commission, about the effective ways for green finance to promote green, low-carbon and high-quality economic development.
China News Release: Green development is an important part of China's new development philosophy. As a part of the financial sector, what role does insurance play in serving the green development of China's economy?
Zhou Yanli: As an important part of the financial sector, insurance plays an irreplaceable role in serving the development of the real economy and promoting economic and social stability. For a long time, China's insurance industry and insurance institutions have always focused on fulfilling their social responsibility. While promoting the rapid development of socially responsible investment, they have put green finance, green insurance, green investment and serving sustainable economic and social development first, and participated in the establishment of a green financial system in all respects from the liability side of insurance to the investment side of assets in order to serve the country's green development philosophy.
Taihu Lake Green Finance Town in Huzhou City, Zhejiang Province. [Photo/VCG]
Green insurance in a broad sense refers to an insurance system that provides risk solutions for energy conservation and environmental protection, clean energy, scientific and technological innovation, green transportation, and green buildings in the process of adapting to green development and in support of environmental improvement, climate change response and efficient use of resources. Green insurance in a narrow sense refers to insurance services supported by networked, intelligent and digital technologies such as environmental pollution liability insurance, technology insurance, connected car insurance, Internet of Things insurance, enterprise credit insurance, photovoltaic power generation equipment insurance, agricultural insurance, personal accident insurance, long-term life insurance, health insurance and medical care insurance services. Green investment refers to energy-saving and environmental protection investment, clean energy investment, green transportation investment, green building investment and ESG investment.