On May 31, 2022, Zhou Xiaochuan, Vice President of the Boao Forum for Asia, attended the second global "Green Swan" video conference jointly organized by the Bank for International Settlements (BIS), the People's Bank of China, the European Central Bank, the Central Bank and the green financial network (NGFS), and delivered a keynote speech entitled "The role of the financial industry in responding to climate change and building the carbon market".

Vice President Zhou pointed out that the global realization of carbon neutrality requires the mobilization of huge investments. While making good use of financial funds, we need to use market forces, establish incentive mechanisms, and mobilize a large number of private capital. In this process, the financial industry can play an important role by virtue of its expertise in pricing, risk management and cross-border investment. China's financial sector is making active efforts to make due contributions to addressing climate change and achieving the goal of carbon neutrality.

Vice President Zhou stressed that we should attach importance to the important role of the carbon market in achieving carbon neutrality, and the construction of the carbon market requires the active participation of the financial sector. He suggested that we could consider promoting the unity and interconnection of the carbon market, especially establishing the connection between the broad carbon offset market and the carbon emission quota market, so as to produce a consistent carbon price and promote the optimization of resource allocation. In addition, he also expressed his views on how to deal with the "green washing" behavior of the financial industry.