On July 16th, SPM’s Associate Directors, Dr. Dong Guo and Dr. Satyajit Bose, hosted a book panel and information session at the Columbia Global Center in Beijing. The event convened prominent figures from the academic and financial sectors to discuss the critical role of green finance in promoting sustainable development. “The Financial Ecosystem,” recently translated into Chinese, was authored by Dr. Bose, Dr. Guo, and Ms. Anne Simpson. The book argues that finance is pivotal for achieving sustainable development goals.
The event featured extensive discussions on the potential impact and expansion of green finance. According to Professor Wang Yao, Director of the International Institute of Green Finance at the Central University of Finance and Economics and a panelist at the event, the financial sector plays a vital role in green investment in China. While public funds are limited and often prioritized for relief during crises, making them less available for large-scale green investments, economic theory suggests that green investments can create production capital for green industries, boost current economic demand aiding recovery, and foster innovation in green technologies. An example of this is the rapid advancement and market replacement of electric vehicles over fuel-powered ones in recent years, driven by subsidies.
While green finance continues to expand in China, it has much more potential to grow. Dr. Ma Jun, Director of the Beijing Institute of Green Finance and Sustainable Development, former Chief Economist of the People's Bank of China, and a panelist at the event, highlighted the need for significant financial support for industries like steel, cement, and petrochemicals, which are challenging to decarbonize. He pointed out that China has considerable ground to cover in developing ESG products compared to developed economies.
The Research Program on Sustainability Policy and Management prides itself on providing the research basis for the Sustainability Management (SUMA) Graduate Program at Columbia’s School of Professional Studies. Dr. Satyajit Bose, lecturer and associate director for the SUMA program, introduced the program, its structure, its focus on sustainability, and its application process to the attendees of the event.
