Tomorrow is the 52nd annual Earth Day – a day for human beings to reflect on how to live in harmony with you. Modern civilization used to be built at your expense, consuming your resources and threatening your biodiversity. Fortunately, we human beings are coming together to protect the environment, to develop the economy with low carbon emissions, and to address climate change.
In the beautiful spring days when Nature wakes up with life’s vitality regained, we are deeply moved by the sight of growing plants and delight in the flowers, the birds, the fish and the insects. While we linger over a flower in the field, in the park or by the road, an enduring question lingers on our mind: how can we retain your beauty forever?
On this special day, as a global financial group with the mission of long-term sustainable development, we ask ourselves about what we can do for you.
I. Our mission
Respecting the environment is equivalent to respecting life and respecting ourselves. It’s not a new idea for us to do something for you.
Back in the early 1990s when Ping An was in its first decade, it has been our aspiration and fundamental mission to create balanced and sustainable value for shareholders, society, employees and customers as a long-lasting enterprise.
In the 2010s, we launched our ‘low-carbon 100 initiatives’, a green commitment campaign implementing 100 low-carbon measures across the business to collect many small efforts to retain the beauty of our planet.
For more than a decade, we have disciplined ourselves to reduce energy consumption and carbon emissions in all our operating procedures. We worked together to develop green financial products and provide high-tech green service solutions for customers and we responded to the government and regulatory authorities’ calls to cooperate with the media, non-governmental organizations (NGOs) and the community in green public interest events.
With the foundation now laid, Ping An is qualified and capable of participating in larger actions to address global climate change.
After the last year of fighting against COVID-19, we have to find a better way for humans and Nature to co-exist.
In 2021, China affirmed that “promoting green development and the harmonious coexistence between human and nature” is in its 14th five-year development plan, and both the Communist Party of China (CPC) and the Chinese government set the objective of “reaching the CO2 emissions peak by 2030 and achieving carbon neutrality by 2060”.
To achieve the 2030/2060 goals, China must make green investments of an estimated RMB3,000 billion to RMB4,000 billion every year. Being positioned to invest funds for the good of society, the finance industry plays an essential role in directing funds to green companies and projects.
This is a new era for green finance.
II. Our commitments
Mother Earth is calling for change. We are excited about our opportunity to implement the mission.
To achieve the mission, we respectfully make the following commitments to you to comprehensively upgrade our green finance activities:
First, to achieve annual growth of no less than 20% for green investments, no less than 20% for the balance of green credit, and no less than 70% for green insurance premiums.
Second, by 2025, to reach RMB400 billion in investments and credit and RMB250 billion for green insurance premiums, and to actively improve risk management with reference to climate change.
Third, to provide favorable comprehensive financial services for green projects and companies, offer fast-track channels or preferential interest rate policies for loans, drive innovation in insurance products and services, and add to the range of green financial products.
To achieve the commitments above, we are acting immediately as follows:
In terms of organizational structure, Ping An has established the Ping An Green Finance Committee under the leadership of Mr. Ma Mingzhe, Chairman of Ping An Group, to direct Group objectives, plans, and implementation of solutions in our green finance actions in coordination with subsidiaries.
In terms of management mechanisms and standards, we will strictly follow the policies of the government and regulatory authorities in setting the criteria for green projects and companies, and will continue to iterate Ping An’s AI-ESG platform, our artificial intelligence-driven platform to promote responsible investment in China according to environmental, social and corporate governance (ESG) standards.
Ping An will operate in green insurance, green investment, green credit, and matching of assets and liabilities management with reference to climate change risks, and will continue to promote green finance to align corporate development with community development for the shared future of all humankind on Earth.
With our actions, we can reach the destination and bring a better future for you – no matter how far it seems.
III. Our call for action
The willows swinging in the misty morning, the grass growing in the field, the nightingales singing in the air, and the apricot blossoms flourishing on the branch – you have presented the most beautiful gifts to us, and we are dedicated to contributing ‘heartwarming’ financial services and products in the joint efforts of human beings to retain your beauty and vitality forever.
With this letter, call for actions from all humankind: let’s pursue green development and work together to protect this beautiful Earth.