The Green Finance Working Group, jointly launched by Goldman Sachs, the International Finance Forum (IFF) and Paulson Institute, held a high-level seminar in Beijing to discuss green financing policies in China and showcase green practices and efforts of the private sector.

Officials from China’s Ministry of Ecology and Environment, China Banking and Insurance Regulatory Commissions introduced China’s green financing policies and incentives while executives from China Energy Conservation and Environmental Protection Group (CECEP), Honeywell, CATL and Vanke shared their green practices and efforts in cutting carbon emissions.

Representatives from the World Resources Institute, Bank of China as well as Shanghai United Assets and Equity Exchange (SUAEE) also joined the discussion.

Li Gao, Director General of the Department of Climate Change from the Ministry of Ecology and Environment (MEE), said sustained heatwaves in China and many other places across the globe reminded us the importance and urgency of taking effective measures to tackle climate change.

China will step up policy support for the economy including boosting domestic demand and consumption, according to the official Xinhua news agency.

In a meeting chaired by President XI Jinping, the Politburo of the Communist Party said China was to strengthen regulation and make more policy options available.

“More policies should be formulated and rolled out to spur private investment, while multiple measures should be taken to keep the country's foreign trade and investment stable,” Xinhua reported quoting the Politburo.  

The meeting also called for efforts to actively expand domestic demand and boost consumption.

 

China’s foreign direct investment fell 2.7% from a year ago to 703.65 billion yuan in the first half of the year, data from the Ministry of Commerce showed.

The country's non-financial outbound direct investment (ODI) rose 22.7% year on year to 431.61 billion yuan in the first six months of the year, according to the Ministry of Commerce.

China's top economic planner on Monday unveiled measures to encourage private investment.

The National Development and Reform Commission (NDRC) said in a statement that it fully recognised the significance of promoting private investment and encouraged private investment to go to sectors like transport, water conservancy, clean energy, new infrastructure, advanced manufacturing, and modern facility agriculture.

The NDRC said it will create a list of recommended investment projects for private investors.

Daily flights in China rebounded to 89% of 2019 level in the first half of the year, according to data from the Civil Aviation Administration.

Meanwhile flights have become more punctual. The punctuality rate reached 91.4%, 11% higher than that in 2019, according to the administration.

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Fed raises interest rates to 22-year high
 

 

 

The US Federal Reserve raised interest rates to a 22-year high as the central bank continued its fight against inflation.

The Fed increased rates to a range of 5.25% to 5.5% on Wednesday after a pause last month.

The Fed said it would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals.

Fed chair Jerome Powell said: “It certainly possible that we would raise funds again at the September meeting if the data warranted.” 

The European Central Bank (ECB) is expected to raise interest rates on Thursday.

The raise will be the ninth time in a row. The ECB has raised interest rates by 4% since last July in an effort to tackle inflation.

ECB president Christine Lagarde signaled that the central bank would raise rates by 0.25% at its last meeting.

 

The Group of 20 (G20) countries failed to reach a consensus on cutting fossil fuels on Saturday after objections from some countries.

"We had a complete agreement on 22 out of 29 paragraphs, and seven paragraphs constitute the Chair summary," said Indian Power Minister R.K. Singh.

Half of the children in Europe and Central Asia, 92 million, are exposed to high heatwave frequency, the UN Children’s Fund said on Thursday.

The children affected by heatwaves will rise to all children in 2050, said Regina De Dominicis, Regional Director Europe and Central Asia at UNICEF.

Children’s health and well-being are suffering the most from global heatwaves, the UN agency said.

“Children are particularly vulnerable to the impacts of heatwaves as their core temperatures rise significantly higher and faster than adults, putting them at risk of serious illness including heatstroke,” said UNICEF in a statement. 

 

The UN’s education, science and culture agency, UNESCO, called for a ban on smartphones in classrooms worldwide on Wednesday.

In a report, UNESCO warned about the excessive use of smartphones will have an adverse impact on learning.

The report urged countries to carefully consider how technology is used in schools. Digital technology should serve as a tool rather than taking precedence, the UN agency said.

Half a billion students worldwide were left out due to the shift to online-only tuition during the COVID-19 pandemic, UNESCO said in a report.