Plans to grow sustainable finance links between China and the EU were emphasised at a summit this week.

Chinese and European financial leaders presented a Green Action Initiative during a video conference on Thursday.

The initiative aims to “[foster] exchanges and discussions around the green transition, sustainability, and a particular focus on exploring the concrete dimensions of carbon neutrality and sustainable development,” the three outfits holding the event stated.

The China–EU Green Economic Cooperation and Development Summit was organised by the Bank of China, the Luxembourg Stock Exchange and the China Chamber of Commerce to the EU.

According to a joint press release: “This successful forum addressed the significance of green finance and its importance in achieving the goal of carbon neutrality and sustainable development, a joint push by the EU and China on greater convergence of taxonomies of green finance and investments and building a greener global economy. Insights on how to leverage green innovation to drive transformation of enterprises and the challenges ahead was also discussed by panel experts. More than 600 participants attended this high level event from both China and Europe.”

Bank of China, one of China’s four largest banks, has a global carbon trading and green finance hub in Luxembourg. About half of the world’s green bonds are listed on the Luxembourg Stock Exchange. The China Chamber of Commerce to the EU is an umbrella group representing roughly “70 members and chambers in EU member states, covering about 1,000 Chinese enterprises.”