Agricultural Bank of China : ABC and Amundi Asset Management Sign the MOU on Green Fund

Recently, under the witness of the heads of state of China and France, Mr. Liu Shiyu, Chairman of Agricultural Bank of China Limited (ABC), and Mr. Bernard Carayon, Deputy Chief Executive Officer of Amundi Asset Management, signed the Memorandum of Understanding on China-France International Energy Transitional Green Fund.

'China-France International Energy Transitional Green Fund' is a China-France cooperation project proposed by ABC in line with national energy strategy and international cooperation strategy on energy. It is intended to help enterprises increase the proportion of new energy assets in portfolio, so as to meet requirements of the United Nations and the both countries on energy saving and emission reduction. ABC is the first Chinese bank to set up a transnational green fund. It represents that China has changed from solely passively responding to its obligation in reducing carbon emission to actively participating in development of global low-carbon economy and management of low-carbon capital. Therefore, this is of positive and realistic economic value and of outstanding social value.

According to the MOU, ABC and Amundi Asset Management act as the fund promoter and will invite both Chinese and French energy enterprises to participate. The fund at the initial phase will be mainly invested in green energy development projects in China and France and the second phase expectedly expanded to green energy in the third country and international agricultural cooperation. With an immense market potential, the fund will play a significant role in promoting green energy cooperation and project development between China and France.

Green energy is the common concern of the leaders of China and France and thus a major field of cooperation. In recent years, ABC actively responded to the call of the country and substantially fulfilled its commitment to energy saving and emission reduction. The establishment of green fund this time is ABC's another act in green finance after issuing the first green bond in UK among Chinese financial institutions this October.