As global energy consumption soars along with rapid economic and population growth amid the rising challenges of climate change worldwide, green growth has become an essential path for economic development and a priority as part of efforts to achieve a low-carbon economy, which is the main hope for saving the planet we live on. To this end, the International Finance Forum (IFF) initiated the IFF Global Green Finance Award in 2020 to reward innovative green finance solutions worldwide. This award, which leverages IFF's global resources, aims to encourage international cooperation and the exchange of successful practices in this area, as well as to support sustainable development and achieve the United Nations’ Sustainable Development Goals.
The IFF Global Green Finance Award is targeting applicants who offer green financial solutions that promote the transformation of economic growth modes, contribute to pollution prevention, and control and address climate change, as well as improve energy efficiency, energy conservation, and emission reductions. It is a global call for innovation and application practices in policies, systems, industries, services, technologies, and talent building.
Since the Award was launched in 2020, it has been successfully held for four consecutive years, with a total of 40 institutions and 30 projects selected for the Annual and Innovation Awards and 3 institutions for the Spark Award. The IFF Global Green Finance Award 2024 officially launched its global recruitment on May 15, 2024. The award ceremony will be held during the IFF Global Annual Meeting on November 24, 2024.
Salient features of the 2024 awards
Participation in high-level dialog:
Accreditation by authorities:
Attention from key stakeholders:
Significant international influence:
Goals and Principles
The IFF Global Green Finance Award is conducted with the goals of encouraging and attracting the participation of a more diversified institutions from different sectors while ensuring the quality and standards of the awards. It also aims to increase the proportion of international institutions and projects in applicants and award-winners, and strengthen the international influence of the awards, so as to advance green transformation and climate response in a wider range of fields and actively promote the achievement of the “dual carbon" goal and the UN Sustainable Development Goals (SDGs).
Based on the above goals, and integrating the experiences from previous awards and feedback from experts and institutions, the following principles are proposed for the IFF Global Green Finance Award 2024:
1. Maintain continuity and consistency, with the core framework of the award, including the purpose, features, selection process, and evaluation indicators remaining essentially unchanged. Maintain rigorous review through the whole application process to ensure the authority, fairness, and representation of the awards.
2. Encourage the participation of projects covering multiple industries and involving cross-industry collaboration, and attract a wider range of industry institutions, solutions, and practical cases for participation, while financial participation in promoting progress and innovation remains an underlying consideration.
3. Be pragmatic, rigorous, and innovation-driven. Balance between innovation and replicability, social impact, and economic benefits, while taking into account the differences in industries and stages of development.
The IFF Global Green Finance Award consists of Annual Awards for institutions and Innovation Awards for innovative projects.
Granted to the institutions that have significant achievements in green finance practices, especially those that have outstanding performances in promoting carbon peak and carbon neutrality goals at the global, regional, or national level, and are committed to addressing climate change and biodiversity conservation. The institution needs to make outstanding contributions to sustainable development but also its green finance business must be both sustainable and profitable. (Max. 10 winners)
Granted to the projects that demonstrate significant innovation in the field of green finance, especially those that have made significant contributions to promoting green transformation, achieving carbon peak and carbon neutrality goals, effectively addressing climate change challenges, and promoting the sustainable development goals. The Innovation Award covers, but is not limited to, innovative practices and solutions in policy formulation, institutional construction, industry development, service systems, technological innovation, and talent cultivation. (Max. 10 winners)
Annual Award: 7 primary indicators and 15 secondary indicators.
Innovation Award: 6 primary indicators and 13 secondary indicators.
Eligibility Criteria for Applicants
Any institution that carries out activities which foster green finance development and produce real benefits are eligible to apply for the Awards, including public and private companies from different industries, as well as government agencies and non-profit organizations.
The applicant must have been founded/registered for no less than three years as of the award application start date and must have no record of illegal or non-compliant behavior within the past three years.
The applicant must have made actual economic, environmental or social impacts in green transition, climate change, and sustainable development.
No threshold is set for the scale of the project and the scale of its economic, environmental or societal impacts.
The applicant can apply for only one of the award categories.
Previous winners of the Award are discouraged from reapplying same category of the Award.
The key elements in addressing climate change are mitigation, adaptation, and finance. It is ironic that while green projects face a lack of funding, billions and trillions of dollars are not being directed towards low-carbon initiatives crucial for the long term survival of our planet. This is why we must strive to find innovative solutions that stimulate private investments in green and climate-mitigating projects, ensuring a safe and sustainable future for humanity. This core objective led to the creation of the Global Green Finance Award by IFF, encouraging the financial sector to take decisive action. It is with great pleasure that we bestow this award upon those who have developed innovative ideas to foster a climate-resilient and ecologically sound society.
We are striving to find the forces that lead the transformation in the field of climate change. The high-quality results presented by the "IFF Global Green Finance Awards" applicants have greatly enhanced our confidence in the development of green finance. Some applicant organizations have successfully developed specific application technologies for green financial concepts and are actively and effectively contributing to the green transformation of the global economy.
I look forward to your continued progress on this journey and to achieving even more and better in the future, because human society has developed to this day through unremitting efforts. I look forward to you achieving more results and making greater achievements in the coming years and decades.
Timeline
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