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China calls for responsible investment

By Fu Jing (China Daily)
Updated: 2008-04-07 10:09

Several days ago when waiting for my friend at the lobby of Beijing Hotel, I overheard of a telephone conversation: "The laowai (foreign) investors have boasted of their command of cutting-edge technologies to extract methane from coal."

The caller was a woman in her 50s. Her accent told me she came from China's coal sea, Shanxi province, and she was probably a coal mine owner. She was most likely calling her husband (as many coal mines in the province are family businesses) or investment partners to explore eco-friendly ways of curbing methane, a major greenhouse gas emitter.

And importantly, she was trying to make her effort profit. In the past, nearly no mine owner would think like that. Annual methane emissions from coalmines in her province, roughly speaking, are equal to the total amount of natural gas transported from China's western region to eastern areas through underground pipes.

What I overheard was just a tiny part of the "green dialogue" happening these days. Green development was high on the agenda of China's recent two-week parliamentary annual session, which focused on changing the development model among the country's top legislators, political advisors and decision makers.

Shortly after the session, the central government's think-tank Development and Research Centre of the State Council invited global business leaders and academic gurus to discuss the topic in Beijing. Premier Wen Jiabao also discussed the topic with participants such as Nobel Prize economist Joseph Stiglitz. And nearly 100 journalists even debated on how to turn the media green and their roles in green development at a late-March forum sponsored by the US-based Environmental Defense Fund.

The dialogue is continuing in a dynamic way. And this week from Friday to Sunday, a team of the state leaders and ministers across the world will meet up global business leaders in South China's coastal holiday destination Bo'ao, to debate "green Asia".

What attracted me most in the program is the theme of one panel discussion: "Responsible investment".

My first reaction is that this should not only be China's commitment, but it is also one of major development lessons gathered by the country during past three decades.

It also reminded me of the wider context under which future China-related environmental dialogues should be conducted.

One dimension is that a responsible investment requires a responsible government and effective governance.

For most of the past three decades, economic development has dominated the Chinese government's agenda. And even now, some local governments and officials are active in launching new business projects to enhance their images for their superiors.

But since last year, the central government has decided to link the officials' careers to their performances in energy savings and emission controls.

And the newly elevated Ministry of Environmental Protection has been ambitiously attaching green economic tools to loans, securities and insurance in an effort to monitor every step of the enterprises. China has also set up the National Energy Bureau and National Energy Commission as additional national safeguards.

However, all these efforts are part of gradual administrative reform, which will not be put into full shape until 2020.

China is giving consumption the same priority as investment and foreign trade. Responsible investment means environmentally friendly investments should lead to green consumption.

The Ministry of Environmental Protection has vowed to take responsibility to ensure a green performance in every step of production, sales, consumption and in foreign trade. This is an ambitious, but challenging job which is beneficial to not only our generation but for the generations to come.

Another perspective to look at the "responsible investment" is outward - with a global view. China has already become a stakeholder in many countries and regions as its economic relationship with them has deepened.

So what role China can play when the entire planet is faced with energy and resource constraints and the threat of climate change?

Responsible investing is one answer. It's a calling for China and it's also a requirement for those investors who are earning money in the country and who are encountering enormous environmental challenges and the energy crunch.

For a better earth and the well being of our offspring, investors, no matter whether they are Chinese or foreigners, and no matter if they invest inwardly or outwardly, should always be responsible.

At the upcoming Bo'ao Forum, the hope is that more environment-friendly game rules can be found. So let the green dialogue flow.