The International Finance Forum (IFF) presented the IFF Global Green Finance awards in its global meeting on December 3rd., where Sinopec Green Energy Geothermal Development CO.Ltd (“SGE”) was awarded the innovation award for their “Carbon Neutrality” green bond. Mr. António Guterres, Secretary-General of the United Nations, and Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund, addressed the opening ceremony of the Annual Meeting. The IFF award is granted to institutions that have contributed significantly to sustainable development through green financing and carried out projects that contribute to that cause. This year´s award focuses on sustainable green growth and post Covid economy recovery.

IFF is a China-based international organization established by finance leaders of 20 countries and regions. Supported by more than 200 political and financial global leaders, IFF has established partnerships with over 50 countries and regions and more than 50 international and regional organisations, including the UN, IMF, and World Bank. Under the leadership of Dr. Han Seung-soo, Co-chairman of IFF, Chairperson of the Council of Presidents of the UN General Assembly (UNCPGA), and former Prime Minister of the Republic of Korea.

The bond was issued in March 2022 by the Shanghai Stock Exchange to finance geothermal development and utilization and research and development in geothermal technology. It is the first carbon neutrality bond issued in the geothermal industry. The bond also witnessed SGE´s debut in the financial markets. This innovative bond offers an approach to support geothermal industry growth through green financing.

SGE is the subsidiary of Sinopec Star and Arctic Green Energy. The company is a key player in the Chinese geothermal industry, with about 35% market share. Its head office is in Xiong’an and specializes in geothermal development and utilization. The company has more than 750 heat centrals and has drilled more than 800 wells. The company helps save about 4,5 million tons of CO2 each year.