BEIJING, March 27 (Xinhua) -- Deepening green finance cooperation among Global South countries is a vital pathway to tackling climate change and advancing sustainable development, participants at the Global South Financiers Forum have noted.

The 2026 Global South Financiers Forum was held in Beijing on March 25 and 26 under the theme "Illuminating Global South," bringing together heads of financial institutions, experts and industry leaders from home and abroad to exchange views on the achievements and future prospects of green finance cooperation.

CONSENSUS ON GREEN GROWTH

Amid mounting climate challenges and a profound shift in the global energy landscape, green and sustainable development is no longer an option but an imperative for the shared future of humanity, participants said at the forum.

"Capital flowing into green sectors in the Global South is becoming evident," said Wang Zhiheng, president of the Agricultural Bank of China. He added that abundant resources and vast development potential are making the Global South a key destination for green investment.

Shahin Mahmudzada, executive director of the Central Bank of Azerbaijan, said the urgency of climate change calls for proactive measures across sectors to build a more resilient future, adding that many countries have already recognized the importance of this issue.

"Developing countries are a key force in addressing climate change and advancing global sustainability," said Lu Lei, deputy governor of the People's Bank of China. He stressed that deeper South-South cooperation in green finance will inject stronger and more enduring momentum into global sustainable development.

GREEN CAPITAL MOVEMENT

In recent years, Global South countries have stepped up efforts to develop green finance, channeling more financial resources into green industries.

Zhang Yi, president of China Construction Bank, said areas such as energy transition, ecological protection and climate adaptation are opening up vast space for greater financial involvement.

By the end of 2025, the balance of China's green loans had reached 44.8 trillion yuan (about 6.49 trillion U.S. dollars), while cumulative green bond issuance stood at 5.2 trillion yuan, both among the world's highest, according to data from China's central bank.

Sanjar Mukanbetov, chairman of the Green Finance Fund of the Kyrgyz Republic, said China's experience demonstrates how government policies, financial markets and technological innovation can work in synergy to advance green transformation.

CHALLENGES REMAIN

The global green transition is evolving from a passive response to climate change into a proactive strategy for enhancing energy security and economic efficiency, participants at the forum said. However, Global South countries still face multiple constraints in advancing this transition.

A key challenge is the lack of unified and mutually recognized standards. Zhao Zhongxiu, president of the University of International Business and Economics, said inconsistencies across countries in areas like green project certification and information disclosure have increased cross-border investment costs, thereby hindering the efficient flow of capital.

At the same time, financial institutions are intensifying innovation efforts to address bottlenecks in trade and financing channels and facilitate international cooperation in green finance.

Wang said the Agricultural Bank of China has established a business center in southwest China's Yunnan Province, working with 22 banks in neighboring countries to develop a cross-border settlement model, providing efficient financial services to 188 green foreign trade enterprises.

Looking ahead, participants called for stronger innovation, mutual recognition of standards, and smoother capital flows to direct more financial resources into sustainable development in the Global South and unify growth efforts.