Shanghai's Lujiazui Financial City is expected to become Asia's green finance hub with the help of its newly-established green finance commission. [Photo/Pudong Times]

The green finance commission of Lujiazui Financial City Management Board in Shanghai held its first meeting on April 9 and announced its aim to help turn Lujiazui into Asia's green financial hub.

Green finance aims to make financing activities more environmentally friendly, reduce pollution and greenhouse gas emissions, and improve energy efficiency.

The green finance commission was inaugurated at the 2017 Lujiazui Green Finance Forum on March 3. Its members cover a wide range of fields including banking, security and insurance, emerging financial institutions, government departments, academic research institutes, and industry associations.

The commission was launched to help enhance international cooperation and increase Lujiazui's influence in the green finance sector.

During the meeting, the attendees discussed topics such as green information disclosure, investment and financing risk control, green finance, and cross-border financing.

Some representatives have suggested Lujiazui should issue a joint initiative to ask locally listed companies, including members of the commission, to disclose their environmental information.

Some also said that professional service agencies for green finance, involved in assessment, legal services, accounting, and auditing should be nurtured and supported through preferential policies and finances to aid their development.

It has been suggested that guidance funds, interest allowances, and subsidies could be launched to cut the fundraising costs of green projects and help to innovate green financial products.