Disclaimer & Disclosures This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Issuer of report: The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Research at: https://www.research.hsbc.com MiFID II – Research Is your access agreed? CONTACT us today The scope and scale of the Belt and Road Initiative are expanding rapidly… …as is the demand for green financing This report looks at how these two goals – the size and sustainability of this ambitious project – are compatible Size and sustainability: China always thinks big. In 2014, when we first started writing about China’s plan to build a New Silk Road along the centuries-old trading routes, it was little more than a bold idea. More than three years on, what has come to be known as the Belt and Road Initiative (BRI), is being billed by President Xi Jinping as “the project of the century”, encompassing almost two-thirds of the world’s population and 29% of global GDP. But the country’s leadership also wants this ambitious plan to be economically sustainable and environmentally friendly. Railways, highways, airports and infrastructure: The BRI aims to increase infrastructure investment and promote cross-border trade to ensure that goods, services and capital can flow easily on land (the “belt” connecting China, Central Asia, Russia and Europe) and sea (the “road” linking China to ASEAN, India and Africa). This presents an historic opportunity to not only provide much-needed infrastructure in the form of transportation links and energy systems, but also to ensure it is directed along an environmentally sustainable path. We look at the economic logic of this ambitious project, and the available funding approaches. Green belt, green road, green infrastructure: Infrastructure should be designed to last. Climate resilience is important as evidenced by the extreme events of the past year, where Munich Re expects insured losses to be the highest ever. At the same time, we think infrastructure should be built in a way that avoids carbon lock-in. Since these structures and systems will maintain their emissions profile for decades, their emissions should be low, in our view. The UN’s Sustainable Development Goals are also giving new direction to financiers as they fund large infrastructure projects. Greener finance: Infrastructure must be financed and we believe green financing has an important role to play in the transition to a lower-carbon future. The signs are good – President Xi has offered strong policy support and Chinese banks are beginning to issue BRI-focused green bonds. For financial instruments such as bonds, loans, insurance and securities, explicit “green labelling” signals a commitment to sustainability to the outside world. If “the project of the century” is to be climate-resilient and sustainable, we think it should also be ‘green-financed’. 10 January 2018 Wai-Shin Chan, CFA Head, Climate Change Centre The Hongkong and Shanghai Banking Corporation Limited [email protected]+852 2822 4870 Qu Hongbin Chief Economist, Greater China The Hongkong and Shanghai Banking Corporation Limited [email protected]+852 2822 2025 Anderson Chow* Global Co-Head of Industrials Research The Hongkong and Shanghai Banking Corporation Limited [email protected]+852 2996 6669 *Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations China’s BRI challenge CLIMATE CHANGE / ECONOMICS / EQUITIES CHINA The greening of the Belt and Road
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Disclaimer & Disclosures
This report must be read with the disclosures and the analyst certifications in
the Disclosure appendix, and with the Disclaimer, which forms part of it.
Issuer of report: The Hongkong and Shanghai Banking Corporation Limited
View HSBC Global Research at:
https://www.research.hsbc.com
MiFID II – ResearchIs your access agreed?CONTACT us today
The scope and scale of the Belt and Road Initiative are
expanding rapidly…
…as is the demand for green financing
This report looks at how these two goals – the size and
sustainability of this ambitious project – are compatible
Size and sustainability: China always thinks big. In 2014, when we first started
writing about China’s plan to build a New Silk Road along the centuries-old trading
routes, it was little more than a bold idea. More than three years on, what has come
to be known as the Belt and Road Initiative (BRI), is being billed by President Xi
Jinping as “the project of the century”, encompassing almost two-thirds of the
world’s population and 29% of global GDP. But the country’s leadership also wants
this ambitious plan to be economically sustainable and environmentally friendly.
Railways, highways, airports and infrastructure: The BRI aims to increase
infrastructure investment and promote cross-border trade to ensure that goods,
services and capital can flow easily on land (the “belt” connecting China, Central
Asia, Russia and Europe) and sea (the “road” linking China to ASEAN, India and
Africa). This presents an historic opportunity to not only provide much-needed
infrastructure in the form of transportation links and energy systems, but also to
ensure it is directed along an environmentally sustainable path. We look at the
economic logic of this ambitious project, and the available funding approaches.
Green belt, green road, green infrastructure: Infrastructure should be designed to
last. Climate resilience is important as evidenced by the extreme events of the past
year, where Munich Re expects insured losses to be the highest ever. At the same
time, we think infrastructure should be built in a way that avoids carbon lock-in. Since
these structures and systems will maintain their emissions profile for decades, their
emissions should be low, in our view. The UN’s Sustainable Development Goals are
also giving new direction to financiers as they fund large infrastructure projects.
Greener finance: Infrastructure must be financed and we believe green financing
has an important role to play in the transition to a lower-carbon future. The signs are
good – President Xi has offered strong policy support and Chinese banks are
beginning to issue BRI-focused green bonds. For financial instruments such as
bonds, loans, insurance and securities, explicit “green labelling” signals a
commitment to sustainability to the outside world. If “the project of the century” is to
be climate-resilient and sustainable, we think it should also be ‘green-financed’.
10 January 2018
Wai-Shin Chan, CFA Head, Climate Change Centre
The Hongkong and Shanghai Banking Corporation Limited
The first time the Belt and Road Initiative was mentioned was back in September 2013, when
President Xi announced his ambition to revive the routes along the ancient Silk Road during a
visit to Kazakhstan. More than four years on, he took the opportunity to highlight the importance
of this grand plan during his speech that opened the 19th Party Congress in October 2017. See
Infographic on page 2.
Last year, at the inaugural Belt and Road Forum in Beijing in May 2017, President Xi announced an
additional USD136bn of funding support for BRI-related infrastructure projects (Table 1). At the
financial integration session of the forum, the People’s Bank of China (PBoC) governor Zhou
Xiaochuan stressed that funding of projects related to the BRI should be raised through a market-
oriented, sustainable and mutually beneficial investment and financing system.
Table 1: Increased financial support to the BRI by China
Action RMBbn USDbn equivalent
Silk Road Fund capital 100 14.5 Encouraging financial institutions’ overseas fund business in RMB to provide support for the BRI 300 43.5 China-Russia Regional Cooperation Development Investment Fund* 100 14.5 China Development Bank (CDB) will set up the B&R Multi-currency Special Lending Scheme for Infrastructure Development
100 14.5
CDB will set up the B&R Multi-currency Special Lending Scheme for Industrial Cooperation 100 14.5 CDB will set up the B&R Multi-currency Special Credit Lines for Overseas Financial Institutions 50 7.3 EXIM will set up the B&R Multi-currency Special Lending Scheme 100 14.5 EXIM will set up the B&R Multi-currency Special Lending Scheme for Infrastructure Development 30 4.4 Assistance to developing countries 60 8.7 RMB940bn USD136.5bn
Source: Belt and Road Portal. Note: announced during the BRF; * Initial RMB10bn to promote cooperation between China’s Northeast and Russia’s Far East
Vast quantities of foreign exchange reserves
Although not directly related to infrastructure spending, China has vast quantities over foreign
exchange reserves, which have been building up since its ascension to the World Trade
Organisation in 2001. They have come down from their peak in 2014 but are still large at around
USD3 trillion. The size of these reserves indicates China’s ability to tap capital (should it be
necessary) for long-term use and without worrying about rate volatility.
China has been building up its domestic infrastructure for many years and this, coupled with
reserves, can be considered as “national savings”. As China gradually lowers its domestic
investment in the future (as the economy matures), these reserves provide a back-up supply of
capital for global infrastructure spending if ultimately required.
Chart 3: China’s foreign exchange reserves
Source: State Administration of Foreign Exchange (SAFE)
1965 1971 1977 1983 1989 1995 2001 2007 2013% Share China World (RHS)
China's share of world GHG's increased to 24% in 2014
GtCO2e
Infrastructure spending
supports growth of overseas
investment and consumption
China, the world’s largest
emitter, has an important role
in addressing climate change
China is actively addressing
its domestic environmental
issues
CLIMATE CHANGE / ECONOMICS / EQUITIES ● CHINA
10 January 2018
6
medium-term environmental targets, which include emissions, energy intensity goals, and
specific pollution reduction, are achievable. China is also accelerating the implementation of
policies for specific industries and regions. For example, it already has several regional carbon
trading schemes up and running and launched a national trading scheme in late December.
We believe environmental protection is fundamentally compatible with and good for growth, in
three ways:
1. A healthier and more productive labour force;
2. The shift to environmental-friendly technology and ultimately greener sources of energy
drives new growth opportunities; and
3. A reduced fiscal burden on healthcare
In the coming years, we expect continued development in climate and environmental policies to
address the transition away from China’s dependence on coal, the country’s ongoing ‘war on
pollution’ and its growing leadership on the world stage.
Advancing green – internationally
As China’s reach and influence grows on the world stage, we think there is an opportunity to
showcase green leadership abroad as well as at home. Besides being the world’s factory, and
increasingly the world’s innovator, China’s endeavours abroad can have a significant influence
on the trajectory of global emissions as well as its overall environmental footprint.
China will…. conscientiously perform its due international
obligations and responsibilities, keep its promises on
global climate change, actively push forward the
implementation of the Belt and Road Initiative
President Xi Jinping, New Year address to the nation, 31 December 2017
Chart 7: China made rapid infrastructure ODI expansions in recent years
Source: CEIC, HSBC
-40
-20
0
20
40
60
80
100
0
5
10
15
20
25
2011 2012 2013 2014 2015 2016
%/yr%
Infrastructure as % of total outward investment Growth of infrastructure ODI (RHS)
Protecting the environment is
good for growth, in our view
The scale of China’s
economy and global ambition
means it will influence the
trajectory of global emissions
7
CLIMATE CHANGE / ECONOMICS / EQUITIES ● CHINA
10 January 2018
As China looks more outwards, it is looking to be a leader in sustainability. Success at home –
in renewable energy capacity and improving energy efficiency, in world-class infrastructure and
public transportation – can be replicated abroad. China’s reach in Asia Pacific, but also the
major trade routes of East-West and South-South, afford it the opportunity to be a part of the
growth that will affect two-thirds of the world’s middle class.
Sustainable infrastructure builds for the future
Many financiers do not take into account climate considerations when providing capital – they
merely supply capital to projects consistent with their risk-reward profile. For those that do
consider climate change, many do not explicitly label the project as being climate-aligned,
related or resilient. We think the explicit signalling of the sustainability considerations through
more transparent labelling is important because it indicates the direction of travel – towards a
lower-carbon future and a more sustainable world. There are signs that this is changing.
Embedding sustainability within infrastructure
Infrastructure should be designed and constructed to last. However, infrastructure systems
designed for current norms or historical patterns of usage, wear and tear may not be sufficiently
prepared for the future. For example, climate change may bring such variations of future wear
and tear that are outside the boundaries of current planning – this is why embedding climate
resilience is important. Also, sustainability considerations should take into account the full life-
cycle of the asset.
Climate resilience is important: 2017 was a year when the importance of addressing climate
change became clear. Extreme events such as floods, storms, and wildfires caused physical
and social devastation across many parts of the world – the severity of these events was
magnified by climate change. Rising temperatures affect the severity of nature’s extreme events
since there is more energy in earth’s many systems; over the longer term, the effects can be felt
through “slow-onset events” such as rising sea levels. The Intergovernmental Panel on Climate
Change’s (IPCC) Fifth Assessment Report (AR5) goes into detail at the possible impacts across
the world (Figure 1).
Successes in sustainability
advances at home can be
replicated abroad
Financial decisions should
take climate considerations
into account, in our opinion
Climate change may test the
limits of tolerance for
infrastructure systems…
…as it magnifies the severity
of extreme events
CLIMATE CHANGE / ECONOMICS / EQUITIES ● CHINA
10 January 2018
8
Figure 1: The IPCC details the potential impacts of climate change across Asia
Source: Intergovernmental Panel on Climate Change (IPCC), HSBC
Warming trends andtemperature extremes
More extreme precipitation trends, varying
across Asia, combined with:
Increased
warm days
Decreased
cold days
Water scarcityA growing population in the region, combined with
higher standards of living, leading to:
Increased
water demand
Food scarcityFood production in Asia varies by region. Though hard to
predict full effects with uncertain precipitation forecasts,
higher temperatures are expected to lead to:
Decreased rice yields, and lower
food productivity
VegetationThough precipitation forecasts are uncertain, changes to
arid and semi-arid land can be expected, and therefore
changes to animal distribution
Coastal and marine impactsHigher seal levels are expected, affecting ice-free
seasons and coastal erosion processes. Marine
biodiversity will be impacted
Urbanisation and industrialdevelopments
Increased urbanisation, industrialisation and economic
development can be exptected in Asia, leading to:
Increased pressure
on natural resources
Health, security and livelihoodsChanges to precipitation patterns, the severity of extreme events and temperature
increases will vary across Asia, but in the worst cases will lead to:
Increased mortality
and morbidity
Increased risk of malaria
and dengue fever
9
CLIMATE CHANGE / ECONOMICS / EQUITIES ● CHINA
10 January 2018
As such, we think infrastructure should be embedded with a higher level of climate-resilience –
that is, a higher risk tolerance to more severe extreme weather events. This cost to embed a
higher risk tolerance is most likely going to be slightly higher than building with standard risk
tolerance – all other things being equal. However, over the longer run, we think preparation by
resilience is more cost-effective than rebuilding post disaster.
Avoiding carbon lock-in within new infrastructure
Infrastructure is usually designed to last many decades. Over the long term, we believe avoiding high
carbon lock-in is important from a climate perspective. This is particularly true for energy
infrastructure, where power stations can operate for over 40 years. Notwithstanding high-cost retrofits,
the emissions profile of infrastructure is likely to remain fixed throughout its lifetime. Thus, a high-
carbon asset is likely to remain a high-emitter for 40 years. When the differences are accumulated
across the world, over a long time frame, the incremental emissions can be very large indeed.
In our view, these emissions can be avoided by choosing infrastructure that utilises newer
technologies, embeds more efficiencies and embraces more sustainability (Figure 2 overleaf).
Figure 2: Sustainable infrastructure is a crucial aspect of emissions reduction
Source: HSBC
CoalHigh carbon dioxide emissions in
power, air pollution
Renewable energyZero carbon, sustainable, a
clean energy source
GridInefficient, inflexible with intermittency
can lead to curtailment
StorageLess energy wastage, catalyses intermittent
renewables, power mix decarbonisation,
off grid opportunities
BuildingsHigh energy consumption, poor
insulation, relient on power from the grid
Green buildingsEnergy efficient via improved insulation, glazing,
appliances and materials, self sufficient clean
power generation and heating
TransportInefficiency, high dependence on
oil, localised air pollution
Electric & autonomous transportEnergy efficient, emissions and pollution reductions
Choosing lower-carbon
assets now avoids multiple
years of higher emissions
CLIMATE CHANGE / ECONOMICS / EQUITIES ● CHINA
10 January 2018
10
New infrastructure that does not impact other areas of the environment
There is also a growing consensus that the construction and operation of infrastructure systems
should be sustainable – that is, not cause (any or further) degradation to the environment, or
those that depend on it. This encompasses the earth’s atmosphere, the quality of the air, the
surrounding waterways, the quality of the land as well as the ecosystems and livelihoods that
depend upon these. A healthy environment contributes significantly to the steady and healthy
growth of an economy over the long term through, for example, stable and reliable systems and
a healthier and more productive workforce.
Linkage with the Sustainable Development Goals
We also see more linkages with the UN’s Sustainable Development Goals (SDGs), adopted in
2015. These goals cover 17 different areas of sustainability, comprise of 169 specific targets,
and are to be reached by 2030. A number of these relate specifically to climate change and the
environment. In our view, the infrastructure to be built under the Belt and Road Initiative should
also embrace these issues.
SDG #6 – Clean water and sanitation: Ensure access to water and sanitation for all
SDG #7 – Affordable and clean energy: Ensure access to affordable, reliable, sustainable
and modern energy for all
SDG #11 – Sustainable cities and communities: Make cities and human settlements
inclusive, safe, resilient and sustainable
SDG #13 – Climate action: Take urgent action to combat climate change and its impacts
SDG #17 – Partnerships for the goals: Strengthen the means of implementation and
revitalise the global partnership for sustainable development
We expect more national policies to address the SDGs in many countries touched by the BRI. In
addition, there have been a growing number of organisations – including financial institutions –
which have launched programmes and funds structured around the SDGs.
Green finance builds for the future
Sustainable, low-carbon and climate-resilient infrastructure and systems still need to be
financed. Investors tend to look for an appropriate balance between risk and reward.
Historically, high-carbon investments were seen as lower-risk, with higher reward than low-
carbon investments. However, we think this is changing as low-carbon technologies grow more
mature and, perhaps more importantly, as the risk profile begins to invert.
More financial institutions are beginning to shun higher-carbon activities in favour of lower-
carbon activities. For example, the World Bank will cease to fund oil and gas exploration after
2019; some firms are pulling back from investing in oil-sands; and many financial institutions will
only provide funds to coal-fired power generation under special circumstances. We think this is
because of the longer-term risks associated with higher-carbon activities such as:
Policy risk – as the world works together to implement the Paris Agreement
Carbon price risk – putting a price on emissions of greenhouse gases
Competition risk – as lower-carbon businesses and technology gain market share
Demand risk – as consumers are less inclined to purchase high-carbon goods and services
That is not to say that lower-carbon activities are not without these, or their own types of risk –
but it can be argued that they are less exposed to these “transition risks” (risks associated with
the transition to a lower-carbon economy). We believe funding should be more explicit in its
labelling – by signalling that it is part of the low-carbon transition and contributing to a more
sustainable world. This visibility gives both a policy signal and a momentum signal.
Infrastructure investments
should also consider impacts
on local environments,
ecosystems and livelihoods
The BRI also has a role in
achieving SDGs as they grow
to become part of country
policies worldwide
Finance is shifting focus as
the risks surrounding higher-
carbon activities become
more apparent
11
CLIMATE CHANGE / ECONOMICS / EQUITIES ● CHINA
10 January 2018
Policy signal – labelling would signal demand for policies that aid the low-carbon transition.
The ‘International Business Declaration’ signed by 54 global companies last month calls for
the framework conditions i.e. political and regulatory, to deliver the Paris Agreement and a
decarbonisation of the global economy.
Momentum signal – ‘crowding in’ or ‘herd instinct’, more green labelling would raise awareness
among other financiers and investors of greener financing. This in turn would encourage others
to consider the greenness of their own investments as well as more policy frameworks, as larger
volumes of green finance arguably require some form of regulation.
There are many multilateral banks globally, with many of them focusing on development and
infrastructure. We are seeing some of these institutions embed sustainability through their
policies, strategies and focus areas (Table 2).
Table 2: Multilateral development banks are embracing sustainability
Asian Infrastructure Investment Bank (AIIB)
New Development Bank (NDB) Asian Development Bank (ADB)
Date of establishment 2014 2015 1966 No. of members 77 Brazil, Russia, India, China, South Africa 67 Purpose Multilateral financial institution to address
infrastructure needs across Asia Finance infrastructure and sustainable development projects in BRICS countries
Partner with member governments, independent specialists and other financial institutions on delivering projects that create economic and development impact
Sustainability Sustainable Infrastructure a thematic priority with six focus areas; sustainable energy for Asia is a key sector strategy; support member climate pledges under the Paris Agreement
Sustainability is a key value; key mandate is infrastructure and sustainable development projects; believes environmental and social sustainability are crucial to addressing infrastructure gaps
Environmentally sustainable growth one of three complementary agendas; upcoming 2030 strategy will align with the Sustainable Development Goals and the Paris Agreement
Source: AIIB, NDB, ADB
Green bonds on the rise
Green bonds have seen strong growth over the past few years, to over USD129bn of issuance
in 2017, according to HSBC calculations. These bonds are essentially standard financial
instruments except that the use of proceeds are designated for green projects. Different
countries adhere to different standards i.e. what constitutes green or mandatory ring-fencing,
but we think the important aspect here is that the bonds are labelled as green. This signal is
helpful to investors, other businesses and governments in terms of a commitment to
sustainability. Furthermore, we think disclosure and transparency are very important for the
sake of environmental integrity.
Explicit green labelling is
beneficial as it provides a
signalling mechanism
Green bonds have been the
most visible part of green
financing in recent years….
Chart 8: Green bonds have seen strong growth in recent years
Source: Climate Bonds Initiative. Note: numbers may differ due to different methods of aggregation for bonds that qualify as green
0
20
40
60
80
100
120
2013 2014 2015 2016 2017
bn USD
CLIMATE CHANGE / ECONOMICS / EQUITIES ● CHINA
10 January 2018
12
China’s green bond market is among the largest in the world and the growing appetite for this
investment category is obvious. The country has become one of the main drivers of growth in
the global market for green bonds. Around USD30bn worth of Chinese green bonds were
issued last year – over one-fifth of the global total – and up from just USD1bn in 2015.
The BRI is playing its part: In September, the Industrial and Commercial Bank of China
(ICBC) issued its first One Belt One Road Green Climate Bonds offshore in Luxembourg. The
bonds, issued in USD and EUR, raised USD2.15 billion. ICBC plans to use the proceeds to
finance and refinance green assets in the field of renewable energy, low-carbon and low-
emission transport, energy efficiency and management of sustainable water resources.
Government policy support remains strong: In September, China hosted an International
Green Finance Forum in Beijing. The forum discussed specific green finance tools and products
such as environmental risk analysis and green bonds, to explore ways to enhance the green
preference of investors investing in the BRI region. The deputy governor of the People’s Bank of
China, Yin Yong, believes that “green finance should be a pillar of its [the BRI] success.”
China will honour our commitment to reduce carbon
emissions and make more efforts to promote green finance
globally, including facilitating green investment in the Belt
and Road region.
Yin Yong, deputy governor, PBoC (Green Finance Forum, September 2017)
In October, on the country’s biggest stage – the twice-a-decade Party Congress – President Xi
Jinping endorsed green finance yet again. After saying that “building an ecological civilization is
vital to sustain the Chinese nation's development”, President Xi discussed efforts to promote
green development – including “establish a legal and policy framework”, market-based systems
and “develop green finance”.
Other green financing tools and instruments are being developed besides green bonds.
These include:
Green loans – where loans may be offered at a discount if the project satisfies certain
green criteria such as embedding resilience or reducing environmental impact
Green securities – where banks and investors allow the cost of capital to be lower if certain
green criteria are met; or regulators mandate green criteria as part of listing or approval
Green insurance – where insurance costs are lower if certain resilience criteria are met or
businesses demonstrate a strong climate and environmental strategy to lower future risks
Green banks – which make loans and advise on green and low-carbon themes
Green funds – which invest and provide capital according to green and low-carbon themes
For all of these financing means, we believe transparency and disclosure are important to ensure
environmental integrity is being upheld. We expect the appropriate regulatory frameworks and
policies to be enacted in China and other countries to build out more green and sustainable finance.
…and China is one of the
largest players in the global
green bond market
But green finance also
includes other instruments –
the Chinese government is
supporting development
Transparency and disclosure
are important
13
CLIMATE CHANGE / ECONOMICS / EQUITIES ● CHINA
10 January 2018
Conclusion
Infrastructure is important to the smooth running of economies, and increasingly the global
economy. There is still a lot of investment opportunity in this area as global infrastructure
development will require trillions over the next decade or so to 2030.
Sustainability or environmental considerations are very important from a design, construction
and operational viewpoint over the entire life of the asset and beyond. We think the various
financing options available for these projects could tweak the level of sustainability embedded
within them. China’s Belt and Road Initiative is an important confluence of all of these themes
given its vast reach, its vast scale and its ability to shape global contours in years to come.
Whilst green finance can help spur investment in green assets, we think it is important to
consider the environmental integrity, impact and climate resilience of these assets. We think a
broad range of green financing tools and the appropriate regulatory policies are necessary to
embed sustainability into “the project of the century”.
CLIMATE CHANGE / ECONOMICS / EQUITIES ● CHINA
10 January 2018
14
Related HSBC reports
Green Bond Insights: 2018 Market outlook, 9 January 2018
The climate in 2018: Driving ambition to the next level, 2 January 2018
Commodities Digest: China’s Belt and Road Initiative, 14 June 2017
China goes green…and that’s not all bad for growth, 13 November 2017
China’s Belt and Road Initiative, The unstoppable rise of Asian infrastructure, 31 May 2017
On the New Silk Road VI, Financing the BRI, 31 May 2017
China Belt and Road Forum, 15 May 2017
On the New Silk Road V, 17 November 2016
On the New Silk Road IV, 18 March 2016
On the New Silk Road III, 21 April 2015
Xi’s New Silk Road Plan, 18 November 2014
Keeping it cool: Financing a 2°C world, 10 September 2014
Building on China’s overseas investment, 8 August 2014
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