Latest news with #LanFo'an
Deccan Herald
06-07-2025
- Business
- Deccan Herald
Sitharaman discusses issues of bilateral cooperation with Russian, Chinese counterparts
Union Minister of Finance and Corporate Affairs Smt. @nsitharaman met H.E. Mr. Lan Fo'an, Finance Minister of China, on the sidelines of the BRICS Finance Minister's and Central Bank Governors meeting #BRICSFMCBG, in Rio de Janeiro. The two leaders recalled their last meeting in…
Business Times
05-07-2025
- Business
- Business Times
China signals investment in Brazil-led global forest fund: sources
[RIO DE JANEIRO] China has signalled to the Brazilian government that it will invest in the Tropical Forests Forever Facility, a multilateral mechanism funding conservation of endangered forests around the world, two sources with knowledge of negotiations told Reuters. An investment by China in the fund, which Brazil first proposed in 2023, would signal an important shift in climate finance, which has relied on funding from wealthy nations most responsible for global warming to date. China's commitment to the fund could pave the way for emerging economies to contribute financially to climate change mitigation, moving beyond the mandatory requirements imposed on developed nations by the 2015 Paris Agreement. The new approach comes as wealthy nations such as the United States retreat from ambitious pledges to fund projects curbing climate change, despite growing pressure from poorer nations struggling to cope with the impacts of a warmer climate. At last year's United Nations climate summit, leaders of developing countries lambasted wealthy nations over their annual US$300 billion global finance target, covering just a fraction of the US$1.3 trillion that economists say is necessary. Chinese Finance Minister Lan Fo'an expressed the intention to contribute to the forests fund, known as TFFF, in a meeting with his Brazilian counterpart Fernando Haddad on Thursday, sources said. They spoke on the sidelines of a meeting of finance ministers in the run-up to the Brics summit of major developing nations that starts in Rio de Janeiro on Sunday. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up '(Lan) told (Haddad) that he considered the fund idea important and that China would collaborate,' said one source, who witnessed the conversation, adding that the discussion did not involve specific values. The Brazilian government has taken the message from China's finance minister as a signal that Beijing will contribute funds, the sources said, although a public announcement is not expected until the UN climate summit, COP30, in November. China's embassy in Brasilia and Brazil's Finance Ministry did not immediately reply to a request for comment. Brazilian President Luiz Inacio Lula da Silva had previously discussed the fund with Chinese President Xi Jinping during his visit to China in May, according to sources. Brazil also aims to attract other resource-rich developing nations to the fund, particularly from the Middle East, the sources said. The Brazilian government sees potential for the TFFF to be its main new deliverable at COP30, which it will host in the Amazonian city of Belem. Policymakers have envisioned TFFF as a US$125 billion fund, combining sovereign and private-sector contributions, to be managed like an endowment paying countries annual stipends based on how much of their tropical forests remain standing. While sources do not expect the fund to launch at that scale, the idea received initial signs of support from the UK, France, Germany, Norway, Singapore and the United Arab Emirates. Early backing from the United States evaporated after US President Donald Trump exited the Paris Agreement. The interest in the TFFF underscores growing international attention on the preservation of tropical forests, rich in planet-warming carbon, as a powerful tool to combat climate change and stave off biodiversity loss. REUTERS
Qatar Tribune
27-06-2025
- Business
- Qatar Tribune
Finance minister named chairman of AIIB board of governors
BEIJING: The Asian Infrastructure Investment Bank (AIIB) has announced the appointment of Minister of Finance HE Ali bin Ahmed Al Kuwari as Chairman of the Board of Governors of AIIB, succeeding China's Minister of Finance Lan Fo'an. The official handover ceremony took place during the Bank's 10th Annual Meeting, held in Beijing, People's Republic of China. This appointment comes as part of the Bank's ongoing efforts to enhance its global role and broaden the diversity of its leadership, reflecting the geographic range of its member countries. It also underscores the prominent standing of the State of Qatar on the international financial stage. The Asian Infrastructure Investment Bank continues to play a key role in financing and implementing sustainable infrastructure projects across Asia and beyond.
Qatar Tribune
26-06-2025
- Business
- Qatar Tribune
Finance minister named AIIB board of governors chairman
The Asian Infrastructure Investment Bank (AIIB) has announced the appointment ofMinister of Finance, HE Ali bin Ahmed Al Kuwari as Chairman of the Board of Governors of AIIB succeeding China's Minister of Finance, Lan Fo'an. The official handover ceremony took place during the Bank's 10th Annual Meeting, held in Beijing, China. The appointment comes as part of the Bank's ongoing efforts to enhance its global role and broaden the diversity of its leadership, reflecting the geographic range of its member countries. It also underscores the prominent standing of the State of Qatar on the international financial stage.
Sharjah 24
26-06-2025
- Business
- Sharjah 24
UAE, China strengthen cooperation in energy, renewables, industry
The visit aimed to strengthen bilateral relations and expand cooperation in energy, renewable energy, industry, and infrastructure. During the visit, Dr. Sultan Al Jaber met with Lan Fo'an, China's Minister of Finance, and Liu Jianchao, Head of the International Department of the Central Committee of the Communist Party (CPC) of China, and Zou Jiayi, President of AIIB in the presence of Hussain bin Ibrahim Al Hammadi, UAE Ambassador to China. Dr. Al Jaber emphasised the UAE's unwavering commitment to strengthening and expanding the Comprehensive Strategic Partnership with China, and the importance of launching new initiatives that support the development goals of both nations, with a focus on empowering national companies and enhancing collaboration between the public and private sectors, in a way that supports mutual sustainable economic growth and prosperity. Dr. Sultan Al Jaber held a series of meetings with senior leaders from major Chinese companies, including Wang Yuetao, Chairman of ZhenHua Oil, Liao Zengtai, Chairman of Wanhua, a leading chemicals manufacturing company; Liu Haoling, President of the China Investment Corporation (CIC); Dai Houliang, Chairman of China National Petroleum Corporation (CNPC), one of the world's largest energy and petrochemical companies; Zhang Chuanjiang, Chairman of China National Offshore Oil Corporation (CNOOC); Zhang Lei, Chairman of Envision, specialising in renewables and smart energy management solutions; Song Hailiang, Chairman of China Energy Engineering Corporation (CEEC), active in energy and infrastructure projects; and Chen Guanfu, Chairman of POWERCHINA International. The meetings focused on the latest developments in cooperation across energy sectors, including renewables, oil and gas, LNG, refining, and petrochemicals, as well as strategic shipping and storage. They also explored ways to enhance investments in priority areas of mutual interest and potential industrial infrastructure projects, in line with both countries' shared interest to advancing industrial and technological partnerships that support sustainable development, facilitate knowledge transfer and localisation, and boost global competitiveness. China remains the UAE's largest trading partner, with total bilateral trade exceeding US$100 billion in 2024, reflecting a year-on-year growth of 7%, driven primarily by an 18% increase in imports. In the first quarter of 2025, non-oil trade between the two countries grew by approximately 18% compared to the same period last year, supported by a 32.5% rise in exports, a 20.2% increase in re-exports, and a 12.7% growth in imports.
