Significant steps forward in 2008 included briefings given by our Environmental Risk Management team to China Development Bank (CDB) and to the wider Chinese financial sector at an event hosted by the China Banking Regulatory Commission (CBRC). The briefing with the CBRC formed part of a three-day sustainability training seminar arranged by the International Finance Corporation/World Bank, as part of its continuing global programme to encourage sustainable lending practices. At the meeting, which took place in September, Barclays was one of only three overseas commercial banks invited by the CBRC to present their experiences in implementing environmental risk management practices in the credit risk process.

At the seminar, Barclays experience in developing and implementing sustainable lending practices was presented by our Environmental Risk Management team. As well as representatives from 36 CBRC branches and four government agencies, the audience included 250 participants from 68 Chinese banks.

The CBRC briefing came three months after a similar presentation to senior executives at the China Development Bank (CDB), which has a strategic alliance with Barclays. At this event, in June, Barclays Environmental Risk Management team provided an intensive two-day briefing on environmental credit risk to fourteen members of senior management in CDB.

The CDB business functions represented at the briefing included risk appraisal, documentation, legal and international finance.  In October, Barclays Environmental Risk Management team followed up on this event by presenting their perspective on environmental risk to 25 members of CDB’s risk function.

In the same month, the seriousness with which CBD regards sustainable finance was underlined by the publication of its first-ever Corporate Social Responsibility Report.  Although CBD publicly disclosed its environmental policy in a 2005 bond prospectus, this represented the first occasion on which it has published a progress report on its CSR record.