Themed "Promoting green, low-carbon development for urban sustainability", the 34th International Business Leaders' Advisory Council (IBLAC) for the Mayor of Shanghai was held on October 7.

Executives from 40 cross-cultural enterprises in various industries attended the virtual meeting to give advice on Shanghai's economic restructuring and future development. What advice do business people have for developing a green and low-carbon city in Shanghai?

Jean-Paul Agon, chairman of L'Oréal Group, introduced that L'Oréal proposed to follow a Shanghai-style dual circulation model, which they term "technological innovation - sustainable consumption" this year, taking sustainable consumption as an entry point to help Shanghai's green and low-carbon transformation.

Roland Busch, president and CEO of Siemens AG, suggested that the unswerving practice of digital technology innovation will be the key to Shanghai's green and low-carbon transformation, as well as the key to building a science and technology innovation center with international influence.

Green finance is an important tool to support the development of a low-carbon economy. Oliver Baete, chairman of the board of management and CEO of Allianz SE, said that Shanghai, as both a global financial center and one of the cores of the global supply chain, has a unique comparative advantage in developing green finance. However, international business executives are also concerned that the green finance sector still has financing difficulties due to increased external risks and environmental uncertainties. Therefore, some of the business luminaries suggested that the development of international green finance standards should be strengthened to facilitate international investors' understanding of and access to the Chinese financial market.

On the eve of the IBLAC, executives also submitted 36 papers, analyzing the current situation of Shanghai in promoting the dual carbon goals, and giving relevant suggestions and solutions for Shanghai's low-carbon transition by combining their own experiences and cases from various countries.