The World Bank announced the names of 15 Private Sector Investment Lab founding members, including Jessica Tan, Co-CEO of Ping An Insurance (Group) Company of China, Ltd. (Ping An), from Shenzhen, China.
Tan’s expertise, leadership skills, and successful ventures in business, technology, and finance make her the sole founding member of the Lab from a Chinese company.
“We believe the private sector can make a tangible difference helping progress towards climate goals, manage the risks of climate change and tackle poverty,” said Tan.
The Lab, founded in June 2023 aims to attract higher levels of private finance, making substantial strides towards achieving climate goals, mitigating climate change risks, and addressing poverty.
The Lab’s primary focus is on expanding transition finance in renewable energy and energy infrastructure.
Among the core founding members of the Lab were prominent Chief Executive Officers and Chairs from renowned institutions such as AXA, BlackRock, HSBC, Macquarie, Royal Philips, Standard Chartered, and Temasek.
Ping An´s bet on social responsibility
The Chinese insurance company has focused on corporate social responsibility for 35 years, utilizing its integrated finance and healthcare strengths to advance initiatives like the “Rural Communities Support Program” and extend insurance, finance, and healthcare services to rural regions.
By the end of March 2023, Ping An’s green investment and financing reached 308.45 bn yuan (US$43bn), while its green banking business soared to 174.11 bn yuan (US$24bn).
Ping An’s green insurance premium income also witnessed a substantial increase, amounting to approximately 6.57bn yuan (USD$913 m).
Ping An has a customer base of nearly 229 million retail clients.