The objective of the Group Consulting Project we chose was to investigate how commercial banks, such as China Industrial Bank (CIB), can support Chinese businesses in expanding into the European market by facilitating the development of Environmental, Social and Governance (ESG) frameworks, aligned with the European Union’s green transition policies.
The project aimed to produce strategic recommendations for CIB to enhance its support for Chinese corporates looking to navigate the European Union’s ESG landscape.
Partnering for a sustainable future
The project marked a significant collaboration between China Industrial Bank, Zhejiang University International Business School and Cambridge Judge Business School. Over a 4-week period, our team researched ESG policies in Europe and the challenges Chinese enterprises face abroad. The project was hosted in Fuzhou, China during the last week of April.
China Industrial Bank is one of the founding members of Global Incentive Bank for Responsible Banking. The company was founded in 1988 in Fuzhou and their mission is to explore new paths of financial reform and make contributions to economic construction. CIB has an AA level ESG rating by MSCI, maintaining the highest rating in the Chinese domestic banking industry for 5 consecutive years. This highlights the bank’s dedication to sustainable practices that meet international standards, positioning them as leaders in the global push for sustainable development.
Zhejiang University is one of the oldest and most prestigious universities in China and Zhejiang University International Business School (ZIBS) is committed to cultivating global business leaders who embrace innovation, sustainability, and an entrepreneurial spirit. The ZIBS team consisted of 6 students from their Master of Finance programme, and we had the opportunity to collaborate with these students during the project.
Solutions for a green transformation
After a month of interesting research, delving into the complexities of ESG strategies within the EU’s green transformation context, our team proposed a comprehensive set of ESG solutions designed to assist CIB in supporting Chinese companies’ international expansion in Europe. This included innovative financing and non-financing ESG solutions aimed at fostering greener, cleaner, and more transparent operations.
The final presentation took place in April which coincided with the 55th World Earth Day. An expert panel consisting of industry leaders from various sectors evaluated the consulting presentations proposed by the 2 teams.
Our team were incredibly honoured to win the Best Research Achievement Award because of the innovative strategies proposed by our team, focusing on both financial and non-financial ESG solutions. This accolade was not just a recognition of our academic effort but a testament to the practical value of our proposed solutions in the real world.
Kejun Du from our team and Jiayi Lu from ZIBS won the individual awards which was a proud moment for all of us, affirming the practical impact and innovation of our work.
A memorable encounter at Shanghai Zoo
Amidst our intensive project schedule, we took a day to explore the cultural and natural beauty of China. A visit to the Shanghai Zoo on a rainy day became an unforgettable part of our experience. Seeing a giant panda in the serene environment seemed to echo our own project’s focus on sustainability and environmental consciousness.
Watching the panda munch on bamboo, undisturbed by the rain, was a poignant reminder of the real-world impact our work could have on preserving such magnificent creatures and their habitats.
This experience not only provided a much-needed break from our rigorous schedule but also deepened our connection to the environmental aspects of our ESG project.
Conclusion
Working with China Industrial Bank on this ESG project was an incredible experience for us. They are pioneers in China’s sustainable development arena, and their ongoing commitment to ESG innovation is setting the stage for Chinese enterprises to achieve international success with sustainability at their core.
The Group Consulting Project has been a transformative journey and was a critical component of our learning at Cambridge Judge, providing a practical framework to apply our financial knowledge creatively and effectively. It underscored the importance of sustainable finance in today’s global economy and equipped us with the tools and experiences necessary to drive change in the financial sector.
This collaborative and experiential approach enabled us to bridge the gap between academic theories and business realities and allowed us to make substantial contributions to our host organisation. By delving into ESG policies, we were able to enhance our professional skills, expand our networks, and gain valuable insights into the complexities of global finance.
The project was a success, with our team winning the Best Research Achievement Award for our innovative approach to ESG toolkits. The recognition was a testament to the relevance and urgency of integrating sustainable practices in business strategies.
About the blog authors
Juan Untung, MFin 2023
Bachelor of Science (BSc), Accounting and Finance, University of Exeter
Juan joined the Cambridge MFin with 5 years of international experience in Corporate Banking focusing on Treasury, Collateral Management, and Operations for a global leading clearing bank.
He has a background in Accounting and Finance, and outside of finance he enjoys running and music.
William Huang, MFin 2023
Bachelor of Science – BS, Actuarial Science and Mathematics, The University of Manchester
William joined the Cambridge MFin with 5 years of professional experience in actuarial practices on pension, pricing, valuation and risk management for Mercer and insurance companies.
He obtained his BSc (Hons) in Actuarial Science and Mathematics with a First Class at the University of Manchester. He also enjoys many hobbies including tennis, badminton, golf, flute, cooking and Chinese calligraphy.
Zubair Verachia, MFin 2023
Bachelor of Engineering in Civil Engineering, University of Johannesburg
Zubair joined the Cambridge MFin class of 2023 having previously worked at Visa Inc. in their digital partnerships, fintech and ventures team in Sub-Saharan Africa.
He holds an undergraduate degree in Civil Engineering from the University of Johannesburg and a Master of International Business from Rikkyo University in Tokyo, Japan.
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