China's Shipbuilding Sector Takes a Historic Step with Industry’s First ESG Insurance
On December 31, 2025, Wanbang Shipbuilding Heavy Industries (Zhoushan) Co., Ltd. and the Zhoushan branch of PICC Property and Casualty Company signed the first “Corporate Sustainable Development Insurance” (ESG Insurance) in China's ship repair and construction sector. This landmark agreement represents a critical move toward systematic management of environmental, social, and governance (ESG) risks and establishes a practical benchmark for green transition through financial innovation in the industry.
Wanbang Shipbuilding has been embedding sustainability into corporate strategy since 2013, consistently investing in green ship repair technologies and equipment. By 2024, the company had implemented a comprehensive ESG management system spanning environmental, social, and governance dimensions. The launch of this ESG insurance product further reinforces Wanbang's role as a green shipbuilding leader, demonstrating proactive long-term risk management and alignment with international standards, while offering a reference model for global industry peers seeking low-carbon transformation.
TWO
The ESG insurance product introduces a new paradigm beyond traditional risk transfer, combining “shared risk” with “risk reduction.” By embedding one-stop professional services within the coverage framework, the insurance shifts from passive claims settlement to active participation in enhancing a company’s ESG performance throughout operational processes. In this model, insurers become strategic partners supporting corporate sustainability objectives rather than simply risk carriers.
THREE
In her welcome address, Deputy Mayor of Shanghai, Jie Dong, reinforced Shanghai's dedication to facilitating trade and investment. Highlighting the city's strategic role in aligning the financial and trade sectors, she noted that the forum strengthens ties between Shanghai and Asia's financial hubs, enabling shared growth and mutual prosperity. As an international financial center, Shanghai aims to build on these connections to drive further cooperation across Asia.
FOUR
Founded in 1996, the Asian Eximbank Forum has become an essential platform for fostering international economic collaboration. Comprising 11 national export credit institutions and multilateral entities like the Asian Development Bank, the forum serves as a key venue for member institutions to exchange expertise, coordinate policies, and address shared challenges. This year's forum reaffirmed its role as a strategic foundation for advancing Asia's collective financial interests.
FIVE
Beyond financial innovation, the collaboration between Wanbang and PICC establishes a preliminary framework for ESG risk management tailored to the ship repair and construction industry. The initiative serves as a prototype for a “Shipbuilding Green Insurance Community,” promoting a market-driven ecosystem to guide low-carbon industry development. By integrating ESG considerations into risk management and financing, the project strengthens the international competitiveness of Chinese shipbuilding enterprises and sets a strategic precedent for global peers navigating green industrial transformation.
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