Sipping Coffee at the Landfill, Safety Net on the Assembly Line: China Life's Green Finance Practice

Deep Energy Video (08:26)

Spring breezes blow through the treetops of the Sheneng Environmental Protection Eco-Park, leaves rustling softly. Sitting in the coffee shop at Shenzhen Bao’an Energy Eco-Park, looking down through the large glass curtain wall, Wu Xianwei points to the bottomless pit and says, “What we’re standing on isn’t a park, but a landfill.”

If you close your eyes, you can hardly smell any odor. In this once-avoided place, a transformation regarding energy and the environment has already taken place. Under the theme of “green finance,” China Life Insurance Co., Ltd. (hereinafter referred to as “China Life,” stock code: 601628.SH, 2628.HK) is using the logic of capital to repair and reshape the connection between humans and nature.

Patience Capital Meets “Urban Mineral”

Statistics show that Shenzhen, this super city, generates about 20,000 tons of household waste daily. Sheneng Environmental Protection’s various bases in Shenzhen are continuously digesting these enormous amounts of waste using world-leading thousand-ton grate furnace technology.

“This pond can hold the entire city’s daily household waste.” Wu Xianwei is the deputy general manager of Sheneng Environmental Protection Bao’an Energy Eco-Park. Having dealt with these “urban minerals” for years, he has a different perspective on the value of household waste: “Each ton of waste can generate over 600 kWh of electricity. Our Phase III project alone produces more than 3 million kWh daily, which is not just a number; it means light for 300,000 households for a day.”

In the past, the construction of waste treatment plants often failed to gain acceptance from nearby residents and organizations. This not only concerns ecological health and public safety but also has a profound impact on local industry development. Sheneng Environmental Protection’s solution is to break out of the single incineration model and create an eco-park that integrates production, office space, science education, and tourism.

To achieve this de-industrialization transformation, besides technological innovation, substantial and patient capital support is required.

This is where China Life comes in.

As the Deputy General Manager of the Infrastructure Investment Division and a director of Sheneng Environmental Protection, Xia Fan is accustomed to viewing capital flows from a longer-term perspective. He believes that there is a natural “kinship” between insurance funds and green projects.

“Insurance capital is large in scale, long in duration, and has a stable risk appetite—typical ‘patient capital.’” Xia explains, “Green finance projects generally have long construction cycles and stable returns. The two are symbiotic.”

China Life has made a strategic investment of 1.5 billion yuan in Sheneng Environmental Protection. This money does not pursue short-term explosive gains but is aimed at the long-term future. Xia calls it a win-win for green premiums and social premiums. When waste incineration plants upgrade to energy eco-parks, resource recycling not only brings economic benefits but also conveys environmental protection concepts through science education. This aligns closely with China Life’s corporate values of “helping others to help oneself.”

Funds, like living water, nourish this green land, transforming what was once a nose-pinching landfill into a weekend leisure spot for citizens. This is the warm side of green finance: it does not directly produce bricks and tiles but supports the city’s most hidden and grand metabolic system.

Risks in New Energy and the Backstops of People

At Hebei Changfeng Cable Co., Ltd., the production workshop roars with powerful machinery.

In the world of new energy, photovoltaic panels and wind turbines are the main characters, but few notice the cables hidden inside the equipment. They are the blood vessels of new energy. Since 2021, this company has been engaged in the R&D of comprehensive new energy cables.

Xu Xizhang, the office director of Changfeng Cable, holds a seemingly ordinary black cable. “This is a wind-resistant torsion cable,” he explains. “It must operate in extreme temperatures from -40°C to 105°C, resist seawater corrosion, and withstand thousands of twists and pulls as the wind turbine swings.”

However, the process of manufacturing these cables is itself fraught with risks.

“The risk of worker injuries is unavoidable,” Xu admits. In semi-automated and fully mechanized production lines, rotating parts pose the greatest danger. “Seeing workers injured is the most distressing moment for managers.”

For green energy companies climbing the steep slope of technological upgrading, sudden work-related injuries not only cause employee suffering but also halt operations and strain finances. To go further on the green track, companies must first resolve these concerns.

Liu Guangming, the manager of China Life’s Hebei Hejian branch, entered Changfeng Cable’s factory in 2019, bringing with him two sets of “shock absorbers”—China Life’s supplementary group accident insurance for work-related injuries and the New Green Oasis group accident insurance.

“Accidental disability benefits are paid according to work injury disability standards, providing 24-hour coverage. Whether workers are injured at the factory or at home, they are protected,” Liu promises, and this was quickly validated in an accident.

One unfortunate incident involved a worker injured during operation. News spread, and China Life’s claims mechanism was swiftly activated. Liu immediately led claims personnel to the hospital and reassured the worker’s family: “We will handle the necessary procedures for treatment.”

Within just three working days after the worker’s discharge, the claim payout was deposited into his account.

For an ordinary family, this money is a timely help; for the company, it is a soft landing for risk. By offering insurance products tailored to green industries, China Life transforms uncertain risks into manageable costs.

“Let companies focus on innovation and production; we will handle the storms,” is more than just a slogan—it is the most pragmatic footnote of green finance at the end of the industrial chain. It safeguards not only the production of a cable but also the health of China’s clean energy industry.

Low-Carbon Exploration in Green Buildings

Beyond external investments and personal insurance, corporate operations must also adhere to green principles.

China Life’s buildings are not only local landmarks but also experimental sites for “green buildings”: actively practicing paperless operations—saving enough paper annually to perhaps plant a forest; large-scale solar photovoltaic systems reduce reliance on traditional power; IoT coverage provides real-time data, and intelligent operation systems act as a smart brain, precisely controlling lighting and air conditioning.

This exploration has received positive feedback in capital markets. By 2025, China Life’s MSCI ESG rating rose to AA, indicating that this Chinese life insurance company has already reached the leading tier in environmental, social, and governance aspects.

Conclusion

The clean electricity rising above Shenzhen’s waste incineration plant lights up thousands of homes; the torsion-resistant cables from Hebei are installed on wind turbines in the Gobi Desert, capturing wind energy; and in city office buildings, countless data streams replace paper, reducing carbon footprints.

This is a long-term victory of patience and sustainability.

Sustainable, for perpetuity. Not only the mission of enterprises but also the foundation for every family and individual to thrive on this blue planet.