China to boost financial backing for green, low-carbon development
China is set to enhance its financial backing for initiatives focused on green and low-carbon development. This move aims to bolster sustainability efforts and foster environmental responsibility within its economic framework.
TroibNews 
China's financial sector is set to enhance the stable development of green finance to support green and low-carbon initiatives, as emphasized by a central bank official at a conference on Wednesday.
Zhu Hexin, the deputy governor of the People's Bank of China, highlighted the importance of ensuring that the financial sector can effectively drive environmental benefits and facilitate industrial transformation and modernization while advancing these efforts.
During a green finance services promotion conference organized by the PBOC and the Ministry of Ecology and Environment, Zhu called for financial and relevant administrative bodies to expedite the creation of a unified catalog and statistical system for green finance support, which would help identify key areas for backing.
He urged financial institutions to enhance their analysis and research on critical green industries and to diversify their green financial offerings.
"At present, there is still a huge demand for funds to comprehensively promote green and low-carbon transition and build a beautiful China," said Zhao Yingmin, vice minister of ecology and environment, during the conference.
Zhao emphasized the importance of expanding green financial products and services, supporting climate-related investment and financing pilot projects, and investigating financial support models for regional environmental projects.
According to Peng Lifeng, director of the central bank's Credit Market Department, the PBOC and the Ministry of Ecology and Environment have set up a cooperative mechanism to jointly enhance financial services aimed at creating a beautiful China.
During the event, six companies entered into green finance agreements with banks, totaling over 13 billion yuan. The projects encompassed under these contracts include sewage treatment, wind and solar power generation, and rural revitalization, among others.
"Building a Beautiful China" is a primary focus in China's comprehensive reform efforts. The resolution passed at the third plenary session of the 20th Central Committee of the Communist Party of China in July 2024 outlined plans to accelerate the green transition across all economic and social sectors and enhance the environmental governance framework.
In October 2024, the PBOC, along with three other government agencies, unveiled 19 key initiatives aimed at promoting green finance and supporting the construction of a beautiful China.
As of the end of the third quarter of 2024, China's green loans surpassed 35 trillion yuan, and the issuance of green bonds reached nearly 2 trillion yuan, positioning the country among the leaders globally.
Lucas Dupont contributed to this report for TROIB News
Zhu Hexin, the deputy governor of the People's Bank of China, highlighted the importance of ensuring that the financial sector can effectively drive environmental benefits and facilitate industrial transformation and modernization while advancing these efforts.
During a green finance services promotion conference organized by the PBOC and the Ministry of Ecology and Environment, Zhu called for financial and relevant administrative bodies to expedite the creation of a unified catalog and statistical system for green finance support, which would help identify key areas for backing.
He urged financial institutions to enhance their analysis and research on critical green industries and to diversify their green financial offerings.
"At present, there is still a huge demand for funds to comprehensively promote green and low-carbon transition and build a beautiful China," said Zhao Yingmin, vice minister of ecology and environment, during the conference.
Zhao emphasized the importance of expanding green financial products and services, supporting climate-related investment and financing pilot projects, and investigating financial support models for regional environmental projects.
According to Peng Lifeng, director of the central bank's Credit Market Department, the PBOC and the Ministry of Ecology and Environment have set up a cooperative mechanism to jointly enhance financial services aimed at creating a beautiful China.
During the event, six companies entered into green finance agreements with banks, totaling over 13 billion yuan. The projects encompassed under these contracts include sewage treatment, wind and solar power generation, and rural revitalization, among others.
"Building a Beautiful China" is a primary focus in China's comprehensive reform efforts. The resolution passed at the third plenary session of the 20th Central Committee of the Communist Party of China in July 2024 outlined plans to accelerate the green transition across all economic and social sectors and enhance the environmental governance framework.
In October 2024, the PBOC, along with three other government agencies, unveiled 19 key initiatives aimed at promoting green finance and supporting the construction of a beautiful China.
As of the end of the third quarter of 2024, China's green loans surpassed 35 trillion yuan, and the issuance of green bonds reached nearly 2 trillion yuan, positioning the country among the leaders globally.
Lucas Dupont contributed to this report for TROIB News
