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China will step up efforts to support green industries with
innovative financial products and services, the country's central bank
said on Tuesday. The People's Bank of China (PBOC) will push the development of green
loans, bonds, and insurance, as well as derivatives as part of efforts
to support peaking carbon dioxide emissions and achieving carbon
neutrality, said Wang Xin, an official with the PBOC, at a press
briefing. By the end of last year, the country's outstanding green loans
reached nearly 12 trillion yuan (about 1.86 trillion U.S. dollars),
topping the world, Wang noted. He added that the bad loan ratio of green
loans stood far below the average of the loans issued by commercial
banks. To increase green transition support, the central bank will optimize
financial institutions' evaluations of their green finance businesses.
It will also make better use of digital and financial technology in
environmental information disclosure and sharing, Wang said. China's policymakers have vowed increased financial support for green
development during the key Central Economic Work Conference held in
December. In line with the meeting, the central bank has listed improving the
policy framework for green finance as one of its main tasks for 2021. The PBOC will channel more financial resources toward green
development and promote a carbon emission trading market with reasonable
pricing. It will also gradually improve green finance standards and
continue promoting international green finance cooperation, the PBOC
said during an annual work conference in January. Enditem
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