China is committed to promoting international cooperation in green finance, according to the People's Bank of China (PBC), China's central bank.
"We would like to create a worldwide platform that advances green finance," PBC Deputy Governor Chen Yulu said at a press conference at the Second Session of the 13th National Committee of the Chinese People's Political Consultative Conference in Beijing on March 5. "We will make the most of the platform, as the PBC plays a central role in it."
In December 2017, eight central banks and supervisors including the PBC and the Bank of France established the Network of Central Banks and Supervisors for Greening the Financial System.
A solar energy project in Shanghai, financed by a loan from the New Development Bank (XINHUA)
"It's the financial industry's responsibility to support the battle against pollution and ecological protection," Chen said. "Financial industries should raise capital to support the development of green industries and the transformation and upgrade of traditional industries."
As of the end of 2018, green loans issued by 21 major banks in China had crossed 8 trillion yuan ($1.19 trillion), up 16 percent year on year. The value of green bonds approached 600 billion yuan ($90 billion).
Copyedited by Sudeshna Sarkar
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