Aerial photo taken on Aug. 17, 2020 shows a photovoltaic power station at a green industrial development park in the Tibetan Autonomous Prefecture of Hainan, northwest China's Qinghai Province. (Xinhua/Zhang Long)
BEIJING, Feb. 10 (Xinhua) -- China's green finance industry is likely to reach a business scale of 16 trillion yuan (about 2.49 trillion U.S. dollars), reported the Xinhua-run Economic Information Daily on Wednesday quoting areport recently released by the Bank of China (BOC).
Green bonds, an important part of green finance, have maintained a stable growth since launched in China in 2016, with annual issuance averaged at about 200 billion yuan. The country now ranks the second globally in terms of the volume of green bonds issuance.
The outstanding loans of green bonds in the Chinese mainland totaled more than 1.11 trillion yuan, according to a report on the development of green bonds published by the China Chengxin International Credit Rating Co,. Ltd (CCXI).
At the beginning of 2021, the development of green bonds continued to show a good momentum. On February 8, China issued the first batch of carbon-neutral bonds worth of 6.4 billion yuan as part of its efforts to meet its 2060 carbon-neutral target.
In 2020, the global issuance of green bonds hit a record high, with new issuance standing at 269.5 billion yuan, slightly higher than that of 2019. Institutions predicted that global issuance of green bonds is expected to hit another record high in 2021.
(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)
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