BEIJING, Nov. 16 (Xinhua) -- Chinese central bank, the People's Bank of China (PBOC), will completely and precisely implement the new development philosophy and continue to leverage finance to support the green and low carbon transformation, reported Xinhua Finance citing Xuan Changneng, deputy governor of PBOC, recently.
Xuan made the remarks on the 2022 annual meeting of Green Finance Committee of China Society for Finance & Banking convened on November 13, saying that PBOC has been optimizing the green finance system and boosting green finance development in China recent years.
Currently, "five pillars" for fostering green finance have basically been in shape in China, including the green finance standard system, environmental information disclosure, incentive and restraint mechanisms, product market system and international cooperation.
To improve the pertinence of monetary policy in facilitating the green and low-carbon transformation, PBOC created the carbon emission reduction vehicle and the special-purpose refinancing service for clean and highly efficient utilization of coal, which have been welcomed by financial institutions.
By the end of September, total outstanding Chinese currency yuan- and foreign currencies-denominated green loans reached 20.9 trillion yuan in China, up 41.4 percent year on year and balances of green bonds exceeded 1.26 trillion yuan. Both of the two indicators ranked among the top levels around the world.
To further boost green finance in China, Xuan outlined efforts of four aspects to be made in future including improving green finance standards and greatly raising the level of carbon accounting and environmental information disclosure.
PBOC will also fully leverage financial policies to promote green transformation, guard against climate and environment related financial risks, and profoundly participate in green finance international cooperation and governance to better support the green and low-carbon transformation via finance. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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