business

China’s central bank pledges greater support for green development

BEIJING, Jan. 8 (Xinhua) — China will step up financial support for green development, said Yi Gang, governor of the People’s Bank of China.

The central bank will prioritize the goals of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060 in its work for 2021 and beyond, Yi told Xinhua in an interview.

Meeting those targets will entail profound changes in areas including industry structures, energy and investment, and people’s lifestyles, he said.

Regarding the promotion of green finance development, Yi highlighted the importance of policy design and planning, as well as the role of finance in resource allocation, risk management and market pricing.

The governor said work focuses will include improving systems for green finance standards, developing green finance products and strengthening international cooperation in the sector.

China’s green finance has solid underpinning thanks to its early start, according to Yi. Official data shows the country’s balance of green loans has thus far exceeded 11 trillion yuan (about 1.7 trillion U.S. dollars), ranking first globally.

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