China is ramping up its financial support for green and low-carbon development, aiming to build a “beautiful China” through environmental benefits and industrial transformation. At a recent conference, Zhu Hexin, deputy governor of the People’s Bank of China (PBOC), emphasized the importance of the financial sector in promoting sustainable growth.
“We must focus on the effectiveness of green finance in generating real environmental benefits and advancing industrial upgrades,” Zhu said. He highlighted the need for financial institutions to enrich their green financial products and strengthen analysis of key green industries.
The PBOC and the Ministry of Ecology and Environment are accelerating the development of a unified green finance support catalog and statistical system to identify key areas for support. This collaboration aims to streamline efforts and boost investments in sustainable projects.
Vice Minister of Ecology and Environment Zhao Yingmin noted the massive demand for funds to support China’s green transition. “It’s essential to enrich green financial products and services, support climate-related investment projects, and explore financial support models for regional environmental protection,” Zhao stated.
During the conference, six enterprises signed green finance contracts with banks, totaling over 13 billion yuan (about $1.8 billion). These projects include sewage treatment, wind and solar power generation, and rural revitalization initiatives.
China is committed to deepening reform and promoting a green transition across all sectors. According to a resolution adopted by the 20th Central Committee of the Communist Party of China, the country will intensify efforts to enhance its environmental governance system.
As of the end of the third quarter, China’s outstanding balance of green loans exceeded 35 trillion yuan (about $4.8 trillion), with green bond issuances standing at nearly 2 trillion yuan (about $273 billion), ranking among the top in the world.
With these concerted efforts, China is paving the way toward a sustainable and low-carbon future, demonstrating its commitment to environmental stewardship and economic transformation.
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China to increase finance support for green, low-carbon development
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