China’s green credit balance tops 15t yuan

A woman walks by the headquarters of the China Banking and Insurance Regulatory Commission in Beijing. (PHOTO PROVIDED TO CHINA DAILY)

BEIJING – Outstanding green credit of 21 major banks in China reached 15.1 trillion yuan ($2.37 trillion) at the end of 2021, official data showed.

The figure accounted for 10.6 percent of their total lending, said the China Banking and Insurance Regulatory Commission.

Loans channeled to the environmental protection sector can help save 400 million tonnes of standard coal consumption and reduce 700 million tonnes of carbon dioxide emissions, according to the commission.

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China has encouraged the banking and insurance sector to develop green finance to support low-carbon industries, as a part of efforts to help the country achieve its carbon peaking and neutrality goals.