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Jun 2021

China: Financial entities to be required to adopt green finance

Source: Asia Insurance Review | May 2021

China will require financial institutions to transition towards green finance as early as possible, to help achieve the country’s carbon neutrality goals.
 
Speaking at a forum last month, People’s Bank of China (PBOC) governor Yi Gang said, “We will urge financial institutions to make transitions as early as possible.”
 
PBOC will give incentives to financial institutions to support such transitions and will unveil new tools to boost financing for carbon emission cuts, Mr Yi said.
 
The central bank will assess the impact of climate change on China’s financial stability and monetary policy, and consider climate change in financial sector stress tests, he said.
 
China’s President Xi Jinping has promised that the country’s climate-warming greenhouse gas emissions would reach a peak before 2030 and the country achieve carbon neutrality by 2060. A 
 
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