China has world's greenest central bank: Reuters
2021-04-01
The People's Bank of China. [Photo/Agencies]
China has the world's greenest central bank, thanks to concrete measures such as lower interest rates on loans for pollution-fighting projects, Reuters reported on Wednesday.
China, Brazil and France are the only three countries to receive passing scores in a ranking of central banks and financial supervisors of G20 countries, conducted by Positive Money, a UK-based activist group.
The ranking was made based on how much they are doing to fight climate change, the report said, citing Positive Money's report mainly focusing on official policy.
The first green initiative of the People's Bank of China, the central bank, dates to 1995 and banks are now required to offer cheaper loans on environmentally friendly projects, according to the report.
China's central bank concentrated on serving the real economy, preventing and controlling financial risk and deepening financial reforms during the 13th Five-Year Plan period (2016-20).
In the 14th Five-Year Plan period (2021-25), the PBOC will focus on financial reforms in various areas, with green financial system building as an integral feature.
In the next five years, China will build a green financial system that supports the green and low-carbon development of the economy, supporting carbon peaking before 2030 and carbon neutrality before 2060.
The country also aims to build a multi-level and diversified green financial market system and promote market-based trading of carbon emission rights.
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