China's central bank will set up supportive tools for carbon reduction to encourage commercial banks to channel more financial resources to green industries, as part of efforts to facilitate the country's goal of carbon neutrality.
At a recent work conference, the People's Bank of China stressed that the recovery of the real economy is yet to solidify and the credit structure in major areas and weak links needs to be further optimized.
It asked commercial banks to strictly implement green finance standards and innovate services to adjust the allocation of credit resources in a timely manner.
Further support should be extended to technological innovation and manufacturing, with an increase in the proportion of loans going to the manufacturing and high-tech manufacturing sectors.
Since China made the pledge, in September last year, to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060, vigorous policies have been rolled out on top of the already hefty input on green development.
At the work conference, the central bank also stressed keeping loan growth at a stable and proper level, stepping up services to medium- and small-sized enterprises, and maintaining the continuity, consistency and stability of property-related financial policies.
