Bank of Communications ups loan support for green transformation

An aerial drone photo taken on May 21, 2024 shows a wind power project in Baoying County of Yangzhou, east China's Jiangsu Province. (Xinhua/Li Bo)

BEIJING, June 9 (Xinhua) -- The Bank of Communications, one of China's largest commercial banks, has strengthened financial support for the green and low-carbon transformation of traditional sectors and the expansion of green sectors.

By the end of 2023, the lender's outstanding loans for green development had reached 822.04 billion yuan (about 115.6 billion U.S. dollars), climbing by 29.37 percent compared with the end of 2022, data from the bank showed.

The People's Bank of China (PBOC) in 2021 launched a facility to support carbon emission reduction initiatives amid the country's efforts to pursue green development.

As of the end of 2023, the Bank of Communications had issued 21.38 billion yuan of carbon emission reduction loans in line with the requirements of the PBOC.

The bank plans to further enhance its financial support for carbon reduction efforts, aiming to see its balance of green loans reach 1 trillion yuan by 2025.

China has committed to the dual carbon goals of peaking carbon emissions before 2030 and achieving carbon neutrality before 2060.