China Development Bank ups loan support for green projects

This aerial photo taken on Feb. 18, 2023 shows a photovoltaic (PV) power project in Liangzhou district of Wuwei, northwest China's Gansu Province. (Xinhua/Fan Peishen)

BEIJING, June 23 (Xinhua) -- The China Development Bank, a major policy bank in the country, has strengthened financial support for the green and low-carbon industries.

The bank issued over 200 billion yuan (about 28 billion U.S. dollars) of green loans during the first five months of the year, and its growth rate exceeded that of all other types of loans within the bank's business.

It said the bank's cumulative issuance of carbon-reduction loans through a carbon-reduction credit facility has exceeded 110 billion yuan.

The bank said it has continued to enrich green financial products and services and actively support key sectors in energy conservation, pollution and carbon reduction, greening, and disaster prevention, among other tasks, to facilitate a comprehensive green transformation of economic and social development.

Looking ahead, the bank will enhance the quality and efficiency of green financial services and expand support for green transformation in key sectors, including energy, water resources, transportation, and urban-rural construction.

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