PBOC’s Yi Lays Out New Priorities to Support China Green Finance

(Bloomberg) -- China’s central bank governor outlined a new set of measures to aid green finance so that the country can achieve its environmental goals.

The People’s Bank of China “will focus on new priorities to better support green recovery and green transition,” Governor Yi Gang said Wednesday at the Singapore Fintech Festival. He mentioned four areas:

• Improving green finance standards to support the carbon-neutrality objective
• Consider introducing mandatory requirements for financial institutions to disclose environment-related information
• Enhance capacity for analyzing and managing environmental and climate risk
• Provide easier access for international investors to China’s green-finance market

Yi reiterated China’s commitment to environmental goals and highlighted the central bank’s work in promoting green finance. As of the first half of the year, China’s outstanding green loans had exceeded 11 trillion yuan ($1.7 trillion), the most in the world, and its stock of green bonds was the world’s second-highest at 1.2 trillion yuan, according to the PBOC.

©2020 Bloomberg L.P.

With assistance from Bloomberg