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China Development Bank increases financial support for green, low-carbon industries
(MENAFN) The China Development Bank (CDB), a prominent policy bank in China, has significantly increased its financial support for green and low-carbon industries, underscoring the country's commitment to environmental sustainability.
During the first five months of the year, CDB issued more than 200 billion yuan (approximately 28 billion U.S. dollars) in green loans. This marked a growth rate surpassing that of all other types of loans within the bank's portfolio. Additionally, the bank has allocated over 110 billion yuan through its carbon-reduction credit facility, demonstrating substantial investment in initiatives aimed at reducing carbon emissions.
CDB has actively expanded its range of green financial products and services, aiming to support sectors crucial for energy conservation, pollution control, carbon reduction, greening initiatives, and disaster prevention. This comprehensive approach aligns with China's broader goals of fostering a green transformation in economic and social development.
Looking forward, CDB plans to further enhance the quality and efficiency of its green financial services. It aims to intensify support for key sectors such as energy, water resources, transportation, and urban-rural construction, facilitating sustainable development practices across these critical areas.
China has committed to ambitious dual carbon goals: peaking carbon emissions before 2030 and achieving carbon neutrality by 2060. The proactive measures undertaken by CDB underscore China's dedication to meeting these targets through robust financial strategies that promote environmental protection and sustainable growth.
The efforts of CDB reflect a pivotal role in advancing China's green agenda, contributing to global efforts to mitigate climate change and build a more sustainable future. As the bank continues to innovate and expand its green financing initiatives, it sets a precedent for effective financial mechanisms that support environmental stewardship and economic prosperity in tandem.
During the first five months of the year, CDB issued more than 200 billion yuan (approximately 28 billion U.S. dollars) in green loans. This marked a growth rate surpassing that of all other types of loans within the bank's portfolio. Additionally, the bank has allocated over 110 billion yuan through its carbon-reduction credit facility, demonstrating substantial investment in initiatives aimed at reducing carbon emissions.
CDB has actively expanded its range of green financial products and services, aiming to support sectors crucial for energy conservation, pollution control, carbon reduction, greening initiatives, and disaster prevention. This comprehensive approach aligns with China's broader goals of fostering a green transformation in economic and social development.
Looking forward, CDB plans to further enhance the quality and efficiency of its green financial services. It aims to intensify support for key sectors such as energy, water resources, transportation, and urban-rural construction, facilitating sustainable development practices across these critical areas.
China has committed to ambitious dual carbon goals: peaking carbon emissions before 2030 and achieving carbon neutrality by 2060. The proactive measures undertaken by CDB underscore China's dedication to meeting these targets through robust financial strategies that promote environmental protection and sustainable growth.
The efforts of CDB reflect a pivotal role in advancing China's green agenda, contributing to global efforts to mitigate climate change and build a more sustainable future. As the bank continues to innovate and expand its green financing initiatives, it sets a precedent for effective financial mechanisms that support environmental stewardship and economic prosperity in tandem.
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