China Development Bank expands green finance initiatives amid growth in renewable energy production

(MENAFN) The China Development Bank has significantly increased its financial support for green and low-carbon industries, issuing over 200 billion yuan (approximately 28 billion dollars) in green loans during the first five months of this year. This represents a growth rate for green loans that surpasses all other loan categories within the bank's operations. According to a Chinese news agency, the bank announced that its cumulative issuance of carbon reduction loans through a specialized carbon reduction credit facility has exceeded 110 billion yuan.

The bank emphasized its ongoing commitment to funding initiatives that enhance green financial products and services. It supports critical sectors focused on energy conservation, pollution control, carbon reduction, greening, and disaster prevention. These efforts are aimed at promoting a comprehensive green transformation of economic and social development.

In related developments, Zhang Jianhua, head of the National Energy Commission of China, stated that between 2013 and 2023, China’s total primary energy production has increased by 35 percent. He highlighted that the installed capacity for wind power generation in China has grown nearly five-fold, while the capacity for photovoltaic power generation has expanded more than 30-fold. Jianhua noted that China continues to advance its energy consumption structure, pushing green and low-carbon development to new heights.

Jianhua also mentioned that since the 18th National Congress of the Communist Party of China in 2012, the country has made significant strides in energy security and maintaining stable supply levels. He reiterated that China has persistently improved its energy consumption structure over this period, demonstrating substantial progress in promoting sustainable energy practices. 

MENAFN24062024000045015682ID1108364064