China Development Bank extends US $28 billion in support of green projects

China Development Bank

The China Development Bank has strengthened financial support for the green and low-carbon industries.

Xinhua News Agency reported that the bank issued over 200 billion yuan (about US $28 billion) 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.