China Development Bank Enhances Financial Support for Green and Low-Carbon Industries

Beijing, The Gulf Observer: The China Development Bank (CDB), a major policy bank in China, has significantly bolstered its financial support for green and low-carbon industries. In the first five months of the year, the bank issued over 200 billion yuan (approximately 28 billion U.S. dollars) in green loans. This represents a growth rate that surpasses all other types of loans within the bank’s portfolio.

The CDB’s cumulative issuance of carbon-reduction loans through a dedicated carbon-reduction credit facility has now exceeded 110 billion yuan. The bank has been proactive in enriching its green financial products and services, actively supporting key sectors in energy conservation, pollution and carbon reduction, greening, and disaster prevention. These efforts are aimed at facilitating a comprehensive green transformation of China’s economic and social development.

Looking ahead, the CDB plans to enhance the quality and efficiency of its green financial services. It will expand its support for green transformation in critical sectors, including energy, water resources, transportation, and urban-rural construction. These initiatives align with China’s ambitious dual carbon goals of peaking carbon emissions before 2030 and achieving carbon neutrality before 2060.

In a statement, the bank emphasized its commitment to playing a pivotal role in supporting China’s green transformation. “We are dedicated to enriching green financial products and services and actively supporting key sectors to facilitate a comprehensive green transformation of economic and social development,” a CDB spokesperson said.

China’s commitment to its dual carbon goals underscores the importance of institutions like the CDB in driving the transition towards a more sustainable and low-carbon future. The bank’s efforts in issuing substantial green loans and supporting carbon reduction initiatives highlight its critical role in achieving these national objectives.