China's central bank holds joint symposium on green financial services

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Zhejiang Taihu green finance town, China, March 11, 2022. /CFP

China's central bank, the Ministry of Ecology and Environment, the General Administration of Financial Supervision and Securities Regulatory Commission jointly held a symposium on green financial services to build a Beautiful China on Friday.

The conference pointed out that financial management departments, ecological environment departments, financial institutions and relevant enterprises should strengthen cross-departmental and cross-field cooperation, strengthen overall planning, and further strengthen top-level design.

Actions discussed include expanding the coverage of China's carbon market, strengthening technical support in carbon accounting, third-party assessment and certification, and improving the national voluntary emission reduction trading market for greenhouse gases, with the support of financial institutions and financial infrastructure.

The conference emphasized that financial institutions should fully consider the green transformation of the economy and society in their overall strategy and integrate climate risk into their overall risk management systems. Moreover, financial institutions should strengthen green finance products and services, broaden project repayment and guarantee methods, and explore innovative products such as environmental equity collateral loans, loans linked to environmental benefits, and green credit asset securitization.

(Cover via CPF)