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Zhoushan unveils financial measures to achieve carbon goals

Updated : 2022-09-06 (chinadaily.com.cn)

The Zhoushan branch of the People's Bank of China in East China's Zhejiang province has in recent years been making efforts to provide more financial support to help local enterprises become more sustainable. 

For example, the Zhoushan branch of PBOC has issued an action plan to evaluate the performance of financial institutions in terms of the issuance of green loans, and these evaluations will be key to informing the formulation of national policies. The branch has also offered guidelines to financial institutions regarding the establishment of a sound system for green financing. 

The Zhoushan branch of the Agricultural Bank of China has designated its Shengsi branch as a demonstration bank for green finance. Green loans currently account for about 60 percent of the branch's total. 

The Zhoushan branch of PBOC has offered guidelines to financial institutions to provide more green loans to enterprises engaged in fields such as clean energy, energy-saving and environmental protection, and emission reduction technology. 

As of the end of June, Zhoushan's financial institutions had issued 1.57 billion yuan ($225.75 million) worth of green loans for five emission reduction projects. 

In addition, the Zhoushan branch of PBOC has given instructions to banks to increase green loans service offerings. 

The Zhoushan branch of China Construction Bank has provided 300 million yuan worth of green loans for a solar power project's rental business.