A senior executive from the Industrial and Commercial Bank of China (ICBC) – China and the world’s biggest bank in terms of assets, has reiterated the state-owned lender’s commitment to green financing measures that support environmentally friendly development.
Wang Jingwu (王景武), deputy-president of ICBC and a member of China’s National People’s Congress, said in an interview with China Securities Journal that commercial banks should play an active role in green financing in order to help China meet its peak carbon and carbon neutrality targets.
“It appears especially urgent for [Chinese banks] to develop into green areas such as energy efficiency upgrades, pollution management and resource recycling, given the importance of peak carbon and carbon neutrality targets,” said Wang.
“Commercial banks should firmly implement the central party’s requirements in relation to the development of an ecological civilisation and responses to climate change, and actively play a role in green financing driving a transition towards green, low-carbon production and lifestyle models.”
Wang called for the development of a green credit system and green finance system, as well as greater cooperation with China’s environmental protection authorities.
Wang also called for Chinese green finance to better integrate with global standards, in order to enable it to wield greater influence abroad, and accelerate the satisfaction of peak carbon and carbon neutrality targets.