Regional lender Bank of Shanghai has committed to at least 10 billion yuan in financing for low carbon and environmental protection initiatives.
Bank of Shanghai recently signed the “Shanghai Industrial Green and Low Carbon Development Financial Cooperation Memorandum of Agreement” (上海市工业绿色低碳发展金融合作备忘录) as part of Shanghai’s Energy Conservation Awareness Week (上海市节能宣传周).
Under the Agreement Bank of Shanghai will provide a total quota of 10 billion yuan in financing towards advancing Shanghai’s green and low-carbon industrial development targets.
The bank said that the sums would be used to “ensure the application of green and low-carbon technological innovations,” as well as cater to the funding needs of small-scale clean energy and environmental protection enterprises during the process of work and business resumption in the wake of Shanghai’s latest round of Covid lockdowns.
“By means of the 10 billion yuan financing quota as well as the Shanghai Industrial Green Loan Comprehensive Services Platform (上海市产业绿贷综合性融资服务平台), Bank of Shanghai will actively undertake product and service innovations, optimise review and approval procedures and provide preferential loan pricing to satisfy the green loan demand of enterprises,” said the lender.
As of the end of 20221 Bank of Shanghai’s green loan balance had grown 180.07% compared to the year previously, while the number of green loan customers had risen by 184.44%. Bank of Shanghai also ranks first amongst municipal commercial lenders in China when it comes to the underwriting of green debt instruments.