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Shandong Rolls out Action Plan to Strengthen Innovation of Carbon Financial Products and Activate the Growth Driver for Green Development

Source：The Seanews 07-17-2023 11:10:00

Recently, the Jinan Branch of the People's Bank of China issued the Special Action Plan for the "Year of Deepening Development of Green Finance", which set 2023 as the year of deepening development of green finance. It aims to achieve 100% coverage of financing for projects in the five major green project libraries and keep relevant indicators such as green credit and green bond ranking among the top nationwide. Enterprises with carbon performance can have access to preferential loans from banks.

Recently, Jinan witnessed the issuance of China's first carbon emission disclosure support loan. The carbon emission disclosure support loan is meant to link the loan interest rate with the carbon performance of enterprises in their production and operation activities, so as to encourage enterprises to actively carry out carbon disclosure and increase the value of carbon emissions per unit through technological transformation. Based on the carbon emission report on enterprises issued by a third-party institution, the bank will provide support by offering a 10-million yuan loan with preferential interest rate.

At present, Shandong is speeding up the construction of a green, low-carbon and high-quality development pilot zone, showing great potential for reduction of carbon emissions. As an important support for achieving the Carbon Peaking and Carbon Neutrality Goals, carbon finance endows carbon emissions with economic attributes, which helps to give full play to the financial leverage effect and ensures that funds are allocated toward clean energy and the reduction of carbon emissions.