Despite having long been saddled with the reputation of being one of the world’s most polluted countries, China is looking to put the past behind by placing strong emphasis on green finance. This, according to Yi Gang, Governor of the People’s Bank of China (PBOC), is in line with Beijing’s ambition to achieve carbon neutrality by 2060. 

“Environmental and climate change remains urgent as countries respond to Covid-19”, declared Yi at the Singapore Fintech Festival (SFF) 2020. The fallout from climate change, he warns, “ affect us all” and their consequences will be more lasting and far-reaching. China, he says, must speed up its transition to low-carbon production and consumption to achieve its commitment to “green and low-carbon development”. 

To that end, China has made strong progress in the space of green finance. In 2016, PBOC and other Chinese ministries published the Guidelines for Establishing Green Financial System, which forms the foundations of China’s Green Finance policy framework. The development of new green finance products has also been encouraged. 

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