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China's President Xi Jinping has promised to bring the country's
climate-warming greenhouse gas emissions to a peak before 2030
and achieve carbon neutrality by 2060, committing the country to
an accelerated transition to renewable energy.
"We will urge financial institutions to make transitions as
early as possible," Yi said.
The central bank will give incentives to financial institutions
to support such transitions and will unveil new tools to boost
financing for carbon emission cuts, Yi said.
The central bank will also increase its support for green
finance through ratings of commercial banks, deposit insurance
rates and macro prudential assessments, he said.
The central bank will assess the impact of climate change on
China's financial stability and monetary policy, and consider
climate change in financial sector stress tests, he said.
China will continue to increase the allocation of green bonds in
its foreign exchange reserve investments while controlling
investments in high-pollution assets, Yi said.
Yi said China is drafting green finance standards and is trying
to unveil them this year to make it easier for foreign investors
to enter the green finance market.
There are still problems in China's green finance development,
such as inadequate environmental information disclosures by some
companies, he said.
China will expand financial sector opening and expand business
scopes for foreign financial institutions, Yi added.
(Reporting by Kevin Yao; Editing by Andrew Heavens and
Jacqueline Wong)
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