Chongqing’s first green bank issued RMB4.46bn green bonds

Industrial Bank of China in Chongqing will issue 4.46 billion yuan of green bonds in 2019 to boost the green development of the Yangtze River Economic Zone, said Tang Liangzhi, mayor of Chongqing Municipality, when addressing a government work report at the city’s third session of the fifth National People’s Congress on Thursday.

Industrial Bank of China in Chongqing will issue 4.46 billion yuan of green bonds in 2019 to boost the green development of the Yangtze River Economic Zone, said Tang Liangzhi, mayor of Chongqing Municipality, when addressing a government work report at the city’s third session of the fifth National People’s Congress on Thursday.

In June 2019, Industrial Bank’s Chongqing Liangjiang green branch was officially inaugurated, becoming the first green bank in Chongqing.

The branch head said that the green bank should build a differentiated, unique and economical green business network, and promote the green consumption concept in services on credit cards, consumer loans, wealth management and other services. The bank will provide green financial products to eligible enterprises, support them in issuing green bonds and financing major green projects, and guide and encourage more non-government funds to invest in green industries on environmental protection, energy conservation, and new-energy vehicles.

Green finance refers to the financial services provided to support the economic activities of environmental improvement, coping with climate change and resource conservation and efficient utilization.

The green finance development plan of Chongqing Municipality (2017-2020) released in 2017 clearly put forward the goal of building a green finance development system with diversified organizational system, diversified product types, sound infrastructure, strong policy support and efficient market operation, so as to help Chongqing become an important ecological cocoon along the Yangtze River Economic Zone.

Thanks to the early launch of carbon emission rights and pollution rights trading in China, the development of environment-related market in Chongqing has begun to take shape, and green finance organizations, green products and services have been increasingly improved.

At present, Chongqing has successfully launched the green finance big data system and is actively promoting pilot projects of climate investment and financing.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/05/chongqing-s-first-green-bank-issued-rmb4-46bn-green-bonds/.

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