Banks offer credit to help green growth

Source:Xinhua Published: 2013-7-21 23:18:01

Major Chinese banks have vowed to offer strong credit support for the development of the green economy amid China's drive to promote ecological progress and curb pollution.

Building a mechanism to provide positive incentives will be vital for the development of green finance, according to a consensus reached by more than 10 financial institutions at an ecological forum held in Guiyang, capital of Southwest China's Guizhou Province, over the weekend.

Such a mechanism would accelerate a capital influx into the green economy, according to the consensus.

Zhang Hongli, vice president of Industrial and Commercial Bank of China, said the bank has been improving its credit classification standard based on the "Equator Principles."

The principles are a voluntary set of guidelines which require signatory banks to incorporate social and environmental issues in financing.

The China Construction Bank (CCB) also set down its own guide for green credit, which incorporates the Equator Principles, said Zhu Hongbo, the bank's vice president.

The CCB's green credit business transactions have seen fast growth in recent years, Zhu said.



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