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The green finance challenge facing China's banks
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<p>People visit the Bund promenade in front of the Lujiazui financial district along the Huangpu river in Shanghai on March 7, 2021. (Photo by Hector RETAMAL / AFP)</p>
PHOTO: AFP
Wang Liwei, Peng Qinqin and Denise Jia
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BEIJING (CAIXIN GLOBAL) - China's plan to dramatically reduce greenhouse gas emissions over the next four decades will put increasing pressure on a financial system that isn't ready, according to top industry regulators and banking experts.
On the one hand, banks and other financial institutions could benefit from rising demand for tens of trillions of yuan of green financing to pay for sweeping changes throughout the economy, according to Ma Jun, a member of the monetary policy committee of the People's Bank of China (PBOC) and director of the Green Finance Committee of the China Society of Finance and Banking.
