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30.06.24 12:56

Economy

State Development Bank of China increases credit support for green projects

It plans to contribute to the realisation of sustainable development principles in key areas

The State Development Bank of China (SDBC) is expanding its support for green industries. This is reported by Xinhua News Agency, a partner of TV BRICS.

From January to May this year, the organisation issued loans to projects related to ecology and sustainable development worth more than 200 billion yuan (US$27,53 million). The growth rate of such loans exceeded that of all other types of loans, analysts said in assessing the bank's performance.

Meanwhile, the cumulative amount of carbon emission reduction funds issued exceeded 110 billion yuan (US$15,14 million).

The SBRC said it will continue to increase the supply of green products and services, and actively support initiatives to save energy, reduce carbon emissions, expand forests, and prevent natural disasters. In this way, the bank plans to contribute to the implementation of sustainable development principles in key sectors including energy, water resources, transport, urban and rural construction.

China intends to achieve carbon neutrality by 2060, the agency notes.

Photo: iStock

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