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China Boosts Green Development

The People’s Bank of China, the National Development and Reform Commission, the China Securities Regulatory Commission and four other government departments have issued guidelines to strengthen financial support for green and low-carbon development. According to the guidelines, China will build a world-leading financial support system for green development in the next five years and make its policies more coordinated, effective and mature by 2035 – including resource allocation, risk management and market pricing. The authorities will formulate and introduce unified carbon accounting standards for financial institutions, and promote high-quality environmental information disclosure by institutions and financing entities. In addition, efforts will be made to gradually expand the scope of entities that can trade in the carbon market, and increase credit support for green development and low-carbon transformation in energy, industry, transportation, construction and other fields. Green bonds, green equity investment and financing businesses, as well as green insurance services, will also be further developed and promoted. In addition, the guidelines put forward measures to improve laws and regulations, enhance green finance assessment and evaluation mechanisms of financial institutions, enrich relevant monetary policy tools, and deepen regional green finance reforms. As part of the new strategy, China will seek to promote the establishment of climate change-related risk assessment and prediction models by insurance institutions, including the use of big data and other technical means to conduct climate disaster analysis.

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