(ECNS) -- China will strengthen its financial support for green and low-carbon development, according to the document jointly released by several government departments including the People's Bank of China (PBOC) on Wednesday.
According to the document, China will build a world-leading financial support system for green development in the next five years ensuring better resource allocation, risk management and market pricing by 2035.
A relevant official from the PBOC stated that the guidelines promote the development of green financial products and markets from multiple perspectives.
It will advance the development of the carbon emissions trading market, explore and enrich financial products and transaction methods linked to carbon emissions rights. And China will gradually expand the scope of trading entities suitable for the development of its carbon market.
The document said China will increase credit support for green development and low-carbon transformation in energy, industry, transportation, construction and other fields, and support eligible enterprises to list at home and abroad for financing or refinancing.
Also, the country will support the capital market for green and low-carbon development, supporting eligible enterprises to raise funds through domestic and overseas listings or refinancing, with the funds raised used for operation of green and low-carbon projects, and regulating the conduct of green bonds and green equity investment and financing businesses.
The guidelines pointed out that China will promote green insurance and services, and improve the insurance protection system for significant risks related to climate change. Further, it will work to strengthen the participation of entities in the green financial market.
The PBOC said work will be done to incorporate climate change-related risks into the macro-prudential policy framework and encourage financial institutions to accordingly improve their risk-control systems and corporate governance frameworks.
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