PBC released a report that presents the developments in green finance in China in 2018. The report covers progress made in the development of green finance standards, the writing of Green Industry Guidance Catalog (2019), the performance assessment of green credit offered by depository financial institutions in the banking sector, and the self-regulatory mechanisms of the green finance industry.
The report points out that China followed two paths, namely top-down promotion and bottom-up exploration, to continuously advance the building of the green finance system in 2018 and delivered remarkable achievements in the reform, innovation, and international cooperation on green finance. The green finance in China has not only secured fast growth but also brought out further social and environmental benefits. As China brings green finance into a new phase of in-depth development, continued efforts will be made to explore the fundamental theories, improve the green finance standard system, study and reserve more policy tools, encourage product and service innovation, and enable extensive and in-depth engagement in global green finance governance, in an effort to forge ahead with sustainable and high-quality green finance development in China. The key aspects covered in the report include the following:
- Trend of high-quality development continuing to inject new impetus into green finance
- New achievements and new progress in green finance development
- Thoughts and Future Direction of Green Finance Development
Keywords: Asia Pacific, China, Banking, Insurance, Securities, Green Finance, International Cooperation, ESG, PBC
Previous ArticleEBA Single Rulebook Q&A: Third Update for December 2019
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.
The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.