PBoC has lent banks $44 billion for ‘green projects’

pboc building
The People's Bank of China

The People’s Bank of China has loaned financial institutions 300 billion yuan ($43.6 billion) to support carbon emission reduction, its governor Yi Gang said.

The Carbon Emission Reduction Facility has helped banks lend 600 billion yuan to green projects by the end of 2022, Yi said on March 29. He said the facility has helped reduce carbon emission by 100 million tonnes in 2022.

The PBoC first launched the facility in November 2021. The central bank said in January it would keep it in place

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