China's central bank rolls out lending tool for carbon emission cuts
China's central bank said on Monday it will provide financial institutions with low-cost loans to help firms cut carbon emissions, supporting the country's long-term carbon neutrality goals.
The carbon emission reduction supporting tool from the People's Bank of China will help financial institutions to provide loans to firms on the premise of independent decision-making and risk-taking, it said in a statement. The bank will provide 60% of loan principals made by financial institutions for carbon emission cuts, with a one-year lending rate at 1.75%, it said.
U.S. and China unveil deal to ramp up cooperation on climate change
The United States and China, the world's two largest emitters of carbon dioxide, unveiled a deal to ramp up cooperation tackling climate change, including by reducing methane emissions, protecting forests and phasing out coal.
The framework agreement was announced by U.S. climate envoy John Kerry and his Chinese counterpart Xie Zhenhua at the U.N. climate conference in Scotland, and was billed by both as way to tip the summit toward success.
Chinese ESG assets soar 33% after strong inflows in Q3
Assets managed by Chinese environmental, social and governance funds jumped 33% to the equivalent of US$47.5 billion in the third quarter, outpacing growth across Asia ex-Japan, according to Morningstar’s latest data on sustainable funds.
China’s ESG funds pulled in a net US$7.6 billion in the three months to the end of September, accounting for the lion’s share of Asia ex-Japan ESG fund inflows of US$8.1 billion.
New ESG funds launched in China attracted US$1.2 billion worth of net new money during the period. China also dominated the new ESG product landscape in the third quarter, representing 20 of the 34 new sustainable funds launched during the period.
Source: Ignites Asia
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