One of China’s big six state-owned lenders has just opened the country’s first bank branch that markets itself as focusing specifically on carbon neutrality credit.
Postal Savings Bank of China (PSBC) recently held a ceremony for the opening of the “Zhangpo Carbon Neutrality Branch” (长坡碳中和支行) in the Guangdong province city of Gaozhou.
Zhangpo county designated as is a “forestry county” which is renowned for its natural resources, and home to extensive hydropower facilities that are attached to the Gaozhou reservoir.
PSBC said that the carbon neutrality branch will serve as “active exploration and implementation of the development of green finance and helping to achieve China’s twin carbon targets.”
In 2020 China unveiled the emissions mitigation targets of achieving peak carbon by 2030 and carbon neutrality by 2060. The Chinese central government has subsequently pushed for rapid growth in green financing in 2021.
PSBC said that in future it will “continue to vigorously develop sustainable finance, green finance and climate finance, actively support green low carbon development, and strive to create a green, inclusive bank and a climate friendly bank.”