Fujian province’s Industrial Bank Co., Ltd. has just extended the first loan for a forestry carbon sink project in the central Chinese province of Hunan.
Industrial Bank recently announced that it had provided a loan of 20 million yuan to Hunan Maoyuan Forestry Co., Ltd. (湖南茂源林业有限责任公司) for a carbon sink project.
The funds will be used by Hunan Maoyuan to continue to drive carbon sink forestry rectification and purchase seedlings, as well as for cultivation and protection purposes.
The move from Industrial Bank comes following a push from the Chinese central government since the start of 2021 for the greater development of green finance in China.
In 2021 Industrial Bank’s green finance balance reached 45 billion yuan, providing loans to nearly 1000 low carbon enterprises and projects.