Beijing’s New Fintech Sandbox Project Seeks to Reduce Carbon Emissions

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The Beijing municipal authorities have announced a new innovation project for the city’s fintech regulatory sandbox.

On 5 March the Beijing Fintech Innovation Regulatory Implementation Work Team (北京金融科技创新监管工具实施工作组) publicly announced the fourth round of innovation projects for the Beijing fintech sandbox.

The fourth round of projects consists of just a single new innovation project – the “Personal Financial Services Based on Carbon Accounting” (基于‘碳账本’的个人金融服务) project developed by China Construction Bank (CCB).

The project will “explore the usage of federated learning, big data, artificial intelligence and other technologies to establish a carbon emissions reduction measurement model.”

Under the project CCB will “provide consumers personal financial services such as credit card quotas and instalment discounts, and guide consumers to actively engage in low-carbon lifestyles.”

CCB said it expects the innovation project to be capable of serving up to a million customers annually and achieve carbon emissions reductions of around 10 tons, helping to drive China’s carbon mitigation targets of peak carbon by 2030 and carbon neutrality by 2060.