CITIC Bank Launches First Carbon Account for Retail Customers

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On 22 April CITIC Bank officially launched the “CITIC Carbon Account” (中信碳账户) alongside a “low-carbon ecosystem platform” that will jointly comprise a new segment of the lender’s green finance offerings.

The CITIC Carbon Account permits the “conversion of individual carbon emissions reduction data into assets and value, enabling the concentration of carbon assets.”

CITIC Bank said that by working with cooperative partners in a variety of industries, its new carbon account would help customers of the bank to engage in green, low-carbon lifestyles.

Lu Tiangui (吕天贵), vice-president of CITIC Bank, said that the lender has drafted a green, low-carbon development strategy as part of efforts to help China achieve its carbon mitigation targets of peak carbon by 2030 and carbon neutrality by 2060.

“CITIC Bank fully recognises the importance of the development of green banking, and is vigorously driving the estbalishment of a green finance system, and exploring and drafting green finance solution plans,” said Lu.