Chinese Central Bank to Set Schedule and Road Map for Environmental Disclosures by Financial Institutions

34

The People’s Bank of China (PBOC) says it will set a schedule for requirements in relation to the environmental information disclosures of Chinese financial institutions.

Wang Xin (王信), the head of PBOC’s research department, said that PBOC is currently in the process of improving its green financial standards system and accelerating the research and formulation of transitional financial standards, as part of efforts to create critical foundations for finance to support green, low carbon development.

Wang made the remarks on 30 July at the Qingdao China Wealth Forum (青岛·中国财富论坛).

“We will further improve standards for environmental information disclosures and carbon emission calculation standards for financial institutions, and research and unveil a timetable and road map for environmental information disclosures by financial institutions,” he said.

“[We] will improve incentive and restraint mechanisms, strengthen the ability of financial institutions to make environmental information disclosures, and consolidate the systemic foundations for the standardised and healthy development of green finance and transformative finance.”

Wang remarks arrive following the drafting and release of the “Financial Institution Environmental Information Disclosure Guidelines” (金融机构环境信息披露指南) in 2021.