ICBC Wins Award for China’s Best Green Bank

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China and the world’s biggest bank in terms of assets has received the award for being the top green lender in China from the peak body for the Chinese banking sector.

The China Banking Association (CBA) gave Industrial and Commercial Bank of China (ICBC) the award for “Best Rated Green Bank” (绿色银行评价先进单位) at its recent annual awards.

According to CBA, ICBC has emerged as a leading international green bank following the earnest implementation of policies and arrangements made by the Chinese Communist Party Central Committee and the Chinese State Council.

“ICBC has continually played a leading guidance role in comprehensively strengthening ESG risk management, diversifying the green financial product line, and deepening international cooperation in green finance,” CBA said.

As of the end of the first half of 2022 ICBC’s green loan balance was close to 3.5 trillion yuan, putting it first in China in terms of scale and growth.

In the first half of the year ICBC served as lead underwriter for 32 green bonds that raised 26.73 billion yuan in funds, for year-on-year growth of 23%.

ICBC also successfully raised 10 billion yuan with China’s first commercial bank carbon neutrality and green finance bond issue.