April 27, 2021
Central Bank Governor Yi Gang said that Chinese financial institutions will have to commit to green finance as soon as possible to meet the country’s climate goals. President Xi Jinping has made it clear that the country wants to hit peak emissions pre 2030 and neutrality by 2060. The central bank wants financial institutions to be an integral part of this change and is introducing new measures to ensure they hit their target. The central bank will target ratings, deposit insurance rates, and macroprudential policies. It will also incentivize green bonds and direct climate change stress tests for the macroeconomy. The details of these plans will be unveiled this year to meet the country’s carbon requirements ASAP.
(Shanghai)
FINSUM + Magnifi: China’s central bank and regulators are not hesitant to step in, and in this case, it will be to reduce emissions. However, if the incentives are mainly positive in measure it could mean good things for Chinese financial institutions.
Other news today: The Big Loophole to Biden’s Tax Plan is… and These Tech Stocks are Too Cheap Because of the SPAC Plunge
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