Industrial Bank's green finance loans reach nearly 2 trln yuan
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E-mail Xinhua, October 3, 2019
A total of 17,938 enterprises received over 1.97 trillion yuan (about US$278.9 billion) of green finance from the Industrial Bank (IB) by the end of June, according to the bank.
The bank's outstanding loans of green finance reached over 940.8 billion yuan at the end of June, it said.
According to the bank, the green projects it facilitated will save a total of 29.92 million tonnes of standard coal and reduce 84.28 million tonnes of carbon dioxide emissions every year.
Founded in 1988, the joint-stock commercial bank is a pioneer in the development of green finance in China. Over the past 10 years, IB has formed a green product and service system with a complete product line of green finance and risk management.
Green finance is designed to encourage more private capital to enter green sectors and stop investment that might pollute the environment.
China announced in 2016 that it will establish a national green finance mechanism, the first of its kind in the world.
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