China will improve its green finance standards to support carbon neutrality objectives and make it easier for foreign investors to enter the green finance market, central bank governor Yi Gang said on Wednesday via video at the Singapore Fintech Festival, reported Reuters.
“We will promote harmonisation of green finance standards at home and aboard by updating domestic standards and strengthening international cooperation”, Yi said.
As of June 2020, China’s outstanding green lending exceeded RMB 11 trillion ($1.69 trillion), the biggest globally, while its green bonds totalled RMB 1.2 trillion, the second largest in the world, Yi said.
Financial technology, including big data and artificial intelligence and block chains, will play an increasing role in supporting green finance, Yi said. He added that China would strengthen its study on the potential impact of environmental and climate risks on financial stability.