ICBC Provides Nearly One Trillion Fund to Support Green Development
OREANDA-NEWS. As at the end of June, ICBC has granted RMB 976.8 billion worth of loans to the green economic sector, providing financial support to a series of key projects, including green transportation, renewable energy and clean energy, nature conservation and ecological rehabilitation.
For many years, ICBC has consistently fulfilled the concept of 'Green Development" and "Green Financing" by taking the lead in developing and implementing "Green Credit" policy in 2007. On the one hand, the Bank has continued to step up support to the green economic sector, enrich the definition of green credit, and improve green financing product and service system. Its investment in green economy has been consistently well above its average growth rate of loans, which has effectively driven the green development of economy. On the other hand, the Bank has strictly followed the "green credit one-vote veto" mechanism, requiring that fund cannot be granted to the loan project and financing project with the environmental problems, while incorporating management of environmental risk and social risk in the whole process of credit business.
In addition to implementation of green credit, ICBC also leveraged the Group's advantages of full-chain and multiple-license financing system to support financing demands of the green economic sector through multiple channels such as bond underwriting, financial leasing and investment banking. In H1 2016, ICBC underwrote the first domestic green financial bond and the first green enterprise bond in the inter-bank bond market.