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Chinese Banks told to go green

Chinese Banks told to go green

(25 September 2007 – China) A government official has advised that China’s state run commercial banks should invest more in sustainable and renewable projects. Yang Fuqiang of the US based Energy Foundation, which advises the Chinese government on energy-saving policies, said that the big state banks should divert two to three percent of their annual loans to green projects.

Funding on sustainable projects has fallen below the amount required. He said that China’s current investment on energy saving was only 20 percent of the amount needed.

Banks like the Bank of China and China Construction Bank have been called to tighten lending to polluters, but the enthusiasm for sustainable business practices has not been reciprocated.

Li Fuan of the China Banking Regulatory Commission said that it is up to Chinese banks to adopt the concepts of investing for sustainable growth and social responsibility.
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