Two foreign banks eligible for carbon reduction facility

The People's Bank of China has included two foreign banks on their list of financial institutions that are eligible for the carbon emission reduction facility, the central bank said on Friday.

The PBOC said in a statement that it had recently made the carbon emission reduction facility — which provides financial institutions with low-cost funding for their loans to key areas of carbon reduction — available to the Deutsche Bank (China) and Societe Generale (China).

The move has demonstrated China's emphasis on green transformation, commitment to opening-up, equal treatment of foreign financial institutions and support for their development in country, the central bank said.

The PBOC will consider including other willing and qualified foreign financial institutions on the list and leverage their advantages in green finance to facilitate China's low-carbon transition, the central bank added.