Banking sector takes greener approach

China's banking industry has improved its policy framework to support the development of an environment-friendly, circular and low-carbon economy, said a corporate social responsibility report released by the China Banking Association on Friday.

By the end of 2015, Chinese banking institutions recorded that the balance of their green credit reached 8.08 trillion yuan ($1.22 trillion), of which 21 major banks extended 7.01 trillion yuan, rising 16.42 percent from the beginning of the year.

Projects supported by the loans are expected to save 221 million tons of standard coal and 756 million tons of water, reduce 3.55 million tons of chemical oxygen demand, and cut polluting emissions, including 550 million tons of carbon dioxide, 4.85 million tons of sulfur dioxide, 2.27 million tons of nitrogen oxide and 384,300 tons of ammonia nitrogen, according to the report.