What China’s central bank will do to support clean energy and logistics

30 January 20231 year ago babelfish

The Chinese central bank will extend three assistance measures to green companies and logistics firms. All the details

The People's Bank of China, or China's central bank, announced yesterday that it will extend three monetary policies to support low-carbon technologies and the logistics sector.

EASY FINANCING FOR THOSE WHO SUPPORT THE GREEN TRANSITION

First, the institute will continue to offer until the end of 2024 low-cost financing to banks that grant loans to companies working to reduce carbon dioxide emissions. The policy had been adopted in November of 2021.

The bank will also allow a series of new financial institutions, both local and foreign – but it has not been specified which ones – to join the project and to strengthen global cooperation in the so-called "sustainable finance": this is the name of that portion of the financial world that puts particular attention to reducing the environmental and social impact of investments.

CLEAN COAL PROGRAM EXTENDED

The Chinese central bank has confirmed for the whole of 2023 the renending program for the use of "clean coal ", i.e. those technologies for the reduction of carbon dioxide emissions, greenhouse gases and associated air pollutants to the burning of coal.

The institute specified that China is undertaking a transition to a low-carbon economy, but also wants to protect its energy security.

Coal , of which China is the largest global consumer, is the country's most widely used source for electricity generation. Beijing is also responsible for the largest amount of greenhouse gas emissions in the world, but has pledged to reach "net zero" by 2060, aligning with the international trend towards climate neutrality.

LOGISTICS AID

The renending plan for the logistics sector will instead be active until 30 June next, and from now on even small companies in the sector will be able to access it.

Finally, China's central bank said it will increase support for green development, scientific innovation and infrastructure, and expand access to these finances.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/banca-centrale-cinese-energie-pulite-logistica/ on Mon, 30 Jan 2023 14:40:25 +0000.