China Lays Out Plan to Ensure Green Transition Gets the Financing It Needs

China is intensifying its efforts to boost financial support for the green economy, as the country works to meet President Xi Jinping’s goal of achieving peak carbon emissions by 2030 and carbon neutrality by 2060.

The People’s Bank of China (PBOC) and six other ministries and regulators involved in the finance and environment sectors on Wednesday jointly issued guidelines that set out a roadmap to establish a “world-leading” financial support system in the next five years to power green and low-carbon development. Over the longer term, such a system should improve the allocation of resources, risk management, and market pricing, they said.