PBoC Allocates $13.4bn for Carbon Reduction

China’s central bank on Thursday said it has issued the first batch of funds to financial institutions via its newly launched carbon-reduction tool, the country’s latest move to cut carbon emissions, Xinhua reported.

The People’s Bank of China (PBoC) has provided 85.5 billion yuan ($13.43 billion) to lenders, which provided 142.5 billion yuan to firms in carbon-reduction loans, PBoC official Sun Guofeng said.

Read the full report: Xinhua

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.