China's central bank to support businesses to go green

Jin Penghui, a member of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC), said on the side-lines of the ongoing sessions that the central bank is working on building a new transitional financial system so that more substantial support can be put in place for the low-carbon transformation from fossil fuels, especially coal.

Jin, who is also vice president of the Shanghai branch of PBOC, said the bank has spared no effort in facilitating moves on carbon reduction, and relative financial measures will continue, according to official Chinese media.

Over the past several years, the PBOC has formulated a low-carbon oriented financial system through which substantial funding has been provided to alternative energy like wind and solar power via green bonds and loans, he said. This funding support has greatly shored up the growth of these new energy sectors.

Wu Gang, a member of the 13th National Committee of the CPPCC and chairman of Xinjiang Goldwind Science and Technology Co Ltd, said China has become the world's largest wind power equipment manufacturing base as well as a key exporter of wind turbines and parts.

Wind power has become the third-largest power source behind thermal power and hydropower in the nation, he said.

The National Energy Administration said China's installed capacity of grid-connected wind power has reached 300.15 million kilowatts, double that of 2016, and it has been tops globally for 12 consecutive years.

Wu said areas rich in wind and solar energy resources such as the Xinjiang Uygur autonomous region, Qinghai province and Gansu province have witnessed green and booming development of equipment manufacturing.

"More than 140 billion kilowatt-hours of green and clean electricity has been delivered to the central and eastern regions of China from Xinjiang, the Inner Mongolia autonomous region and other places every year," he said.

"Currently, six Chinese wind power equipment manufacturers have made their name in the ranks of the world's top 10 wind power equipment manufacturers. And large-scale wind power equipment made in China has been shipped to more than 40 countries across the world," he added.