Green development is an inevitable requirement for the construction of ecological civilization. Promoting green and low-carbon economic and social development is the key link to achieve high-quality development.

As one of the highlights of financial support for high-quality economic and social development, green loans maintained a high growth rate in the first quarter, and the quarterly increase reached a record high.

The People's Bank of China recently released a statistical report on the investment of financial institutions' loans in the first quarter of 2024. As of the end of the first quarter, the balance of domestic and foreign currency green loans had reached 33.77 trillion yuan, up 35.1% year on year, and 3.7 trillion yuan in the first quarter, a record quarterly increase.

Why can green loans maintain rapid growth?

Shi Yichen, senior academic adviser of the International Research Institute of Green Finance of the Central University of Finance and Economics and chief economist of Zhongcai Lvzhi, said that in recent years, the level and ability of China's economic green development have been constantly improved, the process of industrial upgrading and high-quality development has been accelerated in depth, and the continued expansion of the green economy has also brought further growth in the demand for green financing, The market trend and the policy guidance of green finance form a positive interaction, driving the quarterly increase of green loans to a record high.

Green finance is playing an increasingly important role in solving ecological and environmental problems, which is of great significance in promoting industrial restructuring and promoting green transformation of economy and society.

In recent years, the financial supervision department has actively introduced measures to promote the banking and insurance industry to increase financial support for green development and improve the quality and efficiency of green financial services.

The General Administration of Financial Supervision organized 21 major banks to carry out green credit self-evaluation; In April, six departments jointly issued the Guiding Opinions on Further Strengthening Financial Support for Green and Low Carbon Development; On May 10, the People's Bank of China, the Ministry of Ecological Environment, the State Administration of Financial Supervision and the China Securities Regulatory Commission jointly held a symposium on green financial services for building a beautiful China

Vigorously developing green finance is a must for commercial banks to seek new growth modes. The first quarter report of commercial banks shows that the development of green finance has achieved remarkable results. The "toolbox" of green credit is becoming more abundant, and the diversified green product system is gradually established.

"Commercial banks enrich green credit products, which will help curb the blind expansion of high energy consumption and high pollution industries, provide more green and low-carbon development funds for high-quality development of the real economy, promote the adjustment and optimization of industrial structure, and achieve sustainable economic development," said Du Yang, a researcher at the China Banking Research Institute.

Carbon market is also an important direction of green financial product innovation in the future.

Experts said that in recent years, commercial banks have increased their support for green and low-carbon development, and financial resources have gradually gathered in an orderly manner in the green and low-carbon field, which will form a strong support for helping carbon peak and carbon neutrality.

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