OREANDA-NEWS. January 05, 2016. In recent years, Industrial and Commercial Bank of China Limited (“ICBC”) has been committed to supporting green economy by providing service for ecological protection and environmental improvement and driving green economic and social development through adjustment of its credit structure.

So far, the Bank’s outstanding loans to green economic sectors such as ecological protection, clean energy, energy saving and environmental conservation and comprehensive resource utilization has exceeded RMB 700 billion.

According to an ICBC official, ICBC took the lead in China in the concept of “green credit” building back in 2007. It regarded implementation of green credit and building of a green bank as its long-term development strategies and was the first bank in China to propose and forcefully promote green credit across the entire bank. At present, it has put in place a relatively complete long-term development mechanism of green credit. Regarding direction of investment, ICBC mainly supported sectors such as green transport, renewable energy and clean energy. Balance of loans showed rapid growth especially in industrial energy and water saving projects, circular utilization projects of resources as well as energy-saving and environmental-friendly services. By the end of September, balance of loans issued by ICBC to green economic sectors accounted for more than 10% of corporate loans of the entire bank.

In addition, ICBC has continued to innovate in diversified green financial services to meet financial demand of customers. In addition to traditional credit services, the Bank has leveraged the strength in integrated operation to provide customers with diversified financial services such as financial lease, private equity lead manager, consultation for enterprises to go public and international settlement. On September 17 this year, the Office of the Central Leading Group for Financial and Economic Affairs announced that Chinese and US enterprises would jointly invest in setting up China-US Building Energy Conservation Fund. The purpose was to promote energy saving and emission reduction, respond to climate change and facilitate sustainable urbanization. ICBC signed the Statement on Establishing China-US Building Energy Conservation Fund as the only bank participant and will provide the Foundation with related advisory service.