Quotable quotes at China Development Forum 2021
Yi Gang, governor of the People's Bank of China
The PBOC, the central bank, is looking at the possibility of including climate change factors in the stress test of financial institutions, said Yi Gang. "We are also exploring the role of monetary policy in encouraging financial institutions to support carbon emission reduction," adding that the central bank will further increase the share of green bonds, limit investment in carbon-intensive assets, and incorporate climate risk factors into the risk management framework of the country's foreign exchange reserves, the world's largest. He said hundreds of trillions of yuan of investment is needed to achieve China's goal of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060, or the "30/60 goal".
