中国绿色银行业——新兴趋势

This report examines the growth of green banking in China, noting that while the 'Big Four' banks are major global funders of fossil fuels, there is a significant shift toward green finance driven by top-down government policy. Key findings include that green loans have lower non-performing loan rates (0.42%) than overall credit (1.83%) and that the PBoC uses monetary tools like the SLF and MLF to incentivize green lending. A case study of ICBC shows a green loan portfolio of 199 billion USD and leadership in 'Belt and Road' green bonds, though green activities remain a small fraction of its total balance sheet.

• China's 'Big Four' state-owned commercial banks are among the largest globally, with total assets of 14.8 trillion USD. Between 2016 and 2019, these banks provided 240 billion USD to the fossil fuel industry, with 44% (106 billion USD) specifically allocated to coal mining and coal power generation.
• Green loans in China have demonstrated better financial performance than traditional loans. By the end of 2018, the non-performing loan (NPL) ratio for green loans was 0.42%, significantly lower than the overall credit NPL ratio of 1.83%.
• The share of green loans in total credit has steadily increased from 8.8% in 2013 to 10.4% by the end of 2019, with a cumulative total exceeding 10.6 trillion RMB. The majority of these funds were directed toward clean transportation (45%) and clean energy (24%) in 2019.
• Several barriers hinder the further expansion of green banking in China: insufficient risk modeling and management (lack of environmental stress testing), weak direct fiscal incentives, regulatory pressure for deleveraging, and a lack of penalties for high-emission projects. Furthermore, banks often perceive a trade-off between green investment and short-term profitability due to high costs and long cycles of green projects.
• The Industrial and Commercial Bank of China (ICBC) is a major contributor to green finance, with a green loan portfolio valued at approximately 199 billion USD in 2019, representing 8% of its total portfolio. ICBC has also been a leader in green bonds, raising nearly 10 billion USD through five offshore issuances since 2017, primarily for 'Belt and Road' projects.
• ICBC employs a 'one-vote veto system' for green credit, requiring strict adherence to the monitoring and mitigation of environmental and social risks. Customers facing environmental penalties are downgraded to the 'rectification' category and must resolve the issues or repay loans early.

APA

Choi, J., Escalante, D., & Larsen, M. L. (2020). 中国绿色银行业——新兴趋势. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2020/08/中国绿色银行业——新兴趋势.pdf

Chicago

Choi, June, Donovan Escalante, and Mathias Lund Larsen. 中国绿色银行业——新兴趋势. Climate Policy Initiative, 2020. https://www.climatepolicyinitiative.org/wp-content/uploads/2020/08/中国绿色银行业——新兴趋势.pdf.

Wikipedia

{{cite report |last1=Choi |first1=June |last2=Escalante |first2=Donovan |last3=Larsen |first3=Mathias Lund |title=中国绿色银行业——新兴趋势 |publisher=Climate Policy Initiative |date=August 2020 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2020/08/中国绿色银行业——新兴趋势.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{choi2020, author = {Choi, June and Escalante, Donovan and Larsen, Mathias Lund}, title = {{中国绿色银行业——新兴趋势}}, institution = {Climate Policy Initiative}, year = {2020}, month = aug, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2020/08/中国绿色银行业——新兴趋势.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }