BEIJING, Dec. 28, 2023 /PRNewswire/ — Industrial Bank (Shanghai:601166) (“the Bank”) announced a significant upgrade in its 2023 Environmental, Social and Governance (ESG) Rating from A to AA by MSCI. , a leading global index provider. This upgrade places Industrial Bank at the highest ESG rating level in China’s banking sector. As a result, Industrial Bank has become the first publicly listed bank in the country to achieve AA ESG rating from MSCI. The Bank also has the distinction of being the first among its peers to maintain a top ESG rating for five consecutive years.
Environment (E): Green Finance Leadership
As one of the earliest commercial banks to pioneer green finance in China, Industrial Bank has effectively integrated the expansion of green financing solutions into its sustainable development agenda. This approach is in line with the Chinese government’s initiatives to achieve carbon peak and neutrality. Efforts to promote green and low-carbon economic transformation have positioned the Bank as a benchmark in the industry to support the country’s ambitious dual carbon objectives. As of the end of September 30, 2023, the green financing portfolio was recorded at 1.86 trillion yuan (about US$260.4 billion), an increase of 250.1 billion yuan (about US$35 billion) from the end of 2022. Outstanding green loans reached 772.4 billion yuan (about US$108.1 billion), up 135.3 billion yuan (about US$18.9 billion) from the end of the previous fiscal year. Notably, growth in green loans accounted for more than 30% of newly added corporate loans. In addition, a significant portion of green financing – 1.04 trillion yuan (about US$145.6 billion), or 56% of the total green finance portfolio – has been allocated to carbon reduction initiatives, up 7 percentage points from the end of last year. There is increase.
Source: Business news
