Central Bank Provides $13.4 Billion to Back Carbon Reduction

What’s new: China’s central bank distributed the first batch of 85.5 billion yuan ($13.4 billion) of low-cost loans to financial institutions in support of lending for green projects.

The lending program launched in November is part of China’s effort to use monetary policy tools to promote its carbon neutrality goals. Commercial banks can apply for funds under the program to lend for businesses’ emission reduction projects.