Sunday, June 23, 2024
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Chinese financial institutions triple investment in British renewable energy

XINHUA – Recent reports indicate that financial institutions in Britain have tripled their investment in renewable energy projects in 2023, with Chinese banks playing active roles in this green drive.

The City of London Corporation and Climate Policy Initiative (CPI) reported investment from British financial institutions in renewable energy projects increased to USD2.3 billion in 2023, and data showed that, since 2015, Chinese financial institutions have issued over USD12 billion in green bonds through the London Stock Exchange. Chinese banks, such as Bank of China (BoC) London Branch and China Construction Bank Corporation (CCBC) London Branch, have significantly increased their funding for green projects in Britain.

By January 2024, the BoC London Branch had issued USD2.4 billion worth of sustainable bonds in Britain’s financial market, and the CCBC London Branch had played an active role in the Sustainable Markets Initiative, an effort proposed by Britain’s King Charles III.

Chief Executive Officer of the CCBC London Branch Aimin Yang said, “China-United Kingdom third-party market cooperation allows all participants to leverage their comparative advantages and continuously implement the sustainable development agenda.”