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Chinese banks lend more to green sector

Xinhua, June 27, 2015 Adjust font size:

Loans to low-carbon projects reached 7.59 trillion yuan (1.24 trillion U.S. dollars) at the end of 2014, China Banking Association said on Friday.

Of the total, lending from 21 major banks to low-carbon projects stood at 6 trillion yuan at the end of 2014, up 15.7 percent from the beginning of the year. It accounted for 9.3 percent of the total lending during the period.

Low-carbon projects are expected to save 167 million tonnes of coal and 934 million tonnes of water and cut 400 million tonnes of carbon dioxide annually, said a report on the banking sector's social responsibility issued by the association.

Yang Zaiping, vice head of the association, said the banking sector is actively boosting ecological progresses and helping achieve industrial restructuring through channeling more loans to the green sector. Endi