China's best bank for ESG 2023: Bank of China
Bank of China
Bank of China’s (BoC) environmental, social and governance (ESG) ambitions are unparalleled in China; it has a proactive approach, single-minded application and transparent reporting.
This comes from the very top. The bank has a dedicated green finance team led by its board of directors and is working on the 14th edition of its five-year plan for green finance. Ge Haijiao, who was appointed as BoC’s chairman and executive director in April 2023, continues to propel the bank’s ESG vision.
BoC’s commitment to ESG is reflected in its impressive track record of sustainable financing. The bank has extended Rmb2 trillion ($277 billion) in green financing, as of the end of December 2022, a year-on-year increase of more than 40%. It also topped the table among Chinese banks for issuing over Rmb85 billion in domestic and overseas green bonds.
An integral part of BoC’s ESG strategy lies in its comprehensive suite of 35 green products and services that cater to diverse customer groups, ensuring that sustainability is accessible across various segments such as personal and corporate deposits, wealth management, insurance and equity investment.