Asiamoney China Green Finance Awards 2017
China’s initial attempts to address environmental improvements were met with considerable scepticism. But its banks have embraced the challenge much faster than its industrial companies. These new Asiamoney awards recognize the financial institutions and individuals that have done the most to promote China’s booming green-finance market over the last year.
Green bank of the year: Industrial Bank
Industrial Bank, headquartered in the eastern city of Fuzhou, had nothing special to set itself apart from other domestic commercial banks a decade ago. But that started to change in 2008 when it became the first Chinese bank to adopt the Equator Principles, the internationally recognized risk management framework for green finance projects.
Now the bank is a big green-credit provider and a fervent believer in international best practices. It has promoted the growth of green finance in China thanks to its green-bond issuance in 2016, the valuable work it has done to assist government agencies with the formulation of guidelines on green finance and its coaching of peers in the banking sector to adopt international best practice in green finance.