China's central bank to extend lending tools for carbon reduction

The headquarters of the People's Bank of China in Beijing, China, July 23, 2022. /CFP

China's central bank said on Sunday it will extend three lending tools for carbon reduction as part of its efforts to support green development.

The People's Bank of China (PBOC) said it will extend a lending tool for supporting carbon emissions reduction to the end of 2024, according to a statement.

The central bank will also roll over a re-lending tool for the clean and efficient use of coal to the end of 2023.

"While ensuring the security of energy supply, [we will] support the economy to transform toward a green and low-carbon one, in a move to help achieve the goal of carbon neutrality in a scientific and orderly way," said the PBOC.

The PBOC said it will also extend a re-lending tool for the transportation and logistics sectors to the end of June in 2023.