ContextKeynote speech by Yi Gang, Governor of the People's Bank of China, at the 14th Lujiazui Forum "Global Financial Opening-up and Cooperation: New Drivers for Economic Recovery", Shanghai, 8 June 2023.
Why it mattersYi Gang presents carbon stress tests and green lending tools for China's climate targets.
- China must peak emissions before 2030 and reach neutrality before 2060.
- Carbon-intensive industries face transition risks.
- Banks are exposed to carbon costs.
- Develop green finance standards and products.
- Run carbon stress tests on major banks.
- Use central bank tools to support green lending.
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