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Proactively implementing the philosophy of green development to peak carbon emissions before 2030 and achieve carbon neutrality before 2060

· Yi Gang, Governor of the People's Bank of China (China)

Summary written by Dark Majestic in its own words · topics: financial stability, climate, energy and nature, development and emerging economies

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· Yi Gang Wiki · People's Bank of China WikiProactively implementing the philosophy of green development to peak carbon emissions before 2030 and achieve carbon neutrality before 2060

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.

Problems raised
  1. China must peak emissions before 2030 and reach neutrality before 2060.
  2. Carbon-intensive industries face transition risks.
  3. Banks are exposed to carbon costs.
Solutions proposed
  1. Develop green finance standards and products.
  2. Run carbon stress tests on major banks.
  3. Use central bank tools to support green lending.
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