The Green Finance Center at the Paulson Institute and the Institute of Finance and Sustainability (IFS) in Beijing jointly released their annual 2023 report Fintech Facilitates Green Finance in China: Cases and Outlook.

The report analyzes recent policies, market trends and fintech applications in green finance in China. It also showcases fintech in practice through three new case studies, demonstrating the expanding utilization of fintech in China.

"The fintech industry has grown by leaps and bounds in recent years, and policymakers and business leaders are challenged to capitalize on this remarkable growth potential, align with global net-zero development goals, and facilitate a low-carbon transition in high-emission sectors. We are pleased to be releasing this annual report for the fourth consecutive year to highlight this growth," said Deborah Lehr, vice-chairman and executive director of the Paulson Institute.

Ma Jun, president of the IFS, commented on fintech's role in green finance and said that "Digital information technology is a crucial tool to facilitate the high-quality development of green finance, has been extensively utilized in green credit and is gradually expanding to include green trust, green leasing, and products related to environmental rights and interests."

"As the scope of green finance expands, the significance of technological empowerment in key areas such as green inclusion, carbon accounting, financial support for biodiversity conservation and transition finance is becoming increasingly apparent," he said.

China has actively explored and taken various measures to promote green finance in pursuing its carbon peaking and neutrality goals.

The People's Bank of China has laid out the fundamental principles of transition finance and initiated research on the related standards for sectors including iron and steel, coal power, construction and building materials, and agriculture.

liuzhihua@chinadaily.com.cn