Yi Gang on quantified impact
From Interview with the People's Bank of China Governor Yi Gang on green finance, monetary policy · · CGTN
“As of the end of May the People's Bank of China has provided over 210 billion yuan through the two facilities to financial institutions which reduced emissions by over 60 million metric tons of carbon dioxide equivalents, accounting for about 0.6 percent of China's annual carbon emission.”
On , Yi Gang, Governor at People's Bank of China, spoke about quantified impact during Interview with the People's Bank of China Governor Yi Gang on green finance, monetary policy on CGTN.
About Yi Gang
Yi Gang, governor of the People's Bank of China (PBoC), has emphasized the central bank's role in promoting green finance and supporting economic recovery. In a June 2022 interview, he stated that the PBoC has launched monetary policy instruments such as a carbon emission reduction facility and a special lending facility for green and efficient use of coal, both providing funds to qualified commercial banks at a 1.75 percent interest rate. He noted that as of the end of May 2022, the PBoC had provided over 210 billion yuan through these facilities, reducing emissions by over 60 million metric tons of carbon dioxide equivalents. Yi Gang also said that the PBoC and the European Commission had published a common ground taxonomy proposing 55 mutually recognized economic activities to mitigate climate change, later upgraded to include 17 additional activities. He described the PBoC's monetary policy as accommodative, supporting the real economy and small and medium-sized enterprises, and stated that the central bank would continue to be accommodative while emphasizing structural policies. In earlier remarks, Yi Gang addressed a range of topics including economic growth, data protection, and financial opening. In February 2022, he said he expected China's growth to return to its potential in 2022, though volatile conditions posed challenges, and that the PBoC would keep its accommodative monetary policy flexible and appropriate. During a December 2021 fintech speech, he highlighted the importance of personal data protection, noting that China had promulgated the Data Security Law and the Personal Information Protection Law in 2021, and that the PBoC had focused on cracking down on excessive collection of consumer data. He also discussed the PBoC's role in promoting local currency use in regional trade and investment, citing currency swap agreements among ASEAN+3 countries totaling about 300–380 billion U.S. dollars. Yi Gang has consistently advocated for financial sector opening, including abolishing shareholding limits for foreign investors in certain financial sectors and implementing pre-establishment national treatment and negative list systems.