Green banks’ report card

China, 19 July 2011 - chinadialogue, Li Shicong

Green Watershed, a Chinese environmental non-governmental organisation led by Yu Xiaogang, recently released their second annual report ranking 14 Chinese commercial banks on their green performance. The report shows that most banks are making slight progress in green banking compared to last year, but there is still a long way to go before they meet global standards. Because Chinese banks are entering the international market aggressively, attitudes toward sustainability may affect the global environment as well. ....  only one bank, Industrial Bank, is signatory to Equator Principles—a globally accepted framework to evaluate social and environmental risk in project financing, which currently covers over 70% of international project finance debt. “As taking part in Olympics is a sign of world-qualified sports team”, Yu Xiaogang explained to chinadialogue, “Following the Equator Principles is also a sign of international standard banking…the Equator Principles will be essential when Chinese banks compete with other foreign commercial banks”. Read More.