China central bank to provide low-cost loans for carbon emission cuts
FILE PHOTO: FILE PHOTO: A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, February 3, 2020. REUTERS/Jason Lee/File Photo/File Photo
BEIJING : China's central bank said on Monday it will provide low-cost loans to support the country's carbon mission reductions and help achieve the country’s carbon neutrality goals.
The People's Bank of China will provide 60per cent of loan principals made by financial institutions for carbon emission cuts, with the one-year lending rate at 1.75per cent, the central bank said in a statement.
The carbon emission reduction loans can be rolled over twice, the central bank said.
(Reporting by Kevin Yao and Beijing newsroom, Editing by Louise Heavens)
