China Industrial Bank Co has been recognised for its record on ‘green' banking, with an award judged by eight Chinese NGOs.
The Fuzhou City-based bank was praised by the judges of the Green Banking Innovation Award for integrating social responsibility and sustainable development into its strategy. The NGOs also noted that the bank has recently announced it will adopt the Equator Principles, voluntary environmental and social guidelines for project finance.
It has introduced environmental criteria for business loans, and withdraws money if it discovers companies flout these conditions, the NGOs said. The bank collaborates with the International Finance Corporation to extend more than $200 million in loans for utilities to carry out energy efficiency improvements. It is also a member of the UN Environment Programme's Finance Initiative. The bank is listed on the Shanghai Stock Exchange.
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