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Innovation and green finance boost green development, Jiangxi Bank

November 20, 2018

Abstract : Jiangxi Bank takes lead in supporting the construction of the first batch of national pilot zones for green finance reform and innovations.

Jiangxi Bank

Jiangxi Bank takes lead in supporting the construction of the first batch of national pilot zones for green finance reform and innovations.

Settled down in Ganjiang New District, Jiangxi Bank has been approved as the "green branch" by authority. The bank has concluded a strategic cooperation agreement with the Ganjiang New District. According to the agreement, Jiangxi Bank will grant the intentional general credit line up to 100 billion yuan, creating new drives for the pilot zone's green finance reform and innovation.

The "Jiangxi Talent Bank" project, launched by Jiangxi Bank, has directly funded talents in intelligent manufacturing, new optoelectronics, new energy and other fields with about 805 million yuan by September 30, 2018.

As the first corporate bank in Jiangxi Province, Jiangxi Bank has continuously explored and implemented green finance. These efforts helped this bank establish a brand with featured service in green finance and also constantly drive the green development locally.

Jiangxi Bank signed a purchase agreement of 20,000 tons of CO2-reduced Air with Le'an County VCS Forestry Carbon Sequestration Project in 2017, which opened a new path toward green development by selling air, and laid a solid foundation for the sustainable development of forestry and forestland in the province.

"Taking the initiative to sign this agreement can help us better fulfill our responsibility and obligation in advocating green development," said Chen Xiaoming, chairman of Jiangxi Bank.

Early in 2015, Jiangxi Bank initiatively proposed to grow into a "initiator of green finance", and included the vision of "comprehensively advancing green credit and substantially supporting the development of green, recycling and low-carbon economy" into its five-year strategic plan.

Jiangxi Bank is committed to innovating in practice and developing through innovation. In 2016, it  issued 8-billion-yuan green finance bonds, the fourth and the first non-pilot bank in China launching such kind of bond.

Meanwhile, it continued the effective supply of green credit in particular of medium- and long-term green credit, renewing financing channels and enriching ways of financial supply for the green economic growth and blazing a new path toward green industry development and ecological progress in the province. Jiangxi Bank was granted the "Top 10 Financial Product (targeted to corporate) Innovation Award 2016" and "Financial Innovation Award 2017" by virtue of the green finance bond.

Jiangxi Bank formulated special preferential policies in terms of fund utilization, ensuring that funds raised from green finance bond can be precisely used in environmental protection, energy conservation, pollution control, resource conservation and recycling, clean transportation, clean energy, ecological protection and other projects concerned.

Moreover, it developed a corresponding scheme in a timely manner. According to the scheme, more efforts should be made to promote the rapid allocation of funds raised from green finance bond and related general guidance be given. On doing so, it can fully exert the driving role of green finance in building "Beautiful Jiangxi", promote the ecological progress and keep pace with the economic and social development.

In addition, Jiangxi Bank actively innovated the guarantee methods and took lead to launch Jiangxi's first green finance product - "green energy-conservation loan", aiming to support the upgrade and transformation of energy conservation technology of local industrial enterprises and expedite the development of green energy conservation industry.

Jiangxi Rongcheng Machinery Manufacturing Co., Ltd., for example, leveraged such energy-conservation loan to introduce robots in its energy conservation technological transformation project. This company has seen greatly improved product quality and revenue while reducing raw material consumption and exhaust emission.

"Green finance shall not only serve the economy but also our people. It shall leave not only invaluable assets but also green waters and lush hills to our descendants," indicated relevant official of Jiangxi Bank, adding that in the future, Jiangxi Bank will further boost innovation in industrial energy conservation, sustainable building, water saving and use of non-conventional water resources, recycling, processing and utilization of renewable resources, healthcare and other fields, and promote green finance to better serve people.

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