Chinese financial institutions triple investment in British renewable energy

Source: Malay Mail

LONDON, June 10 -- British financial institutions tripled their investment in renewable energy projects in 2023, with significant involvement from Chinese banks in advancing this green initiative, reported Xinhua.

The City of London Corporation and Climate Policy Initiative (CPI) reported today that investment from British financial institutions in renewable energy projects increased to US$2.3 billion (RM10.8 billion) in 2023, and data showed that, since 2015, Chinese financial institutions have issued over US$12 billion in green bonds through the London Stock Exchange.

Chinese banks, such as Bank of China (BOC) London Branch and China Construction Bank Corporation (CCBC) London Branch, have significantly increased their funding for green projects in Britain.

By January 2024, the BOC London Branch had issued US$2.4 billion worth of sustainable bonds in Britain's financial market, and the CCBC London Branch had played an active role in the Sustainable Markets Initiative, an effort proposed by Britain's King Charles III.

Aimin Yang, chief executive officer of the CCBC London Branch, said, "China-UK third-party market cooperation allows all participants to leverage their comparative advantages and continuously implement the sustainable development agenda." -- Bernama-Xinhua