British financial institutions triple investment in renewable energy, Chinese banks drive green initiatives

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10th June 2024 – (London) Recent reports reveal that financial institutions in the U.K. have significantly increased their investment in renewable energy projects in 2023, with active participation from Chinese banks in driving this green movement.

According to the City of London Corporation and Climate Policy Initiative (CPI), British financial institutions’ investment in renewable energy projects reached $2.3 billion in 2023. Notably, Chinese financial institutions have played a substantial role by issuing over $12 billion in green bonds through the London Stock Exchange since 2015.

Chinese banks, including the Bank of China (BOC) London Branch and China Construction Bank Corporation (CCBC) London Branch, have notably amplified their funding for green projects in the U.K.

By January 2024, the BOC London Branch had issued $2.4 billion worth of sustainable bonds in the British financial market, while the CCBC London Branch actively participated in the Sustainable Markets Initiative proposed by Britain’s King Charles III.

Aimin Yang, CEO of the CCBC London Branch, emphasised the importance of China-U.K. third-party market cooperation in leveraging comparative advantages and continuously implementing sustainable development agendas.