Green Loans
Green Credit
The Bank actively supports high-quality assets aligned with green development trends, continuously optimizing the sectoral structure of green credit by directing funds to energy conservation and environmental protection, clean production, clean energy, ecological environment protection, green infrastructure upgrades, and related fields. By the end of 2024, the Bank’s green credit balance reached RMB600.565 billion, a 30.84% increase year-on-year, surpassing the average growth rate of total loans. Among them, the share of clean energy industry, ecological environment industry, as well as energy conservation and environmental protection industries increased significantly. In terms of subsectors, the Bank’s green building, solar energy facility construction and operation, and green organic agriculture loan growth all exceeded RMB10 billion.
Carbon Emission Reduction Support Tools
The Bank actively seizes new opportunities in green industry development, makes full use of the pricing support benefits driven bycarbon emission reduction support tools, and provides financial support to enterprises engaged in carbon reduction efforts. By the end of 2024, the Bank issuedRMB15.587 billionincarbon emission reduction loans.
Green Bonds
|
Type
|
Target
|
Progress in 2024
|
|
Issuance
|
The Bank plans to continue issuing green and low-carbon bonds to support the development of green businesses.
|
In 2024, the Bank issued RMB20 billion in green financial bonds on the National Interbank Bond Market, with all proceeds allocated to green industry projects specified in the Green Bond Endorsed Projects Catalogue (2021 Edition), including energy conservation and environmental protection, clean energy, and green infrastructure upgrades. By the end of 2024, the Bank’s outstanding green financial bonds within China totaled RMB40 billion.
|
|
Underwriting
|
The Bank is expected to increase its efforts in underwriting debt financing instruments in the green and low-carbon sectors.
|
In 2024, the Bank underwrote 55 green debt financing instruments, with the underwriting scale of green debt financing instruments reaching RMB14.481 billion, including RMB4.258 billion in carbon neutrality bonds. Notably, the Bank underwrote the market’s first 30-year green medium-term note, the first large-scale renewal of equipment and the trade-in of consumer goods green medium-term note, and the first green hybrid innovation-themed medium-term note.
|
|
Investment
|
The Bank will gradually increase its investment in green bonds to promote green finance and the efficient flow of funds to key areas, such as clean energy and ecological protection. Meeting the financial innovation demands under the carbon peaking and carbon neutrality goals will also be our responsibility. By 2025, we aim to achieve positive growth in the scale of green bond investments in the bank's portfolio. The same is true for structured deposit products linked to green bonds.
|
The Bank continued to increase its green bond investments, with a balance of RMB17 billion by the end of 2024, encompassing various types such as green asset-backed securities (ABS) and green financial bonds.
Bond Market Making
The Bank fully fulfilled its obligations as a core market maker in the National Interbank Bond Market, actively providing bilateral and request-for-quote (RFQ) services for green and sustainability-themed bonds, thereby offering pricing benchmarks and liquidity support to the market. In 2024, the Bank executed its first bilateral quotation and trading for standard bond forwards linked to China Development Bank’s green financial bonds. By the end of 2024, the trading volume of non-financial enterprise green-themed debt financing instruments reached RMB14.38 billion, a year-on-year increase of 23.12%.
Green Bond-Linked Structured Deposit
In 2024, the Bank continued to issue structured deposit products linked to green financial bonds, expanding green investment channels for investors, directing capital toward green industries, and achieving a win-win outcome for environmental and economic benefits. Throughout the year, the Bank issued 125 green bond-linked structured deposit products, raising a total of RMB9.923 billion.
|
Green Consumption
Personal Carbon Account
As China’s first bank-led personal carbon emission reduction account, the Bank’s “CITIC Carbon Account” digitizes, visualizes, monetizes, and assigns value to individual clients’ green consumption behaviors. In 2024, the Bank expanded the coverage of low-carbon travel scenarios in public transportation. Based on low-carbon travel carbon emission reduction methodologies issued by cities such as Beijing, Shanghai, and Shenzhen, the account scientifically calculates carbon reduction volumes according to users’ travel patterns. By the end of 2024, the “CITIC Carbon Account” quantifies carbon reductions across 19 financial and low-carbon consumption scenarios, serving over 21.5 million users and achieving cumulative carbon reductions exceeding 180,000 tons.
In 2024, the “Green Trust Together” low-carbon ecosystem platform, built on the “CITIC Carbon Account”, expanded its membership to 27 organizations. The platform collaborates with industry partners to launch a green consumption system covering scenarios such as green new energy, green mobility, green recycling, green reading, and green dining. The Bank continued to host “Green Consumption” campaigns, engaging over 38 million participants, effectively guiding the public toward sustainable consumption, leveraging the synergy of green finance ecosystems, and advancing the green and low-carbon transition of economic and social development.
New Energy Vehicle Loans
The Bank responds to the national call to enhance support for new energy vehicles by advancing resource allocation and service innovation in new energy vehicles loan services. In 2024, the Bank actively engaged with mainstream new energy vehicle brands, establishing partnerships with 14 pure electric vehicle brands. It incorporated the proportion of green financial allocations for new energy vehicles into the branch-level automotive loan performance evaluation system to guide branches in prioritizing new energy vehicle financing. Additionally, the Bank reduced down payment ratios for auto loans, improved the accessibility of new energy vehicle financial services, upgraded product capabilities, established a standardized multi-mode system integration framework, and innovated repayment methods to align with new energy vehicle brands’ direct-to-consumer, online, and digital operational models. In 2024, the Bank issued RMB15.555 billion in new energy vehicles loans, marking a 79.06% year-on-year increase.
Low-Carbon Wealth Card
In 2024, the Bank launched the upgraded “CITIC Bank Low-Carbon Wealth Card”. While retaining the debit card’s financial functions and China UnionPay’s green and low-carbon benefits, the physical card is now made from more environmentally friendly recycled RPVC plastic material. New features include the integration of a financial carbon account and a dedicated “Low-Carbon Zone” in the China CITIC Bank App, enabling users to accumulate carbon reductions through low-carbon transactions and redeem exclusive Bank benefits. By the end of 2024, 48,900 Low-Carbon Wealth Cards had been issued, effectively encouraging users to adopt sustainable green lifestyles.
Green Leasing
The Bank’s subsidiary, CITIC Financial Leasing vigorously supported the financing leasing demands of clean energy, energy conservation and environmental protection, green transportation and other green industries. Leveraging its professional expertise, it provided differentiated financial services to high-quality clients in green sectors. In 2024, CITIC Financial Leasing newly deployed RMB16.711 billion in green financial leasing and achieved RMB8.884 billion in green operating leases. The deployment areas mainly focused on photovoltaic power generation, new energy logistics vehicles, and new energy battery manufacturing. By the end of 2024, the outstanding balance of green financial leasing business reached RMB34.340 billion, accounting for 61.28% of the total leasing asset balance.
Green Wealth Management
In 2024, the Bank’s subsidiary, CITIC Wealth Management expanded its green wealth management product portfolio, issuing RMB8.806 billion in green finance-related wealth management products. By advancing green investments, it promoted low-carbon industrial transformation and facilitated the conversion of ecological wealth into economic wealth.
Green Product Distribution
The Bank actively distributes green and ESG-themed wealth management and fund products. By the end of 2024, it offered 27 green and ESG-themed individual wealth management products with custody assets exceeding RMB5 billion Additionally, it distributed 94 green environmental protection-themed public funds, covering 29,937 clients.
Green Sub-Branches
The Bank supports local green industrial development through the establishment of green sub-branches. The Bank’s first “Green Finance Demonstration Branch”, Huzhou Branch, deeply integrated green finance with key areas such as energy structure optimization and industrial transformation and upgrading. By the end of 2024, its green credit balance exceeded RMB12 billion, effectively serving as a leading model. The Bank has completed construction of green sub-branches in Xinyang Yangshan, Henan Province, Anji and Deqing in Zhejiang Province, with a green sub-branch under construction on Nanshan Road in Xining, Qinghai Province.
Green Consulting
The Bank, in collaboration with strategic partners, has established a “Green Technology + Green Consulting + Green Finance” integrated value-added service model for the “Dual-Carbon” goals. This model provides clients with diversified services including green loan emission assessment and reporting, greenhouse gas emission accounting, “Dual-Carbon” planning, green technology application and promotion, carbon asset valuation and development, and domestic and overseas carbon asset transaction facilitation.
