Chinese bank wins throughJuly 2009
The Industrial Bank, China, has emerged as the Asia regional winner in the emerging markets section of the 2009 FT Sustainable Banking Awards for its social and environmental policies.
The awards, run by the Financial Times and the International Finance Corporation, part of the World Bank, recognize banks and other financial institutions for their leadership and innovation in integrating social, environmental and corporate governance principles into their operations.
The judges pointed out that the Industrial Bank is the first Chinese bank to adopt the Equator Principles, under which institutions commit to observe environmental and social standards when granting development finance.
The panel said: ‘Industrial Bank have put sustainable banking at the heart of their financial offering, working with existing industries with high emissions and helping clients improve energy conservation, reduce emissions and switch to renewable energy.
‘They are rolling up their sleeves and greening the dirty part of the Chinese economy – for example, [by helping] industrial boiler refitting, wasted heat recovery, and co- and tri-generation projects for district heating.’
The bank expects reductions of 13.7 million tons of carbon dioxide equivalent from energy efficiency projects it has supported. The judges remarked: ‘If sustainability is a trend of the future, it will be interesting to see whether London, New York or Shanghai gets the upper hand.’
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