China's plan to dramatically reduce greenhouse gas emissions over the next four decades will put increasing pressure on a financial system that isn't ready, according to top industry regulators and banking experts.
On the one hand, banks and other financial institutions could benefit from rising demand for tens of billions of yuan of green financing to pay for sweeping changes throughout the economy, according to Ma Jun, a member of the monetary policy committee of the People's Bank of China (PBOC) and director of the Green Finance Committee of the China Society of Finance and Banking.
