By end-April 2023, the CERF, with a balance of around RMB400 billion, had motivated financial institutions to issue over RMB670 billion in loans and facilitated carbon emission cut in the amount of 150 million tons. This is a satisfactory result. The third is to conduct stress tests on climate risks. The PBOC attaches great importance to the stress tests on climate risks.
In 2021, we established a corresponding stress testing framework, and organized 19 domestic systemically important banks (SIBs) to carry out carbon cost sensitivity stress tests for eight key carbonemitting industries, including electricity, steel, building materials, non-ferrous metals, aviation, petrochemicals, chemicals, and paper-making.