The difficulties caused by the pandemic are exacerbating the pressure on the banking sector, which has been driven – in Italy and elsewhere – to review its business models to make them more sustainable and suitable for the profound changes under way. Banks are also responding to these challenges through restructuring plans and possible mergers and acquisitions.
More specifically, the PBOC, together with the CBIRC, have issued the taxonomy of green bonds and green credit. Meanwhile, we are working closely with our EU counterparts to harmonize taxonomies. Second, we are developing a climate and environmental information disclosure system.