At the same time, financial institutions that receive the low-cost funds from the PBOC must pledge to disclose such information as the outstanding balance and interest rates of carbon emission reduction loans as well as their effects on carbon emission reduction. Besides, they are subject to verification by independent third-party agencies and oversight by the public.
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.