Industrial Bank : Becomes the First Domestic Commercial Bank Participating in CECCO

The 8th Clean Energy Ministerial (CEM8) and the 2nd Mission Innovation (MI-2) was held in Beijing these days. Industrial Bank (IB), the first Equator Bank of China, as the only representative of banking financial institutions, was invited to become one of the founding members of Green Electricity Consumption Cooperation Organization (GECCO) together with Apple, IBM, Dupont, China Huaneng Group, Shanghai Automotive Industry Corporation and other well-known enterprises from home and abroad.

Founding Ceremony of GECCO

It is reported that GECCO was initiated by 56 founding members including China Wind Energy Association (CWEA), General Institution of Hydroelectricity and Hydraulics Planning and Design, Energy Foundation, World Resources Institute and World Wildlife Fund. The purpose is to learn successful experience of international practice to facilitate enterprises and organizations to more use green power in product manufacturing, operation & management, and market activities.

Founding Members of GECCO

In recent years, China has become the world's largest producing country of green electricity with 149GW of installed capacity of wind power and 77GW of installed capacity of photovoltaic power generation. The size ranks No. 1 in the world. Meanwhile, enterprises and the public have more demands on and stronger awareness of green electricity. International Renewable Energy Agency (IREA), National Energy Administration organized the 'Renewable Energy Company Purchasing Day' during the meeting to increase the proportion of green electricity consumption and promote the topic of 'zero-carbon economic growth' to be the focus of this meeting.

In order to take the initiative to using green electricity and promoting the utilization of clean energy while further perfecting the subsidy mechanism for wind power and photovoltaic power generation, on February 3 this year, National Development and Reform Commission, the Ministry of Finance and the Department of Energy jointly issued a notice to implement the approval for and voluntary subscription of Renewable Energy Green Electricity Certificate (Green Certificate for short) throughout the nation. Green Certificate is a global practice that was first tried by Netherlands in 2001. After that, America, Japan, Britain, France, Sweden and more than 20 countries applied Green Certificate transaction.

'This invitation for GECCO is a great recognition of IB's achievements in green finance, and also the best opportunity for us to keep supporting the development of clean energy industry and create a clean world. We will give full play to the advantages of green finance, provide a package of financial services including the design consultation, platform construction and capital settlement of the Green Certificate voluntary subscription and trading system, so as to facilitate green electricity consumption by enterprises and individuals.' Luo Shiyi, GM of Green Finance Dept, IB, said.

Show Obligations in Profits and Gain Benefits from Green Finance. Since the birth of energy efficiency financing product and the first step into domestic green finance market in 2006, IB has kept making innovations and now has formed a fully-covered and multifarious system of green finance products and services that has accumulatively provided over RMB 1.2 trillion of green financing and saving 28.76 million tons of standard coal, thus harvesting both social and economic benefits. While promoting the green development of enterprises, IB also actively combines its corporate culture, social responsibility and green development, practices green office, focuses on reducing resource and energy consumption in office and operation, reduces operation cost and greenhouse gas emission, advocates green life among employees and encourages them to use low-carbon credit cards and buy carbon emission reduction index to offset their carbon footprints.

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