A Chinese bank that has pioneered lending for energy conservation, emissions reduction and other green projects was named Asia's sustainable bank of the year last night at the 2009 FT Sustainable Banking Awards in London.
Industrial Bank of China, a medium-sized lender, is the first Chinese institution to have committed itself to international sustainability standards such as the Equator Principles for project finance.
With the government in Beijing promising tough action to mitigate the environmental impact of the country's rapid economic growth, IBC's lead in incorporating environmental standards in its lending policies is being followed by other banks such as Industrial and Commercial Bank of China.
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