China introduced new guidelines for commercial lenders to favor "green" companies, making them reduce loans to industries with high energy consumption, high pollution or excessive capacity, while increasing support for environmentally friendly industries and projects.

The China Banking Regulatory Commission encouraged banks to evaluate, classify, and rate clients' environmental and social risks, and determine who are entitled to receive loans and support, China Daily reported.

Global conservation organization World Wild Fund for Nature welcomed the new guidelines, saying it provides a leading regulatory framework in green lending.

"This is a transformative development for China. The guidelines, which apply to both national and overseas credit by Chinese financial institutions, acknowledge the essential role of the banking sector in promoting a green and sustainable economy, as well as the risks presented by activities that are detrimental to the environment and local communities," said Jim Gradoville, chief executive of W.W.F. China.

W.W.F. welcomes the new requirements for effective environmental and social risk management, where "banks shall effectively identify, assess, monitor, control and mitigate environmental and social risks" and "disclose information as required by laws and regulations and subject themselves to market and stakeholder supervision."

Lenders are instructed to improve management of any overseas projects that they support to ensure that the proponents comply with local environmental, land, healthcare and security legislation.

China Development Bank Corporation, which makes nearly half of the total loans supporting overseas projects of Chinese enterprises, has just provided credit to a Chinese company that operates an iron ore mine in Africa. The funds will help the company move surface soil to a place of safety to protect the seeds of local plants, according to Lu Hanwen, deputy director general at the bank's project appraisal department.

Six major banks in China, including China Development Bank, have extended "green credit" exceeding 1.9 trillion Yuan in 2011. They are Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications.– EcoSeed Staff

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