China’s cash-rich state-run commercial banks should invest more in energy-saving and renewable projects, an academic and a government official said on Sunday.
Big state banks should divert 2 to 3 percent of their annual loans to green production, as funding on these projects falls well below the amount required, said Yang Fuqiang of the U.S.-based Energy Foundation, which advises Beijing on energy-saving policy.
“It should not be about making money only. They (banks) should think of making money long-term,” Yang told Reuters on the sidelines of a seminar on how China’s financial sector can help achieve energy efficiency. [Full Text]