China’s Green Credit Move Faces Obstacles

From Financial Times :

China’s chief environmental watchdog says local officials are sabotaging a central government edict to restrict loans to heavily polluting industries, despite limited success in withholding credit in some provinces.

Pan Yue , the outspoken deputy head of the State Environmental Protection Agency , said in a statement on the organisation’s website on Tuesday that “the obstacles met by green credit have shown the difficulties in changing current trends and rules.”

“Some provinces and financial institutions have not implemented the policy at all,” he said.

Under the programme launched in mid-2007, Sepa was to provide the central bank and the banking regulator with a list of serious polluters for whom loans would be limited or declined altogether.

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