Ping An Insurance (Group) Company of China has announced a comprehensive upgrade to its green finance activities and has set quantitative performance targets for these activities.
The insurer outlined these in “A Letter from Ping An to the Earth”, which was released a day before the 52nd annual Earth Day on April 22.
According to a statement from Ping An, these efforts are part of its contributions towards China’s goal of achieving carbon neutrality by 2060, help combat global climate change and promote sustainable social development.
Ping An said it aims to become the world’s leading green finance group, by leveraging its strengths in insurance, investment and credit. The company said it is committed to helping China achieve its CO2 emissions peak by 2030 before being carbon-neutral by 2060.
Targets for the annual growth rates for Ping An’s green investments were set at no less than 20%, green insurance premiums no less than 70%, and green credit balance no less than 20%. By 2025, Ping An aims to achieve the overall targets with total green insurance premiums of RMB250 billion (SG$51.17 billion) and investment and credit of RMB400 billion.
It will actively promote green investment and climate change risk management, provide insurance premiums and offer green channels or preferential interest rate policies on loans to green projects and green companies.
To oversee these efforts, Ping An created a Green Finance Committee steered by Ma Mingzhe, the group’s chairman. The committee will coordinate the strategy, plans and systems for the group and its member companies. A group-wide Green Finance Office will be established, and member companies will also set up their own versions.
“Ping An will continue to fulfil its corporate social responsibilities, empower financial services with technologies, support the real economy with financial services, and fully support China's development of a green finance system and a green economy,” the company said.
