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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: China's central bank (PBOC) will extend its low-carbon lending tool, providing financial institutions with low-cost loans to support carbon-reduction projects, until the end of 2027
🔭 The context: Initially launched in 2021, the PBOC's program offers banks up to 60% of the principal for eligible loans at a favorable rate of 1.75% annually, aligning with China's broader goals for a "green transformation" of its economy
🌍 Why it matters for the planet: This extension reinforces China's commitment to reducing its carbon footprint, promoting sustainable industries, and increasing the share of non-fossil energy consumption to 25% by 2030
⏭️ What's next: China aims to place its economy on a fully green and low-carbon trajectory by 2035, with expected declines in carbon emissions
💬 One quote: The plan aims to "put its economy fully on the green and low-carbon track by 2035," according to China's State Council
📈 One stat: The program provides up to 60% of loan principals at a 1.75% interest rate
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