In 2024, the Bank increased the supply of green credit, which aimed to support the development of green industries such as energy conservation and environmental protection, clean production, clean energy, ecology and environment, green upgrading of infrastructure, and green services, drive the low-carbon transformation of carbon-intensive industries, and meet the needs of enterprises and projects for green development.

By the end of 2024

The balance of green credit extended by the Bank in the Chinese mainland . equated to RMB4.07 trillion, an increase of 31.03% from the end of the previous year.

It participated in landmark green projects with international influence, and topped all other Chinese banks on Bloomberg's league tables:“Global Green UOP Loans” , "Global Sustainability-Linked Loans", and "Global Loans under Green Loan Principles".

Actively supporting the development of carbon capture projects

Carbon capture, utilization, and storage (CCUS) technology is a crucial pathway for achieving large-scale carbon emission reductions in response to global climate change. 

A power plant's 1.5 million tonnes/year carbon dioxide capture project is China's first one-million-tonne CO2 capture project for a coal-fired power plant and has been included in the NDRC List of Demonstration Projects for Green, Low-carbon, and Advanced Technologies (First Version). 

After learning about the project's financial service needs, BOC Gansu Branch carefully reviewed both domestic and international financing cases for carbon capture projects. It then provided a customized financial service solution, approving a credit line of RMB240 million, which effectively supported the project's implementation and associated scientific research. 

With the branch's support, the amount of carbon dioxide captured annually upon completion of the project will be equivalent to the environmental impact of planting nearly 13 million trees or removing nearly 900,000 economy cars from the road for a year. In this way, the project will play a significant role in advancing local energy transformation and environmental protection.

Figure 1: A Power Plant's 1.5 million tonnes/year CO2 capture project, a project supported by BOC Gansu Branch.

Issuing China's first commercial ESG-linked loan for the benefit of nature to boost biodiversity conservation

In 2024, BOC Inner Mongolia Branch issued the country's first commercial ESG-linked loan for the benefit of nature to a farming company. The loan was mainly used to finance the company's investment in desert management, ecological restoration, green production, and biodiversity conservation, among other areas.

By setting key performance indicators (KPIs) such as "area of high quality pasture base planted in the desert" and "annual output of organic milk in the desert", the branch linked the interest rate of the loan to the company's ESG performance, which effectively incentivizes it to yield environmental, economic, and social benefits.

Figure 2: BOC Ningxia Branch provides financing support for a solar parties involved. Photovoltaic composite project, which serves as a new energy base supporting the power transmission project from Ningxia to Hunan.

Figure 3: BOC Zhejiang Branch provides financing support for the world's largest lead-charcoal energy storage plant. It is expected to save neighboring enterprises more than RMB10 million per year after its first phase is put into operation.

Figure 4: BOC Hubei Branch finances the construction of a hydropower station, offering financial support for the West-East electricity transmission project.

"Green +" loans: highlights in globalized practice

BOC Dubai Branch acted as the lead bank in the world's largest solar-powered reverse osmosis desalination facility project and provided credit services for the first waste-to-energy project in the Abu Dhabi region, which adopted one of the world's most advanced steam turbine power generation technologies.

BOC (New Zealand) provided a NZD100 million credit line to a local power generation company that is at the forefront of the green transformation in the energy sector, generating 100% renewable energy. The subsidiary supported the company in expanding its renewable energy portfolio, aiming to reduce the carbon intensity of New Zealand's power sector and helping the country achieve its zero-carbon target by 2050.

BOC Paris Branch participated in a EUR2.75 billion refinancing syndicated loan for an offshore wind project, supporting the operation of renewable energy infrastructures in France and help the country replace traditional fossil fuels with clean energy sources.

As the lead bank, BOC New York Branch, in collaboration with BOC Suzhou Branch, participated in a USD450 million syndicated green loan for a power group subsidiary to finance the construction and operation of its solar photovoltaic cell manufacturing plant in the US. The project qualifies under the Eligible Green Project Category for Renewable Energy, as outlined by the Green Loan Principles jointly issued by the Loan Syndications and Trading Association (LSTA), the Loan Market Association (LMA), and the Asia Pacific Loan Market Association (APLMA).

BOC Mexico, in cooperation with BOC Shanghai Branch and BOC Jiangxi Branch, designed a four-year, USD70 million export buyer's credit financing programme for a copper group that had signed the copper slag contract with a mining group. This project will drive the export of metallurgical equipment with China's intellectual property rights (IPRs). It leverages China's advanced copper slag beneficiation technology to help Mexico address the environmental and social challenges caused by the accumulation of slag. This international capacity cooperation project transforms waste into valuable assets, creating a win-win situation for all parties involved.