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China pioneers carbon-inclusive banking to boost eco-friendly practices

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      China

      China

      China pioneers carbon-inclusive banking to boost eco-friendly practices

      2024-08-07 01:14 Last Updated At:02:17

      Carbon-inclusive banking is gaining traction in China as an innovative way to engage the public in reducing carbon emissions.

      This system enables individuals to log eco-friendly actions -- like waste sorting and green travel -- in a "personal carbon account," which can be redeemed for rewards. The initiative aims to make environmental stewardship more engaging and accessible, promoting the widespread adoption of sustainable practices.

      In Beijing, Zhuanzhuan, a second-hand e-commerce platform with offline shop that sells secondhand mobile phones, has partnered with China's CITIC Bank. This collaboration enables customers to earn points on their carbon accounts when they buy used phones on the platform.

      By searching for "personal carbon account" on the CITIC Bank mobile application, users can instantly record emission reduction activities.

      CITIC is the first bank in China to introduce carbon-inclusive banking. For instance, taking the bus or charging a new energy vehicle both earn users "five energy points," which can be recorded and redeemed via the app.

      "This is my first-time using points from my carbon account to make a purchase. Moving forward, I plan to actively participate in these environmentally friendly actions," said a consumer after her first purchase at Zhuanzhuan's offline shop.

      "Our company is leveraging the credit card platform to actively encourage consumers to adopt green and environmentally-friendly consumption methods, and we've seen positive results," said Chen Xiaochen from the Zhuanzhuan Group.

      According to a United Nations report, household consumption accounts for about two-thirds of global greenhouse gas emissions, highlighting significant potential for carbon reduction at the consumer level.

      In April 2022, CITIC Bank launched the "CITIC Carbon Account," a key component of carbon-inclusive mechanisms that records users' "carbon footprints."

      "As the first bank-led personal carbon reduction account in China, the 'CITIC Carbon Account' utilizes CITIC Bank's mobile banking and credit card app platforms. It employs scientific measurement methods to track individual carbon reductions, offering services such as account setup, calculation, accumulation, inquiry, and redemption. This system effectively serves as a 'green account' for users," said Jessica Li, manager of credit card center at the China CITIC Bank.

      The system uses the CITIC Bank credit card app to automatically collect data on personal low-carbon behaviors across various aspects of daily life, thereby creating a personalized green lifestyle profile.

      After two years of enhancements, the "CITIC Carbon Account" has expanded its reach, now supporting widespread account creation and encompassing 13 financial and low-carbon consumption scenarios.

      "The latest upgrade incorporates additional environment-friendly activities, including online movie ticket purchases and electric vehicle charging. The program has gained significant traction, with over 15 million accounts opened and a cumulative carbon reduction exceeding 90,000 tons," said Li.

      Data from the CITIC shows that in 2023, users collectively redeemed energy points over 11 million times, continuously motivating the users to engage in low-carbon behaviors.

      According to the CITIC, in the future, the "CITIC Carbon Account" will focus on expanding its user base, enhancing features, and promoting the green transformation of lifestyles.

      China pioneers carbon-inclusive banking to boost eco-friendly practices

      China pioneers carbon-inclusive banking to boost eco-friendly practices

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      China's warehousing storage sector maintains expansion in March

      2025-04-03 12:23 Last Updated At:12:37

      China's warehouse storage sector maintained expansion in March, according to the index released by the China Federation of Logistics and Purchasing (CFLP) on Thursday.

      In March, China's warehousing index reached 50.8 percent, rising by 0.6 percentage points from the previous month and remaining in the expansion zone for the fifth consecutive month.

      Driven by policies aimed at promoting consumption, demand for warehousing services continued to grow steadily, with the consumer goods market performing particularly well. Warehousing demand for food, household appliances, textiles, and daily necessities surged, leading to a significant rise in the new order index.

      "The warehouse storage sector has remained in the expansion range for five consecutive months, reflecting the overall stability of the warehousing sector. The demand for warehousing in the livelihood consumption sector continues to strengthen, boosting activity across the entire warehousing sector," said Liu Yuhang, director of the China Logistics Information Center.

      In terms of inventory levels, the average inventory turnover index reached 54.5 percent in March, an increase of 8.2 percentage points from the previous month, entering the expansion range. Overall, in the first quarter, the warehousing sector continued to expand, business demand maintained steady growth, and the industry operated smoothly and efficiently.

      China's warehousing storage sector maintains expansion in March

      China's warehousing storage sector maintains expansion in March

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