Green finance has great potential as more countries commit to carbon neutrality. The PBOC will focus on the following priorities to better support green recovery and green transition.

First, the PBOC will further improve green finance standards to support the carbon neutrality objective. As we update our standards for green credit, green bonds and green funds, we will make sure projects supported by the green finance standards do not compromise our climate objectives while supporting environmental goals.

Second, the PBOC will consider the possibility of mandatory requirements for financial institutions to disclose environment related information.

Third, the PBOC will enhance capacity for analyzing and managing environment and climate risks. It will strengthen study on the potential impacts of environment and climate risks on financial stability.

Fourth, the PBOC will provide easier access for international investors to China's green finance market. We will promote harmonization of green finance standards at home and abroad by updating domestic standards and strengthening international cooperation.

In addition, the PBOC will continue to harness fintech in promoting green finance. In our green finance pilot zones, we have made efforts to embed fintech in green finance. For example, in Huzhou, Zhejiang province, the local government established an integrated green finance service platform by using big data technology. It reduces the asymmetry on environment-and climate-related information, and bridges green projects and financial institutions. It also allows the PBOC to monitor green loans provided by banks as well as other underlying data.

Financial technologies, such as big data, artificial intelligence and blockchain, are expected to play an increasingly important role in supporting green finance. The PBOC will continue to work with all partners in mobilizing more private funds to support low carbon and sustainable development.

The author is CF40 academic advisor and governor of the People's Bank of China.