A total of 12 green finance projects have landed in Pudong New Area of Shanghai with nearly 10 billion yuan ($1.4 billion) in financing, solidifying Pudong's commitment to sustainable financial practices.

The agreement on the project was signed at the Shanghai Green Finance Development Conference and Pudong New Area Innovation Promotion Conference, which was held on Dec 5.

The event also marked the launch of the pilot program for environmental information disclosure by the first batch of small and medium-sized enterprises and featured carbon emissions disclosures by financial institutions.

A new Top 10 Green Finance Innovation Cases in Pudong and Top 10 Green Finance Development Cases were honored at the conference as well.

One key project highlighted at the event was the Shanghai Financial Meteorological Innovation Center, a collaborative effort between the China Meteorological Administration and the Shanghai Municipal People's Government. This center aims to leverage the synergy among meteorology, finance, and technology to integrate meteorological data into Pudong's data-driven industries, fostering climate investment and innovation in green financial products to establish Pudong as a global hub for climate financing.

Over the years, Pudong has been actively refining its green finance policy framework, leading to a surge in market vitality and an increase in the scale of its products. As of the end of September 2024, key domestic and foreign banks in Pudong had received a total of 408.5 billion yuan in green financing, a 22.2-percent year-on-year increase.

Climate financing also saw significant growth, reaching 385.3 billion yuan, a 20.4-percent increase. Pudong accounted for 61 percent of Shanghai's total issued green and ESG bonds, with a total outstanding amount of 136.1 billion yuan.