Industrial Bank receives A rating for ESG performance
According to a report released by New York-based index provider MSCI, the Industrial Bank has obtained the highest rating of A for its ESG (environmental, social, and governance) performance for three years in a row.
The Industrial Bank, which grew from a local bank in Fuzhou, Fujian Province, to becoming a role model in the banking industry, has been working to foster long-term economic growth while also contributing to society.
As the pioneer of green financing in China, the Industrial Bank has been developing green financial products for 16 years with various kinds of green financial products on offer. It is the largest commercial financial institution in the world in terms of issuance and underwriting of green financial bonds.
The bank is also committed to the concept of sustainable development in its daily operation. It has advocated water and electricity saving, paperless offices, video conferencing, and green travel to reduce energy consumption.
On top of that, in order to fulfill its social responsibilities, the bank has actively developed inclusive finance and formed a long-term assistance mechanism integrating funds for students, disaster relief, and poverty alleviation.
In terms of corporate governance, the bank incorporates ESG practices into its high-level strategy, shares its ESG information with the public, and conducts two-way high-quality exchanges with stakeholders.
By the end of 2021, the market value of the Industrial Bank had exceeded 400 billion yuan ($62.76 billion), ranking seventh among the listed banks in the banking sector.