Since 2007, the People’s Bank of China (PBOC) and the China Banking Regulatory Commission (CBRC) have been stressing and guiding banking financial institutions to shoulder environmental and social responsibilities while seeking their own commercial interests, to make efforts for energy conservation and emission reduction, and to promote China’s sustainable socioeconomic development. As a nice note to Industrial Bank’s financial strategy, “The low-carbon credit card jointly launched with CBEEX aims to arouse social focus on and support for environmental protection, and open up a viable channel for personal carbon trading market.”
By the end of 2009, Industrial Bank had delivered 222 items of loans for energy conservation and emission reduction, totaling 16.58 billion yuan, and the supported projects are expected to realize annual reduction of carbon dioxide emission by 31.778 million tons. According to Yan Xuewang, general manager at Credit Card Center of Industrial Bank, as China’s first low-carbon thematic credit card, Industrial Bank China Low-carbon Credit Card boasts the unique characteristics: firstly, working with CBEEX, China’s authoritative environmental equity exchange, to erect a platform for individuals to purchase credit card carbon emission reduction, serving as the first bank-based trading channel for individuals to purchase carbon emission transactions; secondly, joining hands with CBEEX to establish China’s first “personal green record” system to achieve traceable inquiry of personal low-carbon transaction records, encourage card holders to take active part in carbon emission reduction, and advocate low-carbon living.
To positively promote the concept of green card utilization, Industrial Bank has also established a “low-carbon happy living" fund for purchasing carbon emissions: each customer holding such a card consumes once, he/she donates 0.01 yuan to the fund, and the donations will, on the World Earth Day on April 22, be used to collectively purchase carbon emissions, enabling each cardholder’s card-based consumption to produce emission reduction effect. To encourage more customers to participate in the goal of China’s carbon emission reduction, Industrial Bank has also designed a preferential promotional campaign for China Low-carbon Credit Card, for instance, customers who get low-carbon credit card before June 30 can get a Starbucks accompanying cup for free if first card-based consumption reaches 199 yuan, with a view to advocating less use of one-off cups in daily life; Gold Card customers whose card-based consumption in six consecutive natural months after the month of the first card-based consumption takes place reaches 2,000 yuan can get a Giant folding bike for free, with the purpose of encouraging customers to choose environmentally friendly transport means.
According to Xiong Yan, chairman of CBEEX, China’s first low-carbon credit card jointly launched by CBEEX and Industrial Bank provides a convenient and economical way for Chinese people to take active part in carbon emission reduction and achieve carbon offset in personal living, and also serves as an effective channel for individuals to express their desire for environmental protection and public welfare involvement. As a partner, CBEEX will provide full range of support for China Low-carbon Credit Card’s carbon emission reduction efforts, and will release regularly the carbon emission transactions arising from the card, so as to ensure the realization “measurable, reportable, and verifiable” carbon emission reduction.