Ping An Bank awarded 2023 Terra Carta Seal from Sustainable Markets Initiative

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Ping An Insurance (Group) Company of China, Ltd.

Nov 28, 2023, 04:32 ET

HONG KONG and SHANGHAI, Nov. 28, 2023 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) announced that Ping An Bank, its subsidiary, has been awarded the 2023 Terra Carta Seal from the Sustainable Markets Initiative for the bank's leadership in creating a climate and Nature-positive future.

The Terra Carta Seal was launched in 2021 by His Majesty King Charles III of the United Kingdom when he was the Prince of Wales. The seal is awarded to global companies that have demonstrated success of a high-impact, large scale company-wide project, initiative or strategy that aligns with one or more of the Sustainable Markets Initiative's Terra Carta articles, a proposed set of principles to 2030 that puts Nature, People and Planet at the heart of global value creation. Since its inception, the Sustainable Markets Initiative has awarded its coveted Seal to 83 companies globally, including Ping An Bank and 16 other companies this year.

Focusing on six major areas: clean energy, green environmental protection, high-carbon transformation, green transportation, green construction, and green services, Ping An Bank provides tailored credit solutions for green industries and projects. It offers a wide array of innovative green financing products, including early-stage loans for new energy power projects, green supply chain financing, digital loans for household distributed photovoltaic projects, sustainability-linked loans, and the pledge financing of carbon emission rights. Ping An Bank has granted green loans to the world's first zero-carbon industrial park and the first carbon capture, utilization, and storage project encompassing the whole industry chain in China's steel industry. It participated in a syndicated loan for the world's largest solar thermal power station—the Dubai Solar Power Station project and aided in the construction of the Baihetan Hydropower Station in China with loans and carbon-neutral bonds, creating the world's largest clean energy corridor. In addition, Ping An Bank has established personal carbon accounts, potentially covering its 120 million individual customers, who can accumulate green credit through 23 green behaviors in daily life. The green credit can be redeemed to plant trees, promoting a green and low-carbon lifestyle among consumers to address environmental challenges.

Ping An Bank said: "The Earth is our common home. We should give full play to the supportive role of investment and financing in coping with climate change, support green, low-carbon and recycling development, accelerate the building of a Beautiful China with the high-quality development of green finance, actively respond to the global climate and environmental challenges, and bequeath a clean and beautiful world to future generations."

Jennifer Jordan-Saifi, CEO, Sustainable Markets Initiative, said: "The Sustainable Markets Initiative's Terra Carta Seal recognises those companies which are taking great strides in delivering real-world outcomes to create a more positive future that we can all embrace. The calibre of the projects and initiatives being driven by these companies sets the standard for us all as we push forward to a more sustainable future."

Ping An Group is actively addressing the challenges and prospects arising from climate change by leveraging advantages of integrated finance strategy. It promotes responsible investment, banking, and sustainable insurance, and continues to advance green finance initiative to support China's carbon peak and carbon neutrality goals. By the end of June 2023, green investment in Ping An's insurance assets reached RMB140.929 billion, while the balance of green loans stood at RMB134.926 billion. During the first three quarters of 2023, the company's green insurance policies generated original premium income of RMB26.276 billion.

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