Chapter 5 Greening the financial system in China
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China's success in mitigation and low-carbon transitions (MLCT) during the 2010s was underpinned by its ability to provide large amounts of investment into renewable energy generation capacities and the development of renewable energy equipment manufacturing capacities. The secret lies less in the largesse of public authorities than in China's success in greening its financial system to mobilize private capital. This chapter explores the relationship between China's investments in MLCT and the government's efforts and effectiveness in greening finance through the lens of a green carbon governmentality, comprising the political rationalities and governing techniques and technologies (GTTs) for greening finance. The GTTs include green credits; green banks; green bonds; green finance standards and taxonomies; green finance statistics, mandatory information disclosure, incentives for green finance activities, and institutional capacity building by financial institutions. This chapter also highlights the importance of transnational policy learning and international collaboration in greening finance.

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