Xizang promotes personal carbon accounts to support green finance

LHASA -- Southwest China's Xizang autonomous region has achieved service coverage of personal carbon accounts in all its six cities and one prefecture, local authorities said Wednesday.

In the first quarter, the number of accounts increased by 6,549 to a record 37,901, and 470,800 transactions were made via carbon credits, with over 2,680 tonnes of carbon emissions reduced, according to the Xizang branch of the People's Bank of China.

As a key tool of the carbon inclusive mechanism, the personal carbon account launched last year encourages individuals to contribute to carbon reduction. People can participate in low-carbon activities, such as afforestation and green commuting, and eventually gain carbon credits and redeem daily necessities.

Xizang has been guiding financial institutions to establish comprehensive products and service systems in the field of green finance. By the end of March, the region's green loan balance stood at 183.79 billion yuan (about $25.52 billion), up 38.29 percent year-on-year, data from the branch shows.

China has vowed to tackle climate change and follow a steadfast path of green and low-carbon development. It has pledged to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.