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Bloomberg News, Bloomberg News
(Bloomberg)
Chinaâs pledge to become carbon neutral by 2060 poses an existential threat to polluters that could have ramifications for the financial sector, a former central bank adviser said.
âHigh-carbon emission companies and industries in China will have to exit the market in the next 30 years if they canât cut down their emission, and this will bring about huge financial risks,â Ma Jun, previously a member of the Peopleâs Bank of Chinaâs monetary policy committee, said at a briefing during the Boao Forum in southern Chinaâs Hainan province.
The countryâs shift to cleaner energy means companies in high-polluting industries face a decline in revenue, leading to more bad loans, he said. The loan default rate among coal power firms could jump to 22% by 2030 from the current 3%, according to estimates by his team. Ma, who retired from the monetary policy committee in March, is the chairman of the Green Fina
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