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Bloomberg News, Bloomberg News (Bloomberg) China’s 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. “High-carbon emission companies and industries in China will have to exit the market in the next 30 years if they can’t cut down their emission, and this will bring about huge financial risks,” Ma Jun, previously a member of the People’s Bank of China’s monetary policy committee, said at a briefing during the Boao Forum in southern China’s Hainan province. The country’s 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

Ma junPeople bankBoao forumGreen finance committee of china society forGreen finance committeeChina societyGovernor yi gangமா ஜூன்மக்கள் வங்கிபச்சை நிதி குழு ஆஃப் சீனா சமூகம் க்குபச்சை நிதி குழுசீனா சமூகம்கவர்னர் இ கும்பல்