Chinese Bank Offers Carbon Credit Rewards for Digital Yuan Users

Industrial Bank, a major Chinese bank, aims to encourage further adoption of the digital yuan by rewarding users with carbon points. Verified digital yuan wallet users can now earn "personal carbon account points" when making purchases through the bank's app with the central bank digital currency (CBDC).

Green Finance Integration: E-CNY Rewards for Carbon-Neutral Spending

Customers accrue carbon points by conducting e-CNY retail payments via the app and utilizing digital yuan tokens for fund purchases and credit card payments. This initiative aligns with China's efforts to promote green finance and reduce emissions, in line with its pledge to achieve carbon neutrality by 2060.

The program integrates green finance with the digital yuan ecosystem, fostering innovative development in both areas. It offers synergistic benefits by promoting a green economy while advancing the adoption of the digital yuan.

Industrial Bank's Green Finance-Digital Yuan Expansion Efforts

Industrial Bank aims to expand its green finance-digital yuan operations and has already made significant strides in this direction. In Fuzhou, the bank facilitated a digital yuan-funded marine fishery carbon sink purchase, and in Suzhou, it issued nearly $967 million worth of digital yuan green finance-related loans.

Since its official debut in 2020, the digital yuan pilot has expanded from four to 27 mainland cities and provinces, including Hong Kong and Macau. Industrial Bank reports substantial adoption, with nearly 7.3 million digital wallets opened by customers, facilitating transactions exceeding $41 billion.

Industrial Bank's initiative to incentivize digital yuan usage with carbon credit rewards reflects China's commitment to environmental sustainability and technological innovation. By integrating green finance with the digital yuan ecosystem, the bank contributes to the nation's goal of achieving carbon neutrality and fosters a more sustainable economic future.