Industrial Bank, a major Chinese bank, has announced that it will reward customers who use the digital yuan with carbon points as part of its efforts to promote the adoption of the Central Bank Digital Currency (CBDC). Verified users of the digital yuan wallet can now earn “personal carbon account points” when they make purchases through the bank’s app. This initiative aligns with the bank’s belief that digital yuan and green finance are complementary.
Customers will accumulate carbon points when they use the app for e-CNY retail payments. Additionally, they can earn points by utilizing digital yuan tokens for fund purchases and credit card payments. Several Chinese banks introduced personal carbon points platforms last year to support green finance and reduce emissions. This program is part of China’s commitment to achieve carbon neutrality by 2060. Local governments use these points to reward individuals who opt for public transportation over cars. Citizens can also earn points by participating in tree-planting initiatives and recycling campaigns. These points can be exchanged for prepaid travel card credits and shopping vouchers.
Industrial Bank expressed its intention to expand its green finance-digital yuan operations and has already made significant progress in this area. For instance, in Fuzhou, the bank utilized the CBDC to facilitate a marine fishery carbon sink purchase, a first in Fujian Province. In Suzhou, the bank issued approximately $967 million worth of digital yuan loans related to green finance. The bank reported that nearly 7.3 million of its customers have opened digital wallets, conducting transactions exceeding $41 billion.
The digital yuan was officially introduced in 2020 and initially launched in four cities. Since then, the pilot program has expanded to include 27 mainland cities and provinces, as well as Hong Kong and Macau.
Industrial Bank, headquartered in Fuzhou, Fujian Province, is a majority state-owned bank. It ranked 60th in the Forbes Global 2000 list last year.
