The Shanghai Green Finance Service Platform was jointly released on Jan 11 by the Shanghai Municipal Financial Regulatory Bureau, the Shanghai Municipal Bureau of Ecology and Environment, and the Shanghai Municipal Development and Reform Commission.

The service platform aims to empower the development of green finance and focus on five functions by providing green information services, supplying green finance solutions, identifying green industries, providing green project services, and offering intelligent analysis and early warning.

The first batch of 11 projects was facilitated through the platform, securing financing totaling 3.581 billion yuan ($25.44 million).

Zhou Xiaoquan, director of the Shanghai Municipal Financial Regulatory Bureau, pointed out that the launch of the service platform signifies a solid step forward in the construction of an international green finance hub. Next, the bureau will intensify cooperation with various departments, enhance platform development, and continue to make every effort to build an international green finance hub.

Thirteen banks, including the Shanghai branches of China's four largest State-owned commercial banks, signed agreements to join the green finance service platform on Jan 11.