66
Bank of China Limited  2022 Interim Report
Environmental and Social Responsibilities
The Bank actively carried out its responsibilities as 
a state-owned commercial bank. Leveraging the 
competitive advantages arising from its globalised and 
integrated operations, it fully integrated environmental, 
social 
and 
governance 
(ESG) 
concepts 
into 
its 
business operations, deepened its ESG practices, and 
devoted itself to promoting win-win cooperation with 
stakeholders and creating sustainable value for the 
environment, society and economy.
Environmental Responsibilities
Governance
In the first half of 2022, the Board of Directors assessed 
the implementation progress of the Bank’s 14th Five-
Year Plan for Green Finance, reviewed its corporate 
social responsibility report (ESG) and, for the first time, 
published annual disclosures in line with the Task 
Force on Climate-related Financial Disclosures (TCFD) 
recommendations and the Principles for Responsible 
Banking (PRB). The steering group for green finance 
and industry planning and development headed by 
the Bank’s Chairman held two themed meetings to 
study national policies and guidance related to “carbon 
peak and carbon neutrality”. At the same time, it 
approved the 2022 Work Plan for Green Finance of 
Bank of China. The Green Finance Committee, chaired 
by the Bank’s President, also achieved progress on 
several fronts. It reviewed developments including a 
report on the greenhouse gas emissions calculation 
of the Group’s operations, the launch of its green 
credit system and progress in its pilot energy-saving 
transformation programme; approved the Management 
Measures for Assessment of Domestic Green Finance 
Model Companies of Bank of China, and formulated 
a differentiated assessment system, management 
mechanism and supporting measures for the Group’s 
domestic branches. Moreover, the senior management 
held several themed meetings to review and discuss 
matters concerning external ESG assessment, green 
operations and climate risk stress testing.
Policy System
The Bank refined its preferential policies to support the 
development of its green finance business. It formulated 
customer marketing and credit review guidelines for 
industrial chains such as lithium-ion power batteries, 
photovoltaic manufacturing, sewage treatment and 
the upstream chain of new energy vehicles; introduced 
new credit policies for hydrogen energy and fuel cells, 
new energy metals, water and water environment 
treatment, forestry and other industries; and imposed 
measures to stop funding customers or projects that 
engage in illegal logging of natural forests, harm to 
biodiversity, or the poaching of wild animals, etc. 
The Bank also strengthened assessment guidance by 
incorporating green finance-related indicators into the 
performance assessment of its senior management 
members, linking the results to their remuneration. 
At the same time, it enhanced resource support for 
its green finance businesses by optimising economic 
capital 
management, 
implementing 
preferential 
pricing, adopting differentiated authorisation regimes, 
establishing green approval channels, adjusting industry 
credit strategies, allocating designated staff funds, and 
improving reward systems.
Environmental Risk Management
The Bank proactively implemented the concept of 
responsible investment. In the first half of 2022, 
the Bank added a qualitative statement of its 
environmental and social risk appetite to its overall 
risk appetite statement. The Risk Policy Committee 
of the Board of Directors regularly reviewed the 
Bank’s progress in environmental and social risk

67
Bank of China Limited  2022 Interim Report
management. For key overseas and comprehensive 
institutions, the Bank formulated an assessment 
plan for incorporating environmental and social risk 
management 
requirements. 
Restrictive 
measures 
related to environmental and social risk have been 
added to the Bank’s credit policies, covering more than 
70 industries including agriculture, forestry, animal 
husbandry and fisheries. The Bank revised its credit 
due diligence review reporting template for corporate 
customers to include reporting requirements related 
to their environmental and social risks. Furthermore, it 
continually promoted climate risk stress tests for key 
industries and established sensitivity analysis models 
based on local conditions in Australia, Singapore and 
other regions, to quantify the risk exposures and 
financial impacts of different scenarios and to conduct 
region-specific climate risk stress tests.
Indicators and Objectives
The Bank met its target quantitative indicators for green 
credit, green bonds, green wealth management, and 
green insurance as scheduled. It received the “Model 
Entity in Green Bank Evaluation” award from China 
Banking Association, as well as five awards from Global 
Finance including the “China Sustainable Finance 
Awards 2022”. In the first half of 2022, the Bank 
placed first among Chinese banks in the Bloomberg 
Global Green Loan rankings.
As at 30 June 2022, the green credit balance (according 
to CBIRC standard) of the Bank’s domestic institutions 
was equivalent to RMB1.73 trillion, with a low NPL 
ratio of green credit. In the first half of 2022, the 
Bank issued the world’s first green bond under the 
updated Common Ground Taxonomy, and issued its 
first green bond in the Chinese mainland. Its total 
global green bond issuance in the first half of 2022 
ranked first among Chinese banks. The Bank’s domestic 
and overseas green bond underwriting volumes were 
RMB112.1 billion and USD19.8 billion respectively, 
leading its Chinese peers. It also participated in the 
issuance of the first batch of transition bonds in China’s 
inter-bank market and secured the top position in 
investors of green debt financing instruments from 
China’s National Association of Financial Market 
Institutional Investors (NAFMII).
In the first half of 2022, the balance of BOCL’s 
green leasing business reached RMB13.8 billion, with 
the proportion of green leasing assets accounting 
for 32.5% of total leasing assets. BOC Wealth 
Management has launched 39 green finance-themed 
products with a total scale of over RMB13.9 billion, 
and its green bond-related assets under management 
amounted to RMB42.2 billion. BOC Insurance revised 
and developed its environmental pollution liability 
insurance, including 11 policy provisions, assuming 
insurance liabilities of RMB29.0 billion through green 
product and portfolio innovation. BOC-Samsung Life 
has cumulatively invested a total of RMB889 million 
in the green finance industries. BOCIM has developed 
17 green and ESG mutual fund products under the three 
categories of low-carbon and green development concept 
funds, social responsibility funds and ESG concept themed 
funds, achieving a scale of RMB16.0 billion.
The Bank actively contributed to accelerating the 
realisation of “carbon peak and carbon neutrality” 
goals in accordance with national objectives and 
timetables. In the first half of 2022, it formulated a 
green conduct employee initiative and green action 
guidelines for all staff, providing BOC institutions with 
clear guidance on target setting and achievement

Environmental and Social Responsibilities
68
Bank of China Limited  2022 Interim Report
pathways. 
BOC 
Wealth 
Management 
and 
BOC 
Aviation6 continued to carry out green operations 
after achieving carbon neutrality in 2021. BOCI 
published a low-carbon action plan and formulated 
corresponding emission reduction approaches and 
measures. Comprehensive energy-saving renovations 
are underway in the office buildings of the Head 
Office in Beijing, BOCHK, the London Branch and the 
Shanghai Branch. The Bank has formulated the Green 
Construction Specifications for Bank of China Outlets 
to standardise green construction requirements in 
terms of layout and site selection, indoor environment, 
decoration, resource utilisation, and so on.
International Cooperation and Capacity Building
The Bank participated in the PRB framework review 
working group and helped to prepare China’s disclosure 
guidelines; assumed the responsibility of co-chair of the 
Green Finance Products Innovation working group of 
the Green Investment Principles (GIP) for the Belt and 
Road; became the only Chinese commercial bank to join 
the Green Finance Working Group of the International 
Finance 
Forum 
(IFF); 
assisted 
the 
International 
Sustainability Standards Board (ISSB) in its sustainable 
standards development; participated in the technical 
committee responsible for the development of ISO 
standards relating to sustainable finance (ISO/TC322) and 
played a part in the Green Bond Standards Committee. 
At the branch level, BOC London Branch became the 
only Chinese bank to join the Initiative to Measure and 
Promote Aviation’s Carbon-free Transition (IMPACT).
6	
BOC Wealth Management achieved carbon neutrality in its operations in 2021, with an independent assurance report 
from relevant institution. BOC Aviation reached 100% carbon neutrality in direct carbon emissions (including the emissions 
generated by employees’ air travel).
The Bank invited experts to provide high-level green 
finance training to the Board of Directors. It held a 
Green Finance Learning Day event for all employees and 
provided lectures and workshops on green finance-related 
topics such as environmental disclosure and climate 
risk management. The Bank also provided specialised 
and tailored green finance training courses to cultivate 
“green talents” internally from all BOC institutions. 
Branches in London, New York, Paris, Sydney, Zhejiang 
and Jiangxi respectively issued green finance and ESG-
themed periodicals to enhance internal communication 
and exchange of views on the latest developments in 
international green finance and ESG trends.
Social Responsibilities
Strengthening Financial Services for Rural 
Revitalisation
As the leading financial power serving the nation’s 
rural revitalisation strategy, the Bank upheld its 
responsibilities, in a bid to consolidate its achievements 
in poverty alleviation and provide consistent support 
to rural revitalisation. It signed a strategic cooperation 
agreement with the Ministry of Agriculture and 
Rural Affairs and the National Rural Revitalisation 
Administration, and formulated the Support Plan 
for Key Counties to Receive Assistance in Pursuing 
Rural Revitalisation to enhance the financial service 
capabilities of the key counties. It accelerated the 
development of featured outlets for rural revitalisation. 
The Bank built a unified system of diversified businesses 
with commercial banking as the pillar, village finance as

69
Bank of China Limited  2022 Interim Report
a supplement, and consumer finance and public welfare 
finance as unique features. As at 30 June 2022, the 
Bank’s outlets covered 1,171 counties, with a coverage 
ratio of 62.8%. The balance of agriculture-related 
loans amounted to RMB1,964.4 billion. The balance 
of inclusive agriculture-related loans amounted to 
RMB246.2 billion. BOC Fullerton Community Bank had 
132 village banks with 189 sub-branches, covering 22 
provinces and municipalities nationwide, making it the 
largest domestic village bank group in terms of total 
number of institutions and scope of business.
Consolidating Achievements in Poverty Alleviation
As a major state-owned banking group, the Bank 
leveraged its strength and resources in funds, talents 
and technology to provide paired assistance to the four 
counties of Xunyi, Chunhua, Yongshou and Changwu 
in Xianyang, Shaanxi Province (the “four counties in 
Xianyang”), consolidating its achievements of poverty 
alleviation and rural revitalisation as well as enhancing 
the synergies between them. As at 30 June 2022, the 
Bank had invested RMB39.80 million of anti-poverty 
grant funding to the four counties in Xianyang, and 
launched more than 30 assistance projects including 
donating insurance to prevent rural residents from 
slipping back into poverty, supporting county-level 
epidemic prevention and control, improving the rural 
living environment and delivering the “BOC Rural 
Revitalisation School” training programme, directly 
benefiting more than 450,000 people. In addition, it 
organised training courses for a total of 24 thousand 
primary-level officials, rural revitalisation leaders and 
professional and technical personnel from the four 
counties in Xianyang, and purchased and sold more 
than RMB60.00 million worth of agricultural products 
from the poverty-alleviated areas nationwide.
Contributing to Public Welfare
Upholding 
the 
principles 
of 
“serving 
society, 
contributing to society and repaying society”, the 
Bank continuously explored specialised public welfare 
programmes as well as the integrated development of 
online public welfare and its banking businesses. In the 
first half of 2022, the Bank supported 111 charitable 
donation programmes initiated by 203 organisations 
through the “Bank of China Philanthropy” platform, 
raising a total of RMB7.9556 million (including the 
Bank’s matching funds), with donations from nearly 
173 thousand people. It also continued to support 
government-sponsored student loans, providing a total 
of RMB25.2 billion government-sponsored student 
loans as at 30 June 2022 and helping more than 
1.80 million students from impoverished families to 
finish school education. Together with the Ministry

Environmental and Social Responsibilities
70
Bank of China Limited  2022 Interim Report
of Education, the Bank launched an action plan for 
“Supporting the Development of Vocational Education” 
to jointly promote the high-quality development 
of vocational education. To mitigate the impact of 
scattered outbreak of the pandemic, the Bank adopted 
multiple financial measures to ease the difficulties faced 
by micro and small-sized enterprises and self-employed 
individuals, and supported key industries such as public 
welfare to ensure steady production and sufficient 
supply, maintain stable employment and promote 
business start-ups.
Supporting the Healthy Development of the 
Sports Industry
As the official banking partner of the 2022 Beijing 
Winter Olympic Games and Paralympic Winter Games, 
the Bank provided high-quality financial services to 
Beijing Winter Olympic Games and Paralympic Winter 
Games and achieved a record of “zero infection, 
zero accident, zero mistake and zero complaint”. 
It cooperated with mainstream media to build a 
comprehensive multimedia advertising and promotion 
campaign, generate an “Olympic atmosphere”, promote 
the Olympic spirit and support Chinese athletes to strive 
courageously for Olympic medals. In the future, the 
Bank will continue to leverage its advantages as the 
official banking partner of both the Winter and Summer 
Olympic Games in order to promote the development of 
China’s sports industry and serve to the national strategy 
of building a healthy China that excels in sports.
Fully Ensuring the Rights and Interests of Consumers
Practising 
its 
customer-centric 
operation 
and 
management concept, the Bank fully integrated 
consumer protection into its corporate culture. It 
strengthened management of complaint handling, 
standardised marketing activities, ensured personal 
information protection, and promoted healthy business 
development by safeguarding consumer rights and 
interests. In the first half of 2022, the Bank handled 
86 
thousand 
consumer 
complaints, 
achieving 
a 
completion rate of 100%. It also launched a series of 
education and publicity campaigns such as the “3.15” 
protection of consumer rights, the “Promoting Financial 
Knowledge, Protecting Personal Wealth” and the 
“Financial Knowledge Popularisation”, so as to raise the 
consumers’ risk awareness and enhance their ability to 
protect their legal rights.