Ping An Bank fuels Yulin Chemical’s green transition with RMB 2.3bn loan

Written by Adam Cadle

23/01/2025

Ping An’s subsidiary, Ping An Bank, has provided a RMB2.3bn loan to Yulin Chemical, to support its Coal Clean and Efficient Conversion Demonstration Project, which promotes cleaner and more efficient coal processing, aligning with China’s low-carbon development goals.

The project is listed in the National Development and Reform Commission's 2024 Catalogue for Guiding Industry Restructuring. It uses advanced technologies to convert organic and inorganic sulfur into usable sulfur and repurposes slag, a byproduct of turning coal into a fuel gas, for building materials. This approach embodies a circular economy model of "reduce, reuse and recycle," maximising resource use and minimising environmental impact.

Since June 2022, Ping An Bank has provided a cumulative RMB3.44 billion in loans to the project and will continue to offer financing support as construction progresses.

"We are delighted to partner with Yulin Chemical in developing cleaner and more efficient coal conversion technologies," said Ping An Bank.

"This project underscores our commitment to driving a green transition and sustainable development. We will continue to innovate in our financial services and support outstanding enterprises like Yulin Chemical to achieve China’s dual carbon goals and industrial upgrades."

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