TIANJIN — Green loans maintained rapid expansion in North China's Tianjin municipality over the past year, as the country steps up its green growth efforts, local authorities have said.

Tianjin's green loan balance exceeded 462 billion yuan ($64.2 billion) by the end of September, up 14.31 percent from a year ago, according to the local financial supervision administration.

A green loan is a form of financing in which funds are allocated to areas that make contributions to environmental protection and improvement, such as energy conservation and clean energy.

Tianjin also issued 21 green bonds during the period, with a total value of over 15 billion yuan.

The city has formulated a general plan for the construction of a green financial reform and innovation pilot site, implemented various measures to promote the development of green finance, and established a joint meeting system for green financial services.

China has advanced rapidly in developing its green financial system and markets, as part of efforts to achieve its carbon peak and neutrality goals. In the first half of 2022, the country saw its outstanding green loans increase by 3.53 trillion yuan.