BEIJING, May 3 -- China's green loans logged an increase of 3.7 trillion yuan (about 520.66 billion U.S. dollars) in the first quarter of 2024 (Q1), hitting an all-time high, the country's central bank said.

According to data from the People's Bank of China (PBOC), the balance of China's green loans in local and foreign currencies stood at 33.77 trillion yuan at the end of Q1 -- up 35.1 percent year on year.

The growth rate was 25.9 percentage points higher than the overall figure for all forms of loans, the central bank added.

Specifically, green loans allocated to projects directly or indirectly contributing to carbon reduction amounted to 11.21 trillion yuan and 11.34 trillion yuan, respectively. Together, they accounted for 66.8 percent of total green loans.

Outstanding green loans for green infrastructure upgrading came in at 14.57 trillion yuan, climbing 31.4 percent year on year, while those for clean energy stood at 8.72 trillion yuan, an increase of 39.4 percent, PBOC data showed.

China has advanced rapidly in developing its green financial system and markets, as part of efforts to achieve its carbon peaking and carbon neutrality goals.