CITIC Carbon Account and China UnionPay's Low Carbon Plan have been linked for the first time to achieve mutual recognition of carbon accounts in the financial industry

China Securities Network News (Reporter Xue Jin) On October 24, China CITIC Bank Credit Card Center announced that it has recently cooperated with China UnionPay to open up the "CITIC Carbon Account" and China UnionPay "Low Carbon Plan" services, realizing mutual communication and mutual recognition of carbon accounts in the financial industry for the first time.

China CITIC Bank said that the cooperation between the two parties aims to explore new paths and models for carbon account innovation practices, and work together to empower carbon inclusive innovation with financial technology and guide the public to transform to green and low-carbon consumption by leveraging the ecological advantages of both parties in green consumption systems and low-carbon life scenarios.

CITIC Carbon Account, a personal carbon inclusion platform built by China CITIC Bank based on the green financial system, was officially launched on Earth Day on April 22 last year, and is the first personal carbon account led by a domestic bank. After the mutual recognition of the "CITIC Carbon Account" and UnionPay Cloud QuickPass's "Low Carbon Plan", users can log in to the "Mobile Card Space" APP of China CITIC Bank, open the "CITIC Carbon Account", and complete the authorization binding of the UnionPay APP, so that they can access and view the personal carbon emission reduction accumulated by the "Low Carbon Plan" of UnionPay with one click.

Users can view the corresponding green energy and carbon emission reduction accumulated by individuals in 18 green scenarios such as bus, subway, bicycle travel, walking, online food ordering, online repayment and transfer, etc., using the UnionPay APP to complete payment or participate in green public welfare and walking walking, etc., at the same time, they can also view the carbon emission reduction accounting of individuals in 9 financial scenarios of CITIC Bank credit and debit cards, including electronic credit cards, electronic bills, online payment (including water, electricity, gas, etc.), Financial scenarios such as medialess debit card opening, online transfer, credit loan processing, and credit second loan repayment.

Users who accumulate the corresponding green energy and carbon emission reduction in the above-mentioned carbon accounts can redeem green rights and interests in the green mall of the "CITIC Carbon Account" and the UnionPay Cloud QuickPass "Low Carbon Plan" mini program. Among them, the green mall of "CITIC Carbon Account" covers more than 20 products in four categories, including consumer payment coupons, mall coupons, financial product discount coupons, and e-book memberships, each product is directly exchanged online by users using their accumulated carbon emission reductions, and the carbon emission reductions used for redemption goods are recovered by the credit card center of China CITIC Bank.

At present, after more than a year of iterative innovation, the "CITIC Carbon Account" has supported the opening of accounts for all people, and users can register and open through multiple channels such as China CITIC Bank mobile banking APP, mobile card space APP, CITIC Fortune Plaza and so on. As of October 2023, the number of registered users of the "CITIC Carbon Account" has exceeded 7 million, and the cumulative reduction of carbon emissions has exceeded 5,900 tons.