The Three-year Action Plan for Deepening the Replacement of Old Growth Drivers with New Ones to Promote Green, Low-carbon and High-quality Development in Weihai City (2023-2025)clearly states that "green finance shall be vigorously developed." Weihai City takes building a national pilot zone of green finance reform and innovation as a focus of efforts and sees green finance as an important means to achieve sustainable economic development and an important force to achieve carbon peaking and carbon neutrality. Guided by this, Weihai City has encouraged financial institutions to innovate green financial products, broaden corporate financing channels, and vigorously develop green finance.

At the same time, Weihai City has introduced the United Nations Green Climate Fund, which has been the first time in China, to set up the Weihai Parallel Fund of Shandong Green Development Fund. With an initial amount of 500 million yuan, the fund has established a reserve investment project library around energy conservation and emission reduction, ecological and environmental protection, clean energy, circular economy, green manufacturing and other fields. Now, the first investment agreement has been signed.

Green finance empowers industrial upgrading. While continuously innovating green financial products, Weihai City has also actively built a bank-enterprise matchmaking platform, established a green project (enterprise) library, a key carbon finance project library and a library for environmental protection finance, and guided financial institutions to grant credit totaling 10.32 billion yuan for 27 key carbon finance projects with a loan balance of 4.96 billion yuan.