TAIPEI (Taiwan News) — The Ministry of Finance announced Thursday that public financial institutions had invested NT$389.6 billion (US$13.5 billion) in renewable energy in May, more than 50% year-on-year growth.

According to a press release, nine public banks reported green power financing credit balances worth NT$1.86 trillion, up over 12% from last year. Of that number, NT$47.5 billion was for offshore wind power and NT$49.3 billion for solar projects, per CNA.

Lin Hsiu-yen (林秀燕), deputy director general of the National Treasury Administration, said banks have been boosting their corporate social responsibility goals. They have also expanded investment and financing review procedures to include ESG considerations.

Lin explained that Mega Financial, Chang Hwa Bank, and other banks were listed in the Dow Jones Sustainability Index, while these four, plus Taiwan Business Bank, also made it into the S&P Global Sustainability Yearbook.

To build momentum, Lin noted that Chang Hwa Bank will host a financial institutions supplier conference on Sept. 3. The event will focus on funding transformative finance, echoing the Financial Supervisory Commission’s green transition.

Lin said the aim is to use sustainable finance to help industries achieve their low-carbon goals. She said he hopes banks can work with suppliers and corporate credit customers to build a sustainable ecosystem.