BEIJING - The Industrial Bank (IB) had seen its outstanding loans of green finance reach over 800 billion yuan ($115 billion) by the end of September.

More than 16,000 enterprises had received over 1.6 trillion yuan of green finance from the bank by the end of last month, said IB's president Tao Yiping.

Tao said the bank aims to have over 10,000 clients of green finance services by 2020, with outstanding loans exceeding one trillion yuan.

Founded in 1988, the joint-stock commercial bank is a pioneer in the development of green finance in China. Over the past 10 years, IB has formed a green product and service system with a complete product line of green finance and risk management.

Green finance is designed to encourage more private capital to enter green sectors and stop investment that might pollute the environment.

China announced in 2016 that it will establish a national green finance mechanism, the first of its kind in the world.