Ping An Insurance (Group) Co. of China Ltd. said it is on track to achieve operational carbon neutrality in 2030.

The Chinese insurer plans to first reduce internal carbon emissions and then invest or purchase carbon credits to align with international operations standards to achieve carbon neutrality.

To support societal green transformation and sustainable development, Ping An also announced its enhanced operational plan for Green Finance+, an upgraded operational plan that has five aspects: green operations, green assets, green insurance, green charity and green technology.

In April, Ping An targeted annual growth rates of at least 20% for its green investments, at least 70% for its green insurance premiums and no less than 20% for its green credit balance. The insurer intends to hit its overall targets by 2025 with investment and credit of 400 billion yuan and total green insurance premiums of 250 billion yuan.

As of the quarter ended Sept. 30, the insurer achieved green investment of 208.89 billion yuan, green credit of 53.28 billion yuan and green insurance of 25.11 billion yuan.

As of Oct. 28, US$1 was equivalent to 6.39 Chinese yuan.