World Bank approves $500m loan for clean-air projects in Beijing
The World Bank will provide a $500 million loan to support air pollution control projects in the Chinese capital Beijing
The World Bank will provide a $500 million loan to support air pollution control projects in the Chinese capital Beijing.
The loan is part of a $1.4 billion climate finance programme over the next six years, the World Bank said.
China, the world’s leading emitter of greenhouse gases, has been suffering from severe air pollution in recent years and the government has been taking steps to combat the problem.
About 70 per cent of the country’s electricity is generated by coal-fired power plants, which are a major source of carbon emissions.
China aims to cut its reliance on fossil fuels by increasing the share of wind and solar energy, as well as nuclear and hydro power and has a target of reducing emissions of major pollutants in the power sector by 60 per cent by 2020.
The loan will assist firms in Beijing, Hebei, Tianjin and neighbouring areas that are taking action to tackle air pollution under a prevention and control plan adopted by China's cabinet.
Beijing-based Hua Xia Bank will also establish a Green Finance Center and pilot innovative financing models and products, according to reports.
The government has set a target for Beijing and its surrounding areas of reducing pollution by 40 percent from 2013 levels by 2020.
