ADB plans for greener buildings - ResearchInChina
Date:2008-05-05
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A BIG boost to energy-efficient projects in China has been given by the Asian Development Bank, which has launched a pilot scheme to extend partial credit guarantees to such plans.
The program, worth more than US$114 million, was announced on Saturday by the Manila-based bank.
The ADB's first credit guarantee to mobilize commercial financing in China will initially target energy efficient projects for buildings in southern and eastern China, the more industrialized part of the country.
"It is the only project so far of this scale in energy efficiency in China and the first one in any ADB member," said Seethapathy Chander, deputy director general of ADB's private sector operations department.
The program will support the retrofitting of existing buildings, typically leading to energy savings of 20 percent to 40 percent. The plan will also encourage energy-efficient "green buildings."
Given China's rapid urbanization, energy-efficient buildings will have long-lasting and large cumulative effects in reducing energy use and greenhouse gas emissions, the ADB said.
Chander said the ADB chose China, one of the bank's 67 members, because the country is becoming one of the largest consumers of power in the world.
"Energy demand in China is growing rapidly to support its economic growth. This program will enhance access to domestic finance by a large number of energy end users in China for more efficient energy use in existing and new buildings," the ADB said.
Standard Chartered Bank had been selected as the partner financial institution in the program, the first commercial bank to cooperate with the ADB on its multi-project finance plan.
The bank said it launched the scheme to expand its energy-efficiency operations, which are worth at least US$1 billion a year.
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