World Bank lends $441 mn to ChinaMay 28th, 2008 - 5:25 pm ICT by admin
Beijing, May 28 (Xinhua) The World Bank (WB) Wednesday approved a $441 million loan to China for improving energy efficiency and reducing emissions from power plants in the country. “Improving energy efficiency is a priority area for the World Bank’s work in China,” said David Dollar, the bank’s country director.
An energy efficiency project, co-financed by the World Bank and Global Environment Facility (GEF), would get $200 million.
A fuel gas de-sulfurisation project in Shandong province would get $50 million, while an infrastructure project to build heating systems and reclaim waste heat from power generation and steel production, would get $191 million.
The money would enable China’s commercial banks, such as the Export-Import Bank of China and Huaxia Bank, to offer loans ranging from $5 million to $10 million for energy conservation projects, mainly in heavy industries, the bank said.
The de-sulfurisation project would see the installation of gas de-sulfurisation and sulphur dioxide control facilities in four coal-fired power plants in Shandong, one of China’s top provincial coal consumers.
The project would also help local regulatory authorities to monitor and enforce their sulphur dioxide emission control targets, the lender said.
As the world’s second-largest energy user, China has set a target of a 20 percent reduction in energy intensity from 2006 to 2010, to improve its energy efficiency. However, its energy intensity fell just 1.23 percent in 2006 and 3.27 percent in 2007, well below the annual target.
Tags: bank of china, coal consumers, coal fired power, coal fired power plants, commercial banks, david dollar, energy conservation projects, energy efficiency project, energy intensity, energy user, export import bank, export import bank of china, global environment facility, huaxia bank, improving energy efficiency, infrastructure project, priority area, shandong province, sulphur dioxide, work in china