Shanghai Pudong Development Bank Joins IFC Program to Fund Energy Efficiency Projects in China, Helping Reduce Greenhouse Gas Emissions
IFC, a member of the World Bank Group, and Shanghai Pudong Development Bank, one of China’s leading national joint stock banks, today signed an agreement to collaborate to support energy-saving projects that will help reduce 3.5 million tons of carbon dioxide emissions in China annually, the equivalent of taking 250,000 cars off the country’s roads each year.
The risk-sharing agreement falls under the second phase of IFC’s China Utility-based Energy Efficiency Finance program. Under the agreement, IFC will provide the Shanghai Pudong Development Bank with a risk-sharing facility of 500 million Chinese renminbi ($72.5 million) that will enable the bank to fund energy-efficiency projects across the country totaling up to 1 billion renminbi ($145 million).
Xie Wei, Deputy General Manager of Corporate and Investment Bank Department of SPD Bank, said, “As a publicly listed company that actively advocates corporate social responsibility, SPD Bank is committed to promoting green financing to help build a sustainable and resource-conservation society. We look forward to developing a strong partnership with IFC, so that we can jointly contribute to China’s energy efficiency and environmental protection causes.”
Mike Ipson, IFC Country Manager for China and Mongolia, noted, “Addressing climate change challenges is an IFC priority. Partnering with committed local institutions like SPD Bank and providing training, advisory services, and financing enables us to extend our reach and create lasting impacts. Our model proves that there are considerable business opportunities in energy-efficiency financing across various sectors and industries in China.”
SPD Bank is the third Chinese commercial bank to participate in the CHUEE Program, along with Industrial Bank and Bank of Beijing.
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