ADB offers loans to help green efforts
By Zhang Fengming |
May 17, 2011, Tuesday
|
Print Edition
Print Edition
The Asian Development Bank agreed to offer 300 million yuan (US$46 million) in partial credit guarantees to Shanghai Pudong Development Bank yesterday to facilitate lending for private-sector energy efficient building projects in China.
The Shanghai-based joint stock bank is the first Chinese bank in an ADB initiated program to encourage loans to companies seeking to retrofit old buildings or construct new energy saving "green" buildings in China.
ADB is partnering Johnson Controls, a New York Stock Exchange-listed energy solution company, which identifies buildings with energy saving potential and recommends clients to Pudong Development Bank for loans.
Retrofitting buildings typically leads to energy savings of 20 percent to 40 percent. But companies intending to go greener find it difficult to obtain loans from banks due to their limited collateral. On the other hand, banks lack the expertise to identify such companies. The Asian Development Bank, a policy bank in Asia, is the bridge and guarantor for the green loans.
"By sharing credit risks with our partner bank, we aim to ease the financing bottleneck and expand critical private sector investment in energy-saving green buildings," said Hisaka Kimura, senior investment specialist in ADB's Private Sector Operations Department.
"Doing that will have a long-lasting and cumulative effect on China's bid to slash greenhouse gas emissions," Kimura said.
The Shanghai-based joint stock bank is the first Chinese bank in an ADB initiated program to encourage loans to companies seeking to retrofit old buildings or construct new energy saving "green" buildings in China.
ADB is partnering Johnson Controls, a New York Stock Exchange-listed energy solution company, which identifies buildings with energy saving potential and recommends clients to Pudong Development Bank for loans.
Retrofitting buildings typically leads to energy savings of 20 percent to 40 percent. But companies intending to go greener find it difficult to obtain loans from banks due to their limited collateral. On the other hand, banks lack the expertise to identify such companies. The Asian Development Bank, a policy bank in Asia, is the bridge and guarantor for the green loans.
"By sharing credit risks with our partner bank, we aim to ease the financing bottleneck and expand critical private sector investment in energy-saving green buildings," said Hisaka Kimura, senior investment specialist in ADB's Private Sector Operations Department.
"Doing that will have a long-lasting and cumulative effect on China's bid to slash greenhouse gas emissions," Kimura said.
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