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ADB aids Pudong Development Bank in 'green' loans
By Zhang Fengming |
May 16, 2011, Monday
|
Online Edition
Online Edition
THE Asian Development Bank agreed today to offer 300 million yuan (US$46 million) in partial credit guarantees to Shanghai Pudong Development Bank to lubricate lending to private-sector energy efficient buildings in China.
The Shanghai-based joint stock bank is the first Chinese bank in the ADB initiated program to encourage loans to companies seeking to retrofit old buildings or construct energy-efficient, green buildings in China.
ADB is partnering with Johnson Controls, a New York Stock Exchange-listed energy solution company, which identifies buildings with energy savings potential and recommends clients to go to Pudong Development Bank for lending.
A retrofitted building can save energy by 20 percent to 40 percent. But property owners hoping to go greener find it difficult to obtain loans from banks due to their limited collaterals on the issue. While banks lack the expertise to identify such companies and control related risks. The Asian Development Bank, a policy bank in Asia, can act as the bridge and guarantor for green loans.
"By sharing credit risk 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 of 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."
China is aiming to go greener while it is building up its economic clout with its rapid economic expansion.
In China's 12th Five-Year Plan, China pledged to cut its greenhouse emission per unit of gross domestic product by 17 percent, boost the non-fossil energy's contribution to 11.4 percent by 2015 from 2010's 8.3 percent, and cut its energy consumption per unit of GDP by 16 percent.
Shanghai-listed Pudong Development Bank is eying to become China's first low-carbon bank and has extended more than 100 billion green loans to energy saving or low-emission projects in recent three years.
The Shanghai-based joint stock bank is the first Chinese bank in the ADB initiated program to encourage loans to companies seeking to retrofit old buildings or construct energy-efficient, green buildings in China.
ADB is partnering with Johnson Controls, a New York Stock Exchange-listed energy solution company, which identifies buildings with energy savings potential and recommends clients to go to Pudong Development Bank for lending.
A retrofitted building can save energy by 20 percent to 40 percent. But property owners hoping to go greener find it difficult to obtain loans from banks due to their limited collaterals on the issue. While banks lack the expertise to identify such companies and control related risks. The Asian Development Bank, a policy bank in Asia, can act as the bridge and guarantor for green loans.
"By sharing credit risk 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 of 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."
China is aiming to go greener while it is building up its economic clout with its rapid economic expansion.
In China's 12th Five-Year Plan, China pledged to cut its greenhouse emission per unit of gross domestic product by 17 percent, boost the non-fossil energy's contribution to 11.4 percent by 2015 from 2010's 8.3 percent, and cut its energy consumption per unit of GDP by 16 percent.
Shanghai-listed Pudong Development Bank is eying to become China's first low-carbon bank and has extended more than 100 billion green loans to energy saving or low-emission projects in recent three years.
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