2024-01-04 03:33:41
The Asian Development Bank (ADB) and the Ministry of Finance of the People’s Republic of China (PRC) have subscribed seven loan agreements starting in 2023, totaling $1.43 billion.
These loans will support climate action in China, focusing on strengthening institutions for climate change adaptation and mitigation, fostering low-carbon agriculture and rural development, preserving wetlands and biodiversity, and developing eco-offsetting across the largest river belts. from the country.
Additionally, they will support the development of green infrastructure, including sustainable transportation, renewable energy systems and energy-efficient buildings.
Safdar Parvez, ADB’s China Director, expressed his satisfaction in moving forward with these critical projects, underscoring the commitment to promoting high-quality green growth and addressing climate change adaptation and mitigation, as well as environmental conservation.
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Parvez highlighted that all sovereign lending projects committed from 2023 onwards incorporate strong climate components, anticipating their replicable design and impact across China and other ADB developing member countries.
In the period 2021-2025, ADB and China are exploring innovative financing modalities and interventions to drive sustainable development and foster regional cooperation. This includes green and blue financing, green recovery, ecosystem resilience and regional health security programs. China’s active participation in regional initiatives, such as the Regional Flyway Initiative, which manages key Asia-Pacific wetlands, highlights joint commitment to sustainability and regional cooperation.
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