China Development Bank has recently formulated the Work Plan to Support the Energy Sector’s Efforts in Peaking Carbon Dioxide Emissions and Achieving Carbon Neutrality, which promises to grant a special loan of 500 billion yuan (RMB equivalent in the case of foreign exchange) to the energy sector during the 14th Five-Year Plan period, in which 100 billion yuan is earmarked for 2021 to help build a clean, low-carbon, safe, and efficient energy system.
It is reported that this special loan will be mainly used to support hydropower in the main river basins, coastal nuclear power, affordable wind power and PV power generation, offshore wind power, integrated energy bases of "wind, solar, water and thermal storage," cross-regional power transmission channels, pumped storage, energy storage and hydrogen energy pilot demonstration projects, natural gas production supply and storage marketing system building , coal-bed methane extraction and utilization, etc. China Development Bank will establish a green channel to provide differentiated credit policy support for related projects.
The energy sector is supposed to be a key leverage and a pioneer in peaking carbon dioxide emissions and achieving carbon neutrality. China Development Bank will take the initiative in the energy sector by deepening bank-government cooperation, strengthening top-level design, vigorously supporting the development of low-carbon clean energy, serving the transformation and upgrading of carbon-related energy industries, exploring and promoting the development of carbon sink economy, and strengthening international cooperation on green financing. Based on solid risk prevention and control, China Development Bank will give full play to its advantages in finance innovation, better innovate and design financing models on account of the carbon asset value, promote the establishment of a carbon financial system, and enhance its strategic service capability so as to peak carbon dioxide emissions and achieve carbon neutrality.
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