CDB issued loans of 100 billion yuan in Q1 to support green and low-carbon energy transition

Since this year, China Development Bank (CDB) has been focusing on its mandate as a development finance institution, giving full play to its role in providing medium to long-term investment and financing. It granted loans of 109 billion yuan to the energy sector in the first quarter of this year, giving priority to supporting the development of nuclear power, wind power, and photovoltaic power, as well as the transformation of coal and other traditional energy into clean and low-carbon energy, making positive contributions to enhancing China’s energy structure, and achieving carbon peaking and carbon neutrality goals in an orderly manner.

In the clean energy sector, CDB focused on promoting the construction of large wind power and photovoltaic power generation bases, as well as the green and low-carbon projects in priority areas such as pumped storage, hydropower and nuclear power. In the first quarter, the Bank issued 76.5 billion yuan of loans to the clean energy industry, an increase of 48.8 billion yuan over the previous year. It supported the construction of a number of key projects, such as the million-kilowatt-class wind power base in Shangdu, Inner Mongolia, the photovoltaic base in the mining subsidence area of Baotou, and the pumped storage power station (Phase II) in Fengning. At the same time, it has actively applied for the special sub-loans from the People’s Bank of China for clean and efficient utilization of coal, to support safe, efficient, green and intelligent mining of coal, clean and efficient utilization of coal power, clean heating for industry and civil use, and comprehensive utilization of coal resources, helping improve the level of clean and efficient utilization of coal.

According to the officials from CDB, in the next step, the Bank will further implement the spirit of the Central Economic Work Conference and the requirements of the Government Work Report, enhance establish the new before abolishing the old based on our resource endowment, increase the supply of green finance, actively support the development of clean energy and the clean and efficient utilization of coal, so as to make new contributions to realizing the carbon peaking and carbon neutrality goals.