EIB lends EUR 500m for climate change mitigation projects in China
(ADPnews) - Dec 6, 2010 - The European Investment Bank (EIB) said on Friday it had granted a EUR 500 million (USD 669m) loan to China for projects supporting climate change mitigation.
The proposed Climate Change Framework Loan II (CCCFL II) will be a multi-investment scheme under which the bank could support several individual climate change mitigating projects contributing to the avoidance or reduction of greenhouse gas emissions. Projects will be selected in particular on the criteria that they will be making more and better use of renewable energy sources and enhancing energy efficiency. Some schemes may have the possibility of generating carbon credits.
“It is estimated that up to three million tonnes of CO2 will be saved every year with its first Climate Change Framework Loan, and we are looking forward to achieving the same performance with this second framework loan,” EIB vice president, Magdalena Alvarez Arza, said.
The loan is provided under the EUR 3 billion Energy Sustainability and Security of Supply Facility.