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BIZCHINA / Overseas Investment |
IFC to step up green driveBy Xin Zhiming (China Daily)
Updated: 2007-10-24 10:47 The International Finance Corporation is planning to partner more Chinese financial institutions to promote energy-efficient schemes in the country. The IFC is the private sector arm of The World Bank Group, which is coordinating 30 projects nationwide between the Industrial Bank and Chinese enterprises that are both commercially viable and environmentally friendly. The bank extends loans to those firms for their expansion. "These projects can reduce 6 million tons of carbon dioxide emission, and we have signed an agreement with the Bank of Beijing for more such projects," said Calvin Xu, program manager of China Utility-based Energy Efficiency of the IFC. Xu said the Industrial Bank, based in East China's Fujian Province, has extended 420 million yuan of loans to enterprises engaged in energy efficiency programs. They come from such sectors as cement, power and steel - all heavy energy consumers. An example of enterprises that have benefited from the IFC program and in return contributed to a cleaner environment is Deqingyuan, a Beijing-based egg producer. Started in 2000 with meager funding of 500,000 yuan, the company supplies 70 percent of organic eggs in Beijing. "In terms of commercial and social responsibility, Deqingyuan is really a model," said Michael Ipson, IFC country manager of China and Mongolia. |
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