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Home›Wind Farm Loans›PBOC Provides Cheaper Financing to Banks Lending to Green Businesses

PBOC Provides Cheaper Financing to Banks Lending to Green Businesses

By Marquerite Oaks
January 1, 2023
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HUAINAN, CHINA – JUNE 12: Chinese workers prepare panels that will be part of a large floating solar farm project being built by the Sungrow Power Supply Company on a lake caused by a collapsed and flooded coal mine on June 12, 2017 in Huainan, Anhui province, China. The floating solar field, billed as the largest in the world, is built over part of the collapsed Panji No.1 Coal Mine which was inundated more than ten years ago due to over-mining, a common occurrence in the world. Chinese coal core deep-well mining. When completed, the solar park will consist of more than 166,000 solar panels that convert sunlight into energy, and the site could potentially produce enough energy to power a city in Anhui Province, considered to be the one of the country’s coal centers. Local officials say they are planning more projects like this, marking a significant change in an area where long-term intensive coal mining has led to large areas of subsidence and environmental degradation. . However, the energy transition has its challenges, mainly competitive pressure from the well-established coal industry which has sometimes resulted in delays in connecting solar projects to the public grid. The Chinese government has announced it will spend more than US $ 360 billion on clean energy projects by 2020 to help lift the country out of fossil fuel dependence, and earlier this year Beijing canceled plans to build more than 100 coal-fired power plants in an effort to mitigate overcapacity and limit carbon emissions. China is already the largest producer of solar energy, but it also remains the largest emitter of greenhouse gases on the planet and accounts for about half of total global coal consumption. (Photo by Kevin Frayer / Getty Images), Photographer: Kevin Frayer / Getty Images AsiaPac

(Bloomberg) – China’s central bank will offer cheap finance to banks that lend to companies working towards the national goal of reducing carbon emissions.

The People’s Bank of China will lend money to financial institutions to help them provide loans to companies working on China’s energy transition, according to a statement released Monday evening. The central bank will lend 60% of the required funds at an interest rate of 1.75%, and the banks can then use the money to grant loans at a higher rate around the prime rate level of the loan.

The funding will support companies in the clean, energy efficient and environmentally friendly energy sectors, as well as those with carbon reduction technologies. This includes wind and solar power, high efficiency energy storage and clean energy transmission, and is particularly intended to support start-up companies where there is high potential for reducing emissions with appropriate funding.

While the funds may be offered at the discretion of the banks, the central bank will require public disclosure of loan use and quantification of emissions reduced through the financing.

China’s central bank has sought to help President Xi Jinping’s pledge to make China carbon neutral by 2060 after peaking in emissions in 2030. The tool also comes as part of a will fine-tune policies in the face of slowing economic growth, while the recent electricity crisis has highlighted the important role that fossil fuels still play in China’s economy.

© 2021 Bloomberg LP

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