EIB Provides US$220 Million in Funds to Mitigate Climate Change in China
2 April 2009: The European Investment Bank (EIB) is providing a total of EUR 220 million in three operations that will contribute to the mitigation of climate change, within the objectives of the China Climate Change Framework Loan (CCCFL), signed with the People's Republic of China in November 2007.
The funds will partially finance two forestation programmes: the establishment of a “bio-energy forest” through permanent tree plantation for biodiesel and edible oil production in the Jiangxi province; and the establishment of permanent plantations with an environmental focus, contributing to erosion/desertification control and carbon sequestration in the Inner-Mongolia Autonomous Region. EUR 135 million will be allocated to the construction of four wind farms located in Henan, Hainan, and Guangdong. All projects will seek registration under the Clean Development Mechanism for carbon credit generation. [EIB press release]