ADB Grants $506M Loan to China to Combat Air Pollution
By Mei Manuel, December 15, 2017 05:12 AM
On Thursday, the Asian Development Bank announced that they have approved a third loan worth $506 million to help China improve the air quality in the regions of Beijing-Tianjin-Hebei.
The loan aims to encourage these regions to support large-scale adoption of advanced technologies by major emitting industries from transportation to power generation.
The country has already received two loans in 2015 and 2016 which amounted to $800 million in total and were used to strengthen policy reforms and regulatory capacity in Hebei. The money was also used to assist small and medium firms to increase investments in pollution-reduction projects.
Heibei province is currently the home of six of China's smoggiest cities for the year and the main focus of the country's fight against air pollution.
The country aims to cut down concentrations of hazardous airborne particles or PM2.5 by 25% by the end of 2017. However, despite efforts to cut down emissions, some areas in the province had reported increases in PM2.5 levels such as in the case of Handan City. The city reported an average increase of 8.8% in October and November for the PM2.5 levels.
In a statement regarding the loan approval, Lin Lu, senior energy specialist at ADB's East Asia Department, said "We remain committed to helping the Chinese government improve air quality and reduce pollution in the greater Beijing-Tianjin-Hebei region, where a third of the country's economic growth comes from."
It is expected that the loan would be able to bring in 1.3 billion euros of co-financing from both public and private sectors to assist in the campaign against air pollution.
More from CCD
Another move by the Chinese government on religion is yet again reported in the news this week.
Despite the efforts to clean the smog in China, a study reveals it has already a lasting impact in China.
On March 29, 2018, Rev. Johan Tidemann Johansen from the Lutheran Free Church of Norway was awarded with the title of honorary citizen of Ankang, Shaanxi.
One of the most notable South Korean citizens once kidnapped by North Korea passed away.
Is this true or hoax?
Bishop John Chew Hiang Chea, the retired 8th archbishop of Singaporean Anglican Diocese, spoke at the session of "Religious Leaders Dialogue" during the "Asian Davos" on behalf of Christianity.
Learn why this heiress become violent and what was done after her spiel.
A number of negative comments has been poured at Sina Weibo for controversial gay content ban.
A Chinese man was apprehended after he was identified by the CCTV.
Did Sailors at the US Naval Base in Okinawa Try to Convert Japanese Military Families to Christianity?
How can this Bible dispute trigger a controversy in the US Navy?