Today, International Finance Corporation (IFC) of World Bank Group signed a cooperation agreement on supporting emission reduction projects with Shanghai Pudong Development Bank, which will be expected to achieve emission reduction of 3.5m tons of carbon dioxide annually.
Under the agreement, IFC will provide Shanghai Pudong Development Bank RMB500m (about USD72.5m) of risk-sharing mechanisms to support the loan portfolio in energy-saving & emission reduction of China, which amounted to RMB1b (about USD145m). The loan portfolio is committed to promoting green credit, promoting the building of the sustainable development of an economical society and promoting the development of energy conservation and environmental protection, at the same time, handling the challenges of climate change.
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