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2020-01-10
Recently, China CDM Fund Management Center (hereinafter referred to as “the CDM Fund”) signed Green Innovation Investment Cooperation Agreement with Chongqing Finance Bureau and 4 cooperative banks in Chongqing Municipality: Rural Commercial Bank, Chongqing Three Gorges Bank, Chongqing Bank and Industrial Bank Chongqing Sub-branch.
The CDM Fund is a policy-oriented fund established upon national approval and operated in market fund approach, with principles of supporting national efforts in combating climate change and promoting the sustainable development of the economy and society. By the end of December, 2019, the CDM Fund has implemented 305 clean concessional loan projects in 27 provinces, municipalities and districts of China, with a total loan of RMB 18.655 billion, and leveraged social capital of nearly RMB 100 billion.
The “Green Innovation Investment” is an innovation made by the CDM Fund to practice national green development strategies based on years of experience under the traditional clean development concessional loan model of the CDM Fund with provincial financial departments. It introduces financial institutions to share risks and is jointly initiated by the three parties to support local green low-carbon development, energy conservation and emission reduction, and other project-based debt investment business that is conducive to combating climate change.
By signing the Cooperation Agreement, Chongqing Finance Bureau will be responsible for organizing project application in Chongqing Municipality, carrying out carbon emission reduction budgets and other work; the CDM Fund will provide policy concessional funds; and the 4 cooperative banks will issue demand guarantee for the projects. Project enterprises in Chongqing Municipality can gain concessional loans under the business model.
The signing of the Green and Innovation Investment in Chongqing Municipality signifies that the CDM Fund, Chongqing Finance Bureau and 4 cooperative banks will continue to strengthen cooperation in the new situation to build up systems and mechanisms of energy conservation and emission reduction, green and low-carbon industry that are conducive to regional development. The relevant parties will take this as a starting point to actively respond to the call of the Party Central Committee on the construction of ecological civilization, further develop respective advantages and professional capabilities, facilitate Chongqing's industrial transformation and low-carbon development, and jointly build a green Chongqing.
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