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7 March 2006 - Finland's Ministry of Trade and Industry today signed an agreement to provide $3m to the China Utility-Based Energy Efficiency Finance Program, managed by the International Finance Corporation.
The project is expected to have a significant environmental impact by reducing pollution and greenhouse gas (GHG) emissions. The project is also supported by a $16.5m grant from the Global Environment Fund.
The goal of the program is to reduce GHG emissions in the delivery of energy services within China. It will support over $150m in energy efficiency projects and equipment investments, which are expected to achieve GHG reductions of about 5 to 10 million tons of CO2.
Typical equipment includes gas boilers for industrial processing and building heating applications, heat distribution systems, co- and tri-generation systems, industrial heat recovery, heating and cooling systems, automation and control systems, efficient motors and pumps, capacitors, and frequency invertors. The program provides both technical assistance - such as engineering and marketing expertise - and project or equipment loans through local commercial banks.
"The China Utility-Based Energy Efficiency Finance Program provides a great
opportunity to develop market-based solutions to address China's significant environmental problems," said Karin Finkelston, IFC's associate director for East Asia and the Pacific. "In addition, by developing this technical assistance programme in partnership with Finland, we hope to create a win-win situation where China benefits from Finnish expertise in energy efficiency technology and where Finnish companies develop greater access to the Chinese market."
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