The Asian Development Bank (ADB) and the Ministry of Finance of the People’s Republic of China (PRC) have signed seven loan agreements from 2023 totaling $1.43 billion. The loan signings will support climate action in the PRC through projects that strengthen institutions for climate adaptation and mitigation; advance low-carbon agriculture and rural development, wetlands and biodiversity preservation, and ecocompensation development across the country’s largest river belts; and support green infrastructure development, including sustainable transportation, renewable energy systems, and energy-efficient buildings.
“We are pleased to move forward with these critical projects in the PRC, centered on promoting high quality green growth with a focus on climate adaptation and mitigation, and environmental conservation,” said ADB Country Director for the PRC Safdar Parvez. “Our committed sovereign lending projects from 2023 all have strong climate components. We anticipate their design and impact will be replicable across the PRC and other ADB developing member countries.”
Between 2021-2025, ADB and the PRC are together exploring new and innovative financing modalities and interventions to boost sustainable development in the PRC and promote regional cooperation, including through green and blue financing, green recovery, ecosystem resilience, and regional health security programs. A recent example of the PRC’s active participation in regional initiatives is the Regional Flyway Initiative, which aims to manage the most important wetland sites across Asia and the Pacific.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
