The Asian Development Bank, or ADB, is providing approximately 800 million yuan, or US $116.9 million, in credit that will support green building projects in the People’s Republic of China. The pilot program will see ADB and a private energy management company, as well as financial institutions, work to retrofit existing buildings to save energy. They will also work together to promote the construction of new energy efficient, or green, buildings in China.
Johnson Controls has been selected as the first partner company for energy management, while China’s Standard Chartered Bank Limited will be the first financial partner. Standard Chartered will provide financing for buyers and developers in China to purchase Johnson Controls services. Retrofitting existing buildings can typically lead to savings of 20 to 40 percent in energy use.
Robert Wihtol, Country Director of ADB, said that “Under this Program, ADB is partnering with a private sector energy management company and financial institutions to make PRC buildings energy efficient. Given the PRC’s rapid urbanization, energy efficiency in buildings will have long lasting and large cumulative impact.”
The program is part of ADB’s Energy Efficiency Initiative which aims to provide at least US$1 billion a year for funding energy efficiency and clean energy projects.
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