China, People's Republic of : Air Quality Improvement in the Greater Beijing–Tianjin–Hebei Region—Green Financing Scale up Project
The proposed project uses the financial intermediation loan modality, which is the best fit to support geographically scattered investments while maximizing ADB's loan leveraging capacity through revolving the loan fund and mobilizing domestic funds. It aims to address emerging challenges in air quality improvement and GHG emission reduction in both the greater BTH and YRD regions through energy efficiency, cleaner transport systems development, renewable energy development, and cooling systems retrofit. It also stimulates post COVID-19 recovery investment with build-back-better principles by continuously scaling up clean energy technologies and systems applications in the targeted regions, which account for around 50% of the gross domestic product in the PRC.
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China, People's Republic of
|Air Quality Improvement in the Greater Beijing–Tianjin–Hebei Region—Green Financing Scale up Project
|Country / Economy
|China, People's Republic of
|Project Type / Modality of Assistance
|Source of Funding / Amount
|OP2: Accelerating progress in gender equality
OP3: Tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability
|Sector / Subsector
Energy / Energy efficiency and conservation - Renewable energy generation - biomass and waste
Finance / Finance sector development
|Effective gender mainstreaming
|The proposed project uses the financial intermediation loan modality, which is the best fit to support geographically scattered investments while maximizing ADB's loan leveraging capacity through revolving the loan fund and mobilizing domestic funds. It aims to address emerging challenges in air quality improvement and GHG emission reduction in both the greater BTH and YRD regions through energy efficiency, cleaner transport systems development, renewable energy development, and cooling systems retrofit. It also stimulates post COVID-19 recovery investment with build-back-better principles by continuously scaling up clean energy technologies and systems applications in the targeted regions, which account for around 50% of the gross domestic product in the PRC. The project will support key strategic pillars of ADB's Strategy 2030: (i) tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability by accelerating low greenhouse gas emissions development and ensuring environmental sustainability; (ii) strengthening governance and institutional capacity by providing inclusive financial services for clean energy investment; and (iii) accelerating progress in achieving gender equality through gender mainstreaming activities.
|Project Rationale and Linkage to Country/Regional Strategy
|Asian Development Bank (ADB) and the Government of the People's Republic of China (PRC) agreed in 2015 to establish a multiyear lending program (20152020), which aims at mutually reinforcing the government actions in air pollution reduction in the greater BeijingTianjinHebei (BTH) region. Since 2015, ADB has approved around $2,000 million in loans under the multiyear lending program that have been successfully implemented so far. In 2015, ADB approved the first policy-based loan in the PRC, which focused on policy reforms and regulatory capacity strengthening in Hebei Province. In 2016, the second loan was approved to scale up investment in air pollution reduction projects in the region by enabling better access to finance, especially for small- and medium-sized enterprises (SME). In 2017, the third loan was approved to support deploying high-level technologies in major polluting entities across key sectors in the region. In 2018, the fourth loan was approved to help Shandong Province adopt more efficient and advanced technologies for heat production and refrigeration by replacing coal with cleaner sources such as natural gas, renewable energy and waste heat recovery. In 2019, the fifth loan was approved to accelerate a switch to cleaner fuel, that is from coal to natural gas and biogas for residential, commercial, and industrial use to improve air quality in Henan Province. The proposed project will be the sixth and final loan under the program.
Air quality and public health in the greater BTH and YRD regions improved
|Description of Outcome
Air pollutants and greenhouse gas emissions reduced
|Progress Toward Outcome
|As of June 2023, two clean air bond guaranty subprojects and five entrusted loan subprojects have been implemented. After completion, they are estimated to reduce 6,664.01 tons of coal consumption yearly, contributing to annual emission reduction of CO2 by 126,548.02 tons, SO2 by 7.4 tons, NOx by 116.18 tons, PM by 3.71 tons and HFC 231.14 tons.
|Description of Project Outputs
Green Financing Platform operation expanded
Credit enhancement scheme developed
Access to inclusive finance improved
|Status of Implementation Progress (Outputs, Activities, and Issues)
|AS of June 2023, seven subprojects implemented will leverage total investment of CNY2.02 billion; three chilled water storage construction subprojects have been implemented; gender training was delivered with more than 60 female managers or investors; CNY527 million of CAB issued; an online operating system for MSMEs has been developed and is operational; 54.16% of PMO staff are female investment managers; all GFP staff have participated in trainings on gender equality and financial inclusion.
|Nation-wide, Anhui, Beijing, Hebei, Henan, Inner Mongolia, Jiangsu, Liaoning, Shaanxi, Shandong, Shanghai, Tianjin, Zhejiang
|Summary of Environmental and Social Aspects
|Stakeholder Communication, Participation, and Consultation
|During Project Design
|During Project Implementation
|Responsible ADB Officer
|Responsible ADB Department
|Responsible ADB Division
|Energy Sector Office (SG-ENE)
China National Investment and Guaranty Corporation
|24 Aug 2020
|07 Sep 2020 to 11 Sep 2020
|14 Oct 2020
|03 Dec 2020
|Last Review Mission
|Last PDS Update
|28 Sep 2023
|03 Dec 2020
|18 Mar 2021
|22 Jun 2021
|30 Sep 2026
|Total (Amount in US$ million)
|Cumulative Contract Awards
|27 Nov 2023
|27 Nov 2023
|Status of Covenants
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