AIIB invests $500m in Chinese air quality project
The Asian Infrastructure Investment Bank (AIIB) is investing $500 million to support China’s efforts to transition to a lower-carbon energy future.
The Beijing-Tianjin-Hebei Low Carbon Energy Transition and Air Quality Improvement Project aims to increase the availability of natural gas to help reduce coal consumption and related emissions in the region surrounding China’s capital.
The project is AIIB’s first sovereign-backed financing in China. It involves the construction of a liquefied natural gas terminal in Binhai District, Tianjin Municipality, covering LNG receiving, storage and regasification facilities and an unloading wharf.
AIIB financing will be used in the construction of LNG receiving, storage and regasification facilities. The project will be implemented by Beijing Gas Group Company Limited.
Upon completion, the project will reduce coal consumption by approximately 11.9 million tonnes per year and help improve air quality by reducing a significant amount of coal combustion-related emissions such as CO2, SO2, NOx in the Beijing-Tianjin-Hebei region.
