Chongqing's climate financing platform drives sustainable growth

As of June 3, the Chongqing climate financing and investment platform, constructed by Liangjiang New Area, has registered 14,895 enterprises and selected 482 projects for inclusion in its project library, with an intended financing amount of 380.87 billion yuan ($53.7 billion).

Climate financing and investment efforts are intended to help mitigate climate change and are a crucial tool for promoting green, low-carbon, and high-quality development, as well as ensuring the funds needed to achieve peak carbon emissions and carbon neutrality.

The financing rates for climate investment projects are significantly lower than market levels, thereby reducing the financing costs for enterprises. The Chongqing climate financing and investment platform is the first climate financing platform in China to be regulated by environmental protection authorities.

Take, for example, the first climate financing loan project in Chongqing – the second phase of the Huaneng Liangjiang gas turbine project. It will be the largest natural gas clean energy power plant in Southwest China, reducing standard coal consumption by approximately 1.3 million metric tons and carbon dioxide emissions by over 2 million tons annually.

In September 2022, after the launch of the national pilot project for climate financing and investment in Liangjiang, the second phase of the Huaneng Liangjiang gas turbine project received a 300-million-yuan low-interest loan from the Bank of China.