China Energy Conservation Project officially launched

Nov 14, 2003 01:00 AM

The second phase of the China Energy Conservation Project was officially launched in Beijing, aimed at promoting the industrialization of energy management, a market-orientated energy-saving mechanism. The project, which started in 1997, is jointly organized and implemented by the Chinese Government, the World Bank (WB) and the Global Environment Facility (GEF).
"The project aims at improving energy efficiency, reducing greenhouse gases and other pollutant emissions through demonstration and the promotion of energy management companies (EMCs)," said Wang Shumao, executive director of the project's management office.

The second-phase project, which will run to 2010, aims to achieve an annual energy saving of more than 3 mm tons of coal and an annual reduction of carbon dioxide emissions of at least 2 mm tons. Establishment of an EMC loan guarantee programme will be one of the major tasks for the second phase of the project.
GEF grants of $ 26 mm will be used in helping newly-established EMCs to obtain commercial loans for building of energy efficiency projects. The guarantee programme will help EMCs build up sound credit records at commercial banks, which will then solve their financing problems.

By the year 2010, financing volume of the EMCs through the loan guarantee programme is expected to top 3 bn yuan ($ 362 mm). The other task is to establish an EMC association to provide training and technical support for new and potential EMCs.
Three pilot EMCs, with a total investment of 600 mm yuan ($ 72.5 mm), were established during the first-phase of the project. The three firms signed 283 energy management contracts and realized 820 mm yuan ($ 99 mm) in benefits.

Source: China Daily
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