Chinese financial institutions provided at least $1 billion

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  • 19 Aug 2019 12:00 AM
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China Provides $1 Billion in ‘green’ Finance to Coal Projects in First Half of the Year

Chinese financial institutions provided at least $1 billion in “green” financing to coal-related projects in the first half of 2019, a review of financial data has revealed. According to Shanghai-based financial data provider Wind, 7.4 billion yuan ($1.1 billion) in green corporate and financial bonds were issued by 13 coal projects. They involved power plants fuelled by coal or coalbed methane projects. Cutting coal and encouraging green energy is a major part of China’s efforts to reduce smog and greenhouse gases. The share of coal in the country’s total energy mix fell to 59 percent last year and it aims to reduce that to 50 percent by 2030, but overall capacity is still growing even as it falls as a share of the total. Last year, more than a quarter of the green bonds issued in China failed to meet international criteria, according to the Climate Bonds Initiative (CBI), a non-profit group that promotes green bond standards.

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