The EIB wants to help China solve its worsening pollution problem. (Photo : Getty Images)
The European Investment Bank (EIB) is the largest investor in environmental projects in China and it confirmed that it will provide $540 million to the country.
The Vice President of the EIB, Jonathan Taylor, will be in China for five days to have meetings with the Ministry of Finance, the People's Bank of China and the National Development and Reform Commission.
Hans-Dietmar Schweisgut, Ambassador of the European Union to China, said, "The European Investment Bank is the world's largest lender for climate-related investment and this week's visit will strengthen cooperation between China and Europe to support investment essential to cut carbon emissions and adapt to a changing climate."
He added, "China and Europe both recognize the crucial need to strengthen green finance to support global sustainable growth to better protect the environment and tackle a changing climate."
The long-term funding from the EIB will cover projects on urban transport, forestry and energy efficiency. They will also be engaged in the Silk Road initiative.
The EIB had already funded projects in China last year to build improved energy efficiency schemes in Shandong Province. The bank also implemented a large-scale biomass project in Henan Province.
Taylor said that his meetings are to discuss how financing can help China deal with its environmental problems.
He said, "This week's visit will enable me and EIB colleagues to learn how technical and financial experts and investors are successfully strengthening the Green Financial System here in China and how the EIB's unique experience can contribute to these efforts."
Taylor announced that the bank and the People's Bank of China will be conducting a workshop to discuss how the funds from the EIB can be maximized to construct mechanisms to rehabilitate China's environment.
The EIB official said that "sharing experience and best practice is essential to strengthen effective investment in clean energy."
