ADB launches energy efficiency program in China

The Asian Development Bank (ADB) has launched a US$117 million pilot program to support funding for energy-efficiency projects in China, state media reported. Under the plan, the ADB will extend partial credit guarantees for loans to build new energy-efficient buildings and to improve the energy efficiency of existing ones. Standard Chartered Bank will share project credit risks in the program, and Johnson Controls will assist in identifying buildings for energy-saving projects. Building-related energy consumption is thought to account for about 30% of China’s total energy use, though the country has a goal to boost energy efficiency in new buildings by 50% by 2010. China’s energy-saving efforts thus far have been hampered by limited lending and inexperienced technical evaluation of projects.