<\/p>\n
It is the first South-east Asian bank to tap the People\u2019s Bank of China\u2019s carbon emission reduction facility programme.<\/p>\n
DBS in a tie-up with Envision Energy announced a 500 million yuan (US $70.5 million) green loan facility for the wind turbine provider to develop a 100-megawatt wind turbine farm in Henan province, in north-eastern China.<\/p>\n
When completed, the project is expected to generate about 270 gigawatt hours of renewable energy. This can power 90,000 households and reduce annual carbon emissions by 212,600 tonnes.<\/p>\n
The loan will be issued under the People\u2019s Bank of China\u2019s (PBOC) carbon emission reduction facility, and is the first transaction in this programme by a South-east Asian bank.<\/p>\n
The programme enables participating banks to offer low-cost loans to fund sustainable development projects in China across sectors such as clean energy, environmental protection and carbon emission reduction technologies, among others.<\/p>\n
As at end-June this year, participating banks have extended over 547 billion yuan in loans.<\/p>\n
Kelvin Wong, head of energy, renewables and infrastructure, at DBS\u2019 institutional banking group, noted that the energy sector accounted for almost 90 per cent of China\u2019s greenhouse gas emissions.<\/p>\n
The programme could reduce the cost of capital for green projects amid the country\u2019s goal to achieve carbon neutrality by 2060, Wong added.<\/p>\n
\u201cThis will help Envision Energy expand clean energy capacity, reduce carbon emissions, and contribute to the achievement of the \u2018dual-carbon\u2019 goals,\u201d DBS China chief executive Ginger Cheng said of the latest green facility loan.<\/p>\n
DBS China served as the sole green finance adviser for this loan to ensure compliance with the China-European Union Common Ground Taxonomy.<\/p>\n
As at end-2023, its green financing portfolio had grown 62 per cent year on year.<\/p>\n
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