Beijing, December 11, 2017
AIIB Invests to Reduce Coal Use and Improve Air Quality in Beijing
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a US$250-million loan for a project that will reduce China’s coal use by about 650,000 tons annually through connecting about 216,750 households in approximately 510 rural villages to the natural gas distribution network.
Upon completion and after subtracting the emissions of burning natural gas, the Beijing Air Quality Improvement and Coal Replacement Project is expected to reduce annual carbon dioxide emissions by 595,700 tons; particulate matter by 3,700 tons; sulfur dioxide by 1,488 tons and nitrogen oxide by 4,442 tons.
"China’s commitment to reducing its reliance on coal will change lives and improve the environment, and that is why we are investing in a project aligned with their ambitious plan," AIIB President Jin Liqun. "With our unwavering commitment to helping members meet their environmental and development goals, especially their commitments under the Paris Agreement, it is only fitting that our first investment in China will introduce sustainable infrastructure that will reduce greenhouse gas emissions and help vitalize one of the most important economic hubs in Asia."
The investment in the project represents AIIB’s first corporate loan. The project, undertaken by the Beijing Gas Group Company, will involve the construction of natural gas distribution networks in villages and low-pressure gas pipelines and household connections. Gas consumption meters will also be installed. The project is scheduled for completion in 2021.
"Enabling parts of rural China to transition off coal will have a marked impact on the quality of life for Beijing’s residents," said AIIB Vice President and Chief Investment Officer D.J. Pandian. "This investment demonstrates our commitment to helping members transition to cleaner sources of energy and our focus on enhancing the economic and social viability of Asia."
The coal-to-gas conversion will make rural households less reliant on coal for cooking and heating, improving indoor and outdoor air quality and lessening the risk of respiratory, cardiovascular and ischemic heart diseases in impacted regions, including Beijing. Children, women, the sick and the elderly stand to benefit primarily as they are the most vulnerable to these risks.
Public consultations and information disclosure were carried out during project preparation phase. AIIB’s environmental and social due diligence—including site visits—indicated that there will be no land acquisition or population displacement in the project areas. The environmental and social management plan has been disclosed on the Beijing Gas website and on AIIB’s website.
Beijing, December 19, 2017
AIIB Approves Membership of Cook Islands, Vanuatu, Belarus and Ecuador
The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has adopted resolutions approving four applicants to join the Bank, bringing AIIB’s total approved membership to 84. This round of approved applicants includes two regional and two nonregional prospective members.READ MORE
Beijing, December 16, 2017
UK Government Pledges US$50 million to AIIB Project Preparation Special Fund
Asian Infrastructure Investment Bank (AIIB) President Jin Liqun and United Kingdom (UK) Chancellor of the Exchequer Rt Hon Philip Hammond have signed an agreement for the UK to contribute US$50 million to AIIB’s Project Preparation Special Fund which provides grant support primarily to low income developing member countries to prepare high quality projects.READ MORE
Beijing, December 12, 2017
Together Major Development Finance Institutions Align Financial Flows with the Paris Agreement
The global development agenda is being transformed in fundamental ways. The Sustainable Development Goals (SDGs), agreed upon by the international community, constitute a universal compass, highlighting the need for systemic and collective action for sustainable, equitable and inclusive development for everyone on this planet. The imperative for mobilizing and shifting financial flows, public and private, towards sustainable development was highlighted by the 2015 Addis-Ababa Financing for Development Conference. The Paris Agreement reached at COP21 recognized that all countries and stakeholders must act to combat climate change. Since the Agreement’s entry into force in 2016, the momentum for climate action has become irreversible.READ MORE