European bank backs Chinese climate projects

The European Investment Bank has a greed a €300 million finance scheme of green projects in China. Photo credit – Pixabay

European bank backs Chinese climate projects

A finance initiative has been agreed between the European Investment Bank and the Export-Import Bank of China.

The partnership will see an initial investment of €300 million in environmental projects in China.

This could be followed by further loans of as much as €1 billion.

The projects to be created under the initiative include environmentally friendly power generation, transport projects and water infrastructure.

Areas including Beijing and Hebei are set to benefit from the partnership in the first instance.

The news comes just a day after we published an opinion piece, arguing that other countries need to follow China’s lead when it comes to environmental policy.

President Xi Jinping’s ‘beautiful China’ initiative banned the import of many types of waste into the country.

As China transitions into becoming one of the leading green economies in the world, clearly it’s not so attractive to process waste on behalf of other countries.

That’s because, whilst recycling is in itself a desirable goal, the processes involved can actually create quite a lot of pollution.

Once the new rules came into effect, reports began emerging about ‘waste mountains’ in countries such as the UK, which had previously exported a large proportion of their ‘recycling’ to China.

This should have been the catalyst for such countries to embark on their own green policies when it comes to recycling. Exporting a problem overseas isn’t a solution – it simply makes it someone else’s problem.

Unfortunately, the latest news suggests that waste exporters are looking for other countries in which to legally dump their waste, rather than genuine domestic solutions.

This latest partnership between China and Europe on green finance could not have come at a more relevant time.

Rupert Reid

Pilot and Senior Broadcast Journalist at Panda Radio. You can find him on Twitter @rupertreid