New Delhi: The Asian Development Bank (ADB) approved a $200 million loan to support the development of a green and low-carbon urban district in Chongqing, China. The loan will help finance the Chongqing Gaoxin District Green and Low-Carbon Urban Development Program, which aims to build a sustainable and climate-resilient city, an SDB press release stated.
The program will support a range of green infrastructure projects, including improved wastewater management, green buildings, and renewable energy-powered district heating and cooling. It will also develop a green eco-district and implement nature-based solutions, such as enhanced flood mitigation capacity and urban green spaces.
ADB Country Director for the PRC Safdar Parvez said, “Chongqing has ambitious climate change targets, as well as a strong commitment to evolving Chongqing Gaoxin District into a low-carbon, nature-based, and climate-resilient city. But a holistic and integrated approach is critical to long-term success. This results-based lending program will foster collaboration among stakeholders and benefit almost a million residents.”
ADB’s $124 million climate finance for the program includes $72.75 million for mitigation and $51.25 million for adaptation, the release revealed. The total program cost is $841.9 million equivalent, and it is expected to be completed in 2030.