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The Asian Infrastructure Investment Bank signed its first project in China on Monday, promoting the construction of Beijing’s natural gas transmission pipeline network and help bring back the “Beijing Blue” — a clear sky free of pollution, Yicai.com reported.
Jin Liqun, director of the AIIB, said that coping with climate change is the common responsibility of the entire international community, including multilateral development banks. By investing in clean energy, the AIIB hopes to do its part in helping staunch global warming.
In December last year, the AIIB approved a loan of US$250 million for the project, which will cover approximately 510 villages in Beijing and connect about 216,750 households.
The project will be executed by Beijing Gas Group Co. Ltd., and expected to be completed in 2021.
After the network is put into use, it is expected to reduce the use of 650,000 tons of standard coal per year in the city and decrease carbon dioxide emissions by 595,700 tonnes.