CPEC projects attracting green investment: Report

Islamabad, Nov 3 (Gwadar Pro) – Last week, the International Institute of Green Finance (IIGF) of China Central University of Finance and Economics (CUFE) released BRI climate finance report which emphatically analyzes several cases of CPEC projects.

According to the report, to help the countries along BRI enhance their capacity of mitigating and adapting to climate change, China has carried out climate projects. By the end of 2019, China had participated in more than 160 climate projects in countries along BRI, involving wind power, solar power, hydropower, biomass power, geothermal and other types of projects.

Among them, several projects in Pakistan are mentioned, such as 900 MW Photovoltaic Power Plant (on Ground) in Punjab Province, Dawood Wind Power Project, 30MW PV Plant, N-J Hydropower Station, Karot Hydropower Station.

Of the 50 projects listed in the report, 9 are CPEC projects. Liu Huixin, the Research fellow, added that BRI is very concerned about Pakistan’s climate and environment. China has invested in renewable energy projects to ease local energy shortage while also protecting sustainable development.

The report also mentioned the challenges which Chinese investors are facing. The main problems encountered by climate change projects in this region include the coordination between the investing enterprises and the BRI countries, the market competition for the projects, as well as the risk assessment system and financing methods for project investment.

Professor Wang Yao, the dean of IIGF, said that including Pakistan, China’s climate investment and financing in the countries along BRI has achieved many fruits. Meanwhile, there are many cases that have been successfully implemented, which contribute to the local economy, society, environment, and climate change response.

“In the future, China will establish standards for climate investment and financing to guide more projects under BRI, increase investment in renewable energy projects, gradually abandon investment in fossil energy, and promote low-carbon transformation of local industries,” Wang said.