| Project Detail |
Project Name Canvest Waste Management Project Project Number 54452-001 Borrower / Company Canvest Environmental Protection Group Company Limited The project is a corporate finance loan of up to $50 million equivalent in CNY to Canvest Environmental Protection Group Company Limited (Canvest), to support the development, construction, and operation of waste-to-energy and at least one and municipal solid waste management subprojects in the PRC under an integrated approach. Objectives and Scope The project will comprise of (i) one WTE subproject in Zhongkai Zone, Huizhou City, Guangdong Province (Zhongkai WTE); (ii) one MSW management subproject in Quyang County, Baoding City, Hebei Province (Quyang MSW); and (iii) additional MSW management subproject/s that meet defined environmental, social, development, and financial criteria. Linkage to Country/Regional Strategy The project supports the following operational priorities of ADBs Strategy 2030: (i) operational priority 2 (accelerating progress in gender equality); (ii) operational priority 3 (tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability); and (iii) operational priority 4 (making cities more livable). It is fully aligned with the ADBs country partnership strategy for the PRC (2021-2025) and its pillars 1 and 2 (environment and climate change) as it supports high quality infrastructure and green development with a cross cutting approach on the inter-related strategic priorities of environmentally sustainable development, climate change adaptation and mitigation, and health security. The project is aligned with ADBs Energy Policy which prioritizes energy efficiency and renewable energy development, which will (i) ease growth in fossil fuel demand, (ii) improve energy security, and (iii) reduce greenhouse gas emissions. By replacing electricity otherwise generated by coal-fired plants and through avoidance of methane, the project will contribute towards the PRCs national target of carbon-peaking before 2030 and carbon neutrality by 2060 and increasing the share of non-fossil fuels in primary energy consumption to 25% by 2030, from 11.2% in 2014 under the United Nations Framework Convention on Climate Change. Further, it contributes to the PRCs 14th Five-Year Plan which aims to provide high quality development and includes MSW management and circular economy as an important objective. |
