In January, the Asian Development Bank (ADB) signed a USD 75 million loan with Everbright Financial Leasing to add more low-emission buses on city roads in China. The funds are part of the USD 275 million Clean Bus Leasing program approved by ADB’s board in 2013.
The project aims to improve quality of life for commuters, reduce air pollution, and lower carbon emissions. “The Clean Bus Leasing program is proof that the private sector has a critical role to play in environmentally sustainable transport solutions in China,” said Michael Barrow, Director General of ADB’s Private Sector Operations Department.
The project will finance leased buses that run on cleaner fuels like compressed natural gas and liquefied natural gas, as well as electric and hybrid buses. The project aims to put 5,000 clean buses on the roads by 2018, helping China avoid 1.31 million tons per year in greenhouse gas emissions. This program is ADB’s first non-sovereign loan program to support sustainable transport in China. Further information is available here.