ADB grants $300M to transform a Chinese coal city. The project, aiming for completion by 2030, seeks to catalyze green innovation and urban improvement.
In a move to foster environmental sustainability, the Asian Development Bank (ADB) has sanctioned a $300 million loan to the city of Changzhi, located in China's prominent coal-producing province, Shanxi. This initiative is part of a broader $665 million project, co-financed by the Chinese government, aimed at inducing a "green" metamorphosis in the city, home to 3 million residents.
According to Reuters, Changzhi has historically been reliant on coal, and the loan is intended to alleviate poverty, diminish carbon emissions, and enhance the quality of urban living in the area. The city's scanty rainfall makes it susceptible to wildfires and drought, a situation exacerbated by climate change and the ongoing depletion of its water table.
This endeavor is not just a stride towards ecological conservation but also a blueprint for transforming industrial regions, paving the way for sustainable urban development and environmental preservation.
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