News wire — Industrial and Commercial Bank of China plans to provide 3 trillion yuan ($470 billion) of financing for the energy sector over the next five years, the country’s National Energy Administration (NEA) said on Monday.
A strategic cooperation agreement signed by the two entities is partly aimed at helping ensure energy and power supplies in winter and spring, the NEA said in a brief statement, as China grapples with its worst electricity shortages in years.
The tie-up will also see state-run ICBC and the NEA explore ways to promote green energy development and carbon neutrality, the statement said.
$1 = 6.38960 Chinese yuan renminbi
- Reuters (Reporting by Tom Daly; Editing by Susan Fenton)