China to set up 200 billion yuan relending facility to back clean use of coal By Reuters

© Reuters. FILE PHOTO: A coal-fired heating complex is seen behind the ground covered by snow in Harbin, Heilongjiang province, China November 15, 2019. REUTERS/Muyu Xu/File Photo

BEIJING (Reuters) – China will establish a special relending facility worth 200 billion yuan ($31.35 billion) to support the clean use of coal, state media quoted the cabinet as saying on Wednesday.

It did not say what activities would be classified as a clean use of coal, but the cabinet said the loans would in addition to a lending tool rolled out by the central bank this month to support efforts to cut carbon emissions.

China’s central bank said on Nov. 8 it would provide financial institutions with low-cost loans to help firms cut carbon emissions, supporting the country’s long-term carbon neutrality goals.

($1 = 6.3792 renminbi)

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