The Green Climate Fund (GCF) and Asian Development Bank (ADB) recently signed the Funded Activity Agreement (FAA) for the Shandong Green Development Fund Project. The GCF will provide USD 100 million financing to the project from early 2022. On 15 November, the Department of Foreign Capital and Overseas Investment joined in celebrating the signing of FAA, together with ADB and GCF.
In 2019, the State Council approved the Shandong Green Fund Project with USD100 million from ADB, EUR 100 million from KfW, and EUR70 million from AFD. The USD 100 million additional financing from GCF was approved in 2020. This is the first PRC project that has mobilized the GCF funding. The investment from the Shandong Green Development Fund will be focused on energy efficiency, emission reduction, environmental protection and restoration, clean energy, circular economy, green manufacturing and related sectors through direct investment as well as sub-funds.