Tuesday, January 28, 2020

NEFCO launches framework agreement with China

The Nordic Environment Finance Corpor-ation and the Chinese Ministry of Environmental Protection have together with the China Development Bank Corporation, signed a framework agreement to establish the Sino-Nordic Environmental Protection Cooperation (SNEPCO) Programme.

SNEPCO aims to promote cooperation between the Nordic countries and the People’s Republic of China in the field of financing environmentally sustainable projects in China, with assistance from the Chinese environment ministry and the ministries of environment of the five Nordic countries.

SNEPCO financing will be extended to projects that promote mitigation of  greenhouse gases, phasing out of ozone depleting substances, reduction of persistent and toxic substances including heavy metals, promoting resource optimisation, cleaner production, energy efficiency and Clean Development Mechanism (CDM) investments of global and Chinese environmental interest.

NEFCO, based in Helsinki, has been engaged in China since the mid-1990s and in climate change activities since 2008. The new framework agreement will enable NEFCO to substantially expand its financing operations in China. NEFCO is an international finance institution established by the governments of the five Nordic countries - Denmark, Sweden, Norway, Finland and Iceland.