The Asian Development Bank (ADB) is to support the development of new technology to reduce greenhouse gas (GHG) emissions in China, it has been announced.
The planned $1.55m project, in which ADB will invest $1.25m, will include technical assistance sourced from the Bank's climate change fund and technical assistance special fund.
The technical assistance includes a plan for carbon dioxide capture and storage (CCS) demonstration projects. It also includes policies, legal and regulatory frameworks to promote the use of CCS.
The technical assistance is also set to identify the priority demonstration projects and their financing requirements in addition to undertaking capacity assessment in the areas of CCS demonstration.