Manila: The Asian Development Bank (ADB) has approved a $150 million loan to help demonstrate sustainable rural economic diversification and climate change mitigation in Gansu Province in the People’s Republic of China (PRC).
The Gansu Environmentally Sustainable Rural Vitalization and Development Project will feature innovative approaches for achieving climate-resilient and sustainable rural economic diversification by strengthening institutional capacity, supporting sustainable and climate-resilient agricultural development, implementing low-carbon rural development measures and facilities, and protecting and restoring environmentally degraded areas.
Gansu Province is one of the poorest provinces in the PRC. The province faces significant environmental challenges that climate change will likely exacerbate, such as chronic warming, changes in rainfall patterns, increased frequency and severity of extreme weather events, soil erosion and degradation, and desertification.
"ADB’s involvement ensures that the project will contribute to low-carbon, environmentally sustainable development and strengthened climate resilience," said ADB Senior Energy Specialist for East Asia Atsumasa Sakai in a media release on Wednesday.
The project will strengthen institutional capacity for improving green governance and promoting climate change mitigation and adaptation measures, promoting private sector engagement in sustainable agricultural development, establishing systems and developing institutions for a carbon market mechanism at the provincial level, promoting sustainable and green rural tourism, and strengthening asset management during operations.
The total project cost is $319 million, with $169 million in counterpart financing from the government. It is expected to be completed in 2029.
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