World Bank approves loan for China Renewable Energy and Battery Storage Promotion Project

The World Bank has approved a $300 million loan for the China Renewable Energy and Battery Storage Promotion Project, which aims to promote the large-scale deployment of battery storage systems to increase renewable energy integration. Hua Xia Bank will provide co-financing of at least $450 million to accomplish the project goals. Moreover, the Global Environment Facility and the Energy Sector Management Assistance Program will provide technical assistance for policy and regulatory reforms, set appropriate technology and safety standards, and enhance the institutional capabilities.

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