Yantai Huang-Bohai New area pushes green, low-carbon transformation through financial support

Yantai Huang-Bohai New Area keeps exploring new pathways for the provision of financial support to green, low-carbon transformation efforts. [Photo/VCG]

The Shandong Development and Reform Commission, in collaboration with the Shandong Branch of the People's Bank of China, recently unveiled 21 pilot projects for the provision of financial support to green, low-carbon business transformation efforts. Among the selected enterprises to carry out such efforts are Wanhua Chemical Group and Tayho Advanced Materials Group, both based in Yantai Huang-Bohai New Area.

These pilot companies are tasked with pioneering reform measures and developing replicable experiences. Wanhua Chemical Group will formulate financing solutions to support the transformation and upgrading of the petrochemical industry, while Tayho Advanced Materials Group will focus on creating a new green finance model centered on supporting waste heat and pressure utilization, cascading energy use, new energy development, resource recycling, and waste reduction.

In recent years, Yantai Huang-Bohai New Area has placed a strong emphasis on green, low-carbon development, continuously adjusting its industrial structure to funnel financial resources to enterprises and projects with a high level of green development, fostering the deep integration of green finance and green industries.

Moving forward, the area will continue to explore new pathways for providing financial support for green, low-carbon transformation efforts.