Chinese Steel Giant Baowu Initiates Max USD7.7 Billion Green Fund Chen Shanshan Chinese Steel Giant Baowu Initiates Max USD7.7 Billion Green Fund
(Yicai Global) July 16 China’s biggest steel producer China Baowu Steel Group will join hands with three entities to set up a carbon neutrality fund with a maximum scale of CNY50 billion (USD7.7 billion) amid the country s ambitious plans to have net-zero carbon dioxide emissions by 2060.
Baowu penned an agreement with the National Green Development Fund, China Pacific Insurance Group, and CCB Financial Asset Investment to form the fund with an initial scale of CNY10 billion, Yicai Global learned.
Energy Insider: Baowu Steel Prepares for Mixed-Ownership Projects; First Hydrogen Heavy-Truck Fleet in Operation
In today’s Caixin energy news wrap: More than 59 billion kilowatt-hours of electricity were delivered from China’s remote Xinjiang region to 20 provinces; Guangzhou Development signs long-term LNG purchase agreement with BP Singapore; and the world’s largest steelmaker is mulling inviting more private investors.
Baowu Steel plans 41 mixed-ownership projects
China Baowu Steel Group Co. Ltd., the world’s largest steelmaker, plans to launch 41 projects under the so-called mixed-ownership reform to invite private investors into its subsidiaries, according to Zhu Yonghong, the company’s chief accountant. The plans will include five of Baowu Steel’s listed units. The steelmaker will also set up two new joint ventures with investors. China has been promoting mixed-ownership restructuring among state-owned enterprises in hopes of bringing in fresh investment and ma