World Bank to lend $300 million to China for battery storage and renewables promotion

The World Bank has approved a loan of $300 million for the China Renewable Energy and Battery Storage Promotion project to increase the integration and utilisation of renewable energy. This project will help accelerate the ongoing clean energy transition in China and contribute to the country’s emission reduction targets. The Chinese commercial bank will provide co-financing of at least $450 million to achieve the project’s development goals.