World Bank and ESMAP: Long-Term Strategic Partners in China's Energy Transition
With World Bank and ESMAP support, China has nearly 6,000 ESCOs— one of the largest energy efficiency industries in the world. ESMAP support helped shape China’s renewable energy industry into the largest in the world with over US$100 billion in renewable energy investments.
China has emerged as a global clean energy leader. China’s rapid economic rise over the past two decades did not come without a price: heavily dependent on coal to fuel its economy, China became the planet’s largest emitter, accounting for almost 30 percent of global carbon emissions in 2014. The World Bank and the Energy Sector Management Assistance Program (ESMAP) have been important partners in China’s energy transition. Through lending and policy advice, the World Bank - with ESMAP’s support - has become a long-term, trusted partner, helping the country tackle multi-dimensional challenges associated with scaling up cleaner and more efficient sources of energy, and lowering the carbon footprint of its cities.