The 1B yuan($141MM)green bond is the largest green corporate bond issued by a Chinese privately-owned company.Green financing refers to funding from investors that do not want to support unsustainable industries with high pollution.As coal,oil and gas producers in China are allowed to use green financing to finance investments for cleaner technology and efficiency,oil refiner Jiangsu Eastern Shenghong has decided to issue the green bond to finance a new PC complex.The funds from the green bond will also be used to finance a 16MM-mt/y(321K-b/d)refinery,which will process crude as feedstock for a PC complex set to come online in 2021.According to the Chinese newspaper People’s Daily,the plant’s energy efficiency will exceed national standards,justifying the green financing.
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