More public buses with lower greenhouse gas (GHG) emissions will soon be deployed on the roads of major cities in the People’s Republic of China (PRC) as the bus operators shift their fleets to cleaner fuel, according to the Asian Development Bank (ADB).
ADB has earmarked $275 million for up to five top-tier financial leasing companies in PRC to finance leased buses that run on cleaner fuel – such as compressed natural gas (CNG) and liquefied natural gas (LNG) – as well as electric and hybrid buses.
“This program will help roll out more green buses onto the streets by easing the funding bottleneck of financial leasing companies and bus operators,” said Philip Erquiaga, Director General of ADB’s Private Sector Operations Department. The program will provide critical long-term finance and may help leverage cofinancing to promote the development of clean bus leasing business in the PRC.
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